|Bid||1.630 x 0|
|Ask||1.640 x 0|
|Day's Range||1.620 - 1.650|
|52 Week Range||1.410 - 2.460|
|Beta (3Y Monthly)||1.31|
|PE Ratio (TTM)||3.04|
|Earnings Date||Aug 28, 2019|
|Forward Dividend & Yield||0.11 (6.56%)|
|1y Target Est||2.78|
Moody's Investors Service has assigned a Baa3(hyb) rating to Nanyang Commercial Bank, Ltd.'s proposed USD-denominated subordinated notes with point of non-viability loss absorption features qualifying as Tier 2 capital. The assigned Baa3(hyb) rating reflects: (1) Nanyang Commercial Bank's adjusted Baseline Credit Assessment (BCA) of baa2, (2) Moody's Advanced Loss Given Failure (LGF) analysis, resulting in a one notch negative adjustment from the bank's adjusted BCA and (3) Moody's assumption of a low probability of government support for loss-absorbing instruments; resulting in no uplift. Nanyang Commercial Bank is subject to Hong Kong's Financial Institutions (Resolution) Ordinance, and Moody's considers Hong Kong an Operational Resolution Regime.
(Bloomberg) -- A selloff in dollar bonds issued by two Chinese university-backed companies has revived concerns about the finances of such firms, as well as the strength of state support.In the past week, investors have dumped dollar debt issued by subsidiaries of Tsinghua University and Peking University, the country’s top two tertiary institutions, pushing prices to record lows.The financial woes affecting the two companies, one of them a leading semiconductor producer, highlight the risk arising from the murky regulatory oversight of a relatively obscure corner in China Inc.The plunge shows a worrying loss of confidence for companies such as Tsinghua Unigroup Co., which is tasked with helping President Xi Jinping achieve his goal of challenging the U.S.’s global dominance in technology.Tsinghua Unigroup’s $750 million bond due 2023 rose by 0.8 cents on the dollar at 11 a.m. in Hong Kong, off Friday’s record low. The selloff occurred after concerns grew about the company’s rapid buildup in debt in recent years and its ability to repay its bonds.Peking University Founder Group’s dollar bond due 2023 remained at the record low of 55.3 cents on the dollar that it hit on Monday. Redd Intelligence reported late Monday that the company secured a commitment from China Cinda Asset Management Co. for 8 billion yuan ($1.1 billion) in loans backed by assets.Tsinghua Unigroup’s debt-to-asset ratio jumped to 73.42% last year from 62.09% in 2017 and 59.09% in 2016, after the company went on a borrowing spree to finance takeovers and other investments to boost its position in the chip industry.The frenzied business expansion not only pushed up the company’s debt level but also eroded its profitability: Tsinghua Unigroup turned a net loss of 631 million yuanlast year from a net profit of 1.06 billion yuan the previous year.Lingering uncertainties about Tsginhua Unigroup’s future ownership also unsettled investors. Tsinghua Holdings Corp., its parent company with a 51% holding, sought to sell a 36% stake to a local government investment arm in the southern city of Shenzhen last year. However, the company said in August it has canceled the plan.Cash PileThe shelved stake sale emerged after Beijing laid out a plan to clean up commercial assets run by universities and colleges so as for the latter to focus more on education.Seeking to appease investors, Tsinghua Unigroup’s executives said Friday that the firm has more than 17 billion yuan of cash in the offshore market, as well as credit lines of 250 billion yuan. They added that the company’s shareholding structure will remain unchanged for now, after securing backing from China’s senior leadership.Despite the company’s reassurance, its ties with the university may continue to invite questions about the magnitude of state support it actually enjoys, said Yang Hao, a fixed income analyst at Nanjing Securities.“The market is likely still watching this factor,” Yang said.Similar uncertainty has previously spurred concern toward China’s local government financing vehicles -- investment arms responsible for building and operating major infrastructure projects across China. These borrowers are usually heavily indebted and lack formal state backing, although they are typically seen as carrying an implicit guarantee from Beijing at times of crisis.Founder Group, whose businesses range from IT to pharmaceutical and commodities-trading, is in no better position: its debt-asset ratio rose to 82.74% as of the end of June from vs 81.94% at the end of last year, with net losses widening to 1.05 billion yuan from 867 million yuan in the same period.The crisis surrounding the two companies is of growing interest because their destiny is crucial to Beijing’s push to fulfill its technological ambitions, with many of them reliant on subsidies from the government to stay afloat: Tsinghua Unigroup received 2.51 billion yuan worth of such support last year, without which its net loss would have widened to 6.79 billion yuan.“The drop in Tsinghua USD bonds is surprising. Such strategic industry and prestigious entities ordinarily should not be considered risky,” said Owen Gallimore, head of credit strategy at Australia & New Zealand Banking Group Ltd. But he added that the current difficulties are unlikely to hurt China’s efforts to build a chip industry because the nation isn’t reliant on foreign capital in this sector.(Updates prices and adds REDD report details in fifth and sixth paragraphs.)\--With assistance from Rebecca Choong Wilkins and Yuling Yang.To contact the reporters on this story: Hong Shen in Singapore at firstname.lastname@example.org;Ina Zhou in Hong Kong at email@example.comTo contact the editors responsible for this story: Richard Frost at firstname.lastname@example.org, Magdalene FungFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Today we'll take a closer look at China Cinda Asset Management Co., Ltd. (HKG:1359) from a dividend investor's...
