Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ASIA ......Jul 23, 2019 - Singapore digital bank hopefuls eyeing JVs to boost license chances Jul 21, 2019 - India's largest banks to

WHAT’S INSIDE

• China's Quality Growth Drive May Prompt Local Governments To Come Clean

• Trump's Turbulent Tariffs — Steel Trade To Become More Expensive

• Broadband Revenues Across Southeast Asia Boosted By Continued Subscriber Growth

• Credit Risk Trends For Asia

• Select Companies Below Investment Grade By The Measure Of Market And Fundamental Credit Scores

• Global Trade At A Crossroads: China-U.S. Tariff Dispute Still A Skirmish, But Credit Risks Are Rising

• M&A Activity By Country, Sector

• Initial Public Offerings

• Private Equity Investments And Buyouts

• Venture Capital Investments

• Credit Ratings Actions

• Market Attributes: Index Dashboard

Copyright © 2018 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.

Highlights and Insights from S&P Global Market Intelligence

Jan Feb Mar Apr May Jun Jul Aug

2018

Sep Oct Nov Dec

ASIA-PACIFIC

MARKETS MONTHLYHighlights and Insights from S&P Global Market Intelligence

WHAT’S INSIDE

• Structured Deposits In China Tumble Into A ‘Regulatory Grey Area'

• Cobalt - Production Remains Steady But Supply Security Fears Remain High

• Xiaomi, Huawei outgrow global smartphone market in Q1


• Select Companies Below Investment Grade By The Measure Of Market And Fundamental Credit Scores

• Global Trade At A Crossroads: What U.S.-China Trade Tensions Mean For Cross-Border M&A



• Private Equity Investments And Buyouts



• Market Attributes: Index Dashboard

Jan Feb Mar Apr May Jun Jul Aug

2019

Sep Oct Nov Dec

ASIA-PACIFIC

MARKETS MONTHLYHighlights and Insights from S&P Global Market Intelligence

WHAT’S INSIDE

• Greater China, Australia, Japan Q2 2019 M&A Summary

• Major Chinese Banks Score High in Efficiency Among Asia-Pacific Lenders

• High Can Iron Ore Prices Go?

• 21 Markets Worldwide have Commercial 5G Services

• G20 Watch: Sumitomo, Konica Could Get Trade Deal Kickstart From Trump-Abe Meet




• Private Equity Investments & Buyouts



• Market Attributes: Index DashboardCopyright © 2019 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.

S&P Global Market Intelligence Asia-Pacific Markets Monthly – August 2019 | Page 2To learn more about S&P Global Market Intelligence, please email us at [email protected]

Table of Contents

Content by S&P Global Market Intelligence:

P.3 Greater China Q2 2019 M&A Summary

P.4 Japan Q2 2019 M&A Summary

P.5 Australia Q2 2019 M&A Summary

P.6 Major Chinese Banks Score High in Efficiency Among Asia-Pacific Lenders

P.7 High Can Iron Ore Prices Go?

P.8 21 Markets Worldwide have Commercial 5G Services

P. 9-10 Credit Risk Trends For Asia

P. 12-14 M&A Activity By Country, Sector

P.15 Initial Public Offerings

P.16 Private Equity Investments & Buyouts

P.17 Venture Capital Investments

Content by S&P Global Ratings:

P.19 APAC Monthly Snapshots: What To Watch On Trade

P.20 Recent S&P Global Credit Ratings Actions

Content by S&P Dow Jones Indices:

P.22-23 Market Attributes: Index Dashboard


Greater China Q2 2019 M&A Summary

M&A Review

• Overall M&A volume, domestic and inbound, showed a decrease

on a year-on-year basis for months April to June.

• Second quarter of 2019, domestic and inbound M&A volume

ended 1945 while outbound volume ended 205.

• Domestic and inbound M&A value registered a 29% decline and

outbound value registered a 53% decline.

• Within domestic and inbound M&A, communication services

industry saw the largest growth.

• Within outbound M&A, Industrials and Information technology

saw the huge growth. Utilities slowed down the most.

Read the full report

M&A Value & Volume Breakdown

Domestic & Inbound M&A Sector Breakdown Outbound M&A Sector Breakdown

YTD2018 YTD2019 % Change

Consumer Discretionary 19,478 8,874 -54%

Consumer Staples 5,615 2,102 -63%

Energy 3,200 1,161 -64%

Financials 8,993 5,449 -39%

Healthcare 11,095 6,674 -40%

Industrials 23,030 18,133 -21%

Information Technology 16,431 9,922 -40%

Materials 15,266 12,639 -17%

Real Estate 18,612 10,847 -42%

Communication Services 167 3,318 1887%

Utilities 3,356 1,823 -46%

Other 21,167 22,407 6%

Total 146,411 103,347 -29%

YTD2018 YTD2019 % Change


Consumer Staples 1,839 43 -98%

Energy 640 17 -97%

Financials 1,190 61 -95%

Healthcare 1,713 263 -85%

Industrials 1,428 3,731 161%

Information Technology 1,247 3,520 182%

Materials 4,591 1,668 -64%

Real Estate 2,245 3,467 54%

Communication Services - 571 NM

Utilities 18,777 4 -100%

Other 2,924 2,860 -2%

Total 40,962 19,434 -53%

Source: S&P Global Market Intelligence as of August 1 2019. China, Hong Kong, Macau, and Taiwan are included in this study. Data sorted by transaction value from highest (green) to lowest (red).

