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

<ul>
<li>Here we introduce Modtris as a drastic approach to credit analysis.</li>
<li>Modrist uses historical financial data to compute simultation of multi-dimentional dynamics.</li>
<li>Fair value of H&amp;H, according to Modtris, is quite close to the current price. We see Modtrist as an alternative to arrive at bond fair value without human bias.</li>
</ul>


Here we introduce Modtris as a drastic approach to credit analysis.
Modrist uses historical financial data to compute simultation of multi-dimentional dynamics.
Fair value of H&amp;H, according to Modtris, is quite close to the current price. We see Modtrist as an alternative to arrive at bond fair value without human bias.


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.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&amp;H)</li>
<li>China's industrial profits fell 5.5% y-o-y in October, reversing from the sharp double-digit growth in September and August. Industrial profits grew 1.9% in 10M/25, decelerating from 3.2% in 9M.</li>
<li>Profits from the high-tech sector remained robust at 8.0% in 10M, with profits from smart unmanned aircraft and smart in-vehicle equipment registering triple-digit growth.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&amp;H)
China's industrial profits fell 5.5% y-o-y in October, reversing from the sharp double-digit growth in September and August. Industrial profits grew 1.9% in 10M/25, decelerating from 3.2% in 9M.
Profits from the high-tech sector remained robust at 8.0% in 10M, with profits from smart unmanned aircraft and smart in-vehicle equipment registering triple-digit growth.


<ul>
<li>We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.</li>
<li>H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.</li>
<li>The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.</li>
</ul>


We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.
H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.
The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&amp;H), West China Cement, China Hongqiao, Xiaomi Corp</li>
<li>UST yields declined yesterday, led by the front end, following soft data from the ADP’s weekly employment gauge. The UST curve bull steepened, with the yields on the 2Y UST and 10Y UST decreasing 4 bps to 3.57% and 3 bps to 4.11%, respectively. Equities slumped on a sell-off in large tech stocks. The S&amp;P 500 fell for a fourth straight day, dropping 0.8% to 6,617.</li>
<li>Richmond Fed President Tom Barkin (who is a non-voting member this year) said that the labour market may be weaker than the data suggested, adding that he believes “inflation remains somewhat elevated but isn’t likely to increase much”.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&amp;H), West China Cement, China Hongqiao, Xiaomi Corp
UST yields declined yesterday, led by the front end, following soft data from the ADP’s weekly employment gauge. The UST curve bull steepened, with the yields on the 2Y UST and 10Y UST decreasing 4 bps to 3.57% and 3 bps to 4.11%, respectively. Equities slumped on a sell-off in large tech stocks. The S&amp;P 500 fell for a fourth straight day, dropping 0.8% to 6,617.
Richmond Fed President Tom Barkin (who is a non-voting member this year) said that the labour market may be weaker than the data suggested, adding that he believes “inflation remains somewhat elevated but isn’t likely to increase much”.


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market bounced off its long-term support levels in June and has outperformed the region in July, benefiting from rotational and southbound buying.</li>
<li>In a positive sign, the financials sector has rallied this month and is the second-best-performing sector YTD at +11%.  Value and dividend factors continue to perform well.</li>
<li>Youran Dairy (9858 HK) had a Descending Trendline Breakout after the company announced that Inner Mongolia Yili Industrial Group (A) (600887 CH) acquired a significant stake in the company.</li>
</ul>


The Hong Kong market bounced off its long-term support levels in June and has outperformed the region in July, benefiting from rotational and southbound buying.
In a positive sign, the financials sector has rallied this month and is the second-best-performing sector YTD at +11%.  Value and dividend factors continue to perform well.
Youran Dairy (9858 HK) had a Descending Trendline Breakout after the company announced that Inner Mongolia Yili Industrial Group (A) (600887 CH) acquired a significant stake in the company.


Technically Speaking Breakouts & Breakdowns - HONG KONG (July 2026)

Hong Kong

Health and Happiness (H&H) is a global family nutrition company that manufactures and sells premium nutrition and wellness products across adult, baby, and pet segments. Its offerings include infant formulas, probiotic supplements, vitamins, health supplements, and pet nutrition. The company is headquartered in Hong Kong and was founded in 1999.

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

Health and Happiness (1112 HK)

Health & Happiness: MODTRIS

Introducing Modtris: a data-driven approach to credit analysis that provides fair value estimates close to current prices, reducing human bias in...

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&H)

Lucror Analytics

Health & Happiness: On Deleveraging Path

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&H), West China...

Lucror Analytics

Technically Speaking Breakouts & Breakdowns - HONG KONG (July 2026)

The Hong Kong market bounced off its long-term support levels in June and has outperformed the region in July, benefiting from rotational and...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Health & Happiness: MODTRIS

​Introducing Modtris: a data-driven approach to credit analysis that provides fair value estimates close to current prices, reducing human bias in...

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&H)

Lucror Analytics

Health & Happiness: On Deleveraging Path

​Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&H), West China...

Lucror Analytics

Technically Speaking Breakouts & Breakdowns - HONG KONG (July 2026)

The Hong Kong market bounced off its long-term support levels in June and has outperformed the region in July, benefiting from rotational and...

David Mudd

Introducing Modtris: a data-driven approach to credit analysis that provides fair value estimates close to current prices, reducing human bias in...

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....