Daily Brief Financials: Binance Coin, Chubb , Sino-Ocean Group and more

• The rise in popularity of BRC-20 tokens, essentially memecoins on the Bitcoin blockchain, has pushed Bitcoin fees to 2 year highs.
• BRC-20s have massively increased demand for Bitcoin blockspace for the first time in recent history, with the network suffering from congestion and unconfirmed transactions as a result.
• Over the weekend, Binance had to pause BTC withdrawals twice as they hadn’t accounted for a surge in BTC fees in the amount they pay miners, which had caused many transactions to go unconfirmed.

• Chubb had a mixed start to 2023 and delivered a mixed result with revenues above Wall Street expectations.
• However, it failed to meet earnings expectations of analysts despite managing a double-digit operating earnings growth.
• Life Insurance premium revenue and Life earnings doubled.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• JSW Steel Ltd
• Powerlong Commercial Management Holdings
• Sino-Ocean Service
• Sunny Optical
• Tata Steel Thailand
• Yuexiu Property