Daily Brief Thematic (Sector/Industry): Smartkarma Webinar | High Yield Opportunities in Asia and more

In the next installment of our Webinar Wednesdays, we go live with Smartkarma Insight Providers, Leonard Law, CFA and Trung Nguyen, as they share their thoughts on High Yield Opportunities in Asia. From developing trends, to what to expect in the space, join us for this next installment of our #webinar Wednesdays to get the full picture.

The webinar will be hosted on Wednesday, 26 April 2023, 17:00 SGT/HKT.

Leonard Law, CFA 
Leonard Law covers a portfolio of Chinese and Indonesian high-yield corporate credits. Prior to joining Lucror in 2017, he was an Associate Analyst with Moody’s Investors Service for three years, responsible for credit analysis and research.

Trung Nguyen 
Trung Nguyen is responsible for covering high-yield companies in the Southeast Asia region. He joined Lucror in 2013 from ST Asset Management, a credit investment arm of Temasek Holdings, where he spent over six years in investment research and portfolio management.

• 3690.HK: Meituan food delivery drivers in Shanwei go on strike over low wages (-)
• 2150HK: Lelecha confirm to launch franchise model, targeting at Mid and South-west China(+)
• 700 HK / TME : WeChat tests in-app music function(+)

• Broad equity indexes remained range-bound, as the S&P 500 and the MSCI World Index ended the week -0.06% and +0.07%, respectively.
• The S&P 500 has been stuck between 4,070 and 4,170 for the past three weeks.
• Small caps finished slightly better, with the Russell 2000 up 0.59% from last week.

• WTR Sustainable Index: During the week ended April 21, 2023, the WTR Sustainable Index underperformed the broader market, falling 7.3% W/W versus the S&P 500 Index (down 0.1%), the Russell 2000 Index (up 0.6%), and the Nasdaq Composite Index (down 0.4%). Advanced Transportation Solutions (67.2% of the index) contributed to the index underperformance, falling 10.2%, while Energy Technology (8.3% of the index) was down 4.4% and Industrial Climate and Ag Technology was up 0.5%.
• Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 27.6x versus 18.9x for the S&P 500.
• Consensus estimates changes: During the week ended April 21, 2023, there were four increases (three in Energy Technology, and one in Industrial Climate and Ag Technology) 2022 revenue estimates.