reports
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Pierre François Merveille
Softbank Group : Issuance Focus
SoftBank Group is offering benchmark bonds denominated in USD (fixed-rate tranches of 3.25 years, 5.5 years and 10 years) and in EUR (fixed-rate tranches of 4 years, 6 years and 8 years) rated BB+ by S&P. Proceeds will be used for foreign bond redemptions and a partial repayment of the $ 40bn bridge loan that was raised in March 2026. We see fair yields of 6.25% (4Y), 6.875% (6Y) and 7.25% (8Y) for the EUR tranches.
- Pierre François Merveille
Softbank Group : Focus Emission
SoftBank Group is offering benchmark bonds denominated in USD (fixed-rate tranches of 3.25 years, 5.5 years and 10 years) and in EUR (fixed-rate tranches of 4 years, 6 years and 8 years) rated BB+ by S&P. Proceeds will be used for foreign bond redemptions and a partial repayment of the $ 40bn bridge loan that was raised in March 2026. We see fair yields of 6.25% (4Y), 6.875% (6Y) and 7.25% (8Y) for the EUR tranches.
- Trung Nguyen
Softbank Group - Event Flash - Launches 6-Part USD And EUR Notes Offer...
Softbank Group has launched a benchmark multi-currency senior unsecured bond offering. The proposed transaction comprises RegS fixed-rate USD notes with 3.5-, 5.5- and 10-year tenors, along with EUR tranches with 4-, 6- and 8-year tenors. The proceeds are mainly earmarked for the refinancing of existing foreign-currency senior notes and partial repayment of a 2026 bridge loan facility (for the group's OpenAI investment). We believe the USD 3.5Y, 5.5Y and 10Y notes will price at c. 7.5%, 7.75...
- Julia Pan Mengyao
Alibaba Group (9988 HK/BABA US): 4QFY26 Results Preview: Soft CMR Grow...
We expect lacklustre 4QFY26 results with narrowing losses in quick commerce partially offset by softer core commerce growth amid high competition and weaker online retail performance in March. Cloud growth is likely to remain solid and broadly in line with expectations. However, overall profitability may be weighed down by higher-than-expected losses in the “All Others” segment, driven by continued investments in AI and marketing effort. Maintain BUY with an unchanged target price of HK$192.00 (...
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Odido, Italmatch Chemicals, Borr Drilling, Benteler International, Bertrand Franchise, TAP, Lecta, TGS ASA, Air Baltic, Klockner Pentaplast, Selecta, Softbank Group
- Trung Nguyen
- Felix Fischer
Asia Monthly – Impact Of Iran Conflict And March 2026 In Review - Lucr...
In our latest Asia Monthly, we discuss the impact of the Middle East conflict on our Asian Coverage Universe. In addition, we review the performance of major Asian credit indices and UST curve movements in March 2026. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of ...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
TOP ROAD KING INFRASTRUCTURE LIMITED
00603 THAI OIL PUBLIC CO. LTD.
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
WFG1 WYNN MACAU LTD.
01030 WEST CHINA CEMENT LTD.
00884 SEAZEN GROUP LTD.
00142 CIFI HOLDINGS (GROUP) CO. LTD.
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
7201 JOLLIBEE FOODS CORP.
KIJA NISSAN MOTOR CO. LTD.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
MSC HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Julia Pan Mengyao
China Internet: 4Q25 Results Recap: AI Bringing Disruptions And Opport...
China online retail companies’ 4Q25 revenue and margins were pressured by the high-base effect and the persistently intense on-demand delivery competition, which are likely to ease in 2026, seeing the solid NBS retail data for Jan-Feb 26, and the latest policy. Meanwhile, online gaming and OTA reported resilient 4Q25 top-line growth and continuous margin improvement, empowered by improved AI efficiency and benign competition. We expect improving AI monetisation and mixed earnings as AI investmen...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Greater China Research Team
Greater China Strategy: Alpha Picks -- April Conviction Calls
Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium and cutting losses on LINK REIT.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
02331 LI NING COMPANY LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
FUTU FUTU HOLDINGS ADS
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Travelodge, Arrow Global, Bite, Vallourec, Morrisons, Kantar, Altice France (SFR), EnQuest Plc, Softbank Group, Rekeep, Grunenthal, Industria Macchine Automatiche
- Leonard Law
- Trung Nguyen
- Haidje Rustau
- Jayanth Kandalam
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Jin Yoon
BABA FY3Q26 Results: AI Investments to Weigh Down Margins for FY27
What’s new: Alibaba’s reported FY3Q26 results that were below consensus and our expectations. External cloud and AI revs could grow at least 40% CAGR over the next five years as demand for AI remains resilient. However, investments in AI including marketing spending related to Qwen App could continue to weigh down margins heading into FY27. We lower our PT from US$200 to US$170 on lowered margin outlook. Our updated PT of US$170 implies 21.8x FY27E P/E. We maintain our BUY rating. Analysts: Jin...
- Julia Pan Mengyao
Alibaba Group (9988 HK): 3QFY26: Earnings Miss; Targeting A US$100b AI...
Alibaba’s 3QFY26 earnings missed expectations. Revenue grew 1.7% yoy to Rmb284.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb16.7b, down 44% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 4QFY26, management expects: a) a significant narrowing of quick commerce losses, b) a recovery in CMR growth and profitability, and c) continued strong growth in cloud revenue. Maintain BUY with a lower target price of HK$192.00 (US...
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