Category

Credit

Sep 10
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Yuexiu REIT, Vedanta Resources
  • UST yields declined for a fourth straight day yesterday, in a continuation of the trend following the releases of weak JOLTS and nonfarm payroll data last week. The UST curve bull-flattened for a second day. The yield on the 2Y UST declined 2 bps to 3.49%, while the yield on the 10Y UST fell 4 bps to 4.04%. Equities climbed, with the S&P 500 and Nasdaq up 0.2% and 0.5%, respectively.
  • In the US, the New York Fed one-year inflation expectations rose to 3.20% (3.09% p).

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Sep 09
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • UST yields plunged on Friday, as the market priced in additional Fed easing following the weak August nonfarm payrolls data.
  • As of Friday, Fed-dated OIS were pricing in a full 25-bp rate cut in September, and 69 bps of cuts in the remainder of 2025 (vs. 61 bps as of Thursday).
  • The UST curve bull flattened, with the yield on the 2Y UST falling 8 bps to 3.51%, while that on the 10Y UST was down 9 bps at 4.07%. 

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Sep 06
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: SK Hynix
  • UST yields declined 3-6 bps yesterday, on the back of the weak ADP employment and initial jobless claims data, despite improvement in the ISM services index. The yield on the 2Y UST fell 3 bps to 3.59%, while the 10Y UST was down 6 bps at 4.16%. Equities rallied on the prospect of impending Fed rate cuts.
  • The S&P 500 rose 0.8% to a new record high of 6,502, while Nasdaq climbed 1.0% to 21,708. The market focus for today should be on the US August nonfarm payrolls.

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Sep 05
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: SK Hynix
  • UST yields declined yesterday, as the market firmed up rate-cut expectations following the weak July JOLTS data. The UST curve bullflattened, with the yield on the 2Y UST declining 2 bps to 3.62% and the yield on the 10Y UST down 4 bps at 4.22%. Equities recovered from Tuesday’s decline, with the S&P 500 and Nasdaq up 0.5% and 1.0%, respectively.
  • Fed Governor Chris Waller said that the Fed needs to start cutting rates at the next meeting. Mr Waller added that the Fed may cut rates by 100-150 bps to get towards the neutral rate, albeit “how fast we get there is going to depend on the data that comes in”.

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Sep 04
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International
  • UST yields rose yesterday alongside a sell-off in long-dated European bonds, as well as on account of concerns that court rulings against US President Donald Trump’s tariffs would worsen the country’s fiscal deficit.
  • The yield on the 2Y UST rose 2 bps to 3.64%, while the yield on the 10Y UST was up 3 bps at 4.26%. Equities slipped, with the S&P 500 and Nasdaq down 0.7% and 0.8% at 6,416 and 21,280, respectively.

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Sep 03
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
  • The US market was closed for Labour Day yesterday.
  • Contracted sales for China’s Top 100 developers in August declined 18% y-o-y and 2% m-o-m to CNY 207 bn (albeit narrowing from -24% y-o-y in July), according to CRIC.

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Sep 02
0

Daily Brief Credit: Genting Berhad – Earnings Flash – H1 FY 2025 Results – Lucror Analytics and more

By | Credit, Daily Briefs

In today’s briefing:

  • Genting Berhad – Earnings Flash – H1 FY 2025 Results – Lucror Analytics

Genting Berhad – Earnings Flash – H1 FY 2025 Results – Lucror Analytics

By Leonard Law, CFA

  • Genting Berhad’s H1/25 results were soft.
  • Revenue and EBITDA picked up q-o-q in Q2, albeit the numbers were down on a y-o-y basis.
  • The group reported sound earnings growth from Genting Malaysia (supported by improved gaming volumes at Resorts World Genting), though they were offset by earnings declines from Resorts World Singapore and the US assets.

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Sep 01
0

Daily Brief Credit: SJM Holdings – Earnings Flash – H1 FY 2025 Results – Lucror Analytics and more

By | Credit, Daily Briefs

In today’s briefing:

  • SJM Holdings – Earnings Flash – H1 FY 2025 Results – Lucror Analytics

SJM Holdings – Earnings Flash – H1 FY 2025 Results – Lucror Analytics

By Leonard Law, CFA

  • SJM Holding’s H1/25 results were weaker than anticipated, as the company lost GGR market share in Q2 (after a strong Q1).
  • The top line continued to expand, in line with the ramp-up of Grand Lisboa Palace (GLP).
  • That said, EBITDA unexpectedly contracted due to unfavourable win rates (particularly at GLP). FCF was likely negative, owing to the reduced profitability.  Positively, the planned reorganisation of gaming assets will likely raise the properties’ margins and provide the company with operational flexibility to optimise its assets going forward.

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Aug 30
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • The UST curve twisted flatter yesterday, partly unwinding Wednesday’s steepening move.
  • The yield on the 2Y UST rose 2 bps to 3.63%, while the yield on the 10Y UST fell 3 bps to 4.21%.
  • Equities climbed on the back of upward revisions to the US Q2/25 GDP. 

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Aug 29
0

Daily Brief Credit: Meituan – Earnings Flash – Q2 FY 2025 Results and more

By | Credit, Daily Briefs

In today’s briefing:

  • Meituan – Earnings Flash – Q2 FY 2025 Results
  • Lucror Analytics – Morning Views Asia

Meituan – Earnings Flash – Q2 FY 2025 Results

By Trung Nguyen

  • Meituan’s Q2/25 performance was weaker than we had expected, with profitability plunging as irrational price competition in food delivery eroded margins (due to heightened courier incentives and aggressive marketing spend).
  • The Q2 performance was also a stark contrast to the stronger than anticipated Q1 results, which included robust revenue growth (+18.1%) and a surge in profitability (operating profit: +102.8%) on the back of enhanced operational efficiency and operating leverage.
  • While the Q2/25 development is of some concern, Meituan is clearly making strategic moves by absorbing short-term pain (through material investments in subsidies, marketing and incentives) to protect its commanding 60-70% share in the food delivery market.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: China Oil & Gas
  • UST yields fell yesterday, led by the front end, despite a soft auction of 5Y notes (which tailed by 0.7 bps). The UST curve bullsteepened, with the yield on the 2Y UST falling 7 bps to 3.61%, while the yield on the 10Y UST declined 3 bps to 4.24%. Equities ended higher, ahead of Nvidia’s Q2/25 results release (out after the market closed). The S&P 500 and Nasdaq were both up 0.2% at 6,481 and 21,590, respectively.
  • New York Fed President John Williams said that the current rates are “modestly restrictive”, which means the US central bank could “reduce interest rates and still be somewhat restrictive going forward, but again, we’re going to have to figure out exactly what’s happening in the economy”.

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