Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi Internasional, Astra International, Telkom Indonesia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi Internasional, Astra International, Telkom Indonesia.


MS-Indonesia Index Earning Revision (Feb): Bank Mandiri, Merdeka Copper Gold, Gudang Garam

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

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 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. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<ul>
<li>We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.</li>
<li>H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.</li>
<li>The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.</li>
</ul>


We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.
H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.
The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.


Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Melco Resorts</li>
<li>UST yields declined slightly, on account of a strong auction of 20Y notes. The UST curve bull-steepened, with the yield on the 2Y UST falling 3 bps to 3.50%, while the yield on the 10Y UST was down 1 bp at 4.03%.</li>
<li>The rally in equities halted ahead of the FOMC rate decision later today. The S&amp;P 500 and Nasdaq both declined 0.1% each to 6,607 and 22,334, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Melco Resorts
UST yields declined slightly, on account of a strong auction of 20Y notes. The UST curve bull-steepened, with the yield on the 2Y UST falling 3 bps to 3.50%, while the yield on the 10Y UST was down 1 bp at 4.03%.
The rally in equities halted ahead of the FOMC rate decision later today. The S&amp;P 500 and Nasdaq both declined 0.1% each to 6,607 and 22,334, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Yuexiu Property, Xiaomi Corp, Nissan Motor</li>
<li>The UST curve twisted steeper yesterday, as front-end yields declined on the back of a solid auction for 2Y notes. That said, long-dated yields ended higher, amid concerns over the US central bank's independence after President Donald Trump moved to oust Fed Governor Lisa Cook. The yield on the 2Y UST fell 4 bps to 3.68%, while that on the 10Y UST was down 1 bp at 4.26%.</li>
<li>Equities climbed, with the S&amp;P 500 and Nasdaq both up 0.4% at 6,466 and 21,544, respectively</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Yuexiu Property, Xiaomi Corp, Nissan Motor
The UST curve twisted steeper yesterday, as front-end yields declined on the back of a solid auction for 2Y notes. That said, long-dated yields ended higher, amid concerns over the US central bank's independence after President Donald Trump moved to oust Fed Governor Lisa Cook. The yield on the 2Y UST fell 4 bps to 3.68%, while that on the 10Y UST was down 1 bp at 4.26%.
Equities climbed, with the S&amp;P 500 and Nasdaq both up 0.4% at 6,466 and 21,544, respectively


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Bharti Airtel</li>
<li>UST yields ended mixed yesterday, with the curve twisting steeper, following a soft auction for 10Y notes that tailed by 1 bp.</li>
<li>The yield on the 2Y UST declined 1 bp to 3.71%, while that on the 10Y UST was up 2 bps at 4.23%. Equities rebounded from Tuesday’s dip, with the S&amp;P 500 and Nasdaq rising 0.7% and 1.2%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Bharti Airtel
UST yields ended mixed yesterday, with the curve twisting steeper, following a soft auction for 10Y notes that tailed by 1 bp.
The yield on the 2Y UST declined 1 bp to 3.71%, while that on the 10Y UST was up 2 bps at 4.23%. Equities rebounded from Tuesday’s dip, with the S&amp;P 500 and Nasdaq rising 0.7% and 1.2%, respectively.


Indonesia

MedcoEnergi is an Indonesian multinational energy and natural resources company. It focuses on upstream oil and gas exploration and production, clean energy development, and copper and gold mining operations. The company was founded in 1980 and is headquartered in Jakarta, Indonesia.

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MedcoEnergi (MEDC IJ)

MS-Indonesia Index Earning Revision (Feb): Bank Mandiri, Merdeka Copper Gold, Gudang Garam

We analyzed MS-Indonesia's consensus for Feb 2026 and highlighted changes of EPS in Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi...

Ke Yan, CFA, FRM

Health & Happiness: On Deleveraging Path

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Melco Resorts

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Yuexiu Property, Xiaomi Corp,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Bharti Airtel

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MS-Indonesia Index Earning Revision (Feb): Bank Mandiri, Merdeka Copper Gold, Gudang Garam

We analyzed MS-Indonesia's consensus for Feb 2026 and highlighted changes of EPS in Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi...

Ke Yan, CFA, FRM

Health & Happiness: On Deleveraging Path

​Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Melco Resorts

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Yuexiu Property, Xiaomi Corp,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Bharti Airtel

Lucror Analytics

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....