0

500

1,000

1,500

2,000

2,500

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

YTD2018 YTD2019

No

. o

f T

ran

sacti

on

s

(US

D M

illi

on

s)

Outbound Value Domestic and Inbound Value

Outbound Volume Domestic and Inbound Volume

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/China%20Capital%20Market%20Update%20Q2_2019.pdf


Japan Q2 2019 M&A Summary

M&A Overview M&A Value & Volume Breakdown

• Total deal value of 1H 2019 Japan domestic & inbound M&A

decreased by 10% from the same period last year to USD 23,228

million.

• Japan Outbound M&A activities continued to stay sluggish. Mainly

due to the lack of mega deals, total deal value of 1H 2019

decreased by 86% from the same period last year to USD 14,098

million.


-

100

200

300

400

500

600

700

800

900

-

20,000

40,000

60,000

80,000

100,000

120,000

YTD2018 YTD2019

No

. o

f T

ran

sact

ion

s

US

D M

illi

on

s

Domestic & Inbound Value Outbound Value

Domestic & Inbound Volume Outbound Volume

Domestic & Inbound M&A Breakdown Outbound M&A Breakdown

USD Million YTD2018 YTD2019 % Change

Communication Services 63 389 515%


Consumer Staples 1,457 735 -50%

Energy - - NM

Financials 1,906 987 -48%

Healthcare 1,013 1,007 -1%

Industrials 1,945 1,903 -2%

Information Technology 637 5,270 727%

Materials 1,784 492 -72%

Real Estate 10,938 10,315 -6%

Utilities 890 318 -64%

Others 2,325 274 -88%

Total 25,750 23,228 -10%

USD Million YTD2018 YTD2019 % Change

Communication Services 448 - -100%

Consumer Discretionary 244 428 75%

Consumer Staples 49 786 1495%

Energy 609 - -100%

Financials 994 1,131 14%

Healthcare 82,414 1,321 -98%

Industrials 2,755 5,388 96%

Information Technology 12,834 264 -98%

Materials 548 3,757 586%

Real Estate 24 957 3814%

Utilities - 38 NM

Others 1,711 28 -98%

Total 102,629 14,098 -86%

Source for all 3 charts: S&P Global Market Intelligence as of August 1 2019. *Data sorted by transaction value from highest (green) to lowest (red). Charts are for illustrative purposes only.

Data sorted by transaction value from highest (green) to lowest (red).

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/Japan%20Capital%20Market%20Update%20Q2_2019.pdf


Australia Q2 2019 M&A Summary

M&A BreakdownM&A Overview

-

50

100

150

200

250

300

0

5,000

10,000

15,000

20,000

25,000

30,000

2015 2016 2017 2018 2019

No

. of

Tran

sact

ion

s

(USD

Mill

ion

s)

Domestic - Total Trans. Value Inbound - Total Trans. Value

Outbound - Total Trans. Value Domestic - No. of Trans.

• Australia M&A market ended Q2 2019 with 342 deals and total

transaction value of USD 16.3 billions.

• In YTD basis, Inbound and Outbound M&A value recorded a 71% and

61% decline while domestic value grew by 11%.

• Within domestic M&A, real estate industry saw the largest growth,

followed by consumer discretionary.

• Within Inbound M&A, materials led the significant growth. Both

financials and real estate saw the steepest decline.

• Within outbound M&A, consumer discretionary ,healthcare, Industrials,

Information Technology real estate all slowed down.


Sectoral M&A BreakdownDomestic Inbound

YTD2018 YTD2019 % Change YTD2018 YTD2019 % Change YTD2018 YTD2019 % Change

Consumer Discretionary 6 140 2287% 966 16 -98% 3 0 -93%

Consumer Staples 1420 2232 57% 440 1882 328% 288 82 -71%

Energy 378 448 19% 1970 1142 -42% 6 251 3956%

Financials 1606 670 -58% 2327 0 -100% 2 1,385 78949%

Healthcare 205 101 -51% 243 43 -82% 865 58 -93%

Industrials 748 1071 43% 3852 944 -75% 118 8 -93%

Information Technology 1188 575 -52% 1020 328 -68% 8,878 812 -91%

Materials 202 113 -44% 3 417 13436% 228 1,699 646%

Communication Services 1512 1449 -4% 475 3381 612% 3,444 1,026 -70%

Utilities 4699 6360 35% 5206 1829 -65% 326 200 -39%

Real Estate 1 78 8303% 17535 0 -100% 23 0 -100%

Annual Total 11,965 13,237 11% 34,037 9,983 -71% 14,181 5,521 -61%

Outbound

Source: S&P Global Market Intelligence as of August 1 2019. *Data sorted by transaction value from highest (green) to lowest (red) in USD Millions.

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/Australia%20Capital%20Market%20Update%20Q2_2019.pdf


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JVs to boost license chances

Jul 21, 2019 - India's largest banks to sit on more

excess capital as leverage ratios eased

Jul 17, 2019 - StanChart’s digital strategy gains steam

with Hong Kong virtual bank license

Jul 14, 2019 - Japan's regional banks add shrinking

loan books to long list of challenges

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Major Chinese Banks Score High in Efficiency Among Asia-Pacific LendersJul 29, 2019 - Chinese banks score some of the lowest cost-to-income ratios among major Asia-Pacific lenders,

thanks to contained funding costs, adoption of mobile banking as well as income growth from lending, an analysis

by S&P Global Market Intelligence finds.

Meanwhile, Japanese banks are among the least efficient lending institutions in the analysis, as they are saddled by

extensive and inefficient branch networks as well as muted growth in income.

Read the full article >

http://bit.ly/31rlfPv

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How High Can Iron Ore Prices Go?

According to S&P Global Market Intelligence's latest Iron Ore Commodity Briefing Service:

• Iron ore prices increased 6.7% to US$121.90/t on July 19 from US$114.30/t on June 19. Prices peaked at

US$126.40/t on July 3 but declined on reticent buying activity.

