essential intelligence to make decisions with conviction | s&p … · 2018-06-14 · (tmt)...

WHAT’S INSIDE

• China's Quality Growth Drive May Prompt Local Governments To Come Clean

• Trump's Turbulent Tariffs — Steel Trade To Become More Expensive

• Broadband Revenues Across Southeast Asia Boosted By Continued Subscriber Growth

• Credit Risk Trends For Asia

• Select Companies Below Investment Grade By The Measure Of Market And Fundamental Credit Scores

• Global Trade At A Crossroads: China-U.S. Tariff Dispute Still A Skirmish, But Credit Risks Are Rising

• M&A Activity By Country, Sector

• Initial Public Offerings

• Private Equity Investments And Buyouts

• Venture Capital Investments

• Credit Ratings Actions

• Market Attributes: Index Dashboard

Copyright © 2018 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.

Highlights and Insights from S&P Global Market Intelligence

Jan Feb Mar Apr

May Jun

2018

Jul Aug Sep Oct Nov Dec

ASIA-PACIFIC

MARKETS MONTHLY Highlights and Insights from S&P Global Market Intelligence

WHAT’S INSIDE

• No Respite From Regulatory Scrutiny For Australia's Biggest Banks

• Major Gold Deposit Discovery Rate Plummets In Asia-Pacific

• Nintendo Switch Drives Game Console Sales To New Levels

• Credit Risk Trends For Asia

• Select Companies Below Investment Grade By The Measure Of Market And Fundamental Credit Scores

• Asia-Pacific Financial Institutions Monitor: 2Q2018

• M&A Activity By Country, Sector

• Initial Public Offerings

• Private Equity Investments And Buyouts

• Venture Capital Investments

• Credit Ratings Actions

• Market Attributes: Index Dashboard

S&P Global Market Intelligence Asia-Pacific Markets Monthly – June 2018 | To learn more about S&P Global Market Intelligence, please email us at [email protected]

Table of Contents Content by S&P Global Market Intelligence:

No Respite From Regulatory Scrutiny For Australia's Biggest Banks

Major Gold Deposit Discovery Rate Plummets In Asia-Pacific

Nintendo Switch Drives Game Console Sales To New Levels

Credit Risk Trends For Asia

Select Companies Below Investment Grade By The Measure Of Market And Fundamental Credit Scores

M&A Activity By Country, Sector

Initial Public Offerings

Private Equity Investments And Buyouts

Venture Capital Investments

Content by S&P Global Ratings:

Asia-Pacific Financial Institutions Monitor: 2Q2018

Credit Rating Actions

Content by S&P Dow Jones Indices:

Market Attributes: Index Dashboard

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 3

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 4

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 5

- - - - - - - - - - - - - - - - - - - - - - - - - - P. 6 – P. 7

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 8

- - - - - - - - - - - - - - - - - - - - - - - - P. 10 – P. 12

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 13

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 14

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 15

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 17

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 18

- - - - - - - - - - - - - - - - - - - - - - - - P. 20 – P. 21


More Top Stories:

May 23, 2018 - Fate of Anbang's overseas assets still

undecided 3 months after state takeover

May 17, 2018 - Smaller Chinese life insurers to see

continued pressure on solvency

May 10, 2018 - Australian life market still woos foreign

buyers despite slowing growth

Apr 29, 2018 - Large Asia-Pacific banks beat FY'17 EPS

estimates

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No Respite From Regulatory Scrutiny For Australia's Biggest Banks

May 21, 2018 - After a first-half earnings season peppered with talk of the sector's need for cultural and

governance reform, Australia's largest banks expect to continue grappling with the fallout from the government's

ongoing banking public inquiry in the months ahead.

National regulators and government leaders alike have put Australian banks under the microscope amid

misconduct allegations ranging from providing customers with faulty financial advice to rate-rigging. The inquiry,

known as a royal commission, was launched in late 2017 and may uncover further evidence of banks' faulty

governance and risk management during various hearings throughout 2018, culminating in a final report on the

commission's findings in February next year.

The CEOs of three of the country's largest banks by assets — Australia & New Zealand Banking Group

Ltd., National Australia Bank Ltd. and Westpac Banking Corp. — used their fiscal first-half earnings

announcements in May to assess the fallout from the inquiry and what they expect in the months ahead.

ANZ CEO Shayne Elliott said banking in Australia is at a "watershed moment," acknowledging that "the revelations

over the past few weeks from the royal commission have damaged the confidence of the community in our

industry." He continued, "While we don't know yet the specifics, it is clear to me that there will be implications for

who we bank and how we operate.“

As the royal commission completes the hearings, banks can expect demands for tighter underwriting,

documentation standards as well as for "responsible lending behavior," said Sharad Jain, a Melbourne-based

credit analyst at S&P Global Ratings. The end result could well mean slower credit growth, putting pressure on

banks' earnings, he added.

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More Top Stories:

May 22, 2018 – Consensus price forecasts — Expectations

generally improve

May 22, 2018 – Copper Q1 supply update — Production up

on year-ago quarter

May 17, 2018 – Iron ore Q1 supply update — fortune favors

high Fe

Mar 21, 2018 – A decade after the housing crisis, Australia

and Canada hope to avoid a repeat.

