Bondcritic Limited - Dr. Peng Telecom Media Group: On Ventilator

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Bondcritic Limited

Warut Promboon

EUR 175.34 For Business Accounts Only

Dr. Peng Telecom & Media Group: On Ventilator

Dr. Peng Telecom & Media Group Company Limited (Dr. Peng) is a guarantor of Dr. Peng Hong Kong Holding Limited, an issuer of USD500m bonds maturing 1^st June 2020 (CHEDRP 5.05% 6/20s). This report focuses on the liquidity situation, and the maturity extension request.

The company’s credit outlook over the next 12 months remains negative, in our view, given its weakening liquidity and the asset sale which we believe will increase execution risk and take away recurring revenue in the long run.

As we expected, Dr. Peng has approached bondholders to ask for a maturity extension. The 7-May offer of multiple installments and consent fee is more attractive to bondholders than waiting for the company to default and salvage on a recovery value of 46.6 cents on the dollar (EXHIBIT 4), which is based on the upcoming sale of the Company’s internet data center and the redemption of CNY1bn bonds in April.

11/05/2020 8 EN

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Bondcritic Limited

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 selected 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.

Our public research periodicals include:
- Asian Credit Monitor and Asian Dollar Bond Monitor: Asian bond strategy and commentaries and Industry outlook
- Asian Frontier Monitor: Pre-IPO research on Asian frontier markets such as Myanmar, Cambodia, Sri Lanka, Laos, Mongolia, and Vietnam.
- Asian ESG Monitor: Environmental, Social development, and Governance research
- Asian credit flash: A flash note on individual bonds and/or current credit news
Consulting services
- Private credit research
- Asian credit portfolio construction and monitoring/reviews
- Private debt and alternative financing solution consultation
Corporate bond fact sheets
A fintech platform to decentralize credit research and empower credit analysts.

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Analysts

Warut Promboon

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Dr. Peng Telecom & Media Group: On Ventilator

Our public research periodicals include:

Asian Credit Monitor and Asian Dollar Bond Monitor: Asian bond strategy​ and commentaries and Industry outlook

Asian Frontier Monitor: Pre-IPO research on Asian frontier markets such as Myanmar, Cambodia, Sri Lanka, Laos, Mongolia, and Vietnam.

Asian ESG Monitor: Environmental, Social development, and Governance research

Asian credit flash: A flash note on individual bonds and/or current credit news

Consulting services

Private credit research

Asian credit portfolio construction and monitoring/reviews

Private debt and alternative financing solution consultation

Corporate bond fact sheets

A fintech platform to decentralize credit research and empower credit analysts.

Energy Absolute: Absolutely Negative Energy

SPV77 / Siri Hub Investment Digital Token: Thailand’s First Debt Token

Social Bonds: Here Come the Next Green Bonds

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Asian Credit Monitor and Asian Dollar Bond Monitor: Asian bond strategy and commentaries and Industry outlook