德意志银行-亚洲信贷-20170802-deutschebank-asiacreditrave,regularasiavaluationexpress-28页

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1、DeutscheBankMarketsResearchAsiaCreditDate2August2017FrancoLamResearchAnalystAsiaCredit:RAVE(+852)22036226franco.lam@db.comRegularAsiaValuationExpressViacheslavShilin,MBAResearchAnalyst(+65)64235726viacheslav.shilin@db.comTableofcontentsKarenKwan,MBAResearchAnalystPage(

2、+65)642353871.Out/underperformers………………………………………………2karen.kwan@db.com2.Fundamentalsvs.valuationcharts………………………………3-6VikashAgarwalla,CFA3.Relativevaluecharts–Sovereigns&Quasis…………………7ResearchAnalyst4.Relativevaluecharts-IG……………………………………………8-13(+65)642357185.Relativevalu

3、echarts-HY…………………………………………14vikash.agarwalla@db.com6.USDBondsIndexperformance……………………………………15-167.USD&EURBondsNewissuesperformancemonitor…………17-188.Earningscalendar…………………………………………199.Researchcatalogue……………………………………………………20______________________________________________

4、__________________________________________________________________DeutscheBankAG/HongKongDistributedon:02/08/201705:00:59GMTDISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.0bed7b6cf11cPageCredit2August2017Figure1:Top15out/underperformers(Base

5、don1-monthtotalreturn)2InvestmentgradeBanksHighYieldPERTIJ6.50'413.3%TDBM9.38'202.3%MIEHOL7.50'198.8%PERTIJ6.00'422.7%BCHINA5.00'241.5%FUTLAN5.00'204.7%PERTIJ5.63'432.7%ICBCAS4.88'251.3%EVERRE8.00'193.4%PLNIJ5.25'472.2%ICICI4.00'261.2%VEDLN6.38'223.4%CKHH3.50'271.8%CIT

6、LTD3.13'221.0%COGARD4.75'232.9%SUNHUN4.00'201.6%BCHINA2.88'220.9%LOGPH5.25'232.9%PLBIIJ5.38'451.5%ICICI3.25'220.8%CAPG6.35'202.2%JD3.88'261.4%CITLTD6.80'230.8%HILOHO7.25'202.1%EVERRE12.00'201.3%KEBHNB4.38'240.8%CSCHCN6.75'212.0%TEMASE2.38'231.2%CITLTD3.70'260.8%PLNIJ5.

7、25'421.9%BIDU4.13'251.2%KTB5.20'240.8%LOGPH5.75'221.7%SINOPE3.25'251.2%SCBTB3.20'220.8%YUZHOU6.00'221.7%BIDU3.50'221.2%PUSAN3.63'260.8%YZCOAL5.73'221.7%PERTIJ4.30'231.2%DAHSIN4.25'260.8%CHEDRP5.05'201.7%SINOPE3.63'271.1%AXSBIN2.88'210.8%CWAHK5.25'221.7%TEMASE3.38'42-0.

8、3%ICBCAS1.92'200.1%STDCTY7.25'21-0.7%CNOOC4.25'43-0.4%ICBCAS1.96'200.1%GUANGH7.88'20-0.8%BEIENT6.38'41-0.4%BCHINA1.95