• Global iron ore production is expected to grow by 1.2% year over year in 2019, to 2.2 billion tonnes.

• We expect prices for 62% Fe iron ore to increase to average US$95.50/t in 2020 but to decline to an average

of US$86/t in 2021, as the seaborne iron ore market deficit decreases.

Gain strategic insights into the iron ore market outline, download the report.

More Top Stories:

[Webinar on demand]: Iron Ore and Steel Market

Outlook

[Watch Video]: Lithium Sector: Production and

Supply Outlook

Jul 9, 2019 - China's coastal mill migration seen

benefiting steel sector

Jul 3, 2019 - Ignore China's monopoly of battery

metals at your peril, warns mining veteran

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https://pages.marketintelligence.spglobal.com/Iron-Ore-Prices-Soar-on-Scarcity-MS-metals-and-mining.html

https://pages.marketintelligence.spglobal.com/Iron-Ore-Market-Outlook-Registration-July-2019.html?utm_source=APACNewsletter

https://pages.marketintelligence.spglobal.com/lithium-sector-production-and-supply-outlook-metals-and-mining-MS.html

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/52739111

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/52607177

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21 Markets Worldwide have Commercial 5G Services

Jul 30, 2019 –As of July 2019, Kagan noted that 36 mobile operators from 21 markets worldwide have launched

their commercial 5G services to business or individual consumers, either through mobile or fixed wireless services.

June 2019 was the busiest month so far, seeing commercial launches from 12 operators in Bahrain, Italy, Kuwait,

Philippines, Romania, Saudi Arabia and Spain. Four operators in Germany, Monaco and the United Kingdom were

the most recent additions in July 2019.

Similar to 2018, 3.5 GHz is still the most popular band for both trials and launches, with 30 out of the 36 operators

using it as the primary band for their initial commercial services. The 26 GHz and 28 GHz bands are also popular

for initial launches, especially among operators in the USA and South Korea. Apart from these, the 700 MHz and

2.5 GHz bands seem to be the new rising stars for 5G.


More Top Stories:

Jul 23, 2019 - Financial burdens keep Thai mobile

operators from investing in 5G

Jul 18, 2019 - Wearable Tech: Hearables are here

Jul 12, 2019 - Asia OTT leaders continue to expand

partnerships with telcos

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Credit Risk Trends For Asia

Source: S&P Global Market Intelligence fundamental-based PD model, PD Model Fundamentals. Lowercase nomenclature is used to differentiate S&P Global Market Intelligence’s PD Model Fundamental scores from the credit ratings issued by

S&P Global Ratings. Credit ratings are prepared by S&P Global Ratings services, which is analytically and editorially independent from any other analytical group at S&P Global. Data as of August 1, 2019. Charts and graphs are for illustrative

purposes only

The Credit Landscape Using Probability of Default (PD) Fundamentals in Asia

aaa to a- bbb+ to bbb- bb+ to bb- b+ to b- ccc+ and below

Sector Australia China Hong Kong India Indonesia Japan Malaysia New Zealand Philippines Singapore South Korea Taiwan Thailand Asia Average

Consumer Discretionary bbb- bb bb+ bb bbb- bbb bb+ bb bb bbb- bbb- bb- bb bb

Consumer Staples bbb- bb- bbb bb bb+ bbb bb bbb- bb+ bbb bb+ bbb- bb+ bbb-

Energy bbb bbb+ bbb+ bbb bb bbb- bb bb- b+ bb+ bbb a- bb+ bb+

Financials bbb- bb+ bbb bb bb+ bbb bbb- bb+ bb+ bbb- bb+ bb+

Healthcare bb bbb- bbb bb+ bb+ bbb bb+ bb+ bb+ bb bb- bb bb+

Industrials bbb- bbb- bbb bb- bb- bbb bb+ bb+ bbb bbb bb+ bb- b+ bb

Information Technology bb+ bb bb+ bbb- b+ bbb- bb b b+ bb bbb- bb+ b+ bb

Materials bb+ bb+ bb+ bb bb bbb bb bb+ bb- bbb- bb+ bbb- bb

Telecommunication Services bbb- bb+ aa b+ bb- bbb+ bb bbb- bb ccc+ bbb- bb+ bb- bbb+

Utilities bbb- bb+ bbb+ bb+ bbb- bbb bb+ bb+ bb+ bbb bb bb bb+

Country Average bbb- bbb- a+ bb bb bbb bb+ bb+ bb+ bb+ bbb- bb+ bb+ bb+


Credit Risk Trends For AsiaMarket Signal Probability of Default Trends in Developed Asia

Source: S&P Global Market Intelligence equity volatility-based PD Model Market Signals benchmarks as of August 1, 2019. Charts and graphs are for illustrative purposes only

Market Signal Probability of Default Trends in Developing Asia

Source: S&P Global Market Intelligence equity volatility-based PD Model Market Signals benchmarks as of August 1, 2019. Charts and graphs are for illustrative purposes only

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18

Tit

le

Australia

Hong Kong

Japan

South Korea

New Zealand

Singapore

Asia Median

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18

Tit

le

China

India

Indonesia

Malaysia

Philippines

Taiwan

Thailand

Vietnam

Asia Median


Transaction Activity By Sector, Country

S&P Global Market Intelligence provides detailed information on M&A and financing transactions covering the most active markets in the

world. We track all publicly announced mergers, acquisitions, private placements, public offerings, shelf registrations, equity buybacks,

and bankruptcies. Transaction data is updated daily from various sources such as regulatory filings, company websites, newsletters, trade

publications, and press releases.

Our Transaction Data:

S&P Global Market Intelligence covers 1,300,000+ transactions globally.

