Heeton Holdings Limited: Credit Initiation Report

We took a look at one of the highest-yielding SGD-denominated bonds in the property sector, the HTONSP 6.100% 08May2020 Corp (SGD), and the issuer Heeton Holdings Limited's credit profile. We assigned Heeton a Neutral issuer profile, balancing its moderate indebtedness against its shaky operating cash flows and interest coverage. We are Overweight on the HTON 2020's, which in our opinion is priced attractively relative to comparable SGD bonds.

by

iFAST Research Team

Published on 06 Dec 2017