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1、DeutscheBankMarketsResearchAsiaCreditDate27February2018KarenKwan,MBAResearchAnalystAsiaCredit:RAVE(+65)64235387karen.kwan@db.comRegularAsiaValuationExpressViacheslavShilin,MBAResearchAnalyst(+65)64235726viacheslav.shilin@db.comVikashAgarwalla,CFATableofcon
2、tentsResearchAnalyst(+65)64235718Pagevikash.agarwalla@db.com1.Out/underperformers…………………………………………………2FrancoLam2.Fundamentalsvs.valuationcharts………………………………3-6ResearchAnalyst3.Relativevaluecharts–Sovereigns&Quasis…………………7(+852)220362264.Relativevaluecharts-I
3、G……………………………………………8-13franco.lam@db.com5.Relativevaluecharts-HY……………………………………………146.USDBondsIndexperformance……………………………………15-167.USD&EURBondsNewissuesperformancemonitor…………17-188.Earningscalendar…………………………………………199.Researchcatalogue……………………………………………………20__
4、______________________________________________________________________________________________________________DeutscheBankAG/HongKongDistributedon:26/02/201821:00:46GMTDISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.7T2se3r0Ot6kw
5、oPaPageCredit27February201Figure1:Top15out/underperformers(Basedon1-monthtotalreturn)2InvestmentgradeBanksHighYieldCHJMAO6.75'210.5%TDBM9.38'200.6%DALWAN7.25'243.3%HYNMTR2.75'200.3%KDB2.43'220.4%NOBLSP8.75'222.4%KOROIL2.27'200.2%KDB2.29'200.3%MIEHOL7.50'19
6、2.4%8HYNMTR2.49'200.2%KDB2.17'220.3%XIN8.13'190.9%HIGHWY2.44'200.2%SBIIN2.65'200.3%SUNAC6.88'200.8%HYNMTR2.55'200.2%KDB1.91'200.3%FTHDGR10.75'200.7%TENCNT2.34'230.1%ICBCAS2.69'220.3%LODHA12.00'200.7%HYNMTR2.60'200.1%KEBHNB2.42'200.3%YUHUNG6.63'200.6%AXIATA
7、5.38'200.1%ICBCAS2.33'220.3%SUNAC8.75'190.6%KORHIC2.13'200.1%BOCOM2.20'200.3%HONHUA7.45'190.6%HPHTSP2.88'200.0%ICBCAS2.51'200.2%JINANC7.80'200.6%TENCNT2.88'200.0%CCB2.25'200.2%STCITY8.50'200.5%KORGAS4.25'200.0%ICBCAS2.23'200.2%COGARD7.50'200.5%POHANG4.25'2
8、0-0.1%ICBCAS2.41'220.2%COGARD7.25'210.5%SINOPE2.38'20-0.1%BCHINA2.51'200.2%YINGDZ7.25'200.4%CNOOC4.20'45-3.9%RCBPM3.45'21-0.7%RWINTL7.25'20-2.5%CHGRID4.85'44-3.9%SCBTB3.20'22-0.8%GJTLIJ8.38'22-2.6%CHGRID4.38'