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insights.

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From worldwide exploration, development, production, mine

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forecasts, and credit risk assessments—our unbiased

insight can power your mining analysis.

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Major Gold Deposit Discovery Rate Plummets In Asia-Pacific The historically prolific gold discovery region of Asia-Pacific has seen fewer major new discoveries

over the past decade. With several significant mines scheduled to close over the next five to 10 years,

new major discoveries are needed.

In a previous article, we recorded the trend towards lower major gold deposit discovery rates over the past

decade. While this holds true for all regions, there have been some significant changes in where major new

deposits are being found: notably there have been less in the Asia-Pacific region and more in Africa. The most

alarming declines are in Indonesia and Australia, where the amount of gold being discovered has decreased by a

collective 97% over the past decade — although strong discovery rates of the past keep Asia-Pacific as one of

the most historically prolific regions. Continue reading >

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Nintendo Switch Drives Game Console Sales To

New Levels The success of the Nintendo Co. Ltd.'s Nintendo Switch will drive global shipments of game consoles to about 52

million in 2018, while new consoles from Microsoft Corp. and Sony Corp. also continue to gain momentum.

Competition for the attention of gamers from PCs, streaming media players and mobile devices continues to shake up

the market. The competitive response thus far has been the Nintendo Switch, a hybrid mobile/console device, and

accessory hardware like the PlayStation VR, both designed to increase software attachment rates and sales of new

consoles while dealing with the new realities of the market. Sony and Microsoft are expected to release new consoles

toward the tail end of the current forecast that will buoy dragging sales for the manufacturers. The increased

responsiveness to the market will help consoles better compete, with the global installed base expected to grow from

217.5 million in 2017 to 294.1 million in 2022.

Smartphones, tablets, streaming media devices and PCs

have forced Microsoft, Sony and Nintendo to add features

and computing power. In Nintendo's case, competition from

mobile devices in its key demographic, kids, forced it to

innovate its entire usage paradigm. The Nintendo Switch has

achieved success on par with the Nintendo Wii, despite a

lack of over-the-top video apps. In fact, Kagan expects to see

Switch shipments eventually surpass those of the original

Nintendo Wii. Before the release of the Nintendo Switch, the

market was depressed due to the lack of a competitive

Nintendo console and it had been some time since Nintendo

had released a new handheld device. The Switch addresses

both of these market segments simultaneously, and even

though the streaming video options on the Switch are

lacking, the success of the new console is expected to be the

market-leading console from 2018 through the rest of the

forecast period.

Read the full article >

More Top Stories:

Jun 1, 2018 – Alibaba to spend billions on smart

logistics network, executive chairman says

May 15, 2018 – Hong Kong mobile carriers rally for

more spectrum

May 8, 2018 – National broadband initiatives crucial to

Asia-Pacific broadband market success

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Credit Risk Trends For Asia

Source: S&P Global Market Intelligence fundamental-based PD model, PD Model Fundamentals. Lowercase nomenclature is used to differentiate S&P Global Market Intelligence’s PD Model Fundamental scores from the credit ratings issued by

S&P Global Ratings. Credit ratings are prepared by S&P Global Ratings, which is analytically and editorially independent from any other analytical group at S&P Global. Data as of June 2018. Charts and graphs are for illustrative purposes only.

The Credit Landscape Using Probability of Default (PD) Fundamentals in Asia aaa to a- bbb+ to bbb- bb+ to bb- b+ to b- ccc+ and below

• China country average slips to bb+ from bbb with Energy sector firms falling to bbb from a- and Information Technology firms increasing from bb to

bb+

• Indonesian Consumer Discretionary and Industrials increase two notches from b+ to bb, whilst Energy sector companies increase from bb to bbb-

• Singaporean Consumer Discretionary firms increase from bb+ to a- whilst Telecommunication Services decrease from a- to bbb+

Sector Australia China Hong Kong India Indonesia Japan Malaysia New Zealand Philippines Singapore South Korea Taiwan Thailand Asia Average

Consumer Discretionary bb+ bb bbb- b+ bb bbb+ bb bb+ b+ a- bbb- bb bb- bb

Consumer Staples bb bb- bbb bbb- bb bbb+ bbb- bbb- bbb bbb- bbb- bb+ bbb-

Energy bbb bbb bbb bbb- bbb- bbb- bb bb bb- bb bbb a bb+ bb+

Financials bbb- bb+ bbb bbb- bbb- bb+ bbb- bbb- bbb- bb+ bb+ bb bb+ bb+

Healthcare bb bbb- bbb bb+ bb bbb- bb bb bb+ bb bb- bb+ bb+

Industrials bbb- bbb- bbb bb- bb bbb bb bb+ bbb- bbb bbb- bb b+ bb

Information Technology bbb- bb+ bb+ bbb bbb- bbb- b+ bb- bbb bb+ b bb

Materials bb- bb+ bb bb bb bbb bbb bb- bb+ bbb- bbb- bb+ bbb bb

Telecommunication Services bbb bbb+ a+ bb bbb- a+ bb+ bbb- bb- bbb+ bbb b- bb- bbb+

