Fitch Publishes 4Q15 APAC Corporate Research Compendium "Viewpoint"
OREANDA-NEWS. Fitch Ratings has published a compendium of 53 thematic research pieces written by our corporate analysts in the Asia-Pacific (APAC) during 4Q15.
"Viewpoint" is a quarterly compilation of thematic research from our corporate analysts in APAC. It provides a single source of all non-rating action commentary for investors interested in the current themes and market activity surrounding rated entities in APAC.
In this edition, China once again accounted for more than half of the research output. Highlights include our views on renminbi (yuan) internationalisation, Chinese corporates favouring onshore bonds and the liberalisation of the process for companies issuing offshore debt.
In our hypothetical China Slowdown Scenario we identified the key sectors in APAC that would suffer the greatest impact should China's GDP growth slow to around 2%. Other key topics included the likely peaking of China's steel production capacity in 2016, strong demand for Chinese SUVs, and how weak demand is having a negative impact on Chinese thermal independent power producers' margins.
From Hong Kong, we discussed Noble's liquidity levels, while in India we commented on Oil India's new subsidy sharing scheme and how real estate should benefit from a new FDI policy. In Indonesia we said that easing property rules are unlikely to boost demand in the short term; in Thailand we commented that a new entrant in the telecom market is likely to mean increased competition for the existing operators; and in Australia we examined Fortescue's ability to cut costs and therefore keep its leverage down.
Corporates in APAC continue to expand and develop rapidly, presenting both challenges and opportunities for investors and ratings agencies.
"Viewpoint 4Q15: APAC Corporates" is available from www.fitchresearch.com or by clicking on the link in this media release.
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