Report Industry Investment Rating - Not provided in the given content Core Viewpoints - After the release of US CPI data, Asia IG opened firmly, and the market almost fully priced in a 25bps rate cut in Sep'25 and a high chance of another 25bps cut in Oct'25 [1] - CMBI expects USD/RMB may drop again in 4Q25 when US inflation might decline and China might launch additional fiscal stimulus; USD/RMB to reach 7.10 at end - 2025 [2] - Maintain buy on INDYIJ 8.75 05/07/29, considering its sufficient liquidity, disciplined capex, and strong technicals in the Indonesia oil & gas and mining sectors [13] - The PBOC will maintain easing liquidity condition, which is positive for Chinese stocks and commodities, and might cut RRR by 50bps and LPRs by 10bps in 4Q25 [17] Summary by Relevant Catalogs Trading Desk Comments - Asia IG opened firmly after US CPI data release. Newly issued WYNMAC 6.75 moved 0.7pt higher, and some bonds like MGMCHIs, MTRC perps, etc., had price changes. Chinese properties ROADKG 28 - 30s dropped 2.3 - 3.3pts [1] - SHIKON tightened 5bps in the morning, HK banks T2s tightened 3bps, Korea space was unchanged to 2bps tighter, and some floaters and perps had price movements [2] - There is demand from China - based investors for Japanese insurance hybrids and Yankee AT1s, and bonds in SEA and LGFV also had price changes [3] Marco News Recap - On Wednesday, S&P (+0.32%), Dow (+1.04%), and Nasdaq (+0.14%) were higher, and UST yield was lower with 2/5/10/30 yield at 3.67%/3.77%/4.24%/4.83% [6] Desk Analyst Comments - INDYIJ's 1H25 profit eroded due to lower ASP and softened market demand. Revenue declined 20.0% yoy to USD957mn, with coal ASP and sales volume decreasing. Operating profit and adj. EBITDA dropped 49.4% and 28.1% respectively [7] - Indika has been diversifying into non - coal businesses, but coal operations still drive performance. It incurred negative FCF in 1H25, and total debt/LTM EBITDA and net debt/LTM EBITDA weakened [9][10][11] - Indika has proactive liability management and smooth access to funding channels. The company is considered a candidate for early redemptions, and INDYIJ 8.75 05/07/29 is recommended as a good carry play [12][13] China Economy - Social financing extended recovery due to robust government bond issuance, but private - sector Renminbi loans slowed. The PBOC will maintain easing liquidity to stimulate credit demand [17] - The central bank might cut RRR by 50bps and LPRs by 10bps in 4Q25. US$/RMB may rise in Aug - Sep and drop in 4Q25, reaching 7.10 at end - 2025 [17] - Outstanding social financing edged up to 9% in July, SF flow expanded by 50.5% but fell short of expectation. Government and corporate bond issuances were strong, while RMB loans to the real economy dropped [18] - New RMB loans remained subdued, with growth of outstanding RMB loans edging down to 6.9% in July. Credit demand in household and corporate sectors was weak, and bill financing increased [19] Offshore Asia New Issues - New issues include Chengdu Sino French Ecological (USD100mn, 3yr, 6.8%) and Henan Water Conservancy Investment (USD500mn, 3yr, 4.3%) [22] - There is no offshore Asia new issues pipeline today [23] News and Market Color - There were 94 credit bonds issued onshore yesterday with an amount of RMB70bn, and 930 credit bonds issued month - to - date with a 9.5% yoy increase [24] - Various companies had news such as Adani solar arm sued, Adani Ports accepting tendered bonds, Azure Power seeking debt, etc. [24]

Report Industry Investment Rating - Maintain a buy rating on FUTLAN/FTLNHDs [2] Core Viewpoints - China's export growth is expected to decelerate from 5.9% in 2024 to 2% in 2025, while import growth may mildly slow down from 1.1% to 0.5%. The USD/RMB rate may appreciate from the current 7.15 to 7.1 by year-end [2][14] - Seazen shows improving access to the CBICL-guaranteed bond market, with lengthened tenors and lower funding costs, and has relieved near-term refinancing pressure [7][8] Summary by Directory Trading Desk Comments - Yesterday, NWDEVL 27 - 31s and NWDEVL Perps rose 1.8 - 4.5pts and 1 - 1.5pts respectively on rumors and reports. CNH SWIPROs were largely unchanged. Swire Pacific 1H25 revenue rose 15.7% yoy to HKD45.77bn, while operating profit was down 62.4% yoy to HKD1.86bn. In Chinese properties, LNGFOR 27 - 32s/ROADKG 28 - 30s were 0.2pt lower to 0.1pt higher. Longfor begins phased early