Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Credit

S&amp;P ended 0.8% lower while Nasdaq saw a sharp fall of 2.5%. Tesla  fell 8.5% while Apple, Amazon, Microsoft  and other tech stocks were down ~3%. US 10Y Treasury yields were stable despite the negative sentiment in equity markets. Fed Chair Powell is due to appear before the Senate Banking Committee later today for his semi-annual testimony. European equities were also lower ~0.5% and German Bund yields dipped 4bp. US IG CDS spreads were 2.2bp wider and HY was 8bp wider. EU main CDS spreads widened 2.2bp and crossover spreads widened 4.4bp. Asian equity markets have opened flat while Asia ex-Japan CDS spreads are 0.6bp wider.

Macquarie, AgBank, ESR Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; Top...

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bank Of Queensland / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/bank-of-queensland-ltd" target="_blank" data-smartkarma-citation="entities:16606:1" rel="noopener">Bank Of Queensland (BOQ AU)</a> plans to raise around US$276m (A$350m) via an institutional placement and another US$790m (A$1bn) via an entitlement offering to fund its purchase of ME bank. </p><p>We have covered the prior placement as well in Nov 2019, <a href="https://www.smartkarma.com/insights/bank-of-queensland-placement-discount-looks-enticing-but-the-deal-appears-opportunistic" target="_blank" rel="noopener">Bank of Queensland Placement - Discount Looks Enticing but the Deal Appears Opportunistic.</a></p>

Bank Of Queensland (BOQ AU) plans to raise around US$276m (A$350m) via an institutional placement and another US$790m (A$1bn) via an entitlement offering to fund its purchase of ME bank. We have covered the prior placement as well in Nov 2019, Bank of Queensland Placement - Discount Looks Enticing but the Deal Appears Opportunistic.

Bank of Queensland Placement - Is Transformative but Might Not Be as Great in the Short-Term

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

<p>Last year, we saw the incoming of the Hainan Provincial Government to take control of <a href="https://www.smartkarma.com/entities/hna-group-co-ltd" target="_blank" data-smartkarma-citation="entities:25987:1" rel="noopener">HNA Group (HNAGRZ CH)</a> (HNA) and the potential sell-off HNA’s airline assets as spread positive for SANYPH 10/21s. The bonds rose to the high 70s before coming down to the high 40s in May on a series of negative headlines such as <a href="https://www.smartkarma.com/entities/hna-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29923:1" rel="noopener">HNA Technology Co Ltd (600751 CH)</a>’s default on a USD4bn loan from <a href="https://www.smartkarma.com/entities/agricultural-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1120:1" rel="noopener">Agricultural Bank Of China (1288 HK)</a> to finance the USD6bn buyout of Ingram Micro in 2016. (HNA agreed to sell Ingram Micro to Platinum Equity, a US private equity firm, last December for USD7.2bn.)</p>
<p>Asset sales have slowed due to a COVID-19 impact on the valuation of travel-related assets but the effort was on-going with financial support from Chinese banks, especially <a href="https://www.smartkarma.com/entities/china-development-bank" target="_blank" data-smartkarma-citation="entities:28423:1" rel="noopener">China Development Bank (SDBZ CH)</a>. The bankruptcy notice on 29-Jan proved that asset sales, credit facilities, and new management set up by the provincial government are simply not sufficient to keep HNA afloat. Both SANYPH 10/21s and HONAIR Perp fell about 10 points on the bankruptcy news.</p>
<p>The most important piece of recent news on HNA is the CNY109bn embezzlement (and hidden debt guarantee) figure which appears to us as the tip of the iceberg.  COVID-19 and the corporate governance issues will make it difficult to conclude on HNA’s recovery value on its bonds. Hence, even at 30c on the dollar, we cannot recommend buying HNA-related bonds including both SANYPH 10/21s and HONAIR Perp.</p>

Last year, we saw the incoming of the Hainan Provincial Government to take control of HNA Group (HNAGRZ CH) (HNA) and the potential sell-off HNA’s airline assets as spread positive for SANYPH 10/21s. The bonds rose to the high 70s before coming down to the high 40s in May on a series of negative headlines such as HNA Technology Co Ltd (600751 CH)’s default on a USD4bn loan from Agricultural Bank Of China (1288 HK) to finance the USD6bn buyout of Ingram Micro in 2016. (HNA agreed to sell Ingram Micro to Platinum Equity, a US private equity firm, last December for USD7.2bn.)
Asset sales have slowed due to a COVID-19 impact on the valuation of travel-related assets but the effort was on-going with financial support from Chinese banks, especially China Development Bank (SDBZ CH). The bankruptcy notice on 29-Jan proved that asset sales, credit facilities, and new management set up by the provincial government are simply not sufficient to keep HNA afloat. Both SANYPH 10/21s and HONAIR Perp fell about 10 points on the bankruptcy news.
The most important piece of recent news on HNA is the CNY109bn embezzlement (and hidden debt guarantee) figure which appears to us as the tip of the iceberg.  COVID-19 and the corporate governance issues will make it difficult to conclude on HNA’s recovery value on its bonds. Hence, even at 30c on the dollar, we cannot recommend buying HNA-related bonds including both SANYPH 10/21s and HONAIR Perp.

