Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

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

It has been almost two years since we last wrote about <a href="https://www.smartkarma.com/entities/geo-energy-resources-ltd" target="_blank" data-smartkarma-citation="entities:8717:1" rel="noopener">Geo Energy Resources (GERL SP)</a>. Our last insight can be found here <a href="https://www.smartkarma.com/insights/geo-energy-gerl-sp-distressed-bonds-and-share-price-versus-optimistic-management-who-is-right" target="_blank" data-smartkarma-citation="insights:34887" rel="noopener">Geo Energy (GERL SP): Distressed Bonds and Share Price Versus Optimistic Management; Who Is Right?</a> How things have changed!Back in late 2019, the coal price was hovering between 20-30 USD, Macquarie had bought 5% of the company for 0.29 SGD/share in November 2018 and Geo was generating losses as the coal price was below its cost of production. Entering 4Q21 the coal price is at stratospheric highs (117 USD for October 2021 delivery) and Geo is earning record profits.In a public disclosure, the company announced it made 26.5M USD in EBITDA in July 2021 alone. This was with coal prices around +/-50 USD/ton. Today coal prices are well over 100 USD. We estimate at current prices Geo is making at least 45M-50M USD in EBITDA every month! Compare this to the market cap of 320M USD currently. In 2H EBITDA at current market prices could total +/- 225M USD alone. 1H2021 EBITDA was 78M USD. Recall, Geo has no debt and 60M USD in cash.Mr. Market is slowly waking up to this reality pushing the stock up over 70% YTD (most of the gain came in the last few trading sessions). Many Indonesian-listed peers such as <a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy (ADRO IJ)</a>, <a href="https://www.smartkarma.com/entities/tambang-batubara-bukit-asam" target="_blank" data-smartkarma-citation="entities:1189:1" rel="noopener">Tambang Batubara Bukit Asam (PTBA IJ)</a>, and coal contractor <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a> have also underperformed vs the underlying commodity.  However, this is not true of US-listed peers such as <a href="https://www.smartkarma.com/entities/consol-energy-inc-61c2f282-fc00-497d-9066-606d78f6fe82" target="_blank" data-smartkarma-citation="entities:26245:1" rel="noopener">Consol Energy (CEIX US)</a> and <a href="https://www.smartkarma.com/entities/peabody-energy-corp" target="_blank" data-smartkarma-citation="entities:6430:1" rel="noopener">Peabody Energy (BTU US)</a> which are up 345% and 606% respectively YTD.We expect a 4Q21 catch-up trade-in Indonesian-related coal names that could be violent. While prices will surely cool off in 2022 they might not drop all the way below the cost of production once again. Geo has a 30% dividend policy so investors are sure to see massive dividends (est. 18% div yield) come March 2022. Board member Jim Rogers should hopefully make sure the cash is not squandered on doing an expensive M&amp;A deal but is returned to shareholders.

It has been almost two years since we last wrote about Geo Energy Resources (GERL SP). Our last insight can be found here Geo Energy (GERL SP): Distressed Bonds and Share Price Versus Optimistic Management; Who Is Right? How things have changed!Back in late 2019, the coal price was hovering between 20-30 USD, Macquarie had bought 5% of the company for 0.29 SGD/share in November 2018 and Geo was generating losses as the coal price was below its cost of production. Entering 4Q21 the coal price is at stratospheric highs (117 USD for October 2021 delivery) and Geo is earning record profits.In a public disclosure, the company announced it made 26.5M USD in EBITDA in July 2021 alone. This was with coal prices around +/-50 USD/ton. Today coal prices are well over 100 USD. We estimate at current prices Geo is making at least 45M-50M USD in EBITDA every month! Compare this to the market cap of 320M USD currently. In 2H EBITDA at current market prices could total +/- 225M USD alone. 1H2021 EBITDA was 78M USD. Recall, Geo has no debt and 60M USD in cash.Mr. Market is slowly waking up to this reality pushing the stock up over 70% YTD (most of the gain came in the last few trading sessions). Many Indonesian-listed peers such as Adaro Energy (ADRO IJ), Tambang Batubara Bukit Asam (PTBA IJ), and coal contractor United Tractors (UNTR IJ) have also underperformed vs the underlying commodity.  However, this is not true of US-listed peers such as Consol Energy (CEIX US) and Peabody Energy (BTU US) which are up 345% and 606% respectively YTD.We expect a 4Q21 catch-up trade-in Indonesian-related coal names that could be violent. While prices will surely cool off in 2022 they might not drop all the way below the cost of production once again. Geo has a 30% dividend policy so investors are sure to see massive dividends (est. 18% div yield) come March 2022. Board member Jim Rogers should hopefully make sure the cash is not squandered on doing an expensive M&amp;A deal but is returned to shareholders.

