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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
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
Thursday, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
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- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- The University of Queensland
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- PTC India Limited - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
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