<div><p>Bairong, an independent AI-powered technology platform in China serving the financial services industry, plans to raise around US$300m in its Hong Kong IPO. According to F&amp;S, it was the largest independent financial big data analytics solutions provider in China by revenue in 2019, with a market share of 8.7%.</p></div><div>
<p>Over 2017-19, Bairong’s revenue expanded by 3.56x or at 88.8% CAGR. While its data analytics revenue increased by 66% over the period, its precision marketing services revenue grew 22.6x, and insurance distribution grew 54.5x. Over the same time, gross profit grew 3.99x and adjusted EBITDA, PAT and OCF all turned positive during that period.</p>
<p>I've covered the positive aspects of the deal in my earlier note, <a href="https://www.smartkarma.com/insights/bairong-pre-ipo-the-positives-largest-independent-big-data-analytics-provider" target="_blank" rel="noopener">Bairong Pre-IPO - The Positives - Largest Independent Big-Data Analytics Provider</a>.</p>
</div><div><p>In this insight, I'll talk about the not so pleasant aspects.</p></div>

Bairong, an independent AI-powered technology platform in China serving the financial services industry, plans to raise around US$300m in its Hong Kong IPO. According to F&amp;S, it was the largest independent financial big data analytics solutions provider in China by revenue in 2019, with a market share of 8.7%.
Over 2017-19, Bairong’s revenue expanded by 3.56x or at 88.8% CAGR. While its data analytics revenue increased by 66% over the period, its precision marketing services revenue grew 22.6x, and insurance distribution grew 54.5x. Over the same time, gross profit grew 3.99x and adjusted EBITDA, PAT and OCF all turned positive during that period.
I've covered the positive aspects of the deal in my earlier note, Bairong Pre-IPO - The Positives - Largest Independent Big-Data Analytics Provider.
In this insight, I'll talk about the not so pleasant aspects.

Bairong Pre-IPO - The Negatives - Playing with Its Own Data

<p>Bairong, an independent AI-powered technology platform in China serving the financial services industry, plans to raise around US$300m in its Hong Kong IPO. According to F&amp;S, it was the largest independent financial big data analytics solutions provider in China by revenue in 2019, with a market share of 8.7%.</p><p>Bairong has three main revenue generating segments: data analytics services, precision marketing services and insurance distribution services. As of FY19, data analytics accounted for 41.4% of revenue, with the next largest segment being precision marketing at 32.1% of revenue and insurance distribution making up for the rest.</p><p>Over 2017-19, Bairong’s revenue expanded by 3.56x or at 88.8% CAGR. While its data analytics revenue increased by 66% over the period, its precision marketing services revenue grew 22.6x, and insurance distribution grew 54.5x. Over the same time, gross profit grew 3.99x and adjusted EBITDA, PAT and OCF all turned positive during that period.</p><p>In this insight, I'll talk about the positive aspects of the deal. </p>

Bairong, an independent AI-powered technology platform in China serving the financial services industry, plans to raise around US$300m in its Hong Kong IPO. According to F&amp;S, it was the largest independent financial big data analytics solutions provider in China by revenue in 2019, with a market share of 8.7%.Bairong has three main revenue generating segments: data analytics services, precision marketing services and insurance distribution services. As of FY19, data analytics accounted for 41.4% of revenue, with the next largest segment being precision marketing at 32.1% of revenue and insurance distribution making up for the rest.Over 2017-19, Bairong’s revenue expanded by 3.56x or at 88.8% CAGR. While its data analytics revenue increased by 66% over the period, its precision marketing services revenue grew 22.6x, and insurance distribution grew 54.5x. Over the same time, gross profit grew 3.99x and adjusted EBITDA, PAT and OCF all turned positive during that period.In this insight, I'll talk about the positive aspects of the deal. 

Bairong Pre-IPO - The Positives - Largest Independent Big-Data Analytics Provider

China

Agricultural Bank of China Limited provides a full range of commercial banking services. The Banks services includes RMB and foreign currency deposit, loan, international and domestic settlement, bill discount, currency trading, bank guarantee, and treasury bill underwriting.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Agricultural Bank Of China (1288 HK)

Macquarie, AgBank, ESR Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; Top...

S&P ended 0.8% lower while Nasdaq saw a sharp fall of 2.5%. Tesla fell 8.5% while Apple, Amazon, Microsoft and other tech stocks were down...

BondEvalue

Bank of Queensland Placement - Is Transformative but Might Not Be as Great in the Short-Term

Bank Of Queensland (BOQ AU) plans to raise around US$276m via an institutional placement and another US$790m via an entitlement offering to fund...

Sumeet Singh

HNA Group: Bamboozled

HNA Group's latest update which still leads to more distrust in the company and its management. The embezzlement is the top of the iceberg, in our...

Bondcritic

Bairong Pre-IPO - The Negatives - Playing with Its Own Data

Bairong, an independent AI-powered technology platform in China serving the financial services industry, plans to raise around US$300m in its Hong...

Sumeet Singh

Bairong Pre-IPO - The Positives - Largest Independent Big-Data Analytics Provider

Bairong, an independent AI-powered technology platform in China serving the financial services industry, plans to raise around US$300m in its Hong...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)