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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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- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
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