All transaction information, including M&A activity, is seamlessly integrated in the S&P Capital IQ platform and S&P Global Market

Intelligence Excel Plug-In, and can be viewed alongside company fundamentals.

To learn more about our transaction coverage, history, and collection process, please contact [email protected]

In This Report:

Transaction activities are based on data in selected countries in APAC - Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia,

New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

mailto:[email protected]


The number of strategic details increased slightly, whereas the number of financial deals continued to drop; reaching the lowest point for the last six

months. Total Deal Volume gained by 5% compared to June, reaching 492 deals.

Source: S&P Global Market Intelligence as of August 1, 2019. Figures are based on M&A announcement dates. Includes both closed and pending transactions as well as those without transaction values.

Charts are provided for illustrative purposes.

M&A Activity In Asia Pacific: Strategic vs. Financial Buyers

0

100

200

300

400

500

600

Feb'19 Mar'19 Apr'19 May'19 Jun'19 Jul'19

No

. o

f D

eals

Financial Deals Strategic Deals


As of July 2019, YTD deal volume in Asia Pacific grew 5% compared to last year. The most active sectors were Telecommunication, followed by Industrials and

Staples, whereas Energy remained the least active sector. The year-to-date total value of deals plummeted by 38% YoY, with biggest decreases seen in

energy, utilities, and Telecommunication sectors.

Source: S&P Global Market Intelligence as of August 1, 2019. Figures are based on M&A announcement dates. Includes closed and pending transactions as well as those without transaction values. NSD – No Sector Disclosed. Tables are provided for

illustrative purposes. Data sorted by no. of deals and by transaction value from highest (darkest green) to lowest (lightest green).

M&A Activity In Asia Pacific: Selected Sectors

No. of Deals YTD Activity ('19 vs.'18) Value of Deals (USDmm) YTD Activity ('19 vs.'18)

'19 YTD '18 YTD YoY Growth

Jan 1, 2019 - Jan 1, 2018 -

YoY Comparison

Through

Jul 31, 2019 Jan 31, 2018 - Jul 31, 2019

Industrials 1040 924 13%

Discretionary 768 771 0%

IT 726 666 9%

Real Estate 571 582 -2%

Materials 480 474 1%

Teleco. Services 349 302 16%

Health Care 340 367 -7%

Staples 327 290 13%

Financials 323 321 1%

Utilities 186 179 4%

Energy 102 109 -6%

NSD 801 742 8%

Total 6013 5727 5%

Sector

'19 YTD '18 YTD YoY Growth

Jan 1, 2018 - Jan 1, 2018 -

YoY Comparison

Through

Jul 31, 2019 Jan 31, 2018 - Jul 31, 2019

Real Estate 51,645 59,111 -13%

Industrials 37,774 139,028 -73%

Materials 33,802 42,707 -21%

Financials 25,828 16,804 54%

Discretionary 24,177 41,392 -42%

IT 22,173 22,039 1%

Staples 17,691 16,648 6%

Healthcare 13,150 22,147 -41%

Teleco. Services 8,709 20,488 -57%

Energy 6,060 24,761 -76%

Utilities 5,444 19,503 -72%

NSD 28,636 17,563 63%

Total 275,087 442,191 -38%

Sector


M&A Activity In Asia Pacific: Selected CountriesOn a year-over-year basis, the volume and the value of M&A deals in APAC declined by14% and 43% respectively. The largest acquisition by deal value

announced was the share purchase of Kokusai Electric Corporation by Applied Materials, Inc. for $2.2bn.

Source: S&P Global Market Intelligence as of August 1, 2019. Figures are based on M&A announcement dates.

Includes both closed and pending transactions as well as those without transaction values. Charts are provided

for illustrative purposes.

Country No. of Deals Value of Deals ($USDmm)China 272 16,800.2

Australia 113 3,448.6

Japan 85 2,185.1

India 63 1,130.7

Hong Kong 32 407.8

Singapore 24 643.9

South Korea 23 1,446.1

Malaysia 21 2,533.7

Vietnam 16 28.4

Thailand 13 89.3

New Zealand 10 129.9

Indonesia 9 97.1

Philippines 7 49.4

Taiwan 2 5

No. of Deals and Value by Country ( Jul'19 )

No. of Deals and ValueYTD Activity ( 19' vs.18')

Key Threshold (No. of Deals)0 - 14

>14 - 63>63 - 126

>126 - 190>190 - 253>253 - 31619 YTD 18 YTD YoY Growth 19 YTD 18 YTD YoY Growth

Jan 1, 2019 - Jan 1, 2018 -

YoY Comparison

Through Jan 1, 2019- Jan 1, 2018 -

YoY Comparison

ThroughJul 31, 2019 Jul 31, 2018 Jul 31, 2019 Jul 31, 2019 Jul 31, 2018 Jul 31, 2019

China 2,046 2,204 -7% 130,937 140,346 -7%Australia 793 900 -12% 28,511 41,827 -32%

Japan 883 895 -1% 22,975 41,001 -44%India 600 821 -27% 24,692 35,346 -30%

Malaysia 214 240 -11% 6,949 2,791 149%Hong Kong 240 264 -9% 8,442 27,517 -69%Singapore 236 211 12% 19,318 24,986 -23%

South Korea 345 616 -44% 19,701 27,485 -28%Vietnam 215 314 -32% 667 2,757 -76%Thailand 140 165 -15% 7,666 18,636 -59%

New Zealand 115 157 -27% 1,387 4,143 -67%Indonesia 102 98 4% 2,939 6,288 -53%

Philippines 47 59 -20% 203 101,286 -100%Taiwan 37 75 -51% 701 6,626 -89%

Total 6,013 7,019 -14% 275,087 481,037 -43%

No. of Deals Value of Deals ($USDmm)