Utilities bbb bb+ bbb+ bb bbb bbb bbb bb+ bb+ bb bbb+ bb+ bb bb+

Country Average bb+ bb+ bbb bb bb bbb bb+ bb bb+ bbb- bbb- bb+ bb bb+


Credit Risk Trends For Asia Market Signal Probability of Default Trends in Developed Asia

Source: S&P Global Market Intelligence equity volatility-based PD Model Market Signals benchmarks as of June 2018. Charts and graphs are for illustrative purposes only

Market Signal Probability of Default Trends in Developing Asia

Source: S&P Global Market Intelligence equity volatility-based PD Model Market Signals benchmarks as of June 2018. Charts and graphs are for illustrative purposes only

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

2.00%

Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18

Tit

le

Australia

Hong Kong

Japan

South Korea

New Zealand

Singapore

Asia Median

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18

Tit

le

China

India

Indonesia

Malaysia

Philippines

Taiwan

Thailand

Vietnam

Asia Median


Select Companies Below Investment Grade By The Measure Of Market And Fundamental Credit Scores*

* These are corporations and banks flagged as “ccc+ and below” in PD Fundamentals and CreditModel™ and PD Market Signals implied scores, with total revenues of more than USD

100mn. Source: CreditModel™ Scores, PD Fundamentals and PD Market Signals are from S&P Capital IQ platform as of June, 2018. Tables are provided for illustrative purposes.

Ticker Company Name Country Sector

SHSE:600469 Aeolus Tyre Co., Ltd. China Consumer Discretionary

KOSE:A002410 Bumyang Construction Co.,Ltd. South Korea Industrials

NasdaqCM:CALI China Auto Logistics Inc. China Consumer Discretionary

SEHK:3889 Global Sweeteners Holdings Limited Hong Kong Consumer Staples

SZSE:002676 Guangdong Sunwill Precising Plasitc Co., Ltd. China Materials

SZSE:000422 Hubei Yihua Chemical Industry Co., Ltd. China Materials

HOSE:HVG Hung Vuong Corporation Vietnam Consumer Staples

SZSE:000816 Jiangsu Nonghua Intelligent Agriculture Technology Co., Ltd. China Industrials

SGX:BNE Kencana Agri Limited Indonesia Consumer Staples

KOSE:A001260 Namkwang Engineering & Construction Co., Ltd. South Korea Industrials

SEHK:360 New Focus Auto Tech Holdings Limited China Consumer Discretionary

SZSE:000982 Ningxia Zhongyin Cashmere Co., Ltd. China Consumer Discretionary

IDX:OKAS PT Ancora Indonesia Resources Tbk Indonesia Industrials

IDX:ENRG PT Energi Mega Persada Tbk Indonesia Energy

IDX:MPPA PT Matahari Putra Prima Tbk Indonesia Consumer Staples

KOSE:A090080 Pyung Hwa Industrial Co., Ltd. South Korea Consumer Discretionary

KOSDAQ:A053060 Sae Dong Co. Ltd. South Korea Consumer Discretionary

SZSE:002604 Shandong Longlive Bio-Technology Co., Ltd. China Consumer Staples

SZSE:000912 Sichuan Lutianhua Company Limited China Materials

KOSE:A071970 STX Heavy Industries Co., Ltd. South Korea Industrials

APAC Companies Below Investment Grade using Credit Analytics with revenues

greater than USD 100 million How to Read this Chart

• Our table identifies companies and banks in Asia-

Pacific that have revenues above USD 100

million.

• In addition, selected entities also have

CreditModel™ scores, and PD Model

Fundamentals Implied Credit Scores and PD

Model Market Signals Implied Credit Scores of

“ccc+ and below”.

• The list presented is a selection of these

companies that meet the criteria above and not

exhaustive.

• Implied Credit Scores are calculated by mapping

probability of default outputs to the equivalent

CreditModel™ score, for further details please

contact [email protected]

• Lowercase nomenclature is used to differentiate

S&P Global Market Intelligence’s PD Model

Fundamental scores from the credit ratings

issued by S&P Global Ratings.

• S&P Global Ratings does not contribute to or

participate in the creation of credit scores

generated by S&P Global Market Intelligence.

mailto:[email protected]


Transaction Activity By Sector, Country

S&P Global Market Intelligence provides detailed information on M&A and financing transactions covering the most active markets in the

world. We track all publicly announced mergers, acquisitions, private placements, public offerings, shelf registrations, equity buybacks,

and bankruptcies. Transaction data is updated daily from various sources such as regulatory filings, company websites, newsletters, trade

publications, and press releases.

Our Transaction Data:

S&P Global Market Intelligence covers 1,300,000+ transactions globally.

All transaction information, including M&A activity, is seamlessly integrated in the S&P Capital IQ platform and S&P Global Market

Intelligence Excel Plug-In, and can be viewed alongside company fundamentals.

