研究报告全文：FixedIncomeCreditCommentary3Oct2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报Flowsweremixedtwo-waythismorningRecentnewissuesLGENSO26BBLTB28wereweakafterratesroseNWDEVLplanstobuybackbondsandGlennKoCFA高志和perpstodeleverageandlowerfundingcostsSeebelow85236576235glennkocmbicomhkMacaugamingTheacceleratingrecoverycontinuesSeebelowChinaEconomyPMIreturnstoexpansionassignofeconomicrecoverySeebelowforcommentsfromoureconomicresearchCyrenaNgCPA吳蒨瑩85239000801Tradingdeskcomments交易台市场观点cyrenangcmbicomhkLastFridayovernightUSTyieldstightened4-7bpsChineseTMTSOEbenchmarksweresubduedTENCNT30sBABA31sedged1-2bpswiderInJerryWang王世超thehigh-betaTMTsMEITUA30swere3bpswidertocloseatT255In85237618919financialsAMCswereunchangedtoatouchlowerInChinesebankT2sjerrywangcmbicomhkBCHINACCBpaperswerefirmHKIGssuchasCKHHHKINTL33swerebetterofferedHKCorpperpspaceperformedmixedNWDEVLPerpsweretraded1-4ptshigherpostannouncementofFY23resultsSeebelowforcommentsLEEMAN55PerpNANFUN5Perpwereup05ptWhilstHYSANCKPHPerpsdeclined15-25ptsHKChinesepropertieswerealsomixedYLLGSP24s26swere05pthigherCHJMAOwasup125ptHoweverDALWAN25s26sdropped275-325ptsCHINSC24lowered175ptsCOGARD24ROADKG26were125ptslowerLNGFORsCSCHCNsdeclined1ptInindustrialsEHICAR24WESCHI26weredown025-05ptMacaugamingspacewasfirmSTICTYWYNMAC28s29swereup05ptInIndianspaceVEDLN26wasdown1ptSPloweredratingsonVedantaResourcestoCCCfromB-andplaceditonCreditWatchnegativeIndonesiannamesLMRTSPsweremarkeddown05ptIntheLGFVPerpspacesmarketwasstablewithlimitedflowsaheadofgoldenweekholidayInShandongChongqingnamesSHDOIS24sSHGUOH25sCQNANA26swere0125-025pthigherInthehigher-yieldingLGFVsKMRLGP24WFURCD24wereup05ptThe6-7LGFVpaperswerefirmYWSOAO25GZDZCD26were01-015pthigherElsewhereCPDEV25Perpwere03-05ptlowerZHHFGR25Perpweredown01-03ptIntheSOEperpsCHPWCN425PerpCHINEV38PerpCHSCOI34Perpweredown015-02ptPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk13Oct2023LastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeNWDEVL615PERP71040DALWAN11012025386-33NWDEVL48PERP41017DALWAN11021326359-27NWDEVL614PERP50216CKPH312PERP555-24NWDEVL57806162777015CHINSC73804092473-18NWDEVL43401232775912CKPH38PERP572-15MarcoNewsRecap宏观新闻回顾MacroSP001Dow-022andNasdaq067weremixedonMondayUSSepISMmanufacturingPMIroseto490from476inAugwashigherthantheexpectationof477Euro-zoneSepMarkitPMIwas434andsameastheexpectationTheUSTyieldsralliedhigheryesterday251030yieldreachedat512472469481respectivelyDeskanalystcomments分析员市场观点NWDEVLBuybackbondsandperpstodeleverageandlowerfundingcostsTable1SummaryofNWDsfinancialsHKDmnFY22FY23changeContractsalesinHongKong8240885975ContractsalesinMainlandChinaRMBmn1710115130-115Revenue682127952138396Propertysales173696273081572Propertyinvestment482354995736Construction257591325483264Insurance123716209862696Others7888993755188Grossprofit182457214495176Profitbeforetax9214510096396Attributablenetprofit124929009-279Capitalexpenditure3700024000-351Grossmargin267225Netprofitmargin6343Jun22Jun23Cashandbankbalances577156532639-77Restrictedbankbalances4494512540-721STdebts51554853339235LTdebts14755621422367-36Totaldebts19911101955759-18Perpetualcapitalsecurities476142474393-04Totaldebtsinclperps24672522430152-1523Oct2023Netdebts1413954142312006Netdebtsinclperp1890096189751304Netgearing491530Netgearinginclperp786858CashSTdebts12x10xUndrawnfacilitiesfrombanks428000394467-78NoteNetdebtsiscalculatedbytotaldebtsminusunrestrictedcashandbankbalancesSourceCompanyfillingsCMBIResearchDuringanalystbriefinglastFridayNWDemphasizeditscommitmenttoacceleratedeleveragingwithnoplantoconductrightissueorequityissuanceThecompanyalsomentioneditsintentiontobuybackbondsandperpstocutdebtsandfundingcostsaftertheresultannouncementInFY23NWDsrevenueincreased40yoytoHKD952bnmainlydrivenbyresidentialprojectssalesinHongKongincludingthePaviliaFarmIIIIncomefromHongKongpropertyinvestmentsalsoshowedanimprovementof104especiallyfromK11MuseaandK11ArtMallboostedbyincreaseintravelvolumesinTsimShaTsuiafterborderreopeningTheoccupancyratesofK11MuseaandK11ArtMallreached98and99respectivelyinFY23OntheotherhandfinancecostsincreasedsignificantlytoHKD54bnfromHKD26bnduemainlytointerestratehikeduringtheyearTheattributablenetprofitdecreased279toHKD900mnfromHKD12bnTheFY23actualcapexofHKD24bnbelowthebudgetofHKD36bnLowercapexwillberequiredfromFY24onwardswithlandmarkprojectssuchas11SKIESandK11ECOASTareenteringintocompletionstagesWiththelargescaleIPstobecompletedin2024NWDexpectsrecurringincometogrowsignificantlyandwillreachover50ofitsrevenueby2026BesidesthecontractsalesinHongKongincreased75toHKD89bninFY23ThepipelineinHongKongincludeStateTheatreandWongChukHangPhase5projectsDespitetheweaksedimentinthemainlandChinaitscontractsalesinthemainlandChinaslightlyexceededthetargetofRMB15bninFY23withstrongpresenceintier1citiesItalsorecordedRMB50bncontractssalesduringJul-Sep23includingRMB3bnfromGuangzhouHanxiandRMB1bnfromShenyangParkVilleNWDsawmanyoftheircustomersinmainlandChinaareupgradersandwealthysecondgenerationthatbeingattractedbytheirK11brandandRosewoodBrandpremiumNWDalsoexpressedthattherewillbeaseriesofcorporateactionstobetakenwithsaleofNWStoCTFbeingthefirstdealThetotalcashconsiderationfromNWSdealafterspecialdividendwillbeHKD178bnanditplanstomakeuseoftheproceedstodeleverageincludingbuybackbondsandperpsOntopofassetdisposalsNWDhassuccessfullyobtainedbankloansofoverHKD30bncUSD38bnatHIBOR11inwhichHKD22bnwasrefinancingduringfirstsixmonthsin2023WeexpectitwillbeabletofulfilltheongoingrepaymentobligationswiththecashlevelofHKD533bnatJun23operatingcashinflowgenerationaswellasdiversifiedfundingchannelsoffshoreandonshoreWithinNWDEVLNWSZFcomplexwecontinuetopreferperpswithresetandcouponstep-upaswebelievethatmanagingfundingcostsremainahighpriorityofNWDHencewemaintainBuyonNWDEVL615PerpNWDEVL525PERPandNWDEVL4125PerpSeetable2fordetailsFurthermoreweviewNWSZF575Perpasshort-datedcarryplaywithfirstcalldateinJan24Thepricecorrected15ptssinceourcommentspublishedinJunduetothemarketrumorsonNWDAt972NWSZF575PerpistradingatYTCof167Table2ListofNWDsoutstandingUSDbondsOsUSDmnMaturityFirstcalldateCouponCouponresetCouponStep-upPriceYTMYTCNWDEVL41205233101252023-475--9715221333Oct2023NWDEVL40123276001232027-475--76101404NWDEVL50616272006162027-5875--77361390NWDEVL40718299507182029-4125--64451274NWDEVL4051930562825192030-45--63321260NWDEVL3011431127841142031-375--59661177NWDEVL48PERP700-99202348--435451137NWDEVL6PERP1300-372024625--529022858NWDEVL615PERP500-31620256153yrUST6201300bps73502745NWDEVL5PERP1000-32220265255yrUST7889300bps62562763NWDEVL4PERP1200-310202841255yrUST5858300bps52712152Total745066SourceBloombergMacaugamingTheacceleratingrecoverycontinuesCumulativeCumulativeGGRCumulativeGGRMOPmn20222023GGR20232023growthrate2023of2019Jan63441158011580626464Feb77591032421904484435Mar36721273834642949455Apr267714722493641414495May334115565649291729517Jun247715207801362050536Jul39816662967982630556Aug2189172131140112951575Sep2962149371289483053585SourceMacauDICJInSep23thegrossgamingrevenueGGRinMacaurose4043yoytoMOP149bndespitethetemporaryclosureofcasinosduetothetyphoonsignalno10