Country No. of IPOs Value of IPOs ($USDmm)China 50 7,401.9

Indonesia 14 486.8

South Korea 8 255.3

India 6 74.0

Hong Kong 5 144.4

Japan 5 133.6

Malaysia 5 52.9

Thailand 5 62.0

Singapore 3 1,068.5

Australia 2 17.8

Vietnam 2 0.2

New Zealand 0 0.0

Philippines 0 0.0

Taiwan 0 26.4

No. of IPOs and Value by Country ( Jul'19 )

No. of IPOs and ValueYTD Activity ( 19' vs.18')

Initial Public Offerings By CountryIn July 2019, there were 105 IPOs announced in APAC, raising $9.7bn in proceeds; a significant increase compared to June 2019. However, on a YoY basis,

the volume and the value of deals were still 17% and 35% less, respectively. China led the IPO market in terms of deal value, followed by Singapore and

Indonesia.

Source: S&P Global Market Intelligence as of August 1, 2019. Figures are based on public offerings

offer date. Includes all closed transactions. Tables are provided for illustrative purposes.

19 YTD 18 YTD YoY Growth 19 YTD 18 YTD YoY Growth

Jan 1, 2019 - Jan 1, 2018 -

YoY Comparison

Through Jan 1, 2019 - Jan 1, 2018 -

YoY Comparison


China 170 127 34% 23,641 32,579 -27%Indonesia 32 30 7% 658 912 -28%

South Korea 35 30 17% 1,147 1,124 2%India 44 116 -62% 1,695 3,491 -51%

Hong Kong 28 71 -61% 960 1,208 -21%Japan 44 49 -10% 1,093 3,397 -68%

Malaysia 23 19 21% 436 207 111%Thailand 14 8 75% 430 418 3%

Singapore 15 19 -21% 1,252 645 94%Australia 22 45 -51% 405 2,775 -85%Vietnam 17 25 -32% 51 1,937 -97%

New Zealand 1 1 0% 7 11 -41%Philippines - 1 -100% - 152 -100%

Taiwan 4 1 300% 64 13 385%Total 449 542 -17% 31,838 48,870 -35%

No. of Deals Value of IPOs ($USDmm)

Key Threshold (No. of IPOs)0

>0 - 10>10 - 20>20 - 30>30 - 40>40 - 50



Japan 24 1,283.6

India 23 490.5

South Korea 16 180.0

Singapore 10 1,821.1

Australia 9 9.5

Indonesia 3 20.5

Thailand 2 101.0

New Zealand 1 10.5

Philippines 1 250.1

Vietnam 1 10.0

Hong Kong 0 0.0

Malaysia 0 0.0

Taiwan 0 0.0

No. of IPOs and Value by Country ( Jul'19 )


Private Equity Investments & Buyouts: Selected CountriesThe deal volume of PE deals in APAC decreased 15% YoY. However, there is a 74% hike in overall total value of deals throughout the region YoY. In July,

China announced the most PE deals whereas the largest combined value of deals seen in Singapore, totaling $1.8bn.

Source: S&P Global Market Intelligence as of August 1, 2019. Figures are based on M&A announcement

dates. Includes both closed and pending transactions as well as those without transaction values. Tables are

provided for illustrative purposes.


Jan 1, 2018 - Jan 1, 2018-

YoY Comparison

Through Jan 1, 2018- Jan 1, 2019 -

YoY Comparison

ThroughJul 31, 2019 Jul 31, 2018 Mar 31, 2019 Mar 31, 2018 Mar 31, 2019 Mar 31, 2019

China 413 530 -22% 107,086 46,900 128%Japan 139 174 -20% 2,950 1,610 83%India 171 171 0% 8,130 4,904 66%

South Korea 89 117 -24% 6,883 7,423 -7%Singapore 33 28 18% 2,920 3,524 -17%Australia 51 55 -7% 5,004 9,687 -48%Indonesia 11 3 267% 825 43 1,829%Thailand 2 2 0% 101 54 87%

New Zealand 8 6 33% 2,259 188 1,100%Philippines 4 1 300% 255 28 812%

Vietnam 12 15 -20% 178 822 -78%Hong Kong 9 10 -10% 444 1,565 -72%Malaysia 11 5 120% 349 181 93%Taiwan 3 5 -40% 77 2,265 -97%Total 956 1,122 -15% 137,460 79,193 74%


Key Threshold (No. of Deals)

0

>0 - 10

>10 - 20

>20 - 31

>31 - 41

>41 - 51



Japan 39 189.8

India 36 863.0

South Korea 16 275.0

Singapore 8 152.3

Australia 6 1,729.9

Indonesia 5 45.7

Hong Kong 2 4.8

Vietnam 2 1.4

Malaysia 1 0.0

Philippines 1 1.5

Taiwan 1 1.0

New Zealand 0 0.0

Thailand 0 0.0

No. of Deals and Value by Country ( Jul'19 )


Venture Capital Investments: Non Buyouts By CountryWith 213 deals announced in July, the total deal volume of VC Investments boosted by 8%, raising $6bn, of which 45% of the VC deals originated in China.

However, YTD comparison were still lower on a Year-over-Year basis. The largest VC deal closed by value was the $100m investment to Tier IV Inc. led by

Sompo Japan Nipponkoa Inc.

Source: S&P Global Market Intelligence as of August 1, 2019. Figures are based on transaction

announcement dates. Includes both closed and pending transactions as well as those without transaction

values. Non-buyouts will include all features except for leverage buyouts ( LBO), management buyout or

secondary LBO. Tables are provided for illustrative purposes.