To learn more about our transaction coverage, history, and collection process, please contact [email protected]

In This Report:

Transaction activities are based on data in selected countries in APAC - Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia,

New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.



Strategic and financial buyer activity remained muted in May 2018.

Source: S&P Global Market Intelligence as of June 3, 2018. Figures are based on M&A announcement dates. Includes both closed and pending transactions as well as those without transaction values.

Charts are provided for illustrative purposes.

M&A Activity In Asia Pacific: Strategic vs. Financial Buyers

0

100

200

300

400

500

600

700

800

900

1000

Dec'17 Jan'18 Feb'18 Mar'18 Apr'18 May'18

No

. o

f D

eals

Financial Deals Strategic Deals


M&A Activity In Asia Pacific: Selected Countries In May 2018, the Asia Pacific region saw 1,015 deals totaling US$73.2bn, with China accounting for 32% and India 28% of the total

value of deals. Deal activity remains stable compared to the same period last year, with an uptick in volume evident in Vietnam.

No. of Deals and Value YTD Activity (18’ vs. 17’)

Source: S&P Global Market Intelligence as of June 3, 2018. Figures are based on M&A announcement

dates. Includes both closed and pending transactions as well as those without transaction values.

Charts are provided for illustrative purposes.

No. of Deals and Value by Country (May’18) Country No. of Deals Value of Deals ($USDmm) China 330 23,332.9

Japan 126 4,548.7

Australia 121 12,423.8

India 112 20,175.9

South Korea 81 4,594.9

Vietnam 77 236.5

Malaysia 42 4,500.9

Hong Kong 40 267.0

New Zealand 24 541.3

Thailand 18 1,189.5

Singapore 17 845.3

Indonesia 9 436.6

Philippines 9 5.8

Taiwan 9 113.5

Key Threshold (No. of Deals) 0 - 11 >11 - 52 >52 - 103 >103 - 155 >155 - 206 >206 - 258

No. of Deals Value of Deals ($USDmm)

18 YTD 17 YTD YoY Growth 18 YTD 17 YTD YoY Growth

Jan 1, 2018 - Jan 1, 2017 - YoY Comparison

Through Jan 1, 2018- Jan 1, 2017 - YoY Comparison

Through

May 31, 2018 May 31, 2017 May 31, 2018 May 31, 2018 May 31, 2017 May 31, 2018

China 1,736 1,828 -5% 109,482 123,589 -11%

Japan 696 660 5% 23,825 23,082 3%

Australia 588 578 2% 42,349 28,462 49%

India 673 589 14% 39,810 18,759 112%

South Korea 477 523 -9% 21,212 19,488 9%

Vietnam 251 70 259% 2,345 1,499 56%

Hong Kong 218 242 -10% 19,555 22,093 -11%

Malaysia 194 215 -10% 3,126 11,323 -72%

Singapore 135 165 -18% 5,306 11,732 -55%

New Zealand 108 88 23% 3,201 712 349%

Thailand 117 152 -23% 4,112 8,941 -54%

Indonesia 59 115 -49% 1,174 1,500 -22%

Philippines 47 37 27% 1,276 651 96%

Taiwan 59 47 26% 2,394 1,183 102%

Total 5,358 5,309 1% 279,168 273,015 2%


Compared to the same period last year, strong growth in aggregate deal value was evident in the healthcare sector, while telecommunication

services experienced a large drop-off.

No. of Deals YTD Activity (18’ vs. 17’) Value of Deals (USDmm) YTD Activity (18’ vs. 17’)

Source: S&P Global Market Intelligence as of June 3, 2018. Figures are based on M&A announcement dates. Includes closed and pending transactions as well as those without transaction values. NSD – No Sector Disclosed. Tables are provided for

illustrative purposes. Data sorted by no. of deals and by transaction value from highest (darkest green) to lowest (lightest green).

M&A Activity In Asia Pacific: Selected Sectors

Sector '18 YTD '17 YTD YoY Growth

Jan 1, 2018 - Jan 1, 2017 - YoY Comparison Through

May 31, 2018 May 31, 2018 May 31, 2018

Discretionary 809 839 -4%

Industrials 802 856 -6%

IT 753 722 4%

Real Estate 487 543 -10%

Materials 412 407 1%

Healthcare 362 313 16%

Financials 293 345 -15%

Staples 271 290 -7%

Utilities 171 142 20%

Energy 103 83 24%

Teleco. Services 20 22 -9%

NSD 875 747 17%

Total 5358 5309 1%

Sector '18 YTD '17 YTD YoY Growth


May 31, 2018 May 31, 2018 May 31, 2018

Real Estate 48,983 54,133 -10%

Discretionary 44,143 34,040 30%

Industrials 30,813 34,926 -12%

Healthcare 25,651 6,893 272%

Materials 23,271 17,929 30%

IT 19,894 23,525 -15%

Energy 19,671 16,402 20%

Financials 14,749 14,927 -1%

Staples 10,578 9,670 9%

Utilities 10,198 15,551 -34%

Teleco. Services 224 13,161 -98%

NSD 30,991 31,858 -3%

Total 279,168 273,015 2%


Initial Public Offerings By Country Over US$1.5bn in proceeds were raised across 67 IPOs in the APAC region in May 2018. Relative to the same period last year, the total

number of IPOs decreased by 23%, while the total value decreased by 16%.

