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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, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
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- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- White Energy Company Limited
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
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