Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-investment-ltd" target="_blank" data-smartkarma-citation="entities:12109:1" rel="noopener">Guangdong Investment (270 HK)</a> has divested the majority of its property development business, but still has a few properties, which are only for rental collection. </li>
<li>It has proven to be a great hedge during Lehman Crisis and dot-com bubble, where its secure water distribution business delivered the much-needed stability. </li>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-investment-ltd" target="_blank" data-smartkarma-citation="entities:12109:1" rel="noopener">Guangdong Investment (270 HK)</a> G2G-level concession (Guangdong to HK), offering a level of sovereign-like security that peers lack. BEW and CWA focused water infrastructure building, which carry a different risk. </li>
</ul>



Guangdong Investment (270 HK) has divested the majority of its property development business, but still has a few properties, which are only for rental collection. 
It has proven to be a great hedge during Lehman Crisis and dot-com bubble, where its secure water distribution business delivered the much-needed stability. 

Guangdong Investment (270 HK) G2G-level concession (Guangdong to HK), offering a level of sovereign-like security that peers lack. BEW and CWA focused water infrastructure building, which carry a different risk. 


Guangdong Investment (270): Water as a Hedge

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>China Water Affairs (CWA) is roadshowing an issuance of senior unsecured Reg-S only 5NC3 USD notes.</li>
<li>The notes are being issued as blue bonds under the company’s green and blue finance framework.</li>
<li>Moody’s has provided a second-party opinion, and assigned a SQS2 (very good) sustainability quality score to the framework. </li>
</ul>


China Water Affairs (CWA) is roadshowing an issuance of senior unsecured Reg-S only 5NC3 USD notes.
The notes are being issued as blue bonds under the company’s green and blue finance framework.
Moody’s has provided a second-party opinion, and assigned a SQS2 (very good) sustainability quality score to the framework. 


China Water Affairs - Event Flash - Proposed Issuance Of 5NC3 USD Notes - Lucror Analytics

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Rakuten Group, Nickel Industries</li>
<li>UST yields declined for a third straight day, albeit there were few macro catalysts. The yield on the 2Y and 10Y UST declined 3 bps each to 3.83% and 4.35%, respectively. Equities were mixed, as tech stocks retreated ahead of their earnings releases next week.</li>
<li>The S&amp;P 500 rose 0.1% to 6,310, while the Nasdaq declined 0.4% to 20,893.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Rakuten Group, Nickel Industries
UST yields declined for a third straight day, albeit there were few macro catalysts. The yield on the 2Y and 10Y UST declined 3 bps each to 3.83% and 4.35%, respectively. Equities were mixed, as tech stocks retreated ahead of their earnings releases next week.
The S&amp;P 500 rose 0.1% to 6,310, while the Nasdaq declined 0.4% to 20,893.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs</li>
<li>Front-end treasury yields rose yesterday, following stronger than expected JOLTS and ISM manufacturing reports (which tempered expectations of Fed easing). The yield on the 2Y UST rose 5 bps to 3.77%, while the yield on the 10Y UST was up 1 bp at 4.24%.</li>
<li>Equities retreated, as investors rotated out of tech stocks. The S&amp;P 500 inched down 0.1% to 6,198 (albeit remaining near record high levels), while the Nasdaq fell 0.8% to 20,203.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs
Front-end treasury yields rose yesterday, following stronger than expected JOLTS and ISM manufacturing reports (which tempered expectations of Fed easing). The yield on the 2Y UST rose 5 bps to 3.77%, while the yield on the 10Y UST was up 1 bp at 4.24%.
Equities retreated, as investors rotated out of tech stocks. The S&amp;P 500 inched down 0.1% to 6,198 (albeit remaining near record high levels), while the Nasdaq fell 0.8% to 20,203.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-investment-ltd" target="_blank" data-smartkarma-citation="entities:12109:1" rel="noopener">Guangdong Investment (270 HK)</a> exposure in water distribution provides the much-needed stability (low volatility). While its Real Estate exposure could provide some growth.</li>
<li>With low valuation and healthy dividend yield, owning GDI during the tumultuous period will provide healthy diversification for your portfolio and a hedge during Trump' tariff period.</li>
<li>The water sector is undervalued, mainly due to the characteristically low growth, but free cash flow is generally quite strong yet undervalued. GDI generated USD 1.3 bn Free cash flow.</li>
</ul>



Guangdong Investment (270 HK) exposure in water distribution provides the much-needed stability (low volatility). While its Real Estate exposure could provide some growth.
With low valuation and healthy dividend yield, owning GDI during the tumultuous period will provide healthy diversification for your portfolio and a hedge during Trump' tariff period.
The water sector is undervalued, mainly due to the characteristically low growth, but free cash flow is generally quite strong yet undervalued. GDI generated USD 1.3 bn Free cash flow.


Guangdong Investment (270): Stable Diversifier and USD 1.3 Bn FCF

Hong Kong

China Water Affairs Group is a leading integrated water service operator that invests in, constructs, and operates urban water supply, sewage treatment, and related value-added services, including pipeline direct drinking water, across Mainland China. The company is headquartered in Hong Kong and was founded in 1998.

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

China Water Affairs Group (855 HK)

Guangdong Investment (270): Water as a Hedge

Guangdong Investment (270 HK) divests its property development business, focusing on secure water distribution for stability and G2G-level...

Henry Soediarko

China Water Affairs - Event Flash - Proposed Issuance Of 5NC3 USD Notes - Lucror Analytics

China Water Affairs (CWA) is roadshowing an issuance of senior unsecured Reg-S only 5NC3 USD notes. The notes are being issued as blue bonds under...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Rakuten Group, Nickel...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs

Lucror Analytics

Guangdong Investment (270): Stable Diversifier and USD 1.3 Bn FCF

Guangdong Investment (270 HK) offers stability through water distribution and potential growth in real estate, with low valuation and healthy...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Guangdong Investment (270): Water as a Hedge

​Guangdong Investment (270 HK) divests its property development business, focusing on secure water distribution for stability and G2G-level...

Henry Soediarko

China Water Affairs - Event Flash - Proposed Issuance Of 5NC3 USD Notes - Lucror Analytics

China Water Affairs (CWA) is roadshowing an issuance of senior unsecured Reg-S only 5NC3 USD notes. The notes are being issued as blue bonds under...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Rakuten Group, Nickel...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs

Lucror Analytics

Guangdong Investment (270): Stable Diversifier and USD 1.3 Bn FCF

​Guangdong Investment (270 HK) offers stability through water distribution and potential growth in real estate, with low valuation and healthy...

Henry Soediarko

Guangdong Investment (270 HK) divests its property development business, focusing on secure water distribution for stability and G2G-level...

Guangdong Investment (270 HK) offers stability through water distribution and potential growth in real estate, with low valuation and healthy...