Moody's Ratings affirms Panama's Baa3 ratings, maintains negative outl...

Moody's Ratings (Moody's) has today affirmed the Government of Panama's issuer and senior unsecured long-term ratings at Baa3, and the senior unsecured shelf long-term ratings at (P)Baa3. The outlook remains negative. The decision to maintain the negative outlook indicates that ongoing risks for t...

Moody's Ratings upgrades ratings on notes from Taurus 2024-1PP Trust

Moody's Ratings (Moody's) has upgraded the ratings on five classes of notes issued from Taurus 2024-1PP Trust. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE WOULD BE RECKLESS AND INAPPROPRIATE. SEE FULL DISCLAIMERS BELOW. The affected r...

Applus - ESG Report - Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics

Regional Morning Meeting Notes: Thursday, November 13, 2025

Greater China Company Results | Tencent Music Entertainment Group (1698 HK/BUY/HK$84.65/Target: HK$105.00) TME delivered strong 3Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 20.6% yoy to Rmb8.5b, 3% above the street’s estimates. Non-GAAP operating profit jumped 25.2% yoy to Rmb3b, with operating margins edging up 1ppt yoy to 36%. Non-GAAP net profit rose 27.7% yoy to Rmb2.5b, beating consensus expectation by 7%, with net margins expanding 2ppt yoy to ...

Food Empire Holdings (FEH SP) - 3Q25: Record Quarter Reinforces Multi-...

FEH delivered a record 3Q25 revenue of US$153m (+28% yoy, +11% qoq), bringing 9M25 to form 81% of our full-year forecast and beat expectations. Strong double-digit growths across its core markets underpin robust demand. We raise our 2025-27 revenue forecasts by 2-3%. As FEH is trading at 16.5x 2026F PE, a deep 35% discount to peers, we maintain BUY with an unchanged target price of S$3.00.

Singapore Technologies Engineering (STE SP) - 9M25: Strong Revenue (+9...

STE’s 9M25 revenue of S$9.1b (+9% yoy) came in slightly above our expectations, driven by robust growth across key business segments. STE declared a 4 S cent interim dividend for 3Q25 and has raised its 4Q25 dividend guidance to 11 S cents. We welcome STE’s impairment exercise and strategic review launched on the non-performing satcom businesses, which should lead to a cleaner balance sheet and boost future earnings outlook. Upgrade STE to BUY, with a higher target price of S$9.05.

Singapore Telecommunications (ST SP) - 1HFY26: Robust Performance, In ...

Singtel reported a higher underlying net profit of S$1.4b (+14% yoy) in 1HFY26, driven by margin expansion from Optus and NCS, coupled with robust associate contributions. Positively, Singtel revised its FY26 OpCos’ EBIT growth and regional associates' dividend outlook. It also declared a total 1HFY26 dividend of 8.2 S cents/share, implying a 78% dividend payout ratio. BUY on share price weakness with a higher SOTP-based target price of S$5.20 as we narrowed our holding company discount (from 25...

ComfortDelGro Corporation (CD SP) - 3Q25: Largely In Line; Powered By ...

CD’s 9M25 results were largely in line, with revenue up 14% yoy and core PATMI up 2% yoy on stronger contributions from recent acquisitions and UK contract renewals, partly offset by softer Singapore margins. Maintain BUY with a 4% higher target price of S$1.76. CD offers a 5.5% yield and is supported by its diversified portfolio and improving overseas mix.

Tencent Music Entertainment Group (1698 HK): 3Q25: Solid Earnings Beat...

TME delivered strong 3Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 20.6% yoy to Rmb8.5b, 3% above the street’s estimates. Non-GAAP operating profit jumped 25.2% yoy to Rmb3b, with operating margins edging up 1ppt yoy to 36%. Non-GAAP net profit rose 27.7% yoy to Rmb2.5b, beating consensus expectation by 7%, with net margins expanding 2ppt yoy to 29%. Maintain BUY with a target price of HK$105.00 (US$27.00).

