我的聲明

我的聲明:

這blog原是用來紀錄我收集各樣債券的資料和知識,方便自己学習。非我原創性的文章,都会儘量標明出處或作者。Blog內紀錄的債券不代表我擁有或建議任何人投資。每個人都要為自已的投資決定負責任。

我主要投資直債或Reits。歡迎大家一同交流,互相鼓勵。如果你有好的債券分析,也歡迎email給我放上來,公諸同好!

我也有另外一個網誌"Reits World 我的房託世界"是關於投資REITS的,歡迎瀏覽。http://reitsworld.blogspot.hk

2016年1月19日星期二

*DAWN VICTOR(5524HK) 5.5 6/5/2018

ISSUERBOND YTWYTM PriceDur穆迪SPFinnSpecial FeatureUpdated
DAWN VICTOR(5524HK)5.5 6/5/184.830%4.83%101.552.3 NANANAcallable12/3/15
101.731/19/16
4.47%102.1253/21/16

最新債價參考(BOC)

最新債價參考(FSM)
  • Dawn Victor Limited is looking to issue 3-year USD-denominated bonds with an indicative yield of 5.75%
  • Founder Information(Hong Kong) Limited is the guarantor
  • Issuer and Guarantor are subsidiaries of Peking University Founder Group Company Limited, which is in turn 70% owned by Peking University
  • Group involved in IT, healthcare, pharmaceuticals, finance, securities and bulk commodities trading
  • Holds interests in six publically-listed companies (Shanghai, Shenzhen and Hong Kong)
  • Peking University Founder Group Company Limited delivered net profit of USD314m in FY2014 on revenues of USD12.048b; EBITDA of CNY7.006b in FY2014 for EBITDA/Interest Expense (interest coverage) of 1.8X

Understanding the company’s Ownership
The bond’s guarantor, Founder Information (Hong Kong) Limited is 81.64% owned (both direct and indirect interests) by Peking University Founder Group Company Limited, a company headquartered in the PRC. Peking University Founder Group Company Limited is a state-owned conglomerate which is closely affiliated to Peking University (and hence, the PRC government), due to Peking University’s 70% ownership of Peking Founder Group Company Limited; the other 30% stake is held by Beijing Zhaorun Investments Management Co., Ltd, which is controlled by employees of the group.
Owns stakes in various listed entities
Peking University Founder Group Company Limited is involved in information technology, healthcare and pharmaceuticals, finance and securities, bulk commodities trading and other businesses such as property management, property development, education and training, and steel production. At the time of writing, the group held key interests in six publically-listed companies* (listed on the Hong Kong Stock Exchange, Shanghai Stock Exchange as well as the Shenzhen Stock Exchange).
*Group’s stakes in Founder Securities, PKU Healthcare, Founder Holdings, China Hi-Tech, Founder Technology and PKU Resources Holdings range from 11.65% to 57.15%.
Fairly strong indication of government support
Peking University is wholly-owned by the Ministry of Finance of the PRC, and is controlled by the Ministry of Education. Given that Peking University holds a majority (70%) stake in Peking University Founder Group Company Limited (which in turn holds 81.64% of the bond’s guarantor), this implies a fairly strong level of government support for the entity.
Conglomerate was profitable in both 2013 and 2014
Based on filings relating to the bond issue, Peking University Founder Group Company Limited delivered net profit of USD314m in FY2014 on revenues of USD12.048b; the group was also profitable in 2013. In relation to interest coverage, the company recorded EBITDA of CNY7.006b in FY2014, to derive an EBITDA/Interest Expense (interest coverage) of 1.8X, which suggests a reasonable ability to continue servicing its liabilities.

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