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.

Credit

<ul>
<li>The Fed’s 75-bp rate hike was widely expected by the market.</li>
<li>We expect CT10 of 4% at year end and we see rising risk on the upside now that the war between Russian and Ukraine has no end in sight.</li>
<li>Slowing growth and uncontained inflation is spread-negative for Asian bonds, in our view, as rising rates will increase its refinancing risk.</li>
</ul>


The Fed’s 75-bp rate hike was widely expected by the market.
We expect CT10 of 4% at year end and we see rising risk on the upside now that the war between Russian and Ukraine has no end in sight.
Slowing growth and uncontained inflation is spread-negative for Asian bonds, in our view, as rising rates will increase its refinancing risk.


Bond Market Monitor: Between a Rock and a Hard Place

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.</li>
<li>Overall, net inflow was ~US$0.8bn, split (roughly) US$0.2bn for Shanghai and US$0.6bn Shenzhen.</li>
<li>The largest inflows were into  <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a>, <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>, and <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (1398 HK)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, net inflow was ~US$0.8bn, split (roughly) US$0.2bn for Shanghai and US$0.6bn Shenzhen.
The largest inflows were into  CNOOC Ltd (883 HK), China Mobile (941 HK), and Kuaishou Technology (1024 HK). The largest outflows were in Tencent (700 HK) and ICBC (1398 HK).


Shanghai/​​Shenzhen Southbound Connect: Weekly Moves (2 June 2022)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and Tencent.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and Tencent.


Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 8th. Due to public holiday in Hong Kong, the announcement was delayed by 2 days.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight property names that saw short interest increase last week: Cifi, Country Garden, Country Garden services, and Kintor which reported Phase 3 clinical trial results for COVID-19 treatment.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 8th. Due to public holiday in Hong Kong, the announcement was delayed by 2 days.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight property names that saw short interest increase last week: Cifi, Country Garden, Country Garden services, and Kintor which reported Phase 3 clinical trial results for COVID-19 treatment.


<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight inflows into Meituan, CNOOC, China Mobile, COLI, and outflows from Tencent, China Resources Beer, and HKEX. </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Meituan, CNOOC, China Mobile, COLI, and outflows from Tencent, China Resources Beer, and HKEX. 


Hong Kong Connect Flows: Meituan, CNOOC, China Mobile, COLI

Hong Kong

China Overseas Land & Investment Limited provides real estate services. The Company develops, manages, and invests in commercial properties. China Overseas Land & Investment serves customers globally.

China Overseas Land & Investment (688 HK)

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

China Overseas Land & Investment (688 HK)

Bond Market Monitor: Between a Rock and a Hard Place

Global recession is not a certainty yet but we are heading in that direction in 2023. Slowing growth and persistent inflation is spread-negative...

Bondcritic

Shanghai/Shenzhen Southbound Connect: Weekly Moves (2 June 2022)

Overall, net inflow was ~US$0.8bn, split (roughly) US$0.2bn for Shanghai Southbound and US$0.6bn for Shenzhen Southbound.

David Blennerhassett

Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and...

Ke Yan, CFA, FRM

HK Short Interest: Property Shorts

We highlight property names that saw weekly short interest increase: Cifi, Country Garden, Country Garden services, and Kintor which reported Phase...

Ke Yan, CFA, FRM

Hong Kong Connect Flows: Meituan, CNOOC, China Mobile, COLI

We highlight weekly southbound inflows into Meituan, CNOOC, China Mobile, COLI, and outflows from Tencent, China Resources Beer, and HKEX.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bond Market Monitor: Between a Rock and a Hard Place

Global recession is not a certainty yet but we are heading in that direction in 2023. Slowing growth and persistent inflation is spread-negative...

Bondcritic

Shanghai/​​Shenzhen Southbound Connect: Weekly Moves (2 June 2022)

Overall, net inflow was ~US$0.8bn, split (roughly) US$0.2bn for Shanghai Southbound and US$0.6bn for Shenzhen Southbound.

David Blennerhassett

Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and...

Ke Yan, CFA, FRM

HK Short Interest: Property Shorts

We highlight property names that saw weekly short interest increase: Cifi, Country Garden, Country Garden services, and Kintor which reported Phase...

Ke Yan, CFA, FRM

Hong Kong Connect Flows: Meituan, CNOOC, China Mobile, COLI

We highlight weekly southbound inflows into Meituan, CNOOC, China Mobile, COLI, and outflows from Tencent, China Resources Beer, and HKEX.

Ke Yan, CFA, FRM

Shanghai/Shenzhen Southbound Connect: Weekly Moves (2 June 2022)