Jan 1, 2019 - Jan 1, 2018 -

YoY Comparison

Through Jan 1, 2019- Jan 1, 2018 -

YoY Comparison


China 600 825 -27% 17,589 50,410 -65%Japan 257 307 -16% 1,793 1,856 -3%India 246 263 -6% 6,388 6,273 2%

South Korea 64 86 -26% 1,897 6,217 -69%Singapore 85 55 55% 1,102 3,615 -70%Australia 41 63 -35% 2,103 784 168%Indonesia 34 19 79% 445 70 534%Hong Kong 18 19 -5% 414 352 18%

Vietnam 19 21 -10% 123 828 -85%Malaysia 9 10 -10% 40 29 37%

Philippines 6 3 100% 8 30 -74%Taiwan 6 10 -40% 5 1,996 -100%

New Zealand 8 7 14% 45 34 31%Thailand 4 7 -43% 30 55 -45%

Total 1,397 1,695 -18% 31,980 72,549 -56%


Key Threshold (No. of Deals)0

>1 - 19>19 - 38>38 - 58>58 - 77>77 - 96


Recent S&P Global Credit Ratings Actions

Source: S&P Global Ratings, as of August 1, 2019. Credit ratings are prepared by S&P Global Ratings, which is analytically and editorially independent from any other analytical group at S&P Global. Tables are for illustrative purposes only.

Company Name Rating Action Rating DatePrior

Rating

Current

RatingGeographic Locations

Australian Unity Bank Limited Upgrade Jul-29-2019 BBB BBB+ Australia (Primary)

Genworth Financial Mortgage Insurance Pty Ltd Downgrade Jul-25-2019 A+ A Australia (Primary)

Geo Energy Resources Limited (SGX:RE4) Downgrade Jul-05-2019 B B- Singapore (Primary)

Jain Irrigation Systems Limited (BSE:500219) Downgrade Jul-26-2019 B- CCC India (Primary)

Kapiti Coast District Council Upgrade Jul-26-2019 A+ AA New Zealand (Primary)

PT Aneka Tambang Tbk (IDX:ANTM) Upgrade Jul-08-2019 B- B Indonesia (Primary)

PT Delta Merlin Dunia Textile Downgrade Jul-16-2019 BB- CCC- Indonesia (Primary)

PT Lippo Karawaci Tbk (IDX:LPKR) Upgrade Jul-18-2019 CCC+ B- Indonesia (Primary)

PT Profesional Telekomunikasi Indonesia Upgrade Jul-09-2019 BBB- BBB Indonesia (Primary)

PT Tower Bersama Infrastructure Tbk (IDX:TBIG) Upgrade Jul-09-2019 BB- BB Indonesia (Primary)

QBE Lenders' Mortgage Insurance Limited Downgrade Jul-25-2019 A+ A Australia (Primary)

Sompo Insurance (Thailand) Public Company Limited Upgrade Jul-16-2019 A- A Thailand (Primary)

Speedcast International Limited (ASX:SDA) Downgrade Jul-04-2019 BB- B+ Australia (Primary)

Tokio Marine Insurance (Thailand) PCL. Upgrade Jul-17-2019 A- A Thailand (Primary)

Yihua Enterprise (Group) Co.,Ltd. Downgrade Jul-26-2019 B- CCC China (Primary)


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APAC Monthly Snapshots: What To Watch On Trade

More Top Stories:

Aug 2, 2019 - Global Trade At A Crossroads: Tariff

Tweet Adds Heat To U.S.-Sino Dispute

Jul 30, 2019 - A Weakening Economic Outlook And

High Leverage Raise Global Corporate Downgrade

Prospects

Jul 30, 2019 - Global Financing Conditions: Bond

Issuance Is Expected To Grow 4% In 2019

Jul 30, 2019 - Banking Industry Country Risk

Assessment Update: July 2019

Credit Update

Click here to subscribe* to CreditMatters Asia-Pacific, a

weekly newsletter that is designed to offer the latest

credit market insights.

Credit Spotlight

China Credit Spotlight: flagship series of China research

designed to bring together views on China’s economic

and credit trends.

ASEAN Credit Spotlight: showcases insights into

ASEAN macroeconomic developments and key credit

trends affecting governments, corporates and financial

services. * Subscription to the S&P Capital IQ platform is required

Jul, 2019

Key Takeaways

• The months ahead may tell us whether policymakers in the region are moving to bolster our undermine Factor

Asia, the world’s largest beneficiary of production sharing.

• We will watch: China’s negotiating strategy with the U.S.: upcoming Regional Comprehensive Economic

Partnership (RCEP) discussions; and the Korea-Japan trade dispute.

• For now, economic growth is cooling but there are few signs of a precipitous decline. China shows signs of

stabilizing and Japan’s leading indicators are steaying.

• Elsewhere in the region, Q1 GDP reports released by Australia and India confirm a weak start to the year across

the region and foreshadowed 25 basis point (bp) rate cuts by the central banks in both countries. Meanwhile,

China has eased some fiscal constraints. The Fed’s dovish turn is providing room for the region’s central banks

to respond to slower growth and below-target inflation by cutting rates. This will support growth later this year.


https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/RatingsDirect_GlobalTradeAtACrossroadsTariffTweetAddsHeatToUSSinoDispute_42141397_Aug-06-2019.PDF

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/RatingsDirect_CreditTrendsAWeakeningEconomicOutlookAndHighLeverageRaiseGlobalCorporateDowngradeProspects_42093018_Aug-06-2019.PDF

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/RatingsDirect_CreditTrendsGlobalFinancingConditionsBondIssuanceIsExpectedToGrow4In2019_42090990_Aug-06-2019.PDF

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/RatingsDirect_BankingIndustryCountryRiskAssessmentUpdateJuly2019_42093615_Aug-06-2019.PDF

https://www.spratings.com/en_US/register

http://www.spratings.com/en_US/topic/-/render/topic-detail/china-credit-spotlight

http://www.spratings.com/en_US/topic/-/render/topic-detail/asean-credit-spotlight

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/APAC%20Monthly%20Snapshot%20August_1.pdf


Recent S&P Global Credit Ratings Actions

Source: S&P Global Ratings, as of August 1, 2019. Credit ratings are prepared by S&P Global Ratings, which is analytically and editorially independent from any other analytical group at S&P Global. Tables are for illustrative purposes only.