No. of IPOs and Value by Country (May’18)

No. of IPOs and Value YTD Activity (18’ vs. 17’)

Country No. of IPOs Value of IPOs ($USDmm) China 14 786.2 India 14 198.9 Australia 8 248.1 Hong Kong 8 23.7 Indonesia 7 49.2 South Korea 5 9.5 Malaysia 4 1.4 Singapore 3 71.1 Vietnam 3 7.5 Japan 1 146.8 New Zealand 0 0.0 Philippines 0 0.0 Taiwan 0 0.0 Thailand 0 0.0

Source: S&P Global Market Intelligence as of June 3, 2018. Figures are based on public offerings offer

date. Includes all closed transactions. Tables are provided for illustrative purposes

Key Threshold (No. of IPOs)

0

>0 - 3

>3 - 7

>7 - 10

>10 - 14

>14 - 17

No. of Deals Value of IPOs ($USDmm)


Jan 1, 2018 - Jan 1, 2017 -

YoY Comparison Through Jan 1, 2018 - Jan 1, 2017 -

YoY Comparison Through

May 31, 2018 May 31, 2017 May 31, 2018 May 31, 2018 May 31, 2017 May 31, 2018

China 80 224 -64% 14,436 15,977 -10%

India 89 55 62% 2,429 1,219 99%

Australia 33 37 -11% 603 810 -26%

Hong Kong 55 39 41% 675 1,147 -41%

Indonesia 16 7 129% 545 71 668%

South Korea 16 26 -38% 466 3,848 -88%

Malaysia 13 10 30% 122 802 -85%

Singapore 12 6 100% 469 109 331%

Vietnam 21 27 -22% 1,906 47 3,960%

Japan 27 35 -23% 1,134 1,966 -42%

New Zealand - 1 -100% - 137 -100%

Philippines - 3 -100% - 342 -100%

Taiwan 1 1 0% 13 0 6,455%

Thailand 6 11 -45% 374 1,016 -63%

Total 369 482 -23% 23,172 27,491 -16%


Private Equity Investments & Buyouts: Selected Countries Private equity investment reached US$15.9bn across 146 deals in May 2018, with Australia accounting for approximately 44% of the total

transaction value. The total value of deals year-to-date reached over US$53bn, an increase of 23% compared to the same period last year.

No. of Deals and Value by Country (May’18)


Country No. of Deals Value of Deals ($USDmm)

China 80 3,376.0 India 17 735.5 Japan 16 59.4 South Korea 14 4,469.0 Australia 10 6,978.0 Singapore 6 138.6 New Zealand 1 0.0 Taiwan 1 106.0 Vietnam 1 0.0 Hong Kong 0 0.0 Indonesia 0 0.0 Malaysia 0 0.0 Philippines 0 0.0 Thailand 0 0.0

Key Threshold (No. of Deals)

0

>0 - 6

>6 - 12

>12 - 19

>19 - 25

>25 - 31

Source: S&P Global Market Intelligence as of June 3, 2018. Figures are based on M&A announcement

dates. Includes both closed and pending transactions as well as those without transaction values.

Tables are provided for illustrative purposes.





May 31, 2017

May 31, 2017

May 31, 2018 May 31, 2018 May 31, 2017 May 31, 2018

China 308 168 83% 23,047 9,587 140%

India 109 102 7% 3,468 2,680 29%

Japan 117 100 17% 835 2,451 -66%

South Korea 70 60 17% 6,710 3,663 83%

Australia 41 34 21% 16,045 10,883 47%

Singapore 16 18 -11% 231 1,104 -79%

New Zealand 3 5 -40% 44 103 -57%

Taiwan 3 2 50% 429 55 680%

Vietnam 7 7 0% 766 189 305%

Hong Kong 7 12 -42% 1,391 12,212 -89%

Indonesia 2 3 -33% 23 1 1,527%

Malaysia 3 6 -50% 181 7 2,487%

Philippines - 1 -100% - 330 -100%

Thailand 2 - NA 54 - NA

Total 688 518 33% 53,223 43,265 23%


Venture Capital Investments: Non Buyouts By Country Venture capital investment reached US$8.4bn across 227 deals in in May 2018. Aggregate deal volume and deal value both increased—41%

and 28%, respectively—compared to the same period last year.

