德意志银行-亚洲-信贷-亚洲信贷：定期估值速递-20170829-asia credit rave,regular asia valuation express-deutschebank

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1、DeutscheBankMarketsResearchAsiaCreditDate29August2017VikashAgarwalla,CFAResearchAnalystAsiaCredit:RAVE(+65)64235718vikash.agarwalla@db.comRegularAsiaValuationExpressFrancoLamResearchAnalyst(+852)22036226franco.lam@db.comTableofcontentsViacheslavShilin,MBAResearchAnalystPage(

2、+65)642357261.Out/underperformers…………………………………………………2viacheslav.shilin@db.com2.Fundamentalsvs.valuationcharts………………………………3-6KarenKwan,MBA3.Relativevaluecharts–Sovereigns&Quasis…………………7ResearchAnalyst4.Relativevaluecharts-IG……………………………………………8-13(+65)642353875.Relativevaluecha

3、rts-HY……………………………………………14karen.kwan@db.com6.USDBondsIndexperformance……………………………………15-167.USD&EURBondsNewissuesperformancemonitor…………17-188.Earningscalendar…………………………………………199.Researchcatalogue……………………………………………………20_____________________________________________________________

4、___________________________________________________DeutscheBankAG/HongKongDistributedon:29/08/201702:18:25GMTDISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.0bed7b6cf11cPageCredit29August2017Figure1:Top15out/underperformers(Basedon1-monthtotalretur

5、n)2InvestmentgradeBanksHighYieldBEIENT6.38'413.8%CITLTD3.70'261.6%NOBLSP8.75'2225.4%RILIN4.88'452.9%BCHINA3.88'251.5%NOBLSP6.75'2023.3%SINOPE4.25'462.8%BCHINA5.00'241.2%GATSP10.00'1910.6%CNOOC4.20'452.8%SBIIN4.88'241.2%PUMAFN6.75'214.7%CNOOC4.25'432.7%ICBCAS4.88'251.2%ANTOIL

6、7.50'183.9%SINOPC4.25'432.7%SDBC3.00'261.0%YIDCHL6.95'203.5%CNOOC4.88'442.6%ICBCAS2.91'201.0%INDYIJ6.38'233.3%SINOPE4.88'422.6%SHNHAN3.88'261.0%CHINSC5.88'223.2%RILIN6.25'402.6%ICBCAS4.88'210.9%YINGDZ7.25'202.8%SINOPE5.38'432.6%OCBCSP4.25'240.9%MIEHOL7.50'192.8%CHGRID4.00'47

7、2.5%BBLTB3.88'220.9%YUZHOU6.00'222.7%CNOOC5.00'422.5%KEBHNB4.38'240.8%LOGPH5.25'232.7%TOPTB4.88'432.5%PUSAN3.63'260.8%GERGHK4.63'232.7%KORGAS6.25'422.5%MUFG3.75'240.8%INDYIJ6.88'222.4%SINOPE4.10'452.4%KEBHNB4.25'240.8%GUANGH7.88'202.4%TENCNT2.88'200.2%CCB1.97'200.2%JUBPSG4.8

8、8'210.1%POHANG4.25'200.2%EXIMCH1.82'200.2%FANHAI9.63'200.1%KORGAS2.25'260.2