Company Name Rating Action Rating DatePrior

Rating

Current

RatingGeographic Locations

Australian Unity Bank Limited Upgrade Jul-29-2019 BBB BBB+ Australia (Primary)

Genworth Financial Mortgage Insurance Pty Ltd Downgrade Jul-25-2019 A+ A Australia (Primary)

Geo Energy Resources Limited (SGX:RE4) Downgrade Jul-05-2019 B B- Singapore (Primary)

Jain Irrigation Systems Limited (BSE:500219) Downgrade Jul-26-2019 B- CCC India (Primary)

Kapiti Coast District Council Upgrade Jul-26-2019 A+ AA New Zealand (Primary)

PT Aneka Tambang Tbk (IDX:ANTM) Upgrade Jul-08-2019 B- B Indonesia (Primary)

PT Delta Merlin Dunia Textile Downgrade Jul-16-2019 BB- CCC- Indonesia (Primary)

PT Lippo Karawaci Tbk (IDX:LPKR) Upgrade Jul-18-2019 CCC+ B- Indonesia (Primary)

PT Profesional Telekomunikasi Indonesia Upgrade Jul-09-2019 BBB- BBB Indonesia (Primary)

PT Tower Bersama Infrastructure Tbk (IDX:TBIG) Upgrade Jul-09-2019 BB- BB Indonesia (Primary)

QBE Lenders' Mortgage Insurance Limited Downgrade Jul-25-2019 A+ A Australia (Primary)

Sompo Insurance (Thailand) Public Company Limited Upgrade Jul-16-2019 A- A Thailand (Primary)

Speedcast International Limited (ASX:SDA) Downgrade Jul-04-2019 BB- B+ Australia (Primary)

Tokio Marine Insurance (Thailand) PCL. Upgrade Jul-17-2019 A- A Thailand (Primary)

Yihua Enterprise (Group) Co.,Ltd. Downgrade Jul-26-2019 B- CCC China (Primary)


Research, Education, and Market Commentary

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companies, and governments to make decisions with confidence. Whether you’re looking to track a market’s performance, evaluate your portfolio, or invest in index-linked

investment products, indices are indispensable financial tools. We carry out extensive interactions with clients to create cutting-edge quantitative solutions, with an award-

winning research team that specifically covers multiple asset classes. Our indexology blog (www.indexologyblog.com) features posts, reports, performance, and

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Dow Jones Indices defines the way investors measure and trade the markets. For more information, visit www.spdji.com or contact [email protected].

In this Report:

Monthly market performance that highlight developments in the Asia Pacific equity, commodities, fixed income, and niche-themed markets.

http://www.spdji.com/

http://www.spdji.com/



Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of August 1, 2019. Index performance based on total return. Numbers in brackets are closing price levels for the corresponding indices. Returns for single country indices and single country strategies

are in local currency, otherwise USD. Sector contributions to the S&P Pan Asia BMI are calculated over the prior month. Charts and graphs are provided for illustrative purposes. Past performance is no guarantee of future results. For more information, please visit our

website at www.spdji.com

Market Attributes: Index Dashboard

Summary

Asian equities were mixed in July on the back of increased regional and global

trade concerns. South Korea and Japan clashed after South Korea demanded

reparations from Japan for forced war time labor. In response, Japanese Prime

Minister Abe restricted exports of chemicals needed for the production of semi-

conductors to South Korea, escalating tensions.

The S&P Pan Asia BMI declined 1%, led down by the Energy Sector, which

dropped 4% despite a positive month for oil prices. Energy wasn’t alone,

however; seven of the eleven sectors of the S&P Pan Asia BMI ended the month

in the red. Information Technology helped to offset some of the declines, gaining

1% on the month.

In July, the S&P Taiwan BMI lead the way up, gaining 4%. Trade conflict with

Japan weighed on the S&P Korea BMI, which finished the month with a decline

of 5%.

This month, Australian equities marked the completion of a recovery that began

over a decade ago. On July 30th, the S&P/ASX 200 finally broke through 6,828

to record the first closing all-time high in the benchmark since 2007. The

S&P/ASX 200 finished July with a 3% gain, putting it up 23% year-to-date

Asian fixed income indices ticked up across the board this month, driven by fears

of slowing global growth and dovish global central banks. The S&P BSE India

Government Bond and S&P Korea Government Bond indices were the leaders in

July, with both gaining 2%.

