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 GLPSPs/GLPCHI recovered 1.6-2.7pts this morning. PCORPM 7.35 Perpedged 0.4pt higher. FUTLAN 28 gained 0.3pt. On theother hand, VLLPM29 lost 0.5pt. FAEACO 12.814 Perp leaked 0.4pt. ZHOSHK 28 was another Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk AACTEC:Solid FY25 results with a strengthening credit profile. AACTEC26-31 were unchanged this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk NWDEVL/VDNWDL: Media reported that NWD is considering a USD4bnshare offering to help meet debt payments and the Cheng family will keepcontrol of the company. The NWDEVL/VDNWDL complex were overall 0.2- Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,we saw better buying on lower-beta Asian IG names likeLINREIT/KUAISH, but the spreads closed largely unchanged. ZHOSHK 28was down another 0.5pt. See our commentson17 Mar’26. FOSUNI 27-29closed 0.2-0.6pt lower. The NWDEVL/VDNWDL complex were unchanged to2.8pts lower. MTRC Perps leaked 0.1-0.2pt. LASUDE 26/FAEACO 12.814Perp lost 0.7-0.8pt. In Chinese properties, LNGFOR 27-32/VNKRLE 27-29dropped 0.7-1.4pts. FUTLAN 28/FTLNHD 27-29 were 0.1-0.3pt lower. In SEAsianspace,GLPSP 28/GLPCHI 29 dropped another 6.9-7.6pts,andGLPSP Perps were 3.2-3.3pts lower. See our comments on GLP’s denial ofmarket rumorsyesterday. SMCGL Perps lost 0.2-0.4pt. See our commentson18 Mar’26. MEDCIJ 26-30 were up to 0.4pt lower. Petrochemical namesTOPTB/PTTGC Perps retraced 0.4-0.7pt.Japanese AT1s and insurancesubs were down by 0.4pt. SOFTBKs overall lost 0.1-0.5pt. Yankee AT1s Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.27%), Dow (-0.44%) and Nasdaq (-0.28%) were lower on Thursday. The US latest initialjoblessclaims were +205k, lower than the market expectation of +215k. 2/5 year UST yield was higher on Thursdaywhile 10/30 year UST yield was lower. 2/5/10/30 year yield was at 3.79%/3.88%/4.25%/4.83%. Desk Analyst Comments分析员市场观点 AACTEC:Solid FY25 results with a strengthening credit profile We maintain buy recommendations on AACTECs and prefer AACTEC 31 given the higher yield and lower cashprice. We expect positiverating action on AAC Tech given its strengthening credit story driven by its strongeroperating cash flow, net debt reduction, low leverage and good liquidity profile. We continue to view AACTECslower beta and good carry plays offering better risk-returnprofiles than peers such as SUNOTG 5.95 07/17/26(Moody’s: Baa1, YTM of 4.5%/Z-spread of 69bps). Additionally, we also believe that AACTECs are candidates In FY25, AAC Tech’s revenue increased 16% yoy to RMB31.8bn, driven by growth across all businesssegments. The gross profit margin (GPM) stood at 22.1%, same as that ofFY24.The improvements inprofitability of the optics business and the expanding contribution from higher-margin segments largely offsetthe lower margin of the acoustics operations in the course of growing lower margin module-based businesses.AAC Tech’s EBITDA increased 7.6% yoy to RMB5.6bn. Net profit surged 44.0% yoy to RMB2.5bn, primarily AAC Tech sounded out a positive tone for the FY26 results. It guided the FY26 growth as follows: 1) acoustics:mid-high single digit growth in revenue and stable GPM compared with the FY25 level.This will be supportedby more mid-to-high end products ramping up in 2H25 with GPM improving in 2H25. The newly acquiredcompany First Light, an automotive microphone manufacturer, should further strengthen AAC Tech’s core stable growth driven by higher ASP and GPM to steadily increase given the efficiency improvement and higherASP; 5) Sensor and semiconductor: 15-20% revenue growth with steadily increasing GPM; and 6) PSS: 15-20% revenue growth and stable GPM. Overall, the AI-driven spec upgrade cycle and resulting stronger demandwill continue to support revenue growth in FY26 no lower than the level of FY25 (16.4% yoy growth) and gross In FY25, AAC Tech’s operating cash inflow rose 38.1% yoy to RMB7.2bn, supported by higher revenueandshorter cash conversion cycle to 31 days, compared to 52 days in FY24. Longer payable days offset the impactof extended inventory days.Meanwhile, AAC Tech's capex increased 24.6% to RMB2.6bn, reflectinginvestments in the latest automation machinery and equipment for modifications, upgrades, and capacity Its credit profile is solid for mid-BBB rating. As of Dec’25, AAC Tech had cash and cash equivalent of RMB8.6bnand its net gearing ratio was only 8.8%. Total debt/ EBITDA and EBITDA/gross interest were 1.9x and 14.2x inFY25, respectively.Indeed, we believe that AAC Tech’s improving profit and manageable refinancingrequirements could trigger positive actions by Moody’s (rated Baa3) in the near-term.As per our estimates,the adjusted EBITA margin of AAC Tech was c10.6% in FY25 and total debt/adjusted EBITDA was c1.8x as of News and market color Regardingonshoreprimary issuances, there were 139 credit b