Moody's Ratings assigns Aa3 to St. Clair County Public Building Commis...

Moody's Ratings (Moody's) has assigned a Aa3 rating to the St. Clair County Public Building Commission, IL's Public Building Revenue Bonds, Series 2025A and Taxable Public Building Revenue Refunding Bonds, Series 2025B with a proposed par amount of $15 million and $8 million, respectively. We mainta...

SCB X (SCB TB) - High Dividend Payout Ratio Would Be A Prominent Catal...

SCB expects its Gen 2 business to contribute more profit in 2025. Thai corporates have adopted deleveraging by issuing debentures and reducing their dependence on bank loans. SCB might face some challenges from domestic debentures. SCB guided that the company will prioritise good asset quality in 2025. It has set a target to achieve 10% ROE in the medium term and intends to maintain a dividend payout of 80%. Maintain BUY with a target price of Bt140.00.

OSOTSPA (OSP TB) - Market Overly Concerned About Company Strategy

Although we still expect competition in the domestic energy drinks market to intensify once OSP relaunches its Bt10/bottle energy drinks, we believe the market is overly concerned about the company. We foresee limited downside risk to our and market estimates in the worst-case scenario. Currently, OSP is trading at 15.2x 2025F PE. Maintain BUY. Target price: Bt20.00.

Thailand Daily - Monday, March 17, 2025

KEY HIGHLIGHTS ASEAN Gems Corporate Highlights Osotspa (OSP TB/BUY/Bt15.00/Target: Bt20.00) Market overly concerned about company strategy. SCB X (SCB TB/BUY/Bt124.50/Target: Bt140.00) High dividend payout ratio would be a prominent catalyst.

Singapore Daily - Monday, March 17, 2025

KEY HIGHLIGHTS Update Sembcorp Industries (SCI SP/BUY/S$5.96/Target: S$8.00): Small storms in a teacup present a buying opportunity. Maintain BUY and target price of S$8.00. TRADERS’ CORNER Wilmar International (WIL SP): Trading BUY Aztech Global (AZTECH SP): Trading BUY

Sembcorp Industries (SCI SP) - Small Storms In A Teacup

We strongly believe that the share price decline on SCI’s double whammy of negative news from Vietnam and Indonesia last week presents a buying opportunity for investors. SCI’s exposure to Vietnam renewables is only 3% of its attributable capacity and, more importantly, the cancellation of the Indonesian GSA is a non-event given that SCI can source for alternative LNG and should costs be higher, contract terms allow such costs to be passed on. Maintain BUY. Target price: S$8.00.

Henan Airport Investment Group Co., Ltd.:Second Party Opinion – Sustai...

We have assigned an SQS3 to Henan Airport Investment's Sustainable Finance Framework, which is aligned with relevant principles and demonstrates a moderate contribution to sustainability.

Henan Airport Investment Group Co., Ltd.: Second Party Opinion – Susta...

We have assigned an SQS3 to Henan Airport Investment's Sustainable Finance Framework, which is aligned with relevant principles and demonstrates a moderate contribution to sustainability.

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries, West China Cement, China Hongqiao

Greater China Daily: Monday, March 17, 2025

KEY HIGHLIGHTS Economics Money Supply February's M1 growth slowed to 0.1% yoy (-0.3ppt), missing consensus’ 1.0%, due to the Chinese New Year effect. M2 remained steady at 7.0% yoy, but new bank loans fell to Rmb1.01t compared with Jan 25’s Rmb5.13t, while new TSF fell to Rmb2.23t, both below forecasts. Thus, outstanding bank loans growth edged lower to 7.3% yoy. Nevertheless, outstanding TSF growth rose to 8.2% yoy due to increased government bond issuance. Weak domestic demand remains a key ...

Moody's Ratings upgrades ratings on five notes from Pepper Residential...

Moody's Ratings (Moody's) has upgraded the ratings on five classes of notes issued by Pepper Residential Securities Trust No. 38. 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 BELO...

Moody's Ratings: No adverse rating impact on PB 2022-1R Trust followin...

Moody's Ratings (Moody's) announced that the purchase of AUD14.9 million of mortgages into PB 2022-1R Trust on 17 March 2025 (the "Substitution") would not, in and of itself and as of this point in time, result in a reduction, placement on review for possible downgrade or withdrawal of the current r...

Solusi Sinergi Digital (WIFI IJ) - Targets Up To 40m Households In Ind...

WIFI is strategically positioned to benefit from the growth of Indonesia’s fixed broadband market, given that fixed broadband in the country has a low penetration rate of 15%. WIFI targets to reach up to 40m households in Indonesia in the long term. One of WIFI’s key strengths is its 6,900km of fibre optic lines, built along railway and roads, allowing WIFI to offer affordable internet plans (Rp100,000/month with acceptable speeds). WIFI trades at 20.1x 2024 PE (based on annualised 9M24 net inco...

Indonesia Daily - Monday, March 17, 2025

Solusi Sinergi Digital (WIFI IJ/NOT RATED/Rp1,735): Targets up to 40m households in Indonesia in the long term. TRADERS’ CORNER Astra Agro Lestari (AALI IJ): Technical BUY Indosat (ISAT IJ): Technical BUY

Henan Airport Investment Group Co., Ltd.: Second Party Opinion – Susta...

We have assigned an SQS3 to Henan Airport Investment's Sustainable Finance Framework, which is aligned with relevant principles and demonstrates a moderate contribution to sustainability.

Positioned for large contract wins

EUROZONE Macro Note & Financial Model, December 2024

The Euro area economy is approaching the end of the year on a subdued note and facing weakened momentum. Surveys indicate modest economic activity with recent Purchasing Managers’ Indexes (PMIs) providing limited optimism through only slight improvements in the composite index. Both Germany and France continue to face significant challenges, primarily driven by persistent weaknesses in the manufacturing sector.