> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Credit Commentary Summary ## Core Content Overview This document provides a comprehensive market update and analysis from the Fixed Income Department of CMBI, covering recent bond price movements, trading activity, financial performance of key companies, and macroeconomic developments. It also includes new issue details, analyst comments, and important disclosures. ## Market Update - **KOROIL 29-31s**: Tightened 10bps from RO at $T + 65$ and $T + 70$ respectively. - **KOROIL Float 29s**: Tightened 10bps from RO at SOFR+80. - **CBAAU 29s**: Unchanged from RO at $T + 43$ and SOFR+63. - **LGENSO 26-35s**: Widened 10bps. - **LG Energy Solution**: Proposes to issue USD bonds in four tranches. - **ZHOSHK 28**: Gained 1.0pt. ## Trading Desk Comments - **BTSDF**: Maintained neutral stance due to improved credit profile and strong FY25 results. Trading at 0.1pt higher. - **XIAOMI**: Maintained buy due to solid credit profile and significant net cash position. XIAOMI 30-31 trading at YTM of 4.6%. - **WESCHI 28-29**: Leaked 0.7-1.0pt due to weak 2H25 results. - **LNGFOR 27-32**: Gained 0.6-1.1pt. VNKRLE 27 gained 0.7pt, while VNKRLE 29 declined 0.2pt. - **HYSAN 4.85 Perp**: Declined 1.3pt in HK. - **VEDLN 28-33s**: Recovered up to 1.1pt higher in SE Asian space. - **Yankee and Japanese AT1s and insurance subs**: Leaked 0.3pt during Asia session but gained 0.3-0.5pt with short covering and buying from London. - **Overall flows**: Balanced two-way flows with better buying in short-duration issues and better selling in longer dated ones. ## Analyst Comments ### BTSDF - H&H credit profile is improving due to active liability management and IMF recovery. - Revenue rose 10.0% yoy to RMB14.4bn in FY25, with all segments showing growth. - Gross profit increased 13.2% yoy to RMB9.0bn, driven by improved margins and sourcing cost optimization. - Adjusted EBITDA rose 5.0% yoy to RMB2.1bn, though margin contracted slightly. - Cash balance increased to RMB1.7bn, and cash conversion cycle shortened to 88 days. - Debt maturities are concentrated in 2027, with expectations of refinancing due to good access to funding. - Management aims to reduce leverage ratio to below 3x by end-2027 and below 2x by end-2028. - The review of H&H's objection by the ATO is ongoing, and no further deposit is required until the case is resolved. ### XIAOMI - Revenue increased 25.0% yoy to RMB457.3bn in FY25, driven by Smart EV growth. - Smart EV segment revenue rose 223.8% yoy, reaching RMB106.1bn. - GP margin improved to 22.3% in FY25, up from 20.9% in FY24. - EBITDA rose 34.9% yoy to RMB37.6bn, with margin improving to 8.2%. - Net cash position increased to RMB71.6bn as of Dec'25. - Operating cash flow decreased 13.1% yoy to RMB34.1bn. - Capex increased 73% yoy to RMB18.2bn. - FY26 outlook includes AI integration, overseas market expansion, and increased vehicle deliveries. - Expected to maintain a sizeable net cash position due to strong operating cash inflows and internal resources. ## New Issues and Pipeline ### Offshore Asia New Issues (Priced) - **Commonwealth Bank of Australia**: - 3yr: T+43 at 4.355% - 3yr: T+65 at SOFR+63 - **Korea National Oil Corporation**: - 3yr: T+65 at 4.5% - 3yr: T+70 at SOFR+80 - 5yr: T+200 at 4.625% ### Offshore Asia New Issues (Pipeline) - **LG Energy Solution**: - 3yr: T+150 - 5yr: T+165 (SOFR Equiv) - 5yr: T+200 - **Nippon Life Insurance**: - 5yr: T+120 - 7yr: T+135 ## Macro News Recap - **S&P, Dow, Nasdaq**: All declined on Tuesday. - **S&P Global PMI**: - Manufacturing: 52.4 (above expectations of 51.5) - Services: 51.1 (below expectations of 52.0) - **UST yields**: Increased on Tuesday. - 2yr: 3.90% - 5yr: 4.03% - 10yr: 4.39% - 30yr: 4.94% ## News and Market Color - **Onshore primary issuances**: 192 credit bonds issued with RMB136bn, representing a 8.8% yoy increase. - **BCDHGR**: Plans USD517mn bond offering to refinance BCDHGR 3.25 07/15/26. - **CHJMAO**: FY25 revenue rose 0.5% yoy to RMB59.4bn, mulling USD600mn offshore issuance. - **CWAHK**: Repurchased USD25mn of CWAHK 4.85 05/18/26, reducing outstanding amount to USD325mn. - **FRIDPT**: Freeport Indonesia expects to resume operations at Grasberg Block Cave mine in 2-3 weeks. - **HAIDIL**: FY25 revenue rose 1.1% yoy to RMB43.2bn. - **HYUELE**: SK Hynix approved acquisition of KRW12.0tn assets from ASML Korea, aiming to raise KRW10-15tn from a potential US listing. - **LENOVO**: PC shipments in Asia-Pacific rose 20% to 30.4mn units in 2025. - **VEDLN**: NCLAT declined to stay Adani's resolution plan for Jaiprakash Associates on Vedanta's appeal. ## Important Disclosures - The report is for informational purposes only and not investment advice. - CMBIGM is not liable for any losses incurred from reliance on the information. - The report may contain forward-looking statements and is subject to change. - CMBIGM may have conflicts of interest and may have proprietary positions in the securities discussed. - The report is distributed solely to intended recipients and must not be reproduced or shared without prior consent. ## Disclaimer - **United Kingdom**: Report is only provided to persons falling under Article 19(5) or Article 49(2)(a) to (d) of the Order. - **United States**: Report is for distribution to "major US institutional investors" only. - **Singapore**: Report is distributed by CMBISG, an Exempt Financial Adviser, and is subject to Singapore regulations. ## Contact Information - **Fixed Income Department** - Tel: 852 3657 6235 / 852 3900 0801 - Email: fis@cmbi.com.hk ## Analysts - **Glenn Ko, CFA** - Tel: (852) 3657 6235 - Email: glennko@cmbi.com.hk - **Cyrena Ng, CPA** - Tel: (852) 3900 0801 - Email: cyrenang@cmbi.com.hk - **Yujing Zhang** - Tel: (852) 3900 0830 - Email: zhangyujing@cmbi.com.hk