No. of Deals and Value by Country (May’18)


Country No. of Deals Value of Deals ($USDmm) China 126 3,052.4 India 32 785.2 Japan 32 57.6 Australia 9 96.1 Singapore 9 199.3 Hong Kong 4 56.0 Indonesia 4 21.0 South Korea 4 4,006.7 Thailand 3 0.0 Malaysia 2 5.0 New Zealand 1 0.0 Taiwan 1 106.0 Philippines 0 0.0 Vietnam 0 0.0

Source: S&P Global Market Intelligence as of June 3, 2018. Figures are based on transaction

announcement dates. Includes both closed and pending transactions as well as those without

transaction values. Non-buyouts will include all features except for leverage buyouts ( LBO),

management buyout or secondary LBO. Tables are provided for illustrative purposes

Key Threshold (No. of Deals)

0 >1 - 8 >8 - 16 >16 - 25 >25 - 33 >33 - 41



Jan 1, 2018 - Jan 1, 2017 -

YoY Comparison Through Jan 1, 2018 - Jan 1, 2017 -

YoY Comparison Through

May 31, 2018 Jan 31, 2017 May 31, 2018 May 31, 2018 Jan 31, 2017 May 31, 2018

China 472 217 118% 25,317 10,521 141%

India 172 167 3% 4,833 6,616 -27%

Japan 206 154 34% 1,451 342 324%

Australia 41 40 2% 6,546 9,118 -28%

Singapore 30 31 -3% 278 982 -72%

Hong Kong 8 18 -56% 76 8,224 -99%

Indonesia 13 14 -7% 49 8 519%

South Korea 43 50 -14% 7,592 711 967%

Thailand 6 6 0% 54 2 3,197%

Malaysia 9 7 29% 33 9 264%

New Zealand 6 7 -14% 23 110 -79%

Taiwan 5 5 0% 117 55 111%

Philippines 2 5 -60% 2 17 -90%

Vietnam 10 7 43% 769 189 306%

Total 1,023 728 41% 47,140 36,904 28%


Credit Ratings, Research & Commentary

S&P Global Ratings is the world’s leading provider of credit ratings. Our ratings are essential to driving growth, providing transparency

and helping educate market participants so they can make decisions with confidence. With more than 1.1 million credit ratings

outstanding, approximately 1,400 credit analysts and a presence in 28 countries, we offer a view of the market built on a unique

combination of broad perspective and local insight. We provide our opinions and research about relative credit risk; market participants

gain information to help support the growth of transparent, liquid debt markets worldwide. For more information, visit

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Our Credit Ratings:

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Asia-Pacific Financial Institutions Monitor: 2Q2018 More Top Stories:

Jun 1, 2018 – Banking Industry Country Risk

Assessment Singapore

May 23, 2018 – APAC Economic Snapshots--

May 2018

May 1, 2018 – Fast Retailing Outlook Revised

To Positive On Progress In Geographic

Diversification Of Earnings; 'A' Rating

Affirmed

Credit Update

Click here to subscribe* to CreditMatters Asia-

Pacific, a weekly newsletter that is designed to

offer the latest credit market insights.

Credit Spotlight

China Credit Spotlight: flagship series of China

research designed to bring together views on

China’s economic and credit trends.

ASEAN Credit Spotlight: showcases insights

into ASEAN macroeconomic developments and

key credit trends affecting governments,

corporates and financial services.

April 30, 2018 - At first glance, "steady as she goes" probably best captures Asia-Pacific bank credit trends for the first

quarter of 2018. But with rating risks remaining on the downside for the remainder of the year, it remains unclear, in S&P

Global Ratings' view, how long that mantra will hold.

Bank rating trends in the region are almost unchanged in the year to date for 2018, compared with the end of 2017. Across

our portfolio of over 300 rated banks and other financial institutions, we have taken only three rating actions in the first

quarter of 2018 that resulted in a rating or outlook change--all positive.

For the last quarter of 2017, we took 15 rating actions that resulted in a rating or outlook change--eight negative and seven

positive. As of Feb. 28, 2018, the net rating outlook bias across our portfolio rated banks and other financial institutions was

negative 10%. This indicates that rating risks remain on the downside for the remainder of 2018. The net negative outlook

bias as of Feb. 28, 2018, of 10% was well down on the comparable ratio of 22% exactly one year prior because of

numerous downgrades in 2017. Hence, while the net negative rating outlook bias improved over the past year, the average

portfolio quality is slightly lower. This is because we downgraded entities that were previously on negative outlook, and they

now have mostly stable outlooks. The average issuer credit rating for Asia-Pacific financial institutions was 'BBB+' as of

Feb. 28, 2018.

There are a number of downside risks for the remainder of the year. Prolonged low interest-rate policies have supplied

markets with cheap credit, fueling strong increases in asset prices and encouraging financial leverage and greater risk

taking. Recent volatility in global asset prices underlines the significant risk of sharp corrections. A sharp correction in asset

prices would likely hurt Asia-Pacific financial institutions' credit quality, particularly if associated with a pullback in market

liquidity.

