As one dog said to the other, “it’s been a long seven years.” That dog year equivalent to human years captures the twists and turns of 2020 as every month seemed like an entire investing year.… Read the rest
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Geography |
Indonesia |
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Sector |
Real estate investment trust |
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Credit rating |
B1/NR (Moody’s/S&P) |
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Report date |
23-NOV-2020 |
Since our 28-May initiation report on Lippo Malls Indonesia Retail Trust (LMIRT)’s two perpetual bonds (LMRTSP 6.6% and 7% Perpetual (in SGD)) and LMRTSP 7.25% 6/24 (in USD)) with an Underweight recommendation, the perpetuals underperformed while the senior bonds outperformed. … Read the rest
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Increase corporate tax rate to 28% from 21%
Allow Trump bonus depreciation to phase down
Increase marginal tax rates to pre-Trump levels (39.6%) for incomes over $400,000 Phase out itemized deductions for incomes over $400,000
Apply the 12.4% social security tax on income over $400,000
Tax capital gains and dividends at the same rate for incomes over $1 million
Allow other Trump tax changes to expire in 2026
3+ trillion stimulus package focused on helping state and local governments
Restore limits for oil and gas operations
No new federal oil and gas leasing
100% of new car sales including trucks will be zero emissions Carbon pollution from power sector by 2035
Net zero emission by 2050
Rejoin Paris agreement
Reduce carbon footprint of building by 50% by 2035
2.5 trillion of climate focused infrastructure spending next two years
Extend and improve Obama Care 2+ trillion of spending
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Trade Thesis
– Person-to-person contact related equities have the most beta to this scenario, e.g. |
Credit market excesses typically occur in times of low interest rates, when investor demand for higher-yielding instruments leads to the creation of asset classes with returns that, in hindsight, were out of line with the risk involved.… Read the rest
| Summary | |
| Asset Class | Credit |
| Quality | High yield |
| Geography | Singapore |
| Sector | Agricultural |
| Credit rating | NR |
| Report date | 4-June-2020 |
We initiate our coverage of Olam International Limited (Olam), a leading global food and agri-business with >30 years of track record, headquartered in Singapore and majority-owned by the Singapore quasi-sovereign Temasek Holdings.… Read the rest
| Summary | |
| Geography | Singapore |
| Sector | Marine |
| Credit rating | NR/NR (Moody’s/S&P) |
| Report date | 23-June-20 |
Since our last report, the NOLSP complex (in SGD) has outperformed as COVID-19 situation improved in many countries as well as the announcement of CMA CGM’s 1Q’20 results on 5-June.… Read the rest
| Summary | |
| Geography | China |
| Sector | Telecommunications |
| Credit rating | Caa1/WR (Moody’s/S&P) |
| Report date | 11-May-2020 |
Dr. Peng Telecom & Media Group Company Limited (Dr. Peng) is a guarantor of Dr. Peng Hong Kong Holding Limited, an issuer of USD500m bonds maturing 1st June 2020 (CHEDRP 5.05% 6/20s).… Read the rest