Geo Energy: Indonesian Coal Market Beneficiary Trading at Distressed Multiple

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 Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-8717'>Geo Energy Resources</a></li><li><a href='#lucror-entity-227'>Guangzhou R&F Properties</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Geo Energy ResourcesGuangzhou R&F PropertiesLippo Karawaci

Morning Views Asia: Geo Energy Resources, Guangzhou R&F Properties, Lippo Karawaci

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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More than a decade ago, Indonesian entrepreneur Charles Antonny Melati pivoted from property and manufacturing into coal, after noticing a gap in the country’s power generation market. 
“My interest in Indonesia’s coal industry was piqued initially by the frequent power outages and undersupply of electricity in the country,” said the Founder and Executive Chairman of SGX-listed coal producer Geo Energy Resources Ltd.  
At the time, coal was one of the cheapest sources of energy available. The Indonesian government had also announced the first phase of its Fast Track Program in 2006, which aimed to add 10,000 megawatts (MW) of coal-fired energy by 2010.  
“Being a businessman, I started looking for a coal mine to capitalise on this opportunity,” recalled Melati. “In 2008, I entered a joint venture with a company that owned a coal mine. Two years later, my team and I identified viable cost-competitive coal assets and Geo Energy was founded.” 
The growth of Geo Energy in the subsequent years was marked by several significant milestones. They included the Group’s listing on SGX Mainboard in 2012, securing its first mining concession in 2015, transitioning from a coal mining services provider to coal producer the following year, and obtaining its second mining concession in 2018. 
“It has definitely not been easy to build this company from scratch, but the journey has been full of memorable highlights. The learnings over the years have also made it totally worthwhile,” Melati pointed out.  
Lessons along the way included managing stakeholder expectations, educating the market on the viability and future of coal, and now, with the rise of Environment, Social and Governance (ESG) concerns, assuring investors that Geo Energy is able to transition to a sustainable and environmentally responsible business despite being in the fossil fuel industry. 
“I hope to learn and improve continuously as Geo Energy progresses on this journey, and at the same time, give back to society, based on my personal lessons and experiences,” he added. 
Today, Geo Energy is a major Indonesian coal producer with an established track record in operating coal mines, coal production and selling coal throughout the region. It aims to become one of Indonesia’s top 10 coal producers. 
The Group owns four mining concessions in South and East Kalimantan. It actively operates two mines - PT Sungai Danau Jaya (SDJ) and PT Tanah Bumbu Resources (TBR). It has re-started mining operations at PT Bumi Enggang Khatulistiwa (BEK), and plans to commence further exploration at PT Surya Tambang Tolindo (STT).  
While Geo Energy’s coal sales remain focused on Indonesia and China, it has scaled up its presence in other markets such as South Korea, Vietnam and Pakistan. Total coal sales in 2020 reached 10.7 million tonnes, up 45% from the previous year. 
The Group was awarded one of Singapore’s Fastest Growing Companies in 2019 and 2021 by The Straits Times and Statista, based on its strong revenue growth. Stringent Cost Controls 
Looking ahead, Geo Energy remains focused on monitoring and controlling its costs to maximise cash profits from coal sales, Melati said.  
“Indonesian coal prices came under pressure at the start of 2020 due to COVID-19. We knew we had to make our business model more resilient to ensure we remain sustainable and profitable, so we leveraged on long-standing working relationships with our service providers to lower production costs during the pandemic,” he added. 
“We negotiated to keep our costs in tandem with coal prices. When coal prices recover, these costs will adjust upwards, as we share some of the upside with our service providers, and vice versa. This was how we reduced our production costs and delivered superior financial results in the first quarter of 2021.” 
For the three months ended 31 March 2021, Geo Energy’s operating profit surged to US$39 million - the highest in a quarter - from US$7 million in 1Q 2020, while production cash costs fell by 14% to US$23.14 per tonne. 
For now, industry prospects remain bright. The average ICI (Indonesia Coal Index) 4 price has been gaining since late last year - from US$31.07 per tonne in 4Q 2020 to US$41.84 per tonne in 1Q 2021, and US$63.98 on 2 July 2021. 
Demand for the fossil fuel is set to gain 4.5% this year, driven by soaring electricity demand, according to the International Energy Agency. 
