This week we look at the push for alternative-fuel vehicles, which we view as posing challenges to a number of sectors in Japan. In particular, Japanese automakers and associated industries will make sizeable upfront investments in this segment over the next decade, while bearing the sizeable risk that these vehicles may ultimately not be taken up by the market. Our conference today in Tokyo will also address the issue.
Our Asian Liquidity Stress Indicator increased to 28.5% in March from 26.1% in February.
This reading is above the trailing 12-month average of 26.5% for the first time since August 2016 and remains above the long-term average of 23.3%, highlighting the ongoing weakness in liquidity for many companies in Asia.
The latest edition of our quarterly Inside India newsletter includes analysis on the Indian government’s revised budget for fiscal 2019, on the renewable energy sector in India and China, as well as on the government’s plan to recapitalize all public sector banks.
On the events front, we will host a briefing on the Chinese and Hong Kong property markets on 24 April in Hong Kong, and a briefing on the Chinese and Indonesian property markets on 26 April in Singapore.
Managing Director – Regional Head Asia Pacific
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Asian Liquidity Stress Indicator: Asian LSI increased to 28.5% in March from 26.1% in February
[10 Apr] The reading is above the trailing 12-month average of 26.5% for the first time since August 2016 and remains above the long-term average of 23.3%, highlighting ongoing weakness in liquidity for many companies in Asia
Cross-Sector: Push for alternative-fuel vehicles presents challenges for Japan Inc.
[9 Apr] Over the next decade, Japanese auto manufacturers and associated industries will make sizeable upfront investments in alternative-fuel vehicle technologies while bearing the risk that these vehicles may ultimately not be taken up by the market.
Government of New Zealand – Aaa stable: Annual credit analysis
[6 Apr] New Zealand's credit profile reflects its very high economic resilience, very strong institutions and policy effectiveness, and strong fiscal position when compared with similarly rated peers.
Banks – Philippines: Robust loan growth lifts earnings in 2017 but will continue to weigh on capitalization
[4 Apr] Capital ratios of Philippine banks will stay pressured, because increases in retained earnings will not prove sufficient to cover the banks' rapid asset growth, against the backdrop of their low cost efficiency.
Inside India: March 2018
[4 Apr] Our a quarterly publication examines the major credit trends in India through recently published Moody's reports.
Moody’s Credit Outlook on 5 and 9 April
[9 Apr] Mongolia’s delays and reversals on some structural reforms, if prolonged, are credit negative; India’s creation of an investment-fluctuation reserve will benefit banks; For Singapore’s banks, a decline in slow payments by corporations is credit positive.
[5 Apr] Malaysian banks’ latest stress test results are credit positive; Hyundai Steel’s planned sale of Hyundai Mobis stake is credit positive; Fujifilm’s acquisition of biotechnology companies from JXTG is credit positive for both.
Moody's Conference: Japan Inc.'s Electric Vehicle Challenge
Tokyo, 11 April
Sponsorship: 2018 China asset-backed securitization industry annual conference
Beijing, 14-15 April
Moody’s Briefing – China and Hong Kong Property Briefing
Hong Kong, 24 April
Moody's Briefing – China and Indonesia Property Briefing
Singapore, 26 April
Moody's Islamic Finance Briefing
Kuala Lumpur, 8 May
Moody's and ICRA India Securitization Conference
Mumbai, 15 May
Moody’s and ICRA 4th Annual India Credit Conference
Mumbai, 7 June 2018
Click below to access teleconference / webcast replay. (*Free registration is required)
Moody’s Webcast: Hanwha Life Insurance Co., Ltd
Moody's Training Seminars
Advanced Bank Risk Analysis, 2-4 May
Corporate Debt Restructuring, 3-4 May
Corporate Cash Flow Analysis, 8-10 May
Analyzing Sovereign and Country Risk, 8-9 May
Corporate Credit Rating Analysis, 9-11 May
Fundamentals of Bank Credit Risk Analysis, 10-11 May
Covenants & Documentation, 4 Jun
Fundamentals of Corporate Credit, 11-14 Jun
Advanced Corporate Credit Analysis, 16-18 Jul
Counterparty Credit Risk, 14-15 Aug
Introduction to Derivatives, 16-17 Aug
Bank Regulation: Impact and Implications of Evolving Regimes, 16-17 Aug
Advanced Corporate Credit Analysis, 29-31 Aug
Insurance Credit Analysis, 10-12 Sep
Corporate Cash Flow Analysis, 9-11 Oct
Advanced Bank Risk Analysis, 29-31 Oct
Corporate Credit Rating Analysis, 31 Oct-2 Nov
Analyzing Sovereign and Country Risk, 1-2 Nov
Moody’s Project Finance Masterclass, 3-5 Dec
Analyzing Sovereign and Country Risk, 16-17 Apr
Advanced Bank Risk Analysis, 18-20 Apr
Fundamentals of Corporate Credit, 23-26 Apr
Bank Regulation: Impact and Implications of Evolving Regimes, 26-27 Apr
Corporate Credit Rating Analysis, 2-4 May
Risk Culture Building, 12-13 Jun
Corporate Cash Flow Analysis, 12-14 Jun
Structured Finance, 20-22 Jun
Fundamentals of Bank Credit Risk Analysis, 16-17 Oct
Bank Regulation: Impact and Implications of Evolving Regimes, 18-19 Oct
Advanced Bank Risk Analysis, 19-21 Nov
Analyzing Sovereign and Country Risk, 22-23 Nov
Corporate Cash Flow Analysis, 27-29 Nov
Corporate Credit Rating Analysis, 27-29 Nov
Covenants & Documentation, 30 Nov
Fundamentals of Corporate Credit, 11-14 Dec
Insurance Credit Analysis, 11-13 Jun
Fundamentals of Bank Credit Risk Analysis, 14-15 Jun
Fundamentals of Corporate Credit, 28-31 Aug
Insurance Credit Analysis, 3-5 Sep
Analyzing Sovereign and Country Risk, 6-7 Sep
Fundamentals of Bank Credit Risk Analysis, 29-30 Nov
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