Adi Sarana Armada (ASSA IJ) - From Story To Reality

Company Update | Adi Sarana Armada (ASSA IJ/BUY/Rp1,120/Target: Rp1,700) We expect growth momentum to sustain following a strong 9M25 performance, with logistics remaining the key growth driver. ASSA’s shift toward an integrated logistics ecosystem is delivering tangible results, backed by solid execution and technology adoption. After securing its first major B2B mid-mile contract with Sampoerna, ASSA will handle last-mile distribution next year, with several FMCG players showing interest. We m...

Economics - Indonesia Consumer Activity: Near-term Weakness, 4Q Reboun...

Indonesia's consumer recovery remains fragile, with Sep 25’s modest retail growth highlighting a two-tiered market of essential spending over discretionary. While a soft labour market and inflationary pressures from stimulus programmes pose challenges, a turning point is emerging. Significant fiscal rollout and a surge in consumer confidence are fuelling optimistic prospects. We anticipate a material acceleration in 4Q25, projecting GDP growth of 5.1-5.4% yoy. Highlights • Subdued and uneven r...

Greater China Daily: Thursday, November 13, 2025

Top Stories Company Results | Tencent Music Entertainment Group (1698 HK/BUY/HK$84.65/Target: HK$105.00) TME delivered strong 3Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 20.6% yoy to Rmb8.5b, 3% above the street’s estimates. Non-GAAP operating profit jumped 25.2% yoy to Rmb3b, with operating margins edging up 1ppt yoy to 36%. Non-GAAP net profit rose 27.7% yoy to Rmb2.5b, beating consensus expectation by 7%, with net margins expanding 2ppt yoy to 2...

Singapore Daily: Thursday, November 13, 2025

Top Stories Company Results | ComfortDelGro Corp (CD SP/BUY/S$1.48/Target: S$1.76) CD’s 9M25 results were largely in line, with revenue up 14% yoy and core PATMI up 2% yoy on stronger contributions from recent acquisitions and UK contract renewals, partly offset by softer Singapore margins. Maintain BUY with a 4% higher target price of S$1.76. CD offers a 5.5% yield and is supported by its diversified portfolio and improving overseas mix. Company Results | Singapore Telecommunications (ST S...

Indonesia Daily - Thursday, November 13, 2025

Economics | Indonesia Consumer Activity: Near-Term Weakness, 4Q Rebound In View Indonesia's consumer recovery remains fragile, with Sep 25’s modest retail growth highlighting a two-tiered market of essential spending over discretionary. While a soft labour market and inflationary pressures from stimulus programmes pose challenges, a turning point is emerging. Significant fiscal rollout and a surge in consumer confidence are fuelling optimistic prospects. We anticipate a material acceleration in ...

Moody's Ratings assigns Aa3 UND and ENH to Danville ISD, KY's Series 2...

Moody's Ratings (Moody's) has affirmed Danville Independent School District, KY's issuer and lease ratings at Aa3 and A1, respectively. Concurrently, we assigned Aa3 underlying and Aa3 enhanced ratings to the General Obligation Bonds, Series 2025 issued by the Board of Education of Danville, KY, the...

IHS Towers (Buy, TP: $10, +42%) Q3 25: Another beat and raise; call fe...

IHS Towers has reported another strong set of results.

Moody's Ratings revises Lodi USD, CA's outlook to positive from stable...

Moody's Ratings (Moody's) has revised Lodi Unified School District, CA's outlook to positive from stable and affirmed its Aa3 issuer rating, Aa2 general obligation unlimited tax (GO) ratings, and A1 certificates of participation (COP) rating. Concurrently, we have affirmed the Aa2 rating on Lodi Uni...

Moody's Ratings assigns initial Aa2 to Margate, FL and its Series 2025...

Moody's Ratings (Moody's) has assigned an initial Aa2 issuer rating to the City of Margate, FL and a Aa2 rating to the City's approximately $60 million Water and Wastewater Improvement Revenue Bonds, Series 2025. Post-issuance, the city will have approximately $91 million in outstanding debt. RATI...