> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # CMBI Credit Commentary Summary ## Core Content Overview This document provides a comprehensive market update and analysis for the fixed income market, with a focus on Asia, China, and global developments. It includes insights into bond performance, macroeconomic trends, and specific company financials. The report also highlights new issues and market conditions, along with important legal and disclosure information for different regions. ## Market Update - **Asia IG Market**: Mixed performance with better buying in front-end papers and stronger offers for 5-year bonds. The 10-year paper tightened by 1-2 bps. Chinese property names were active, with GRNCH 28-29 down 0.5-0.8pt. Developers such as CHJMAO/CPDEV/ZHHFGR saw selling pressure but remained resilient. - **China/HK Market**: NWDVELs recovered 0.1-0.4pt. BTSDF/HONGQI/FOSUNI were unchanged to 0.1pt higher. Chinese developers GRNCH/LNGFOR/CHJMAO rebounded 0.1-0.4pt after new supportive measures. - **LGFV Space**: High-quality USD names were under better buying flows from RMs. In CNH space, MEITUA/TENCNT/BABA dropped 0.1-0.5pt. - **Macro Trends**: S&P, Dow, and Nasdaq all retreated last Friday. US Aug'26 Chicago PMI was 47.1, below expectations. UST yields rallied, with 2/5/10/30 year yields at 4.34%/4.48%/4.73%/5.22%. - **European Market**: European AT1 slightly down 0.1-0.2pt. ## Key Company Insights ### SJMHOL (SJM Holdings Limited) - **Performance**: 1H26 adjusted EBITDA margin improved to 14.7% from 11.2%. However, the company's 1H26 revenue fell 20.8% yoy to HKD11.6bn, mainly due to lower VIP revenue. - **Earnings**: Adj. EBITDA increased 3.3% yoy to HKD1.7bn, but loss attributable to shareholders widened 61.7% yoy to HKD294.7mn. - **Property EBITDA**: GLP's adj. property EBITDA declined 73.2% yoy to HKD22mn, due to higher operating costs and enhancement works. Other properties showed improvement. - **Leverage**: Total debt increased to HKD28.2bn, and leverage ratios (Total debt/LTM adj. EBITDA and Net debt/LTM adj. EBITDA) rose to 8.7x and 8.0x, respectively. - **Recommendation**: Maintain a "Buy" stance on SJMHOL 6 1/2 01/15/31 (YTM 7.7%) due to its attractive risk and return profile. Maintain a "Hold" on SJMHOL 4.85 01/27/28 (YTM 6.9%). - **Preferred Alternatives**: For similar tenors, prefer STCITY 6 1/2 01/15/28 and STCITY 5 01/15/29. ### Other Key Entities - **FOSUNI**: Fosun International applied to spin off and list its ClubMed tourism business in HK. No change in price this morning. - **New World Development (NWDEVL)**: Announced deferral of distribution of NWDEVL 6.25 Perp. - **Shandong Hi-Speed Holdings (SDEXPR)**: 1H26 revenue increased 5.4% yoy to RMB2.6bn, but recorded a loss of RMB206mn. - **SoftBank Group (SOFTBK)**: Seeking a USD10bn, two-year loan with a margin of SOFR+275bps to refinance OpenAI-related obligations. - **ENN Energy (XINAOG)**: 1H26 revenue rose 2.4% yoy to RMB57bn, and pretax profit increased 7.7% yoy to RMB4.1bn. ## New Issues and Pipeline - **Offshore Asia New Issues (Priced)**: No new USD issues were priced today. - **Offshore Asia New Issues (Pipeline)**: - **Bangkok Bank**: USD, 5/10yr, Baa1/BBB+/BBB - **Lotte Rental**: USD, 3yr, Baa3/-/BBB- ## Top Movers | Top Performers | Price | Change | |----------------|-------|--------| | VLLPM 7 1/4 07/20/27 | 79.3 | 1.3 | | ACPM 3.9 PERP | 57.3 | 0.5 | | NSANY 5 1/4 07/17/29 | 102.4 | 0.5 | | REGH 6 1/2 PERP | 37.9 | 0.5 | | GLPSP 7.865 PERP | 60.8 | 0.5 | | Top Underperformers | Price | Change | |----------------------|-------|--------| | BABA 2.7 02/09/41 | 70.2 | -0.6 | | PLBIIJ 5 3/8 05/05/45 | 89.1 | -0.6 | | TEMASE 5 3/8 11/23/39 | 103.1 | -0.6 | | JD 4 1/8 01/14/50 | 78.3 | -0.6 | | LENOVO 6.536 07/27/32 | 106.0 | -0.5 | ## Financial Highlights (Table 2) | Metric | 1H25 | 1H26 | Change | |--------|------|------|--------| | Revenue | HKD14,639.3m | HKD11,589.8m | -20.8% | | Adj. EBITDA | HKD1,646.0m | HKD1,701.0m | 3.3% | | Adj. EBITDA margin | 11.2% | 14.7% | 3.4 ppts | | Loss attributable to owners | HKD182.2m | HKD294.7m | 61.7% | | Cash and bank balances | HKD2,001.0m | HKD2,331.2m | 16.5% | | ST debt | HKD8,943.3m | HKD4,726.6m | -47.1% | | Total debt | HKD27,245.3m | HKD28,210.6m | 3.5% | | Net debt | HKD25,244.3m | HKD25,879.4m | 2.5% | | Cash/ST debt | 0.2x | 0.5x | - | | Available banking facilities | HKD3,600.0m | HKD2,350.0m | -34.7% | ## Important Disclosures - The report is intended for information only and not as investment advice. - Past performance does not guarantee future results. - CMBIGM is not liable for any losses incurred from reliance on the report. - The report may include conflicts of interest, as CMBIGM may have positions or act as a principal in the securities mentioned. - The report is for intended recipients only and cannot be reproduced or distributed without prior written consent. ## Disclaimer - **United Kingdom**: The report is only provided to persons falling within specific legal categories. - **United States**: CMBIGM is not a registered broker-dealer, and the report is intended solely for major US institutional investors. - **Singapore**: The report is distributed by CMBISG, an Exempt Financial Adviser, and may be provided only to Accredited Investors, Expert Investors, or Institutional Investors. ## Contact Information - **CMB International Global Markets Limited** - **Fixed Income Department** - **Tel**: 852 3900 0801/852 3761 8919 - **Email**: fis@cmbi.com.hk ```