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Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
 Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook revisions globally, though the overall outlook remains neutral. The revisions were largely caused by global commodity price movements associated with the Russia-Ukraine war and the economic fallout from lockdowns under China’s ‘dynamic zero’ Covid-19 policy.
Fitch Ratings revised the outlook on two sectors – APAC oil and gas and Indonesian coal mining – to improving, from neutral, and the outlook on two further sectors – China engineering and construction (E&C) and APAC technology – to deteriorating, from neutral. The outlook on Chinese property developers remained unchanged, at deteriorating, following steep 1Q22 falls in new housing sales. We also expect capital market access to remain limited this year for most Chinese developers. The outlook on APAC’s five remaining sectors is neutral.
Fitch Ratings outlook revision for APAC oil and gas and Indonesian coal mining was based on our higher assumptions for oil, gas and coal prices following the invasion of Ukraine. Higher prices will boost cash flow for upstream and integrated oil and gas producers, part of which we expect to be used to pay down debt and improve credit metrics. Europe’s sanctions on Russian coal exports will become effective in August 2022, which could further increase demand for Indonesian coal.
According to Fitch Ratings, Chinese E&C activity was subdued in 1H22, due to the operational challenges caused by the country’s Covid-19 control measures. However, we expect construction activity to pick-up in 2H22, as the front-loading of local government special-bond issuance this year should lift infrastructure spending. That said, we believe China’s E&C sector is vulnerable to new Covid-19 outbreaks. If pandemic-related restrictions constrain construction in the next few months, it would be challenging for the sector to increase activity going into the winter months. The resulting challenges in collecting working capital could lead to liquidity pressure at Chinese E&C firms.
Within the APAC technology sector, China’s slower consumption spending, stringent Covid-19 lockdowns and the aftermath of last year’s regulatory tightening will dampen the short-term profitability and cash generation of its internet majors. Stringent pandemic lockdowns and the aftermath of last year’s regulatory tightening are also having adverse effects. Overall demand for APAC consumer hardware is weakening, exacerbated by the war in Ukraine and China’s lockdowns, while rising input costs will pressure profitability. We expect companies with limited ability to pass through incremental costs to customers to suffer the most in the heighted inflationary environment. Meanwhile, persistent chip shortages and various logistical issues will add to supply-side disruption. However, we expect robust demand for Indian IT services, supported by a strong digital transformation pipeline, and wage inflation in line with our previous expectations at end-2021. This should see revenue increase by a double-digit percentage.
The proportion of APAC corporates ratings at ‘CCC+’ or below, on Negative Outlook or on Rating Watch Negative dropped to 19% as of mid-June 2022, from 26% in 1Q22, after we revised the Outlook to Stable, from Negative, on the ratings of 13 Indian corporates. This followed our June 2022 Outlook revision on India’s sovereign rating (BBB-/Stable).
Fitch has taken eight upgrade actions and 54 downgrade actions on APAC corporates so far in 2022. Chinese property developers accounted for 38 of the downgrades and comprise 20 of the 60 corporates that remain on Negative Outlook, Rating Watch Negative or are rated at distressed levels of 'CCC+' or below.
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Thursday, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
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- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
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