Read the full article>

* Subscription to the S&P Capital IQ platform is required

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/MI_RatingsDirect_BankingIndustryCountryRiskAssessmentSingapore.PDF

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/MI_RatingsDirect_BankingIndustryCountryRiskAssessmentSingapore.PDF

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/MI_Ratings_Economic Research_APAC Economic Snapshots_May 2018.pdf





https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/MI_RatingsDirect_ResearchUpdateFastRetailingOutlookRevisedToPositiveOnProgressInGeographicDiversificationOfEarningsARatingAffirmed.PDF







https://www.spratings.com/en_US/register

http://www.spratings.com/en_US/topic/-/render/topic-detail/china-credit-spotlight

http://www.spratings.com/en_US/topic/-/render/topic-detail/china-credit-spotlight

http://www.spratings.com/en_US/topic/-/render/topic-detail/asean-credit-spotlight

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/MI_RatingsDirect_AsiaPacificFinancialInstitutionsMonitor2Q2018.PDF




Recent S&P Global Credit Ratings Actions

Source: S&P Global Ratings, as of June 3, 2018. Credit ratings are prepared by S&P Global Ratings, which is analytically and editorially independent from any other analytical group at S&P Global. Tables are for illustrative purposes only.

Company Rating Action Rating Date Prior Rating Current Rating Location

Alumina Limited (ASX:AWC) Upgrade 5/15/2018 BB+ BBB- Australia (Primary)

Deutsche Securities Inc. Upgrade 6/1/2018 A- BBB+ Japan (Primary)

Mitsubishi Electric Corporation (TSE:6503) Upgrade 5/31/2018 A A+ Japan (Primary)

Oceanwide Holdings Co., Ltd. (SZSE:000046) Downgrade 5/29/2018 B- CCC China (Primary)

PT MNC Investama Tbk (IDX:BHIT) Upgrade 5/10/2018 D B- Indonesia (Primary)

Security Bank Corporation (PSE:SECB) Downgrade 5/14/2018 BB+ BBB- Philippines (Primary)

Sony Corporation (TSE:6758) Downgrade 5/1/2018 BBB AA- Japan (Primary)

Telstra Corporation Limited (ASX:TLS) Downgrade 5/27/2018 A A- Australia (Primary)

Toshiba Corporation (TSE:6502) Downgrade 6/1/2018 B BB Japan (Primary)


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In this Report:

Monthly market performance that highlight developments in the Asia Pacific equity, commodities, fixed income, and niche-themed markets.

http://www.spdji.com/

http://www.spdji.com/



It was a mixed month for Asian equities. New Zealand led the way among single-country

equities; the S&P/NZX 50 Portfolio Index’s 3.16% monthly gain made it 5.01% this quarter.

The S&P Korea BMI initially gained this month as meetings between the leaders of North and

South Korea, and a planned summit between President Trump and Kim Jong-un, improved

sentiment. However, the subsequent cancellation of the June 12 summit weighed on the

index, and it finished May with a 3.43% decline.

The S&P/TOPIX 150 also declined this month, down 1.82%, as Japanese economic data

underwhelmed; the economy shrank in the first quarter, ending the longest period of

expansion since the 1980s.

Chinese equities were boosted by increased co-operation between the U.S. and China on

trade earlier in May; an agreement to keep talking improved outlook. Despite more combative

comments in the last few days, the S&P China 500 recorded a 2.17% monthly total return.

A rise in European political risk contributed to a rise in global bond yields towards the end of

May. However, prospects for a solution to Italy’s political woes meant the impact was fleeting

and each of our fixed income indices increased this month.

Commodities continued their recent rise; the S&P GSCI gained 1.45% since our last report.

Aluminum led the way; news of U.S. tariffs on aluminum imports from the EU, Mexico and

Europe helped the S&P GSCI Aluminum to a 1.93% total return.

Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of May 31, 2018. Index performance based on total return. Numbers in brackets are closing price levels for the corresponding indices. Returns for single country indices and single country strategies

are in local currency, otherwise USD. ~Sector contributions to the S&P Pan Asia BMI are calculated over the prior month. Charts and graphs are provided for illustrative purposes. Past performance is no guarantee of future results. For more information, please visit

our website at www.spdji.com

Market Attributes: Index Dashboard

Summary

-0.39%

-0.32%

-0.19%

-0.11%

-0.11%

-0.07%

-0.03%

-0.01%

0.00%

0.01%

0.05%

0.06%

0.16%

0.31%

-0.50% -0.25% 0.00% 0.25% 0.50%

South Korea

Japan

India

Singapore

Malaysia

Thailand

Philippines

Pakistan

Indonesia

New Zealand

Hong Kong

Taiwan

Australia

China

S&P Pan Asia BMI Country Contribution May 2018

S&P Pan Asia BMI(-0.63%)


Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of May 31, 2018. Index performance based on total return. Numbers in brackets are closing price levels for the corresponding indices. Returns for single country indices and single country strategies

are in local currency, otherwise USD. ~Sector contributions to the S&P Pan Asia BMI are calculated over the prior month. Charts and graphs are provided for illustrative purposes. Past performance is no guarantee of future results. For more information, please visit

our website at www.spdji.com

Market Attributes: Index Dashboard Index Investment Strategy

Index 1-M 3-M YTD

Pan Asia Equity

S&P Pan Asia BMI -0.63% 0.28% 0.39%

S&P Pan Asia MidCap 0.53% 1.26% 1.59%

S&P Pan Asia SmallCap 0.46% 0.89% 1.20%

S&P Asia 50 -2.00% -0.63% 1.15%

S&P Asia-Pacific BMI -0.89% 0.58% 0.45%

S&P Asia-Pacific Emerging BMI -0.09% -0.32% 0.28%

S&P Southeast Asia 40 -5.20% -6.13% -4.01%

S&P Pan Asia BMI Smart Beta

S&P Pan Asia Low Volatility 2.13% 2.38% 2.37%

S&P Pan Asia Growth 1.39% 1.72% 2.68%

S&P Pan Asia Momentum LargeMidCap 0.48% -0.54% 0.75%

S&P Pan Asia Quality LargeMidCap 0.45% 0.56% 1.88%

S&P Pan Asia Low Beta 0.07% 2.45% 0.64%

S&P Pan Asia Enhanced Value LargeMidCap -0.43% 0.51% 1.13%

S&P Pan Asia GIVI -1.41% 0.38% 0.63%

S&P Pan Asia Dividend Aristocrats® -1.51% 0.21% -0.15%

S&P Pan Asia Intrinsic Value Weighted -1.82% -0.03% -1.25%

S&P Pan Asia Value -1.83% -1.45% 2.10%

S&P Pan Asia Ethical Select Dividend

Opportunities -3.06% -0.21% 0.29%

Commodities

Dow Jones Commodity Index (DJCI)* 1.24% 4.19% 4.94%

S&P GSCI* 1.45% 6.56% 8.89%

S&P GSCI Crude Oil* 1.93% 16.06% 2.04%

S&P GSCI Gold* 0.78% 2.10% -5.59%

S&P GSCI Silver* 0.51% 1.06% -4.22%

S&P GSCI Copper* -1.41% -1.86% -0.92%

S&P GSCI Aluminum* -1.97% 3.74% 12.58%

Index 1-M 3-M YTD

Single-Country Strategy

S&P New China Sectors (USD) 4.66% 3.42% 3.85%

S&P Korea Low Volatility -0.64% 2.64% -0.69%

S&P/JPX Dividend Arisocrats -0.67% 3.20% 0.10%

JPX/S&P CAPEX & Human Capital -2.16% 2.41% -2.18%

S&P Japan GIVI -3.46% 1.03% -1.88%

S&P Korea Dividend Opportunities -4.05% 0.37% -6.41%

Single Country Equity

S&P Taiwan BMI 3.16% 5.01% 3.53%

S&P Singapore BMI 2.27% -0.59% 1.66%

S&P Korea BMI 2.17% 0.63% -1.69%

S&P Hong Kong BMI 1.09% 5.04% 0.99%

S&P/NZX 50 Portfolio* 0.88% 3.74% 2.83%

S&P China 500 0.71% 7.40% 4.17%

S&P BSE SENSEX¹ -1.82% 1.82% -3.09%

S&P/ASX 200* -3.43% 0.36% -0.04%

S&P/TOPIX 150 -3.93% 0.42% 1.78%

Volatility

CBOE Volatility Index / VIX® (19.97)* -3.14% -22.73% 39.76%

CBOE/CME FX Yen Volatility Index (8.56)* 11.19% -3.62% 19.22%

S&P/JPX JGB VIX (1.51) 0.00% -15.23% -13.51%

S&P/ASX 200 VIX (16.61)* -1.22% -26.20% 20.89%

S&P 500® VIX Short-Term Futures* -10.30% -22.39% 32.85%

HSI Volatility Index (28.24)¹ 4.18% -30.37% 24.66%

Index 1-M 3-M YTD

S&P Pan Asia BMI Sectors Contribution~

Health Care 0.14% 2.36% 1.23% 9.81%

Utilities 0.12% 1.73% 3.90% 6.08%

Consumer Staples 0.27% 1.48% -0.54% 1.19%

Information Technology 0.02% 0.72% 3.20% 5.48%

Real Estate -0.01% -0.31% 4.23% 2.96%

Consumer Discretionary -0.03% -0.49% 0.92% 2.07%

Industrials -0.06% -0.77% 1.45% -2.03%

Energy -0.16% -1.18% -0.02% -0.91%

Financials -0.23% -1.72% -0.84% -1.49%

Materials -0.54% -2.83% -0.80% -2.27%

Telecommunication Services -0.14% -4.33% -1.46% -5.38%

Single-Country Fixed Income Yield

S&P Taiwan Government Bond 2.28% 0.68% 0.48% 0.95%

S&P Singapore Government Bond 0.91% 0.42% 0.41% 0.38%

S&P Korea Government Bond 3.90% 0.37% 1.63% 3.38%

S&P Hong Kong Government Bond 2.45% 0.86% 0.24% 1.28%

S&P/NZX Government Bond* 1.10% 0.12% 0.06% 0.20%

S&P China Government Bond 7.91% 0.17% -0.83% 0.63%

S&P BSE India Government Bond 0.06% 0.21% 0.16% 0.47%

S&P/ASX Australian Government Bond* 2.29% 0.30% 0.21% 0.08%

S&P Japan Government Bond 2.05% 0.11% -0.33% -0.96%


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