on1Sep23ThecumulativeGGRin9M23rose3035yoytoMOP1289bnandwas585ofpre-pandemiclevelin9M19increasedfrom575inAug23ThegrowthrateofcumulativeGGRcontinuedtoaccelerateWeexpectthemomentumofrecoverytoremainstronginOct23giventheextendedgoldenweekcombininggoldenweekofmid-Autumnfestivalstartingfrom29Sep6Oct23WesawsomevolatilitiesofMacaugamingstockpriceswhilebondsmoved-05to075ptsincethefreshtalksofcriminalizationofunlicensedmoneyexchangeIndeedthetalksofcriminalizationhasbeenonandoffoverthepastfewyearsThereremainshighlyuncertainastothetimetableandthecoverageofthecriminalizationNonethelessweexpectthecriminalizationifgoesaheadtobehandledprudentlybalancingtheChineseauthoritiesquesttocontrolcross-broadercurrencyflowandrecoveryofMacaugamingbusinessesInMacaugamingwecontinuetopreferMPELSJMandSTCITYSTDCTYforbetterrisk-returnprofilesWealsoseeWYNMACsyieldpick-upplaysoverthebondsofitsUSparentsAskYTMModDurationAskPriceMGMCHI727-80006-309066-988743Oct2023MPEL794-90315-498300-9528SANLTD686-71417-657957-9722SJMHOL1020-103421-378126-8850STCITYSTDCTY861-11216-437602-9536WYNMAC340-88610-508297-10541SourceBloombergChinaEconomyPMIreturnstoexpansionassignofeconomicrecoveryChinasmanufacturingPMIinSeproseto502andbeatmarketexpectationsaftercontractingforfivestraightmonthsManufacturingactivitiesinlargeenterprisesmaintaineditsstrongrecoverywhilesmallandmediumenterprisesstillstayedincontractionProductionneworderandpurchasevolumecontinuedtoexpandindicatingarecoveryondomesticdemandsideExportorderslightlyimprovedandimportindexesfurtherdippedwhilebothremainedbelow50indicatingcontinuousdeclinesinforeigntradeactivitiesDuetotheresurgenceofenergyandcommoditypricesmaterialpurchasepriceindexandex-factoryproductindexincreasedsubstantiallyWeexpectfurthershrinkageofYoYdeclinesinthePPIinnextseveralmonthsEmploymentinmanufacturingremainedtediousduetoweakdemandandindustrialupgradetowardshigherlabourproductivityServicePMIreboundedalthoughthepent-upsummertraveldemandsoftenedastransportservicelodgingandcateringservicedroppedintocontractionRecentlyChinahassignalledstrongerpolicylooseningaheadThecountryhaseasedpropertyrestrictionsacrosscitiesloosenedcreditsupplyandstartedtoimplementapackageoflocalgovernmentdebtresolvingplansWeexpectfurtherlocalgovernmentrefinancingbondsissuanceandcreditsupplylooseninginnextseveralmonthsChinaseconomymaygraduallyimproveinnextfourquartersWemaintainourforecastonChinasGDPgrowthat51in2023and48in2024ManufacturingactivityreturnedtoexpansionwithmorepositiveoutlookChinasPMIinmanufacturingcameinaboveexpectationandroseto502inSeptemberfrom497inAugustProductionindexcontinuedtoexpandfrom519inAugustto527inSepNeworderandmaterialpurchasevolumecontinuedtoexpandrespectivelyfrom502and505inAugustto505and507inSepindicatingasustainingimprovementonthedemandsideBreakingdownbysectorindexesinequipmentmanufacturinghigh-technologymanufacturingandconsumergoodsreachedabove50whileenergy-intensiveindustriesremainedinthecontractionaryrangeExportslightlyimprovedandimportindexescontinuedtoworsenwhilebothremainedincontractionindicatinganarrowingtradesurplusinSeptemberPMIoflargeenterprisesexpandednoticeablyfrom508inAugustto516inSepwhilebothsmallandmediumenterprisesremainedincontractionReflationtrendentrencheddrivenbyrisingenergyandcommoditypricesMaterialpurchasepriceindexandex-factorypriceindexcontinuedtorallyfrom565and52inAugustto595and535inSepindicatingareflationtrendintheindustrialsectorpossiblydrivenbyrisingenergyandcommoditypricesInventoryformaterialsandfinishedproductsmarginallyremainedincontractionasbusinesseswerecautioustoincreaseinventoryinvestmentConstructionpriceremainedinexpansionandservicepriceindexmoderatelyincreasedWeexpectChinasCPIandPPItocontinueitsgradualreboundinnextseveralquartersalongwithamildrecoveryofaggregatedemandNon-manufacturingsectorsimprovedamidfadingmomentuminholidaytraveldemandNon-manufacturingPMIreboundedby70bpsto517inSepPMIinservicefurtherrosefrom505inAugustto509inSepBreakingdownbysectoroutputinwatertransportationpostalserviceTVbroadcastITserviceandfinancialservicenoticeablyexpandedwhilerailroadairtransportationlodginganddiningservicesfellbelow50BusinesssentimentindexesinrailroadtransportationpostalservicefinancialserviceandTVbroadcastcameinabove60ConstructionPMIincreasedto562inSepfrom538inAugustTheneworderindexralliedto50afterfourmonthsofcontractionEmploymentstillstruggledasemploymentindexfurtherdeterioratedEmploymentremainedindeepcontractionasemploymentindexesinmanufacturingandconstructionmarginallyincreasedto481and463in53Oct2023Sepfrom48and447inAugustwhileemploymentinservicefurtherdippedto469inSepfrom472inAugustTheweakemploymentconditionwillrestraintherecoverymomentumofhouseholdconsumptioninChinaandbeamajordragontheeconomicgrowthStrongerlooseningpoliciesandlocalgovernmentdebtresolvingplanscominginasChinaseconomymaygraduallyimproveaheadPolicymakershaveadoptedabroadspectrumofsupportivepoliciesincludinglooseningpropertypoliciesexpandingcreditsupplyandactivatingcapitalmarketLookingaheadstabilizingpropertymarketandrelievinglocalgovernmentdebtpressurewillbemajorpolicygoalsinnexttwoquartersMunicipalgovernmentsmayfurtherloosenpropertypolicieswhilethePBOCmayfurthereasecreditsupplywithpossibleadditionalcutsinRRRdepositratesandLPRsLocalgovernmentsmayhaverefinancingbondquotastoreplacethematuredcontingentdebtMeanwhilebankswillbeencouragedtorolloverthelocalgovernmentcontingentdebtChinaseconomyisexpectedtograduallyimproveinnextfourquartersWemaintainourforecastontheGDPgrowthat51for2023and48for2024ClickhereforfullreportOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorOnshoreprimaryissuancessuspendduringtheNationalDayHolidayCHINSCMediareportedthatChinaSCEinformallysaidthatdecisiononUSDcoupondue29Sepdependedonoutcomeofloan-refinancingtalksDEXICNDexinChinaannouncedtoextendlongstopdateofschemeofarrangementforproposedoffshoredebtrestructuringto15DecinaccordancewithtermsofRSAESRCAYESRGroupfullyredeemedpartsofoutstandingUSD3486mnof15convertiblebondsdue2025andUSD08mnwereconvertedintosharesEVERREMediareportedthatChinaEvergrandesoldyachtforcEUR30mntoreduceoffshoreassetsGEELYGeelySepsalesvolumerose31yoyto1705kKNMIDIKunmingIndustrialDevelopmentInvestmentreceivedShenzhenbourseapprovaloverRMB357bncorporatebondoffering63Oct2023LIFUNGLiFungextendedearlydeadlinefordue-2025notetenderofferto3OctandmullstoraisemaxacceptanceamountNIONIOs3Q23deliveriesrose75yoyto554kSKYFAMSkyfameRealtyenteredintorestructuringsupportagreementwithinitialparticipatingcreditorsandinformationagentTPWRINMoodysupgradedtheCFRofTataPowerCompanyLimitedtoBa1fromBa2andmaintainedstableoutlookVEDLNMediareportedthatVedantaResourcesproposedtorepayincashportionofUSDbondsdue20242025SPdowngradedVedantatoCCConpotentialbondextensionandplaceditonCreditWatchwithnegativeimplicationsVedantaLtdplanstodemergeintosixindependentpure-playcompaniesthroughsimpleverticalsplittounlockvalueFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearch73Oct2023analystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation3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