Jun Yang
ReutersBreakingviews
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Past articles by Jun:
Accounting change could punish Chinese lenders – Breakingviews
Banks everywhere must take loan provisions upfront from 2018 under new IFRS 9 rules. In Asia, China’s smaller banks have the most to lose. They will probably need to set capital aside against shadow-credit and mortgage portfolios. That could dent earnings and capital ratios. → Read More
Samsung gambles on an heirless future – Breakingviews
The South Korean giant will keep a structure that lets Jay Y. Lee keep control with a small stake. But a new left-leaning government might make it harder for the de facto leader to rule this way. Samsung looks unprepared for a future without its scion. → Read More
Private equity offers tonic Korea Inc needs – Breakingviews
State-run banks are injecting an extra $2.6 bln into Daewoo Shipbuilding but lack the expertise to fix problems. The government has finally learnt its lesson and wants private equity help with other ailing firms. The new approach will be better for patients and the public purse. → Read More
Moon win offers South Korea ray of sunlight – Breakingviews
The election of liberal Moon Jae-in to the presidency heralds a softer stance on North Korea and restores domestic stability. That’s welcome. But he will need to unite a polarized nation to succeed where his ousted predecessor failed in resetting South Korea's growth model. → Read More
Samsung trial tests South Korea’s rule of law – Breakingviews
Bribery charges have turned the group's de facto leader, Jay Y. Lee, into a public enemy. A guilty verdict, if merited, could help rebuild trust in the system after an epic corruption scandal. It is equally important that he gets a fair trial despite the popular outrage. → Read More
HSBC’s extra capital can help keep investors loyal – Breakingviews
Europe's largest bank by assets posted better-than-expected quarterly results. Growing revenue remains a challenge. But rising capital ratios make HSBC's generous dividends look more sustainable, and could point to more buybacks ahead. That should keep shareholders onside. → Read More
Samsung’s choice of Plan A doesn’t quite add up – Breakingviews
The South Korean giant's board rejected a restructuring pushed by Elliott, the hedge fund. Possible legal changes do indeed threaten the transformation. But that does not justify ruling out any future overhaul. Investors deserve an answer on how it will fix its odd structure. → Read More
StanChart’s springtime revival is premature – Breakingviews
A sharp drop in bad loan charges helped the emerging market bank double pre-tax profit in the first quarter. Revenue growth was less impressive, though. Shaky assets and intense competition mean the lender is still some way from hitting CEO Bill Winters' modest return target. → Read More
Samsung’s enemies pick the wrong battle – Breakingviews
Politicians in Seoul want to stop Samsung restructuring using treasury stock. They argue it's a trick for the ruling Lee family to gain more control cheaply. But the resulting firms would be worth more, and be better run. Keeping the status quo would be a Pyrrhic victory. → Read More
China’s smaller banks flunk hard decisions – Breakingviews
Big banks' annual results suggested China's bad debt problem is easing. Alas, the picture at smaller institutions remains grim. Some, like China Everbright, rolled over lots of shaky loans. It would be easier in the long run if these lenders started recognising more losses now. → Read More
Fantasy gaming IPO has real-life charms – Breakingviews
Netmarble wants a valuation of up to 65 times last year's earnings in a $2 bln-plus IPO. The South Korean maker of online role-playing games is growing fast, and profitability is improving vastly. So that figure is not as fantastical as it looks - provided the hits keep coming. → Read More
New risks begin at home for China’s big banks – Breakingviews
Bad debt problems are easing at ICBC, AgBank and others. Their soured loan figures always look suspiciously low. But commodity prices and industrial profits are up, so state borrowers may actually be recovering. Now, lending heavily into a housing boom may create fresh trouble. → Read More
Crisis can make South Korea great again – Breakingviews
The country has ousted its president and put its top business leader, Samsung’s Jay Y. Lee, on trial. The frustration with crony capitalism suggests South Korea's → Read More
Air Products finds China M&A has unstable element – Breakingviews
The U.S. firm is giving up on a $1.5 bln play for Yingde Gases. A profit warning from the target provides cover for a retreat but Air Products underestimated a messy boardroom spat, and its months-long trauma highlights the difficulties faced by foreign suitors in China. → Read More
Life is looking up for China’s insurance giants – Breakingviews
Low interest rates and stricter capital rules made 2016 hard for mainland life insurers like Ping An and China Life. Now, the tide is turning as bond yields rise. For major players, a crackdown on high-return investment products should also help them regain market share. → Read More
Park ouster frees up Seoul for the real fight
A court decision to uphold the impeachment of South Korea's President Park Geun-hye clears the path to an election. It removes a giant distraction, giving the polarized nation a chance to find common ground on critical economic reforms and its considerable geopolitical problems. → Read More