Deep Dive: Asia
Resilience through turbulent times?
Asian emerging economies are under increasing pressure. Already affected by lower growth in China, they now face the steepest of tariffs hikes from ongoing trade tensions with the US and a slowing global economy. Even if trade frictions ease with policy adjustments, US tariffs will remain a persistent risk across sectors. While export dependence varies by country, indirect effects – such as slower growth and volatile commodity and capital markets – will continue to challenge operating and financing conditions.
Which sectors and companies are most exposed? What are the main mitigants and how effective will they be?
Discussion Topics:
- How will tariffs affect the region’s economic growth?
- How will global supply chain reconfiguration affect countries and issuers?
- Which economies and sectors are most vulnerable?
- How are companies and institutions managing risks?
Speakers
Nicky Dang
Senior Vice President, Credit Strategy and Guidance Group
Moody's Ratings
Vikash Halan
Managing Director, Corporate Finance
Moody's Ratings
Ray Tay
Associate Managing Director, Project & Infrastructure Finance
Moody's Ratings
Clement Wong
Managing Director, Corporate Finance
Moody's Ratings
Ning Loh
Managing Director, Head of Credit Strategy, Credit Strategy and Guidance
Moody's Ratings
Sally Yim
Managing Director, Global Co-Head Banks and Insurance Ratings
Moody's Ratings
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Jingjing (Nicky) Dang is a Senior Vice President in Moody’s Credit Strategy and Guidance Group. Based in Shanghai, Nicky is responsible for covering a portfolio of China’s regional and local governments and market outreach on enhancing the transparency of relevant methodologies. She also focuses on China credit-related research and market outreach, and drives and coordinates research and credit-related initiatives covering major regional credit events.
Nicky joined Moody’s New York office in February 2007 as an Associate Analyst. She was the lead analyst on various Asset-Backed Securities (ABS) and Residential Mortgage-Backed Securities (RMBS) transactions in the Structured Finance Group. Prior to joining Moody’s Shanghai in February 2023, Nicky was an Associate Managing Director and the head of the Consumer ABS New Ratings Americas team, which covers credit card, auto, student loan, personal loan, timeshares and other consumer related ABS sectors.
Nicky holds a Master’s Degree in Economics from New York University and a BA in Economics from Beijing Technology and Business University. She is also a CFA charterholder.
Vikash Halan is a Managing Director and team leader for Moody’s Corporate Finance Group, based in Singapore. In this role, he manages a team of rating analysts covering non-financial corporates in Asia Pacific excluding greater China.
Vikash joined Moody’s in 2011 and, prior to becoming a team leader, spent almost a decade as a lead analyst covering a range of sectors, including oil and gas, chemicals, shipping, conglomerates, real estate and investment holding companies.
Before joining Moody’s, Vikash worked for J.P. Morgan in Hong Kong as a capital markets and ratings advisor for clients in the Asia-Pacific region. He started his career as a chartered accountant with the Indian firm, BDO Lodha.
Vikash holds post graduate diploma in Business management form Xavier Institute of Management.
Ray Tay is a Associate Managing Director in Moody’s Project and Infrastructure Finance Group. Based in Singapore, Ray covers project finance, transport, utilities and other infrastructure credits in Southeast Asia and India. Ray also authors research and conducts outreach focused on topics such as project bonds and the role of funding diversity and credit enhancement in bridging the infrastructure gap, particularly in emerging markets. Ray is also a member of Moody’s APAC ESG Working Group.
Before joining Moody’s in 2012, Ray was a Director with the Global Infrastructure & Projects Group in KPMG. Ray has also worked as a Senior Business Analyst with the Singapore Power Group, focusing on regulatory economics in each of its principal local operating subsidiaries.
Ray holds a Bachelor’s in Economics with honors from the National University of Singapore.
Clement Wong is a Managing Director and team leader with Moody’s Ratings Corporate Finance Group. Based in Hong Kong, he oversees a team of rating analysts covering Chinese industrial corporate entities in sectors including internet, technology, auto, chemicals, food and beverage and more. He and his team are also actively involved in Moody’s Greater China investor outreach activities and have been authoring sector- , issuer- and credit trend-specific research reports.
Clement is an auditor by training with PricewaterhouseCoopers and Deloitte. He has over 20 years of credit experience in the banking industry.
Prior to joining Moody’s in 2014, he was Country Credit Officer for Wholesale Banking in Hong Kong and Japan at Standard Chartered. Clement has also worked for several international banks, including Citibank, where he helped set up the commercial banking risk management team in China while stationed in Shanghai for almost five years. During his time at Citibank Shanghai, he also collaborated with other teams to build the bank’s framework for lending and approving credits; and before relocation to Shanghai, as Senior Credit Officer, worked on assessing large corporates’ credit exposure; and had been in charge of problem loan recovery for small-medium-sized companies.
Clement holds a Master’s degree in International and Public Affairs and a Bachelor of Social Science degree from The University of Hong Kong. He is also a CFA charterholder and a CPA.
Ning Loh is Managing Director and Head of Credit Strategy at Moody’s Ratings, based in Hong Kong. In this role, he is responsible for defining, articulating and promoting Moody’s global house views on credit drivers, macroeconomic forecasts, financial markets and emerging markets dynamics. Concurrently, he is also Chief Credit Officer for APAC and works with rating groups throughout the region to develop Moody’s perspectives and research regarding macroeconomic, policy, and thematic trends that affect credit risk.
Since joining Moody’s in London in 2005, Ning has held roles across various markets and rating groups in Europe, Asia, and the US. In 2015, he moved to Hong Kong to lead the structured finance new ratings franchise for South and Southeast Asia. In 2018, Ning led the U.S. Corporate Asset-Backed Securities (ABS) team. He later returned to Hong Kong to head the North Asia (excluding Japan) team in the Project & Infrastructure Finance Group before taking on his current position.
Before joining Moody’s, Ning practiced law in London, specialising in structured finance and debt capital markets. Ning holds a Master's in Civil Engineering from Imperial College London and is a Solicitor of the Senior Courts of England and Wales.
Sally Yim is a Managing Director in the Financial Institutions Group. Based in Hong Kong SAR, China, Sally is the Head of APAC Financial Institutions, responsible for Moody’s analytical teams covering ratings and research on APAC banks, insurance companies, and non-bank financial institutions such as securities and leasing companies. She is also a co-head of Moody’s Global Banking and Global Insurance & Asset Management rating franchises. In addition, Sally leads the Global Financial Institutions Group’s Environment, Social & Governance (ESG) efforts.
Sally joined Moody’s in February 2005 as an Associate Analyst in New York, covering property & casualty insurers. She transferred to Hong Kong in 2006 and completed a short stint in the Corporate Finance Group, supporting analysts in the
oil & gas, petrochemical and steel sectors. Sally rejoined the Financial Institutions Group as an Analyst in January 2007. Since then, Sally has covered various Asian financial institutions, including insurance companies, banks and securities firms and subsequently, became a manager overseeing various teams covering the ratings and research of Greater China and Korean financial institutions.
Prior to joining Moody’s, Sally worked as a Senior Auditor at Ernst & Young LLP in New York, specializing in private and public insurers. She also worked at Ernst & Young’s National Professional Practice, where she focused on technical accounting research, while assisting in accounting consultations.
Sally holds a Bachelor of Business Administration and Master of Accounting from the University of Michigan. She is a CFA charterholder and also a Certified Public Accountant.