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

CHINAGOV CDS USD SR 5Y D14 (CCHIN1U5 CORP)

<ul>
<li>Asian USD high-yield bonds have outperformed on an improving sentiment toward emerging market credits.</li>
<li>China 5-year CDS has declined 14 bps since June and we expect non-property Chinese credits to have more capital inflow on  the hunt for a better yield.</li>
<li>We are in favor of Chinese high-yield credits with recurring revenue and operate in more defensive industries such as consumer non-discretionary, utilities, and pharmaceuticals.</li>
</ul>


Asian USD high-yield bonds have outperformed on an improving sentiment toward emerging market credits.
China 5-year CDS has declined 14 bps since June and we expect non-property Chinese credits to have more capital inflow on  the hunt for a better yield.
We are in favor of Chinese high-yield credits with recurring revenue and operate in more defensive industries such as consumer non-discretionary, utilities, and pharmaceuticals.


Asian Bond Monitor: Chinese Bonds Are Back

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>After sinking to 10-year lows in January,  <a href="https://www.smartkarma.com/entities/health-and-happiness-h-h-int" target="_blank" data-smartkarma-citation="entities:20582:1" rel="noopener">Health And Happiness (H&amp;H)</a> ’s stock has rebounded more than 75%, raising the question of whether operations are finally turning the corner.</li>
<li>With signs of stabilizing growth and improving returns across product categories, 1H2025 results seem to signal the end of years of investor agony.</li>
<li>Nutritional supplements now contribute to 65% of H&amp;H's revenue - Swisse’s strong positioning in the fast-growing anti-aging category underpins future growth.</li>
</ul>


After sinking to 10-year lows in January,  Health And Happiness (H&amp;H) ’s stock has rebounded more than 75%, raising the question of whether operations are finally turning the corner.
With signs of stabilizing growth and improving returns across product categories, 1H2025 results seem to signal the end of years of investor agony.
Nutritional supplements now contribute to 65% of H&amp;H's revenue - Swisse’s strong positioning in the fast-growing anti-aging category underpins future growth.


Health & Happiness (H&H 1112HK): After the Pain, Is It Finally Time for Gain?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Hong Kong tech sector leads the market higher with increased momentum and lower volatility.  Short selling has abated with unwind of HKD carry trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> had a breakout from a Falling Wedge pattern. The share price broke above its short-term averages with increasing momentum.
</li>
<li>
<a href="https://www.smartkarma.com/entities/china-feihe-ltd" target="_blank" data-smartkarma-citation="entities:24413:1" rel="noopener">China Feihe (6186 HK)</a> broke out from its downtrend with a Reversal from its U-Shaped Bottom.  <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Industries (669 HK)</a> broke out to a new YTD high.
</li>
</ul>


Hong Kong tech sector leads the market higher with increased momentum and lower volatility.  Short selling has abated with unwind of HKD carry trade.

Sands China (1928 HK) had a breakout from a Falling Wedge pattern. The share price broke above its short-term averages with increasing momentum.


China Feihe (6186 HK) broke out from its downtrend with a Reversal from its U-Shaped Bottom.  Techtronic Industries (669 HK) broke out to a new YTD high.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 23)

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>Long-end UST yields declined slightly, alongside a retreat in intraday oil prices after the US proposed a 15-point ceasefire plan.</li>
<li>This was despite a soft auction of 5Y notes. The yield on the 2Y UST was unchanged at 3.89%, while the yield on the 10Y UST fell 3 bps to 4.33%.</li>
<li>Equities advanced for the second time this week, with the S&amp;P 500 and Nasdaq up 0.5% and 0.8%, respectively. </li>
</ul>


Long-end UST yields declined slightly, alongside a retreat in intraday oil prices after the US proposed a 15-point ceasefire plan.
This was despite a soft auction of 5Y notes. The yield on the 2Y UST was unchanged at 3.89%, while the yield on the 10Y UST fell 3 bps to 4.33%.
Equities advanced for the second time this week, with the S&amp;P 500 and Nasdaq up 0.5% and 0.8%, respectively. 


<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.


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)

Asian Bond Monitor: Chinese Bonds Are Back

Asian high-yield bonds, particularly Chinese credits, are performing well due to improving sentiment towards emerging markets, with a focus on non...

Bondcritic

Health & Happiness (H&H 1112HK): After the Pain, Is It Finally Time for Gain?

H&H’s growth as a Supplements player led by Swisse anti-aging product sales in China could support a stock rerating. Strong cash flow and better...

Devi Subhakesan

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 23)

Hong Kong tech sector is key to lead the market higher. Lower volatility & decreased short selling volume provide tailwinds for HSTECH index. Sands...

David Mudd

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), SK Hynix,...

Lucror Analytics

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Bond Monitor: Chinese Bonds Are Back

​Asian high-yield bonds, particularly Chinese credits, are performing well due to improving sentiment towards emerging markets, with a focus on non...

Bondcritic

Health & Happiness (H&H 1112HK): After the Pain, Is It Finally Time for Gain?

H&H’s growth as a Supplements player led by Swisse anti-aging product sales in China could support a stock rerating. Strong cash flow and better...

Devi Subhakesan

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 23)

Hong Kong tech sector is key to lead the market higher. Lower volatility & decreased short selling volume provide tailwinds for HSTECH index. Sands...

David Mudd

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), SK Hynix,...

Lucror Analytics

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

Asian high-yield bonds, particularly Chinese credits, are performing well due to improving sentiment towards emerging markets, with a focus on non...

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