The Asia Trade Book for April 2025 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in March 2025. 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 our recent research. The Asia Monthly publication serves to keep investors updated on dev...
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in February 2025. 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 our recent research. The Asia Monthly publication serves to keep investors updated on ...
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in January 2025. 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 our recent research. The Asia Monthly publication serves to keep investors updated on d...
In our inaugural Asia Monthly for 2025, we share our regional credit outlook for the year, with a focus on China, Macau, India and Indonesia. We also provide a review of 2024, in which we discuss the performance of major Asian credit indices and review UST curve movements for the year. In addition, we provide a recap of major news and macroeconomic releases in December 2024, summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well a...
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in November 2024. 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 our recent research. The Asia Monthly publication serves to keep investors updated on ...
The Asia Trade Book for November 2024 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in October 2024. 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 our recent research. The Asia Monthly publication serves to keep investors updated on d...
The independent financial analyst theScreener just awarded an improved star rating to KWG GROUP HOLDINGS (HK), active in the Real Estate Holding & Development industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date April ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
A director at KWG Group Holdings Limite bought 529,500 shares at 11.533HKD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
May’s contracted sales rose 12.2% yoy, representing a continued uptrend since April and rebound from March’s trough. Unfulfilled pent-up demand in 1Q20 continued to support transaction volumes in May. National property prices in the primary and secondary markets remained stable in May. Land sales volume growth slowed in May, but average transacted prices edged up by 31% yoy and land auction premium rate was 17%. Maintain OVERWEIGHT on the sector.
This year's government work report has no special new ideas regarding real estate, which is basically consistent with the previous policies. However, "housing is not for speculation" has become a long-term policy. The real estate industry plays a key role in supporting the economy, especially in the current economic environment. We believe that real estate is still the main pillar of China's economy. Maintain OVERWEIGHT.
With the Covid-19 epidemic under control, the property market is recovering gradually while housing demand has rebounded. In a stable market, the improvement in large developers’ sales will continue to promote industry concentration. Also, signs of policy relaxation in the property market are strengthening to ensure stable industry development, which means long-term investment opportunities for big developers. Maintain OVERWEIGHT.
Revenue from projects sold in 2017-18 was recognised in 2019, with developers’ revenue recognition usually seeing a lag of 2-3 years (from pre-sales to the carryover stage). Therefore, earnings of property developers in 2019 were still significant. Although developers have cut their sales targets for 2020 amid the current market conditions, policy loosening is still expected to take place. Maintain OVERWEIGHT.
KWG Group Holdings announced its 2019 results. Net profit of Rmb10.05b (142% yoy) is in line with our expectation. The company’s property business is based in Guangzhou, but is expanding all over China and has entered nearly 39 cities with more than 158 projects in total. The major growth drivers include a stable debt structure and high dividend rates. Maintain BUY with a target price of HK$15.18.
The top 100 developers’ Feb 20 contracted sales fell 38% yoy with 80% reporting negative yoy growth for both year to date and FEB20 contracted sales. Developers have been shifting their focus to online sales platforms with residential lockdowns in place. Cash flow pressure has dampened land-buying sentiments and postponed land auctions. More policy relaxation in supply and demand would ease developers’ liquidity pressure, stimulate property sales and promote economic recovery. Maintain OVERW...
Affected by the epidemic, sales plans of developers have been delayed, while the pace of cash collection is expected to slow down. But the relaxation in monetary policy would provide some relief to the liquidity pressures of developers. Also, since 4Q19, the cases of failed land auctions have been growing steadily while land premium rates have been on a downtrend. Therefore, the frequent introduction of local policies is targeted at encouraging developers to acquire land. Hence, we maintain OVER...
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