Daily Brief Financials: Yanlord Land, Standard Chartered, Howard Hughes Corp and more

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Country Garden Holdings Co
2. Hopson Development
3. Greentown China
4. ReNew Energy Global
5. China Jinmao Holdings

and more…

• Singapore credit growth turned negative at -3% YoY in July where STAN has major exposure, while many regions, are not high growth, where credit metrics are worsening, like HK, China
• 88% of loans in well-developed countries, so that the old moniker of STAN being ‘an Emerging Market Bank’ may no longer apply, with NPLs as an overlying risk
• Credit costs rose 6x from 1Q23 to 2Q23, but the 19bps level in 2Q23 remains low relative to its longer-term 62bps average – which excludes the Asian Financial Crisis

• HHH held its annual investor day updating investors on the continued increase in population at its MPC, but that was not enough to offset the decline in NAV
• HHH’s management reiterated the trends that have fueled the business have continued with price per square foot and acre having increased over the past year.
• HHH is now estimating its NAV at $129 compared to $170 last year. We are lowering our price target to $110 from $150 to reflect the erosion in the NAV