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Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Cover Story: China’s climate envoy says nations must deliver on their commitments (Part 1)</li><li>Sinopec Shanghai plant blaze leaves one dead, one injured</li><li>In Depth: Trouble at crypto hedge fund sparks contagion fears</li></ul>

Cover Story: China’s climate envoy says nations must deliver on their commitments (Part 1)Sinopec Shanghai plant blaze leaves one dead, one injuredIn Depth: Trouble at crypto hedge fund sparks contagion fears

CX Daily: Trouble at Crypto Hedge Fund Sparks Contagion Fears

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

China Construction Bank H / Equity Bottom-Up

<ul>
<li>CCB is our preferred pick, given its attractive valuations, strong capital adequacy, healthy ROE and sound credit quality; CCB’s real estate exposure is limited and it sector delinquency is low</li>
<li>We also pick PSBC for its good value, its attractive PEG ratio and healthy credit quality and coverage; its real estate exposure, and its related delinquency, are both very low</li>
<li>We are negative on China Minsheng due to its low ROE, poor delinquency and NPL coverage, its high exposures to real estate relative to its peers and fast rising delinquency</li>
</ul>


CCB is our preferred pick, given its attractive valuations, strong capital adequacy, healthy ROE and sound credit quality; CCB’s real estate exposure is limited and it sector delinquency is low
We also pick PSBC for its good value, its attractive PEG ratio and healthy credit quality and coverage; its real estate exposure, and its related delinquency, are both very low
We are negative on China Minsheng due to its low ROE, poor delinquency and NPL coverage, its high exposures to real estate relative to its peers and fast rising delinquency


China Banks – 4Q21 KPIs Support Our Stock Picks

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<ul>
<li>In a move to shore up liquidity, but not to repay debt, Evergrande has sold stakes and "right to debt" in four development projects to SOEs at “fire sale” prices;</li>
<li>Only USD 47.2 bn in liabilities to go Chairman Hui, but didn’t you say less than two weeks ago “no fire sales”?; and    </li>
<li>
Municipalities, investors, and CINDA are picking off Evergrande assets on the cheap as well.    </li>
</ul>


In a move to shore up liquidity, but not to repay debt, Evergrande has sold stakes and "right to debt" in four development projects to SOEs at “fire sale” prices;
Only USD 47.2 bn in liabilities to go Chairman Hui, but didn’t you say less than two weeks ago “no fire sales”?; and    

Municipalities, investors, and CINDA are picking off Evergrande assets on the cheap as well.    


China Evergrande Group – Drop In The Bucket

<ul>
<li>The shares of Evergrande aren’t worth the paper their printed on;  </li>
<li>Shanghai Construction receives a positive court outcome at expense of Evergrande; and</li>
<li>The likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil – we can add Evergrande to the list of the walking dead. </li>
</ul>


The shares of Evergrande aren’t worth the paper their printed on;  
Shanghai Construction receives a positive court outcome at expense of Evergrande; and
The likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil – we can add Evergrande to the list of the walking dead. 


China Evergrande Group – Be A Hero, Take It To Zero

<ul>
<li>Be a hero, just take Evergrande to zero. The scrip isn't worth the paper their written on; </li>
<li>Without an Act of God, the likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil; and </li>
<li>Major creditor, China Cinda, be placed in charge creates a massive conflict of interest that no investor or creditor should get comfortable with.   </li>
</ul>


Be a hero, just take Evergrande to zero. The scrip isn't worth the paper their written on; 
Without an Act of God, the likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil; and 
Major creditor, China Cinda, be placed in charge creates a massive conflict of interest that no investor or creditor should get comfortable with.   


China Evergrande Group – Just Stop the Nonsense

China

China Minsheng Banking Corp., Ltd. operates in commercial banking businesses. The Bank provides deposit, loan, settlement, discount, financial bond issuance, government bond underwriting and trading, letter of credit, bank guarantee, and other related financial services.

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China Minsheng Banking A (600016 CH)

CX Daily: Trouble at Crypto Hedge Fund Sparks Contagion Fears

Cover Story: China’s climate envoy says nations must deliver on their commitments (Part 1). Sinopec Shanghai plant blaze leaves one dead, one injured

Caixin Global

China Banks – 4Q21 KPIs Support Our Stock Picks

CCB is our preferred pick with the best " all rounder" attributes; we also like PSBC for its good value and solid credit quality; China Minsheng...

Victor Galliano

China Evergrande Group – Drop In The Bucket

EVERGRANDE: In a move to shore up liquidity but not repay debt, Evergrande has sold stakes in four development projects to SOEs at “fire sale”...

Thomas J. Monaco

China Evergrande Group – Be A Hero, Take It To Zero

EVERGRANDE: The shares of Evergrande aren’t worth the paper printed on. Shanghai Construction receives a positive court outcome against Evergrande....

Thomas J. Monaco

China Evergrande Group – Just Stop the Nonsense

EVERGRANDE: The likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil. Major creditor, China Cinda, be...

Thomas J. Monaco

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