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

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cofco-meat-holdings" target="_blank" data-smartkarma-citation="entities:22858:1" rel="noopener">Cofco Joycome (1610 HK)</a> is in a good position to benefit from the hog cycle upturn. China's anti-dumping investigation into imported pork from the EU may also disrupt supply.</li>
<li>Its average hog price has increased by 12.7% YTD and by 1.6% YoY for 5M24. Market hog price further surged by 10.4% in the week of 12-Jun from end-May.</li>
<li>Its P/B of 0.78x is inexpensive at 1SD below the 5-year average. Its peers like <a href="https://www.smartkarma.com/entities/muyuan-foodstuff-co-ltd-a" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foodstuff (002714 CH)</a> and <a href="https://www.smartkarma.com/entities/wens-foodstuff-group-co-ltd" target="_blank" data-smartkarma-citation="entities:22859:1" rel="noopener">Wens Foodstuff Group (300498 CH)</a> are also interesting. </li>
</ul>



Cofco Joycome (1610 HK) is in a good position to benefit from the hog cycle upturn. China's anti-dumping investigation into imported pork from the EU may also disrupt supply.
Its average hog price has increased by 12.7% YTD and by 1.6% YoY for 5M24. Market hog price further surged by 10.4% in the week of 12-Jun from end-May.
Its P/B of 0.78x is inexpensive at 1SD below the 5-year average. Its peers like Muyuan Foodstuff (002714 CH) and Wens Foodstuff Group (300498 CH) are also interesting. 


COFCO Joycome (1610 HK): Brewing a Hog Cycle Upturn?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech, CANMAX TECHNOLOGIES.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech, CANMAX TECHNOLOGIES.


MS-China Index Earning Revision (Sep): CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CHINA VANKE, CHINA RAILWAY CONSTRUCTION, COSCO SHIPPING, CHINA STATE CONSTRUCTION ENGINEERING, Longi Green, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, WENS FOODSTUFF, KUNLUN TECH.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CHINA VANKE, CHINA RAILWAY CONSTRUCTION, COSCO SHIPPING, CHINA STATE CONSTRUCTION ENGINEERING, Longi Green, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, WENS FOODSTUFF, KUNLUN TECH.


CSI 300 Index Earning Revision (Sep): CHINA VANKE, CHINA RAILWAY CONSTRUCTION, COSCO SHIPPING

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on KINGBOARD HLDG, LI AUTO, XIAOMI, TRINA SOLAR, TENCENT, CHINA LIFE, GCL TECHNOLOGY, PDD.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on KINGBOARD HLDG, LI AUTO, XIAOMI, TRINA SOLAR, TENCENT, CHINA LIFE, GCL TECHNOLOGY, PDD.


MS-China Index Earning Revision (Aug): KINGBOARD HLDG, LI AUTO, XIAOMI, TRINA SOLAR, TENCENT, PDD

China

Wens Foodstuff Group Co., Ltd. produces meat products. The Company produces, processes, and sells chicken, duck, pork, and other related products. Guangdong Wens Foodstuffs Group also manufactures and markets cooked meat and frozen meat.

Wens Foodstuff Group Co., Ltd. (300498 CH)

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

Wens Foodstuff Group Co., Ltd. (300498 CH)

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

COFCO Joycome (1610 HK): Brewing a Hog Cycle Upturn?

Cofco Joycome is well-positioned for China's hog cycle upturn, potential supply disruption from anti-dumping investigation into EU pork. Peers...

Osbert Tang, CFA

MS-China Index Earning Revision (Sep): CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech

We analyzed MS-China's consensus for Sep 2026 and highlighted changes of EPS in CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech,...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Sep): CHINA VANKE, CHINA RAILWAY CONSTRUCTION, COSCO SHIPPING

We analyzed CSI 300's consensus for Sep 2026 and highlighted changes of EPS in CHINA VANKE (000002 CH), CHINA RAILWAY CONSTRUCTION (601186 CH),...

Ke Yan, CFA, FRM

MS-China Index Earning Revision (Aug): KINGBOARD HLDG, LI AUTO, XIAOMI, TRINA SOLAR, TENCENT, PDD

We analyzed MS-China's consensus for Aug 2026 and highlighted changes of EPS in KINGBOARD HLDG, LI AUTO, XIAOMI, TRINA SOLAR, TENCENT, CHINA LIFE,...

Ke Yan, CFA, FRM

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

COFCO Joycome (1610 HK): Brewing a Hog Cycle Upturn?

​Cofco Joycome is well-positioned for China's hog cycle upturn, potential supply disruption from anti-dumping investigation into EU pork. Peers...

Osbert Tang, CFA

MS-China Index Earning Revision (Sep): CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech

We analyzed MS-China's consensus for Sep 2026 and highlighted changes of EPS in CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech,...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Sep): CHINA VANKE, CHINA RAILWAY CONSTRUCTION, COSCO SHIPPING

We analyzed CSI 300's consensus for Sep 2026 and highlighted changes of EPS in CHINA VANKE (000002 CH), CHINA RAILWAY CONSTRUCTION (601186 CH),...

Ke Yan, CFA, FRM

MS-China Index Earning Revision (Aug): KINGBOARD HLDG, LI AUTO, XIAOMI, TRINA SOLAR, TENCENT, PDD

We analyzed MS-China's consensus for Aug 2026 and highlighted changes of EPS in KINGBOARD HLDG, LI AUTO, XIAOMI, TRINA SOLAR, TENCENT, CHINA LIFE,...

Ke Yan, CFA, FRM

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

Cofco Joycome is well-positioned for China's hog cycle upturn, potential supply disruption from anti-dumping investigation into EU pork. Peers...