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.

Debt Capital Markets

Asia High Yield Bond Index / Debt Capital Markets

<ul>
<li>Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.</li>
<li>We believe fixed rate bonds should be the instrument of choice toward the end of this year. </li>
<li>Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.</li>
</ul>


Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.
We believe fixed rate bonds should be the instrument of choice toward the end of this year. 
Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.


Asian Bond Monitor: Asian Bonds for the Upcoming Recession

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.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy</li>
<li>UST yields rose 3-4 bps across the curve on Friday, after US President Donald Trump cut off trade talks with Canada.</li>
<li>This unwound yield declines earlier in the day, on the back of weaker than expected personal spending and income data. The yield on the 2Y and 10Y UST advanced 3 bps to 3.75% and 4.28%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy
UST yields rose 3-4 bps across the curve on Friday, after US President Donald Trump cut off trade talks with Canada.
This unwound yield declines earlier in the day, on the back of weaker than expected personal spending and income data. The yield on the 2Y and 10Y UST advanced 3 bps to 3.75% and 4.28%, respectively.


<ul>
<li>Treasury yields fell 9-10 bps across the curve yesterday, as the weak ADP employment and ISM services data raised expectations for Fed rate cuts.</li>
<li>The yield on the 2Y UST declined 9 bps to 3.87%, while that on the 10Y UST was down 10 bps at 4.36%.</li>
<li>Equities were largely steady, with the S&amp;P 500 unchanged and the Nasdaq up 0.3%. </li>
</ul>


Treasury yields fell 9-10 bps across the curve yesterday, as the weak ADP employment and ISM services data raised expectations for Fed rate cuts.
The yield on the 2Y UST declined 9 bps to 3.87%, while that on the 10Y UST was down 10 bps at 4.36%.
Equities were largely steady, with the S&amp;P 500 unchanged and the Nasdaq up 0.3%. 


External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>1Q25 net profit dropped by -81% qoq/ -76% yoy to US$18mn due to AMMN’s -US$29mn loss and seasonally weaker gas sales (-4.2% qoq).</li><li>Based on mgmt’s FY25 guidance, we see weaker earnings from lower O&amp;G output of 145-150 mboepd (vs. 152 mboepd in FY24).</li><li>We downgraded our rating to Hold with a lower SOTP-based TP of Rp1,320, mainly caused by lower AMMN earnings.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

1Q25 net profit dropped by -81% qoq/ -76% yoy to US$18mn due to AMMN’s -US$29mn loss and seasonally weaker gas sales (-4.2% qoq).Based on mgmt’s FY25 guidance, we see weaker earnings from lower O&amp;G output of 145-150 mboepd (vs. 152 mboepd in FY24).We downgraded our rating to Hold with a lower SOTP-based TP of Rp1,320, mainly caused by lower AMMN earnings.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Medco Energi International (MEDC.IJ) - A Weaker FY25 on Lower O&G Output...

Trung Nguyen

<ul>
<li>US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report.</li>
<li>The yield on the 2Y UST rose 2 bps to 3.95%, while that on the 10Y UST was up 1 bp at 4.46%.</li>
<li>Equities advanced, supported by the strong jobs report despite continued uncertainty on trade.</li>
</ul>


US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report.
The yield on the 2Y UST rose 2 bps to 3.95%, while that on the 10Y UST was up 1 bp at 4.46%.
Equities advanced, supported by the strong jobs report despite continued uncertainty on trade.


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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

MedcoEnergi (MEDC IJ)

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...

Bondcritic

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Lucror Analytics - Morning Views Asia

Treasury yields fell 9-10 bps across the curve yesterday, as the weak ADP employment and ISM services data raised expectations for Fed rate cuts.

Lucror Analytics

Medco Energi International (MEDC.IJ) - A Weaker FY25 on Lower O&G Output...

1Q25 net profit dropped by -81% qoq/ -76% yoy to US$18mn due to AMMN’s -US$29mn loss and seasonally weaker gas sales (-4.2% qoq).

BRI Danareksa Research

Lucror Analytics - Morning Views Asia

US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report. The yield on the 2Y UST rose 2 bps to...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

​Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...

Bondcritic

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Lucror Analytics - Morning Views Asia

Treasury yields fell 9-10 bps across the curve yesterday, as the weak ADP employment and ISM services data raised expectations for Fed rate cuts.

Lucror Analytics

Medco Energi International (MEDC.IJ) - A Weaker FY25 on Lower O&G Output...

1Q25 net profit dropped by -81% qoq/ -76% yoy to US$18mn due to AMMN’s -US$29mn loss and seasonally weaker gas sales (-4.2% qoq).

BRI Danareksa Research

Lucror Analytics - Morning Views Asia

US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report. The yield on the 2Y UST rose 2 bps to...

Lucror Analytics

Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...