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

<p><a href="https://www.smartkarma.com/entities/25987" target="_blank" data-smartkarma-citation="entities:25987:1">HNA Group Co Ltd (HNAGRZ CH)</a> ("HNA") has gone through a series of negative news since last year and, to us, it is almost akin to the "Spanish" inquisition in Mel Brooke's movie. We have fielded a lot of questions with the press and our clients since we have launched our coverage on HNA ( <a href="https://www.smartkarma.com/insights/hna-huge-national-aggressive" target="_blank" data-smartkarma-citation="insights:14462">HNA: Huge,National, &amp; Aggressive</a> and <a href="https://www.smartkarma.com/insights/hna-no-happy-new-answers" target="_blank" data-smartkarma-citation="insights:15561">HNA: No Happy New Answers</a>) and would like to share our answers with Smart Karma's readers. Here we go:</p><div class="content-highlight">
<h2>1. What is your take on today (19-January)'s sell-offs on HNA-related</h2>…</div>

HNA Group Co Ltd (HNAGRZ CH) ("HNA") has gone through a series of negative news since last year and, to us, it is almost akin to the "Spanish" inquisition in Mel Brooke's movie. We have fielded a lot of questions with the press and our clients since we have launched our coverage on HNA ( HNA: Huge,National, &amp; Aggressive and HNA: No Happy New Answers) and would like to share our answers with Smart Karma's readers. Here we go:
1. What is your take on today (19-January)'s sell-offs on HNA-related…

<p>HNA has grown so <strong>H</strong>uge it has become a <strong>N</strong>ational interest, in our judgment. Its <strong>A</strong>ggressive acquisitions backed by rising leverage have raised execution as well as refinancing risks. The group's reliance on shadow banking to reach its global aspiration leads us to question the management's long-term strategy.  Questionable corporate governance makes it difficult to measure the company's willingness to pay. Though we believe HNA's importance to the Chinese economy could mean an implicit support from the central government or government-owned banks, near-term refinancing risk toward August 2019 pose asymmetric downside risk and we are <strong>UNDERWEIGHT</strong> on the <strong>SANYPH </strong>and<strong> HONAIR </strong>complexes as well as <strong>GRCHAR 19s.</strong></p>

HNA has grown so Huge it has become a National interest, in our judgment. Its Aggressive acquisitions backed by rising leverage have raised execution as well as refinancing risks. The group's reliance on shadow banking to reach its global aspiration leads us to question the management's long-term strategy.  Questionable corporate governance makes it difficult to measure the company's willingness to pay. Though we believe HNA's importance to the Chinese economy could mean an implicit support from the central government or government-owned banks, near-term refinancing risk toward August 2019 pose asymmetric downside risk and we are UNDERWEIGHT on the SANYPH and HONAIR complexes as well as GRCHAR 19s.

China

Hainan Meilan International Airport Company Limited provides airfield services, terminal facilities, ground handling services, passenger and cargo handling services. The Company also leases commercial and retail space at the Meilan Airport, operates airport-related business franchising, advertising, car parking, tourism services, and sells duty-free and consumable goods.

Hainan Meilan International Airport (357 HK)

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Hainan Meilan International Airport (357 HK)

HNA: The Inquisition

HNA Group Co Ltd (HNAGRZ CH) ("HNA") has gone through a series of negative news since last year and, to us, it is almost akin to the "Spanish"...

Bondcritic

HNA: Huge,National, & Aggressive

HNA has grown so Huge it has become a National interest, in our judgment. Its Aggressive acquisitions backed by rising leverage have raised...

Bondcritic

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