Daily Brief Credit: Parkson Retail: Positive 4Q SSS Growth and more

• Parkson Retail Group Ltd (Parkson) is a department store operator with 19 years of operating history in China.
• With an extensive network of 50 stores in 36 cities in China under the “Parkson” brand, the Group is one of the largest store operators.
• It targets the middle- and mid-upper-end of the Chinese retail market, with most of its revenues derived from concessionaire sales (90% of total revenues), while direct sales account for the rest.

• Yuzhou Properties Company Limited (Yuzhou) is a property developer that focuses on residential housing in West Strait Economic Zone and Yangtze River Delta.
• The company has moved its headquarters to Shanghai from Xiamen.
• The company has been listed on the Hong Kong Stock Exchange since November 2009. As of 31 Mar 2017, market capitalization of Yuzhou stands at HKD12.4b (USD1.6b).

• Established in 1993, PT Alam Sutera Realty Tbk (Alam Sutera) is a small Indonesian property developer, focused on the development and management of large-scale townships of residential and commercial property.
• As of FY16, the company held total land bank of 1,898 hectares in gross area.
• Key source of earnings remain property development sales, with recurring income limited and derived from leases in its shopping malls.

Shui On Land’s FY 2022 results were acceptable, supported by reasonable contracted sales, along with a strong revenue recovery in H2 (following a poor H1, when revenue recognition was impacted by pandemic-related lockdowns in Shanghai). Going forward, we believe contracted sales could decrease meaningfully in FY 2023, owing to the thin sales pipeline and reduced land bank size. That said, revenue recognition might continue to rise on the back of past robust sales.

Negatively, the company’s financial profile weakened slightly, with net debt rising more than expected. Still, we believe that Shui On’s liquidity profile remains manageable and expect the company to repay the USD 500 mn SHUION 5.75 23 (due November) using cash on hand.

• Hologic, Inc. is a well-known medical technology giant focused on women’s health.
• In Diagnostics, they maintained top positions in key product categories for women’s health, like STIs and cervical cancer.
• Their Women’s Health molecular diagnostics and cytology basis enable sustainable growth, foster beneficial connections with leading labs and key opinion leaders, and open the door for further innovative products.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Anton Oilfield
• Yankuang Energy Group
• Yanlord Land

• Equifax is one of the largest consumer credit reporting companies in the U.S.
• It has strong financial fundamentals which are helping it thrive in the turbulent business environment that includes an unprecedented decline in the mortgage market.
• Their global non-mortgage businesses has been performing well and is fueled by Workforce Solutions’ remarkable performance.

• C.H.
• Robinson is a global provider of multimodal transportation and third-party logistics service.
• Freight demand has deteriorated, negatively impacting the top-line but the contractual truckload AGP per shipment increased, which resulted in some nominal growth in their AGP per truckload shipment.