Smartkarma Daily Briefs

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:

1. Country Garden Holdings Co
2. Hopson Development
3. Greentown China
4. ReNew Energy Global
5. China Jinmao Holdings

and more…

• Singapore credit growth turned negative at -3% YoY in July where STAN has major exposure, while many regions, are not high growth, where credit metrics are worsening, like HK, China
• 88% of loans in well-developed countries, so that the old moniker of STAN being ‘an Emerging Market Bank’ may no longer apply, with NPLs as an overlying risk
• Credit costs rose 6x from 1Q23 to 2Q23, but the 19bps level in 2Q23 remains low relative to its longer-term 62bps average – which excludes the Asian Financial Crisis

• HHH held its annual investor day updating investors on the continued increase in population at its MPC, but that was not enough to offset the decline in NAV
• HHH’s management reiterated the trends that have fueled the business have continued with price per square foot and acre having increased over the past year.
• HHH is now estimating its NAV at $129 compared to $170 last year. We are lowering our price target to $110 from $150 to reflect the erosion in the NAV