Data analytics firm GlobalData has also forecast worldwide coal output to expand at a compound annual growth rate (CAGR) of 2.3% between 2021 and 2025, to reach 8.8 billion tonnes in 2025. China and India are at the forefront of this accelerating demand, and account for two-thirds of global coal consumption.  
“This increasing demand, along with higher prices, lends a positive outlook to our business, as Indonesia is expected to lead the way, being one of the largest net exporters of coal, and on the back of the trade dispute between China and Australia,” Melati noted. 
Expecting solid demand, Indonesia’s Ministry of Energy and Mineral Resources (MEMR) has raised the national coal production target for 2021 by 75 million tonnes to 625 million tonnes. 
“This gives us the opportunity to apply for an increase in production quotas for our SDJ and TBR mines,” he added. “If approved, we would have a higher production target in 2021 during this period of rising coal prices.” Managing Price Volatility 
Nonetheless, coal price risk remains a challenge that must be managed, Melati admitted. 
“Our coal is sold based on index-linked pricing arrangements. There have been, and will be, significant volatility in pricing, including periods of substantial declines. Coal prices are affected by numerous factors beyond our control, including weather, government regulations, environmental protection practices, as well as macroeconomic and geopolitical drivers.” 
As a result, the Group is exploring potential diversification into new businesses and expanding its revenue streams, to reduce its reliance on and exposure to coal price volatility, as well as achieve its sustainability goals, Melati noted. 
“We’re constantly looking to expand our revenues by way of potential joint ventures, trading and value-accretive acquisitions, including mining concessions to increase output. We will also carefully evaluate asset monetisation opportunities as and when we receive a good offer.”  
For sure, the Group is well-aware of the stigma associated with coal. It remains mindful of the importance of balancing economic development needs with climate change goals, which are coming under increasing scrutiny from investors and stakeholders, Melati acknowledged. 
“We’re currently in the eco-friendly coal space, which has low-ash and low-sulphur properties. This allows us to produce coal that can provide energy with the least environmental impact,” he said. 
“At the same time, we’re also committed to our ESG efforts, with corporate social responsibility concepts firmly embedded within our daily operations to protect our people, the environment and the local communities in which we operate.” 
In particular, the Group takes a proactive stance by increasing disclosure of climate metrics, including emissions data, and setting targets to reduce its overall carbon footprint. In 2020, it managed to reduce both energy and carbon intensity by 26%, he added. 
In the meantime, outside the office, there’s nothing more important than family for this 50-year-old father of two sons and a daughter, aged 19 to 26. His favourite pastimes are watching movies and having meals at home. 
“I always tell my children and staff to seize every opportunity when it arises, and stay focused on the things they do,” he noted. 
“Another core value is hard work, because nothing is for free - you need to put in the effort and be hands-on in order to reap the fruits of your labour.” Geo Energy Resources Ltd 
Geo Energy is a major Indonesian coal producer with an established track record in operating coal mines, coal production and selling coal throughout the region. The Group commenced its business in 2008 as a coal mining services provider and listed on SGX Mainboard in 2012. Since then, Geo Energy has transitioned from being primarily a coal mining services provider to a coal producer that subcontracts its coal mining operations. The Group’s investment strategy is focused on the acquisition of new mining concessions to increase production quantity, and at the same time diversify its sources of coal. The Group owns four mining concessions through its wholly owned subsidiaries PT Bumi Enggang Khatulistiwa, PT Sungai Danau Jaya, PT Tanah Bumbu Resources and PT Surya Tambang Tolindo in Kalimantan, Indonesia. 
The company website is: <a href="http://www.geocoal.com/">www.geocoal.com</a> 
Click <a href="https://www.sgx.com/securities/equities/RE4">here </a>for the company's StockFacts page. 
For the six months ended 30 June 2021 financial results, click <a href="https://links.sgx.com/1.0.0/corporate-announcements/HCB1ERKL9P5ASQEW/678197_Geo_1H2021%20Media%20Release.pdf">here</a>. 
 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. 
For previous editions of kopi-C: the Company brew, please click <a href="https://www.sgx.com/research-education/market-dialogues">here</a>.   
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to <a href="https://www.sgx.com/jennifer.t@sgx.com">jennifer.t@sgx.com</a>.
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    Geo-Chairman


