固定收益每日市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 Asia IG space was 1-5bps wider this morning. We saw better selling on thenew issues BBLTB30-35s/SMBCAC 35s, while two-way flows on Europeanbank FRNs and JP FRNs with spread wider than +100. KNMIDI 26/SOFTBK61-65s/VLLPM 29 were 0.6-1.3pts lower. CQSXGU 28/JZSOCO 28 were Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk SJMHOL:Buy L’Arc and exit Ponte 16. We are neutral on SJMHOLs onvaluation. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk XIAOMI:Surging EV profit in 3Q25 offset the smartphone revenue softness.We maintain buy on XIAOMI 30-31s, which were 1bp wider post 3Q25results announcement. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点  Yesterday,the new BBLTB 35s closed 1bp wider from issuance at T+97,while the new BBLTB 30s tightened 1bp from T+82. The new SMBCAC 35sclosed 2-3bps tighter from RO at T+115 amid AM/PB clients buying, whilethere were better selling flows on the existing SMBCAC 28s/34s. In Asia IGspace, TW lifers and KR/TH/SG T2s recovered and closed 1-2bps tighter. Ontheother hand,there were better selling flows on JP corpsKYUSEL/JERA/HOKKEL/MITCO as well as some bank papers.JP AT1sandinsurance subs struggled to recover from the previous weakness amid furtherweakening in JPY and selling pressure from Chinese asset managers.However, SOFTBK 31-65s were up by 0.9-1.4pts. Yankee AT1s bouncedback by 0.3-0.5ptas PB buyers emerged anddealers rushed to cover the Marco News Recap宏观新闻回顾 Macro–S&P (-1.56%), Dow (-0.84%) and Nasdaq(-2.15%) were lower on Thursday. US latest initial joblessclaims was +220k, lower than the market expectation of +227k. US Sep’25 nonfarm payroll +119k, higher thanthe market expectation of +51k. US Sep’25 unemployment rate was 4.4%, higher than the market expectation of Desk Analyst Comments分析员市场观点 SJMHOL: BuyL’Arc and exit Ponte 16 SJMannounced the acquisition of a 100% stake in the L’Arc Hotel for a total consideration of HKD1.75bn, whileterminating its plan to acquire Ponte 16 which will cease operation on 28 Nov’25 11:59pm. The L’Arc Hoteltransaction comprises a nominal equity payment of cHKD175k and the repayment of the seller’s bank loan ofHKD1.75bn. In additional, SJM will lend the remaining amount of the bank loan of HKD177.5mn to the seller As of Sep’25, SJM hadcash on hand and short-term bank deposits of HKD3.4bnand undrawn facilities ofHKD2.7bn. Assuming the transaction totaled HKD1.9bn is 50% debt-funded, we estimate the proforma netdebt/LTM EBITDA will increase to c7.3x, from c6.8x as of Sep’25.In our view, adding HKD1.9bn in net debtcould delay thedeleverage trajectory of SJM, that could lead to negative rating action when there is ongoing YTD, SJM has closed 4 satellite casinos.SJM will close the remaining 3 (Casino Fortuna, Casino Kam PekParadise and Casino Landmark) by the end of 2025 as per the agreement with Macau government. The excessstaff cost had been fully absorbed and gaming tables of satellites will be transferred to other properties of SJM.As discussed, its market share could be adversely affected over the next few months as gaming tables are in XIAOMI:Surging EV profit in 3Q25 offset the smartphonerevenue softness Xiaomi’sgrowth momentum continued in 3Q25, with revenue increased by 22% yoy to RMB113.1bn, mainlydriven by growth in the Smart EV segment, also mild growth in the smartphone x AIoT segment. We maintainbuy on XIAOMI 3.375 04/29/30 and XIAOMI 2.875 07/14/31 in view of Xiaomi’s solid credit profiles. Xiaomi’s smartphones revenue declined by 3.1% yoy in 3Q25 due to lower ASP, partly offset by 0.5% yoyincrease in shipment volumes to 43.3mn units. The ASP fell by 3.6% yoy to RMB1,063 per unit in 3Q25. Thelower ASP overseas was partially offset by higher ASP of premium smartphone in mainland China, led by thenewly launched Xiaomi 17 Series in Sep’25.In 3Q25, Xiaomi remained as the world’s 3rdlargest smartphonemanufacturer (after Samsung and Apple) byshipments with 13.6% market shares. in 3Q25, revenue of IoT andlifestyle products grew 5.6% yoy, primarily supported by robot vacuums, power banks, electric scooters, smart Smart EV segmentrevenue rose 199% yoy and reached a record high of RMB29bn in 3Q25, driven by a recordhigh total delivery of 108,796 units and the recently launched XIAOMI YU7 Series, which topped in SUV salesin mainland China in Oct’25. The ASP of Xiaomi’s smart EV also grew by 9% yoy to RMB260k per unit in 3Q25.In 3Q25, the Smart EV segment recorded first quarterly operating profit at RMB0.7bn. In our view, the growing Xiaomi’s GP margin improved to 22.9% in 3Q25, compared to 20.4% in 3Q24, due to a higher GP margin inboth the smart EV and the Smartphone x AIoT segment. A decrease in the cost of key components and lowermanufacturing cost per unit contributed to margin expansion. Adj.EBITDA rose 29% yoy to RMB8.9bn in 3Q25, As of Sep’25, Xiaomi net cash increased to RMB82.6bn