-0.5%

-0.4%

-0.2%

-0.2%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.1%

0.1%

0.2%

-0.70% -0.50% -0.30% -0.10% 0.10% 0.30%

South Korea

India

Hong Kong

China

Thailand

Malaysia

Singapore

Pakistan

Philippines

New Zealand

Indonesia

Australia

Japan

Taiwan

S&P Pan Asia BMI Country ContributionJuly 2019

S&P Pan Asia BMI (-0.8%)

S&P Global Market Intelligence Asia-Pacific Markets Monthly – July 2019 | Page 24To learn more about S&P Global Market Intelligence, please email us at [email protected]

Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of August 1, 2019. Index performance based on total return. Numbers in brackets are closing price levels for the corresponding indices. Returns for single country indices and single country strategies

are in local currency, otherwise USD. ~Sector contributions to the S&P Pan Asia BMI are calculated over the prior month. Charts and graphs are provided for illustrative purposes. Past performance is no guarantee of future results. For more information, please visit

our website at www.spdji.com

Market Attributes: Index DashboardIndex Investment StrategyIndex 1M YTD 12MPan Asia Equity

S&P Pan Asia BMI -0.80% -1.57% 9.04%

S&P Pan Asia MidCap -0.98% -3.06% 7.29%

S&P Pan Asia SmallCap -0.65% -2.48% 7.24%

S&P Southeast Asia 40 -0.39% 4.62% 10.25%

S&P Asia 50 -1.51% -3.25% 9.84%

S&P Asia-Pacific BMI -0.73% -0.62% 8.62%

S&P Asia-Pacific Emerging BMI -0.93% -3.36% 9.92%

S&P Pan Asia BMI Smart Beta

S&P Pan Asia Low Volatility -0.22% 4.16% 12.25%

S&P Pan Asia Momentum LargeMidCap -0.26% 2.29% 11.45%

S&P Pan Asia Ethical Select Dividend

Opportunities-2.18% 2.02% 10.54%

S&P Pan Asia Quality LargeMidCap 0.93% 1.47% 11.93%

S&P Pan Asia Growth 0.01% -0.99% 12.43%

S&P Pan Asia Dividend Aristocrats® -0.08% 0.58% 12.10%

S&P Pan Asia Low Beta -0.96% -1.06% 7.84%

S&P Pan Asia Intrinsic Value Weighted -1.28% -2.38% 6.79%

S&P Pan Asia GIVI -1.39% -2.11% 5.31%

S&P Pan Asia Value -1.67% -2.20% 5.58%

S&P Pan Asia Enhanced Value

LargeMidCap-3.13% -5.79% 0.96%

Commodities

Dow Jones Commodity Index (DJCI) -0.80% -1.39% 6.06%

S&P GSCI -0.21% -4.35% 13.10%

S&P GSCI Silver 7.14% 9.56% 5.20%

S&P GSCI Gold 1.01% 10.97% 11.12%

S&P GSCI Crude Oil 0.22% -8.54% 27.23%

S&P GSCI Aluminum -0.19% -0.39% -3.66%

S&P GSCI Copper -1.09% -7.35% 0.31%

Index 1M QTD YTD

Single-Country Fixed Income Yield

S&P BSE India Government Bond 6.67% 2.38% 6.96% 9.14%

S&P Korea Government Bond 1.38% 1.60% 3.44% 4.78%

S&P/ASX Australian Government

Bond1.08% 1.00% 4.47% 8.93%

S&P/NZX Government Bond 1.27% 0.72% 2.93% 5.77%

S&P China Government Bond 3.18% 0.67% 1.95% 2.17%

S&P Taiwan Government Bond 0.71% 0.60% 1.14% 2.49%

S&P Singapore Government Bond 1.93% 0.59% 1.45% 1.76%

S&P Hong Kong Government Bond 1.87% 0.16% 0.54% 1.11%

S&P Japan Government Bond -0.08% 0.10% 1.27% 2.08%

S&P Pan Asia BMI Sectors Contribution~

Information Technology 0.17% 1.31% -0.94% 17.29%

Health Care 0.06% 0.99% -0.90% 5.72%

Telecommunication Services 0.05% 0.64% -2.88% 11.60%

Utilities 0.01% 0.40% 2.02% 2.97%

Consumer Discretionary -0.06% -0.39% -2.95% 9.98%

Consumer Staples -0.03% -0.40% -2.07% 1.51%

Real Estate -0.08% -1.16% 1.62% 13.30%

Financials -0.38% -1.98% -0.75% 8.16%

Industrials -0.28% -2.01% -2.39% 7.16%

Materials -0.16% -2.29% -0.69% 7.52%

Energy -0.11% -3.67% -7.24% 3.56%

Index 1M YTD 12MSingle-Country Equity

S&P Taiwan BMI 3.66% 1.95% 16.11%

S&P/ASX 200 2.94% 8.58% 23.25%

S&P/NZX 50 Portfolio 2.41% 8.35% 21.47%

S&P/TOPIX 150 0.98% -2.59% 7.36%

S&P Singapore BMI 0.83% 1.07% 14.27%

S&P China 500 0.31% -2.13% 20.64%

S&P Hong Kong BMI -3.14% -4.40% 10.74%

S&P BSE SENSEX -4.60% -3.33% 4.81%

S&P Korea BMI -4.66% -7.76% 0.90%

Single-Country Strategy

JPX/S&P CAPEX & Human Capital 1.31% -1.30% 7.53%

S&P/JPX Dividend Arisocrats 0.39% -3.35% 1.16%

S&P Japan GIVI 0.36% -3.38% 2.05%

S&P New China Sectors (USD) -0.08% -4.28% 22.84%

S&P Korea Dividend Opportunities -2.53% -5.82% -0.77%

S&P Korea Low Volatility -6.35% -9.78% -6.28%

Volatility

HSI Volatility Index (16.46) -5.84% 13.75% -34.24%

CBOE Volatility Index / VIX®

(16.12)6.90% 22.87% -36.59%

CBOE/CME FX Yen Volatility Index

(5.72)-23.01% -8.77% -40.73%

S&P/ASX 200 VIX (11.91) -5.50% 0.10% -31.26%

S&P 500® VIX Short-Term Futures -5.83% -6.63% -48.83%

S&P/JPX JGB VIX (1.28) -30.43% -17.42% -23.35%


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Documents

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ASIA ......Jul 23, 2019 - Singapore digital bank hopefuls eyeing JVs to boost license chances Jul 21, 2019 - India's largest banks to