Greater China Daily: Monday, April 28, 2025

Sector Automobile This week, we have takeaways from the 2025 Shanghai Auto Show. OEMs like BYD and Geely showcased promising new models, eg Ocean-S, Galaxy Warship. BYD’s 1Q25 net profit doubled yoy, in line with expectations. GWM’s 1Q25 earnings missed estimates on margins. We downgrade GWM from BUY to SELL. EVE Energy’s 1Q25 results beat estimates on shipments and margins. We upgrade EVE Energy from SELL to BUY. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV. Consumer The Politb...

Supalai (SPALI TB) - Weak Results Expected In 1Q25

We expect SPALI to post weak results in 1Q25, with net profit projected at Bt475m (–23% yoy, –76% qoq), primarily pressured by slower transfer momentum due to a shrinking backlog and subdued demand. Although we expect earnings to improve qoq in 2Q25, presales momentum is expected to continue facing multiple headwinds. Achieving the full-year targets in 2025 for both presales and transfers remains challenging. Maintain HOLD. Target price: Bt18.20.

Plan B Media (PLANB TB) - Neutral View On 1Q25 Results; Positive View ...

PLANB’s 1Q25 earnings are expected to be flat yoy but lower qoq, primarily due to the seasonality of the out-of-home business. Revenue is anticipated to grow yoy, supported by the engagement marketing business, particularly the boxing business. We maintain a positive view for 2025 on the back of the upcoming deals. However, we adopt a more cautious stance due to the macroeconomic outlook. Maintain BUY. Target price: Bt7.70.

Thailand Daily- Monday, April 28, 2025

KEY HIGHLIGHTS Results Delta Electronics (DELTA TB/SELL/Bt82.00/Target: Bt50.00) 1Q25: Earnings beat on better gross margin and lower SG&A-to-sales. Update Plan B Media (PLANB TB/BUY/Bt5.20/Target: Bt7.70) Neutral view on 1Q25 results; positive view on upcoming deals. Supalai (SPALI TB/HOLD/Bt16.40/Target: Bt18.20) Weak results expected in 1Q25.

Moody's Ratings revises outlook of New Hampshire Housing Finance Autho...

Moody's Ratings (Moody's) has revised the outlook of the New Hampshire Housing Finance Authority 2017 General Multi-Family Housing Bond Resolution (HBR) to negative from stable. In addition, we have affirmed all Aaa ratings in the HBR program. The rating action affects approximately $425 million of ...

Regional Morning Notes - Monday, April 28, 2025

GREATER CHINA Sector Automobile: Weekly: Takeaways from Shanghai Auto Show 2025. 1Q25 results review for BYD, GWM and GAC. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV. Consumer: Politburo meeting: Emphasising income improvement and service consumption; prefer consumer companies with strong cost control and domestic focus. Results BYD Company (1211 HK/BUY/HK$397.00/Target: HK$510.00): 1Q25: Earnings double yoy, in line. Maintain BUY. Target price: HK$510.00. EVE Energy (300014 HK/BU...

Mapletree Pan Asia Commercial Trust (MPACT SP) - 4QFY25: Overcoming Ad...

VivoCity was the star performer with NPI rising 6.5% yoy in 4QFY25 despite disruptions from the ongoing enhancement at its basement 2. VivoCity registered stellar double-digit positive rental reversion of 16.8% and maintained high occupancy of 99.3%. Aggregate leverage receded by 0.5ppt qoq to 37.7% due to revaluation gains. MPACT trades at FY26 distribution yield of 7.0% and P/NAV of 0.69x, which has factored in a dimmer outlook for its overseas properties. Maintain BUY. Target price: S$1.62.

CapitaLand Integrated Commercial Trust (CICT SP) - 1Q25: A Good Start ...

CICT clocked a positive rental reversion of 10.4% for retail and 5.4% for office in 1Q25. Portfolio occupancy eased 0.3ppt qoq to 96.4%. CICT’s diversified portfolio, healthy aggregate leverage of 38.7% and low cost of debt of 3.4% appeal to investors seeking safety. Phases 3 and 4 of AEI for IMM should complete in 3Q25 while Gallileo would be handed over to tenant ECB starting 2H25. ION Orchard will provide full-year contribution in 2025. Maintain BUY. Target price: S$2.37.

CHALLENGING THE MA(20) AREA

The market continued to find support and gradually trended upwards after the supportive Dragonfly Doji candlestick signal on April 22, 2025. Liquidity increased slightly compared to the previous session, indicating that cash flow is still maintaining its ability to support the market and supply is not yet creating significant pressure on the market. The possibility of contention and volatility may arise as the market is in the MA(20) area, around the 1,227 point area. However, the market is ma...

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta Resources, Reliance Industries

Malaysia Daily - Monday, April 28, 2025

KEY HIG HLIGH TS Sector Update Plantation – Malaysia Page 2 We cut planters’ earnings by 9% after revising down our 2025 CPO price assumption to RM4,200/tonne from RM4,500/tonne previously. Maintain MARKET WEIGHT on sector. Company Results CTOS Digital (CTOS MK/HOLD/RM1.05/Target: RM1.17) Page 5 1Q25: Results below expectations due to higher-than-expected operational cost. Downgrade to HOLD with a lower target price of RM1.17. UOBKH Highlights Automobile – Malaysia (MARKET WEIGHT) Page 8 MAA Mar...

Astra International (ASII IJ) - Cheap But Lacking Catalysts; EV Disrup...

The weak 4W and 2W sales in 3M25 were caused by weak purchasing power amid a weakening rupiah, slow government spending, and stricter auto-loan financing given tighter liquidity, in our view. Amid rising tensions caused by the tariff war and concerns on aggressive EV penetration, ASII’s auto sales outlook remains relatively soft in 2025-26, although the market share disruption is more apparent for other conventional non-EV brands. Cut our target price to Rp5,100. Downgrade to HOLD.

AKR Corporindo (AKRA IJ) - 1Q25: Solid Trading And Distribution, Weak ...

1Q25 net profit fell 5.1% yoy (-21% yoy) to Rp565b, due to an absence of land sales. The trading & distribution segment remained strong, with gross profit growing 16.7% yoy and contributing 81% of total gross profit as margin expanded. Despite the absence of land sales, JIIPE contributed 12% of gross profit in 1Q25 as revenue from utilities surged. Upgrade to BUY for AKRA’s strong core performance, 8-9% dividend yield and upcoming land sales. It is trading at 9.8x 2025F PE. Target price: Rp1,350...

Singapore Daily: Monday, April 28, 2025

KEY HIGHLIGHTS Results CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.14/Target: S$2.37) 1Q25: A good start for a good year. Mapletree Pan Asia Commercial Trust (MPACT SP/BUY/S$1.22/Target: S$1.62) 4QFY25: Overcoming adverse operating challenges overseas. TRADERS' CORNER  Oversea-Chinese Banking Corp (OCBC SP): Trading SELL                                            Sembcorp Industries (SCI SP): Trading SELL

Indonesia Daily - Monday, April 28, 2025

AKR Corporindo (AKRA IJ/BUY/Rp1,185/Target: Rp1,350): 1Q25: Weak land sales, but strong trading and distribution business. Starting to book land sales in 2Q25. Upgrade to BUY. Astra International (ASII IJ/HOLD/Rp4,860/Target: Rp5,100): EV disruption is worsening; cheap but lacks catalysts. Downgrade to HOLD. TRADERS’ CORNER Bank Jago (ARTO IJ): Technical BUY Sumber Alfaria Trijaya (AMRT IJ): Technical BUY

Q1 a nice dunk, outlook a wild shot

Promising start to the year

High marks for engagement

Solid margins, but tariffs headache ahead