Moody's Investors Service has affirmed Nanyang Commercial Bank, Ltd.'s deposit ratings at A3/P-2. At the same time, Moody's has affirmed the bank's Baseline Credit Assessment (BCA) and adjusted BCA at baa2, Counterparty Risk Assessments (CR Assessments) at A2(cr)/P-1(cr), Counterparty Risk Ratings (CRRs) at A2/P-1, and non-cumulative AT1 securities at Ba2(hyb). A full list of the affected ratings and assessments is provided at the end of this press release.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of China Cinda Asset Management Co., Ltd. Hong Kong, September 05, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of China Cinda Asset Management Co., Ltd. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Nanyang Commercial Bank, Ltd. Hong Kong, August 03, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Nanyang Commercial Bank, Ltd. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
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Moody's Investors Service has affirmed China Cinda Asset Management Co., Ltd.'s (Cinda AMC) A3 long-term and P-2 short-term issuer ratings. At the same time, Moody's has affirmed Cinda AMC's baseline credit assessment (BCA) at ba2. Moody's has also affirmed the ratings for the backed medium-term note (MTN) program and the ratings for the backed notes issued by Cinda AMC's offshore subsidiaries.
Moody's Investors Service has assigned a B3 senior unsecured rating to the proposed USD bond to be issued by Landsea Green Group Co., Ltd. Landsea plans to use the proceeds of the notes to refinance its existing debt. "Landsea's proposed bond issuance will not have a material impact on the company's credit metrics, because it will use the proceeds for refinancing," says Cedric Lai, a Moody's Vice President and Senior Analyst, and also Moody's Lead Analyst for Landsea.
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Want to participate in a short research study? Help shape the future of investing tools and you could win a $250 gift card! China Cinda Asset Management Co., Ltd. (HKG:1359) is a stock with outstanding fundamental ch...
"Landsea's B2 corporate family ratings reflect its asset-light business model, allowing it to earn service income while requiring limited capital and borrowed funds when compared to fully-owned property development projects," says Cedric Lai, a Moody's Vice President and Senior Analyst. Moody's expects Landsea's service income will grow to around RMB1.1-RMB1.3 billion per annum over the next 12-18 months, equivalent to about 1.6x-1.8x of annual interest expenses, from around RMB1.0 billion in 2018. Under its asset-light business model, the company takes various levels of ownership in property development projects in China (A1 stable) through entrusted development (ownership of less than 10%), minority interest co-operations (30% or less), and joint developments (50%).
Want to participate in a research study? Help shape the future of investing tools and earn a $60 gift card! Today we're going to take a look at the well-established China Cinda Asset Management Co., Ltd. (HKG:1359). The comp...
March 28 (Reuters) - China Cinda Asset Management Co Ltd : * FY PROFIT ATTRIBUTABLE RMB12,036.1 MILLION VERSUS RMB18,122.4 MILLION * FY TOTAL INCOME RMB107,026.0 MILLION VERSUS RMB120,034.6 MILLION Source ...
This article is written for those who want to get better at using price to earnings ratios (P/E ratios). We'll show how you can use China Cinda Asset Management Co.,Read More...
SHANGHAI/SINGAPORE (Reuters) - China's bad debt managers, whom Beijing hopes to play a key role in resolving financial risks, are in danger of becoming bad credits themselves as the leverage crackdown that fuelled a boom in their business now threatens their own access to funding. The practice of buying banks' non-performing loans (NPLs) at a discount and recovering them for a profit has grown rapidly in China since 2016. It has attracted a slew of new local players as well as foreigners including Oaktree Capital Group and CarVal Investors as Beijing's deleveraging campaign and economic restructuring produces a still-rising mountain of soured loans.
* PREVIOUS TRADING SESSION MOVES: * SSEC +0.1 pct, CSI300 -0.1 pct, HSI +0.0 pct * HK- Shanghai Connect daily quota used 2.7 pct, Shanghai- HK daily quota used 2.2 pct * HK- Shenzhen Connect daily ...
Jan 23 (Reuters) - China Cinda Asset Management Co Ltd : * EXPECTED THAT NET PROFIT FOR YEAR ENDED DECEMBER 31, 2018 WILL BE APPROXIMATELY 30% LOWER * EXPECTED RESULT DUE TO IMPACT OF CAPITAL MARKET FLUCTUATIONS ...
Jan 2 (Reuters) - Lai Sun Development Co Ltd: * CHINA CINDA (HK) ASSET MANAGEMENT CO TO ACQUIRE THREE GSL SALE SHARES FROM ROSY COMMERCE AT USD EQUIVALENT OF RMB7 MILLION * CHINA CINDA (HK) ASSET MANAGEMENT ...
Investing.com - Chinese conglomerate HNA Group is reportedly in talks with state-backed bad debt manager China Cinda Asset Management Co Ltd (HK:1359), to tackle asset disposals, according to sources cited by Reuters.
A luxurious "Dream Jet" put up for sale by China's HNA Group has attracted interest from foreign governments and wealthy Middle Eastern investors but the high price is making it tough to sell, the chairman of HNA's private Deer Jet unit said. Xu Lidong, chairman of HNA's wholly-owned private jet division made the comments to Reuters on the sidelines of a business jet conference in Beijing on Thursday.