repayment of offshore syndicated loan. ROADKG failed to obtain bondholder consent. China IG was 0 - 2bps tighter. In Macau gaming, related bonds were 0.1pt lower to 0.1pt higher. Wynn Macau 2Q25 operating revenue was flat yoy, while MGM China 1H25 adjusted EBITDA slipped 1.4% yoy. TW lifers were 1 - 3bps wider. Japanese AT1s and insurance hybrids edged up c0.25pt, SOFTBKs were up 0.1 - 0.7pt. SoftBank Group 1Q26 net sales rose 7% yoy to JPY1.82tn. Korea space was largely unchanged, except HYNMTR 30s tightened 1bp [1] - This morning, the new CNH paper XYDXIV moved 0.5pt higher, while other CNH new issues remained largely unchanged. MTRC Perps were up c0.1pt. China IGs and Thailand BBLTB tightened 1 - 2bps, while LGENSOs widened 1 - 2bps [2] - Yankee AT1s continued to move up slowly. In SEA, VEDLN 28 - 33s were unchanged to 0.2pt higher. KBANK 31s were 2bps tighter and BBLTB unchanged. PETMKs were unchanged to 2bps wider [3] FUTLAN/FTLNHDs - The 8th tranche of CBICL - guaranteed bond. Maintain buy on FUTLAN/FTLNHDs. FTLNHD 4 5/8 10/15/25 was 0.2pt higher this morning [2] - Provide details of FUTLAN/FTLNHDs including Amt o/s, Maturity, Coupon, Offer price, and YTM [6] Seazen - On 4 Aug'25, Seazen issued the 8th tranche of CBILC - guaranteed bond with an issue size of RMB1bn, 5 - year tenor, and a coupon rate of 2.68%. The tenor has lengthened from 3 - year to 5 - year and the funding cost has trended lower. Proceeds will be used for project developments and repaying offshore debts. It has a RMB1bn bond maturing on 13 Sep'25 [7] - In Jun'25, Seazen completed partial tender offers and a concurrent new issue of 3 - year USD300mn bond, relieving near - term refinancing pressure. Its high - quality IPs, secured financing headroom, and growing recurring income offer financial flexibility for refinancing in the coming 2 - 3 years [8] China Economy - China's exports rebounded despite a contraction in exports to the US, with ASEAN and Africa making up for 129% of the US loss since Apr. Exports of motor vehicles and chips were strong, while ships, personal computers, and cell phones softened. Imports rebounded due to robust AI - related demand, and soybean imports from the US rebounded. However, there are headwinds in 2H25 for exports [9] - In July, exports edged up to 7.2% yoy, with exports to the US further slumping to - 21.7%. Shipments to Africa accelerated to 42.4%, and exports to ASEAN remained at 16.6%. Exports to the EU, Australia, Korea, and Canada rebounded. Trade surplus narrowed to US$98bn. Exports of transport equipment and tech products polarized. Imports increased to 4.1% yoy, with strong AI - related demand. Import volume of some energy products, machine tools, etc. dropped, while crops rebounded. Soybean imports from the US rebounded [11][12][13] New Issues - No offshore new issues were priced today [16] - There are no offshore new issues in the pipeline today [17] News and Market Color - Regarding onshore primary issuances, 152 credit bonds were issued yesterday with an amount of RMB148bn. Month - to - date, 501 credit bonds were issued with a total amount of RMB507bn, a 17.6% yoy increase [19] - AVIC plans to take direct control of AVIC International Leasing via an equity restructure. SK Hynix and Samsung Electronics will be exempt from 100% US tariffs on semiconductors. Longfor begins phased early repayment of HKD9.3bn offshore syndicated loan. MGM China 1H25 adjusted EBITDA slipped 1.4% yoy to HKD4.9bn. Mongolian Mining expects a consolidated net loss of USD15 - 25mn for 1H25. New World Development dismisses take - private reports. ORIX 1QFY26 revenue rose 8.5% yoy to JPY768.6bn. Rakuten Group will early redeem JPY16.8bn RAKUTN 1.81 11/04/55 on 4 Nov'25. Road King fails to obtain bondholder consent. SoftBank Group 1QFY26 net sales rose 7% yoy to JPY1.8tn. Wynn Macau 2Q25 operating revenue was down 0.2% yoy to USD883.5m [19]

Yes, Melissa, thank you very much. And Rob, it's great to see you. I gotta say, I was surprised on the call not to hear more superlatives about the amazing results in Singapore because as far as I can do, I I did some quick research.There has never been a a hotel casino property anywhere in the world in any quarter that achieved what you did. $768 million. No, no, no.I just It's a It's a big deal. >> It's You're absolutely correct. I've been doing this 40 years.No building anywhere industry came close to th ...