More than a decade ago, Indonesian entrepreneur Charles Antonny Melati pivoted from property and manufacturing into coal, after noticing a gap in the country’s power generation market.  
“My interest in Indonesia’s coal industry was piqued initially by the frequent power outages and undersupply of electricity in the country,” said the Founder and Executive Chairman of SGX-listed coal producer Geo Energy Resources Ltd.   
At the time, coal was one of the cheapest sources of energy available. The Indonesian government had also announced the first phase of its Fast Track Program in 2006, which aimed to add 10,000 megawatts (MW) of coal-fired energy by 2010.   
“Being a businessman, I started looking for a coal mine to capitalise on this opportunity,” recalled Melati. “In 2008, I entered a joint venture with a company that owned a coal mine. Two years later, my team and I identified viable cost-competitive coal assets and Geo Energy was founded.”  
The growth of Geo Energy in the subsequent years was marked by several significant milestones. They included the Group’s listing on SGX Mainboard in 2012, securing its first mining concession in 2015, transitioning from a coal mining services provider to coal producer the following year, and obtaining its second mining concession in 2018.  
“It has definitely not been easy to build this company from scratch, but the journey has been full of memorable highlights. The learnings over the years have also made it totally worthwhile,” Melati pointed out.   
Lessons along the way included managing stakeholder expectations, educating the market on the viability and future of coal, and now, with the rise of Environment, Social and Governance (ESG) concerns, assuring investors that Geo Energy is able to transition to a sustainable and environmentally responsible business despite being in the fossil fuel industry.  
“I hope to learn and improve continuously as Geo Energy progresses on this journey, and at the same time, give back to society, based on my personal lessons and experiences,” he added.  
Today, Geo Energy is a major Indonesian coal producer with an established track record in operating coal mines, coal production and selling coal throughout the region. It aims to become one of Indonesia’s top 10 coal producers.  
The Group owns four mining concessions in South and East Kalimantan. It actively operates two mines - PT Sungai Danau Jaya (SDJ) and PT Tanah Bumbu Resources (TBR). It has re-started mining operations at PT Bumi Enggang Khatulistiwa (BEK), and plans to commence further exploration at PT Surya Tambang Tolindo (STT).   
While Geo Energy’s coal sales remain focused on Indonesia and China, it has scaled up its presence in other markets such as South Korea, Vietnam and Pakistan. Total coal sales in 2020 reached 10.7 million tonnes, up 45% from the previous year.  
The Group was awarded one of Singapore’s Fastest Growing Companies in 2019 and 2021 by The Straits Times and Statista, based on its strong revenue growth.  Stringent Cost Controls  
Looking ahead, Geo Energy remains focused on monitoring and controlling its costs to maximise cash profits from coal sales, Melati said.   
“Indonesian coal prices came under pressure at the start of 2020 due to COVID-19. We knew we had to make our business model more resilient to ensure we remain sustainable and profitable, so we leveraged on long-standing working relationships with our service providers to lower production costs during the pandemic,” he added.  
“We negotiated to keep our costs in tandem with coal prices. When coal prices recover, these costs will adjust upwards, as we share some of the upside with our service providers, and vice versa. This was how we reduced our production costs and delivered superior financial results in the first quarter of 2021.”  
For the three months ended 31 March 2021, Geo Energy’s operating profit surged to US$39 million - the highest in a quarter - from US$7 million in 1Q 2020, while production cash costs fell by 14% to US$23.14 per tonne.  
For now, industry prospects remain bright. The average ICI (Indonesia Coal Index) 4 price has been gaining since late last year - from US$31.07 per tonne in 4Q 2020 to US$41.84 per tonne in 1Q 2021, and US$63.98 on 2 July 2021.  
Demand for the fossil fuel is set to gain 4.5% this year, driven by soaring electricity demand, according to the International Energy Agency.  
Data analytics firm GlobalData has also forecast worldwide coal output to expand at a compound annual growth rate (CAGR) of 2.3% between 2021 and 2025, to reach 8.8 billion tonnes in 2025. China and India are at the forefront of this accelerating demand, and account for two-thirds of global coal consumption.   
“This increasing demand, along with higher prices, lends a positive outlook to our business, as Indonesia is expected to lead the way, being one of the largest net exporters of coal, and on the back of the trade dispute between China and Australia,” Melati noted.  
Expecting solid demand, Indonesia’s Ministry of Energy and Mineral Resources (MEMR) has raised the national coal production target for 2021 by 75 million tonnes to 625 million tonnes.  
“This gives us the opportunity to apply for an increase in production quotas for our SDJ and TBR mines,” he added. “If approved, we would have a higher production target in 2021 during this period of rising coal prices.”  Managing Price Volatility  
Nonetheless, coal price risk remains a challenge that must be managed, Melati admitted.  
“Our coal is sold based on index-linked pricing arrangements. There have been, and will be, significant volatility in pricing, including periods of substantial declines. Coal prices are affected by numerous factors beyond our control, including weather, government regulations, environmental protection practices, as well as macroeconomic and geopolitical drivers.”  
As a result, the Group is exploring potential diversification into new businesses and expanding its revenue streams, to reduce its reliance on and exposure to coal price volatility, as well as achieve its sustainability goals, Melati noted.  
“We’re constantly looking to expand our revenues by way of potential joint ventures, trading and value-accretive acquisitions, including mining concessions to increase output. We will also carefully evaluate asset monetisation opportunities as and when we receive a good offer.”   
For sure, the Group is well-aware of the stigma associated with coal. It remains mindful of the importance of balancing economic development needs with climate change goals, which are coming under increasing scrutiny from investors and stakeholders, Melati acknowledged.  
“We’re currently in the eco-friendly coal space, which has low-ash and low-sulphur properties. This allows us to produce coal that can provide energy with the least environmental impact,” he said.  
“At the same time, we’re also committed to our ESG efforts, with corporate social responsibility concepts firmly embedded within our daily operations to protect our people, the environment and the local communities in which we operate.”  
In particular, the Group takes a proactive stance by increasing disclosure of climate metrics, including emissions data, and setting targets to reduce its overall carbon footprint. In 2020, it managed to reduce both energy and carbon intensity by 26%, he added.  
In the meantime, outside the office, there’s nothing more important than family for this 50-year-old father of two sons and a daughter, aged 19 to 26. His favourite pastimes are watching movies and having meals at home.  
“I always tell my children and staff to seize every opportunity when it arises, and stay focused on the things they do,” he noted.  
“Another core value is hard work, because nothing is for free - you need to put in the effort and be hands-on in order to reap the fruits of your labour.”  Geo Energy Resources Ltd  
Geo Energy is a major Indonesian coal producer with an established track record in operating coal mines, coal production and selling coal throughout the region. The Group commenced its business in 2008 as a coal mining services provider and listed on SGX Mainboard in 2012. Since then, Geo Energy has transitioned from being primarily a coal mining services provider to a coal producer that subcontracts its coal mining operations. The Group’s investment strategy is focused on the acquisition of new mining concessions to increase production quantity, and at the same time diversify its sources of coal. The Group owns four mining concessions through its wholly owned subsidiaries PT Bumi Enggang Khatulistiwa, PT Sungai Danau Jaya, PT Tanah Bumbu Resources and PT Surya Tambang Tolindo in Kalimantan, Indonesia.  
The company website is: www.geocoal.com  
Click here for the company's StockFacts page.  
For the six months ended 30 June 2021 financial results, click here.  
 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  
For previous editions of kopi-C: the Company brew, please click here.    
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.



