Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>0.052x P/B! That's <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a>'s current trailing  P/B ratio; roughly a quarter of the next comparable real estate peer.</li>
<li>
What's new? The latest decline followed an announcement on the 30th May that it would defer payments on its perpetual bonds.</li>
<li>NWD's 6.15% and 4.8% perpetuals fell to 23 cents and 15.5 cents on the dollar on 2nd June, suggesting the market is pricing in the possibility of a bust.</li>
</ul>


0.052x P/B! That's New World Development (17 HK)'s current trailing  P/B ratio; roughly a quarter of the next comparable real estate peer.

What's new? The latest decline followed an announcement on the 30th May that it would defer payments on its perpetual bonds.
NWD's 6.15% and 4.8% perpetuals fell to 23 cents and 15.5 cents on the dollar on 2nd June, suggesting the market is pricing in the possibility of a bust.


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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Genting Berhad, Road King, Meituan, AAC Technologies</li>
<li>In the US, Chicago Fed President Austan Goolsbee said that the inflation impact from tariffs could be transitory, if the duties are limited in scope and there is no retaliation from other countries.</li>
<li>He added that the Fed is taking a wait-and-see approach for now, albeit he believes rates will be lower 12-18 months from now if inflation remains contained in the long run. Separately, New York Fed President John Williams expressed support for the Fed's rate pause last week, stating that "the current modestly restrictive stance of monetary policy is entirely appropriate given the solid labour market and inflation still running somewhat above our 2% goal".</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Genting Berhad, Road King, Meituan, AAC Technologies
In the US, Chicago Fed President Austan Goolsbee said that the inflation impact from tariffs could be transitory, if the duties are limited in scope and there is no retaliation from other countries.
He added that the Fed is taking a wait-and-see approach for now, albeit he believes rates will be lower 12-18 months from now if inflation remains contained in the long run. Separately, New York Fed President John Williams expressed support for the Fed's rate pause last week, stating that "the current modestly restrictive stance of monetary policy is entirely appropriate given the solid labour market and inflation still running somewhat above our 2% goal".


Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

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="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" rel="noopener">SK Hynix</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-transmission-ltd" target="_blank" rel="noopener">Adani Transmission</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" rel="noopener">Adani Green Energy</a></li>
<li><a href="https://www.smartkarma.com/entities/cifi-holdings-group-co-ltd" target="_blank" rel="noopener">CIFI Holdings</a></li>
<li><a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" rel="noopener">Rakuten</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:

SK Hynix
Adani Transmission
Adani Green Energy
CIFI Holdings
Rakuten

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:<ol><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/longfor-properties' target='_blank' rel='noopener'>Longfor Properties</a></li><li><a href='/entities/anton-oilfield-services-gp' target='_blank' rel='noopener'>Anton Oilfield</a></li><li><a href='/entities/adani-green-energy-ltd' target='_blank' rel='noopener'>Adani Green Energy</a></li><li><a href='/entities/reliance-industries-ltd' target='_blank' rel='noopener'>Reliance Industries</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:Vedanta ResourcesLongfor PropertiesAnton OilfieldAdani Green EnergyReliance Industriesand 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:<ol><li><a href='/entities/china-oil-and-gas-group-ltd' target='_blank' rel='noopener'>China Oil And Gas</a></li><li><a href='/entities/intl-container-term-svcs-inc' target='_blank' rel='noopener'>ICTSI</a></li><li><a href='/entities/pt-cikarang-listrindo-tbk' target='_blank' rel='noopener'>Pt Cikarang Listrindo Tbk</a></li><li><a href='/entities/tata-motors-ltd' target='_blank' rel='noopener'>Tata Motors Ltd</a></li><li><a href='/entities/adani-green-energy-ltd' target='_blank' rel='noopener'>Adani Green Energy</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 Oil And GasICTSIPt Cikarang Listrindo TbkTata Motors LtdAdani Green Energyand more...

Hong Kong

Road King Infrastructure is an investment holding company that develops, operates, and manages property projects and toll roads. It focuses on residential and commercial property development and sales in Mainland China and Hong Kong, alongside investing in and operating expressways in Mainland China and Indonesia. The company was founded in 1994 and is headquartered in Tsim Sha Tsui, Hong Kong.

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Road King Infrastructure (1098 HK)

NWD (17 HK): Markets Pricing In A Bust

0.05x P/B says it all. Conversely, NWD is so beaten up here, it's probably worth a punt if you think it will be rescued and/or perpetually supported.

David Blennerhassett

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