Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>Evergrande’s seven-member risk management committee includes China Cinda, a major Evergrande creditor;    </li>
<li>Adding insult to injury, a China Cinda senior executive was appointed as an Evergrande director; and </li>
<li>This is massive conflict of interest coupled with the local municipality bonepickers give us little confidence that any creditor will be treated fairly. </li>
</ul>


Evergrande’s seven-member risk management committee includes China Cinda, a major Evergrande creditor;    
Adding insult to injury, a China Cinda senior executive was appointed as an Evergrande director; and 
This is massive conflict of interest coupled with the local municipality bonepickers give us little confidence that any creditor will be treated fairly. 


China Evergrande Group – Fox in Henhouse

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>Saving face is a deeply, ingrained part of culture in many Asian countries such as Korea and China. </li>
<li>We will discuss how saving face could be tied to kicking the debt can in Korea and China as it relates to the Presidential election and the Beijing Winter Olympics.</li>
<li>In conclusion, expect debt related issues to make more headlines in both Korea and China after the Beijing Olympics and Korean Presidential election in early March.  </li>
</ul>


Saving face is a deeply, ingrained part of culture in many Asian countries such as Korea and China. 
We will discuss how saving face could be tied to kicking the debt can in Korea and China as it relates to the Presidential election and the Beijing Winter Olympics.
In conclusion, expect debt related issues to make more headlines in both Korea and China after the Beijing Olympics and Korean Presidential election in early March.  


Saving Face and Kicking the Debt Can in Korea & China (Post Presidential Election & Olympics)

Chief Economist

Diana Choyleva

Enodo Economics

Enodo Economics is an independent macroeconomic forecasting company that untangles complexity, challenges the consensus, and makes sense of the future. Our focus is on China – one of the most misunderstood economies in the world, but one of the most important to figure out.  Enodo’s chief economist, Diana Choyleva, has been analysing China for almost 20 years, while Enodo’s team boasts a combined 140 years’ experience covering China’s economy, politics and markets. 

Macroeconomics

<ul>
<li>China approved new rules to further connect the interbank and exchange bond markets, marking a step closer to unifying its fragmented $20 trillion bond market.</li>
<li>We expect US-China relations to remain fractious and difficult - with fewer major dramas, while China remains determined to keep the Stans sweet - and focused on stability and security.</li>
<li>Xi Jinping’s years-long anti-corruption campaign won’t slow down in 2022 as he told the Party’s top disciplinary watchdog to take a “zero tolerance” approach to corruption.</li>
</ul>


China approved new rules to further connect the interbank and exchange bond markets, marking a step closer to unifying its fragmented $20 trillion bond market.
We expect US-China relations to remain fractious and difficult - with fewer major dramas, while China remains determined to keep the Stans sweet - and focused on stability and security.
Xi Jinping’s years-long anti-corruption campaign won’t slow down in 2022 as he told the Party’s top disciplinary watchdog to take a “zero tolerance” approach to corruption.


Olympics/ Bonds/ US-China/ China-Stans/ Graft

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

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/lifestyle-international-holdings-ltd' target='_blank' rel='noopener'>Lifestyle International Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li><li><a href='/entities/kaisa-group-holdings-ltd' target='_blank' rel='noopener'>Kaisa Group Holdings</a></li><li><a href='/entities/first-pacific-co-ltd' target='_blank' rel='noopener'>First Pacific Co</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:China Jinmao HoldingsLifestyle International HoldingsGeely AutoKaisa Group HoldingsFirst Pacific Coand more...

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Postal Savings Bank of China C / Equity Bottom-Up

<ul>
<li>The China real estate situation remains challenging for banks credit quality, with more real estate developers in financial difficulties, with them either close to, or at default</li>
<li>The macro-economic picture is challenged by China’s zero-Covid policy hurting supply chains, and PBOC is tightening liquidity despite the recent small cuts to reserve requirements and benchmark rates</li>
<li>Before 4Q21 results, the larger cap banks’ credit quality snapshot shows that China Minsheng is very challenged, with Postal Savings Bank and China Merchants in strong positions</li>
</ul>


The China real estate situation remains challenging for banks credit quality, with more real estate developers in financial difficulties, with them either close to, or at default
The macro-economic picture is challenged by China’s zero-Covid policy hurting supply chains, and PBOC is tightening liquidity despite the recent small cuts to reserve requirements and benchmark rates
Before 4Q21 results, the larger cap banks’ credit quality snapshot shows that China Minsheng is very challenged, with Postal Savings Bank and China Merchants in strong positions


China Banks – Credit Quality Snapshot Ahead of 4Q21

China

China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets.

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Evergrande (3333 HK)

China Evergrande Group – Fox in Henhouse

EVERGRANDE: Evergrande’s risk management committee includes China Cinda, a major Evergrande creditor. This is massive conflict provides little...

Thomas J. Monaco

Saving Face and Kicking the Debt Can in Korea & China (Post Presidential Election & Olympics)

In this insight, we will discuss how saving face could be tied to kicking the debt can in Korea and China as it relates to the Presidential...

Douglas Kim

Olympics/ Bonds/ US-China/ China-Stans/ Graft

In my weekly digest, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and...

Diana Choyleva

Weekly Wrap - 28 Jan 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

China Banks – Credit Quality Snapshot Ahead of 4Q21

Ahead of the first China larger cap banks to report 4Q21 at month-end, our snapshot of 3Q21 NPL metrics outlines the most challenged - China...

Victor Galliano

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