Asia Credit: WAVE (Bi) Weekly Asia Valuation Express

Deutsche Bank Markets Research Asia Credit Date 22 August 2016 Asia Credit: WAVE (Bi) Weekly Asia Valuation Express ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 057/04/2016. Karen Kwan, MBA Research Analyst (+852 ) 2203 5930 karen.kwan@db.com Viacheslav Shilin, MBA Research Analyst (+65 ) 6423 5726 viacheslav.shilin@db.com Vikash Agarwalla, CFA Research Analyst (+65 ) 6423 5718 vikash.agarwalla@db.com Table of contents Page1.Out/under performers ......................................................................................22.Fundamentals vs. valuation charts ..............................................................................3 -63.Relative value charts – Sovereigns & Quasis ..............................................................................74.Relative value charts - IG ......................................................................................8 -1 25.Relative value charts - HY ..........................................................................................136.Index performance .............................................................................1 4 -1 57.USD Bonds New issue monitor .........................................................................................1 6 -1 78.Earnings calendar ................................................189.Research catalogue .....................................................................................19 Distributed on: 08/22/2016 17:03:57GMT Credit 22 August 2016 Page 2 Deutsche Bank AG/Hong Kong Figure 1: Top 15 out/underperformers (Based on 1-month total return) SINOPE 1.58 '19 -1.2%BABA 2.50 '19 -0.3%BABA 3.13 '21 0.1%HKCGAS 6.25 '18 0.1%SWIRE 6.25 '18 0.2%XINAOG 3.25 '19 0.2%SMIZCH 4.13 '19 0.2%CHGRID 1.75 '18 0.2%CHGRID 1.75 '18 0.2%SINOPC 1.88 '18 0.2%SINOPE 2.50 '18 0.2%ONGCIN 2.50 '18 0.2%BABA 3.60 '24 0.2%WANTSP 1.88 '18 0.3%AIA 1.75 '18 0.3%YUEXIU 4.50 '23 2.4%CNOOC 3.50 '25 2.4%PTTTB 3.38 '22 2.6%SHENGY 3.88 '25 2.6%KUNLEG 3.75 '25 2.7%SIMEMK 3.29 '23 2.7%BHARTI 4.38 '25 2.8%SINOCE 6.00 '24 2.8%CCAMCL 4.25 '25 2.8%KIAMTR 3.25 '26 2.9%HRAM 5.50 '25 3.2%ICBCIL 3.63 '26 3.2%IOIMK 4.38 '22 3.3%CCAMCL 5.63 '24 3.3%ORIEAS 5.00 '24 3.5%Investment gradeNOBLSP 6.75 '20 -9.5%MIEHOL 7.50 '19 -3.3%NOBLSP 3.63 '18 -3.3%SUNAC 8.75 '19 -0.1%YUZHOU 8.75 '18 0.0%AGILE 8.38 '19 0.0%SHIMAO 8.13 '21 0.1%KWGPRO 8.63 '20 0.1%LNGFOR 6.88 '19 0.1%TEXTEX 6.50 '19 0.2%COGARD 7.88 '19 0.2%SHIMAO 6.63 '20 0.2%GZRFPR 8.50 '19 0.2%LODHA 12.00 '20 0.2%GZRFPR 8.75 '20 0.2%DALWAN 7.25 '24 3.5%BTSDF 7.25 '21 3.5%DEGREE 7.25 '21 3.7%VEDLN 6.00 '19 3.9%CENCHI 8.75 '21 4.1%JSTLIN 4.75 '19 4.9%EVERRE 8.00 '19 5.0%GERGHK 4.63 '23 5.3%INDYIJ 7.00 '18 5.3%CSCHCN 8.25 '19 5.9%EVERRE 12.00 '20 6.1%YINGDZ 8.13 '18 9.8%INDYIJ 6.38 '23 11.3%YINGDZ 7.25 '20 15.1%GLOPRO 13.25 '18 17.4%High YieldTDBM 9.38 '20 -3.1%DBSSP 1.18 '19 -0.2%KEBHNB 2.00 '18 0.2%INDKOR 2.00 '20 0.2%SHANPU 2.50 '18 0.2%ICBCAS 2.00 '18 0.2%BNKEA 6.38 '22 0.2%UNBKIN 4.50 '19 0.2%UNBKIN 3.63 '18 0.2%BCHINA 1.72 '19 0.2%OCBCSP 3.75 '22 0.2%KTB 2.25 '18 0.2%SNDBIN 4.13 '18 0.2%CHIMIN 2.25 '18 0.2%AGRBK 1.80 '19 0.2%EXIMBK 4.00 '23 1.7%EXIMBK 3.13 '21 1.7%CCB 4.25 '24 1.7%BNKEA 4.25 '24 1.7%NSBLK 5.15 '19 1.8%CITLTD 2.80 '21 1.9%CITLTD 6.80 '23 2.0%OCBCSP 4.25 '24 2.1%KEBHNB 4.25 '24 2.2%WOORIB 4.75 '24 2.3%SHNHAN 3.88 '26 2.5%BCHINA 5.00 '24 2.5%ICBCAS 4.88 '25 3.0%ICICI 4.00 '26 3.4%CITLTD 3.70 '26 4.6%Banks Source: Deutsche Bank, Note: Pricing as of 19 Aug 16 22 August 2016 Credit Deutsche Bank AG/Hong Kong Page 3 Fundamentals vs. valuations – Financials Figure 2: Sr Debt - Gross NPLs vs. Z-spread AGRBK'20BCHINA'19BOCOM'19CCB'20CHIMIN'18CHINAM'19ICBCAS'20SCBTB'19AXSBIN'20SBIIN'19WOORIB'20INDKOR'20UOBSP'20DBSSP'19BBLTB'20ICICI'26BCHINA'25BOCOM'23ICBCAS'21BBLTB'23SBIIN'2425651051451852250.01.02.03.04.05.06.07.0Zsp (bp)Gross NPL %3-5 yrsmore than 5 yrs Source: Deutsche Bank, Bloomberg Finance LP. Pricing as of 22 Aug 16; Note: Only including bonds of listed companies Figure 3: Sub debt - Total CAR vs. YTW DBSSP'22 | C'17OCBCSP'23 | C'18WOORIB'21BBLTB'29BCHINA'20ICICI'perp | C'16ICICI'22 | C'17WOORIB'37 | C'17SHNHAN'36 | C'16CBKIN'21 | C'16BNKEA'perp | C'19DAHSIN'20BNKEA'20OCBCSP'22 | C'17BNKEA'22 | C'17MAYMK'22 | C'17UOBSP'22 | C'17BCHINA'24KEBHNB'24OCBCSP'24 | C'19OCBCSP'24WOORIB'24WOORIB'45 | C'20ICBCAS'perp | C'19DAHSIN'24 | C'19UOBSP'24 | C'19KTB'24 | C'19BOCOM'24 | C'19KEBHNB'24CCB'25 | C'20MAYMK'26 |