In this month’s "In-Focus" section, we discuss variable interest entities (VIEs) in China, including recent developments in China and the US that may complicate the future use of VIEs. We also give an overview of recent bond defaults. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s "In-Focus" section, we discuss variable interest entities (VIEs) in China, including recent developments in China and the US that may complicate the future use of VIEs. We also give an overview of recent bond defaults.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Chinese Variable Interest Entities - Lucror Analytics

In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban renewal projects and the various redevelopment models, as well as the impact of such projects on companies' financials. We also give an overview of recent bond defaults. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban renewal projects and the various redevelopment models, as well as the impact of such projects on companies' financials. We also give an overview of recent bond defaults.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Chinese Developers’ Urban Redevelopment Businesses - Lucror Analytics

Singapore

Geo Energy Resources Limited is a coal mining specialist based in Indonesia. The Company owns and operates coal mines.

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Geo Energy Resources (GERL SP)

Geo Energy: Indonesian Coal Market Beneficiary Trading at Distressed Multiple

GEO has run 70% YTD but has lagged US-listed coal peers such as Consol and Peabody which are up respectively 345% and 606% YTD. We expect a violent...

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Morning Views Asia: Geo Energy Resources, Guangzhou R&F Properties, Lippo Karawaci

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

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Geo Energy Fires Up as Coal Prices Climb

More than a decade ago, Indonesian entrepreneur Charles Antonny Melati pivoted from property and manufacturing into coal, after...

Singapore Exchange Ltd (SGX)

Asia HY Monthly - Chinese Variable Interest Entities - Lucror Analytics

In this month’s "In-Focus" section, we discuss variable interest entities (VIEs) in China, including recent developments in China and the US that...

Lucror Analytics

Asia HY Monthly - Chinese Developers’ Urban Redevelopment Businesses - Lucror Analytics

In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban...

Lucror Analytics

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