Highlights • Global oil demand forecasts for 2025-26 have been revised upward, as the reciprocal tariffs’ impact on global GDP proved to be less severe than expected. • Rising supply is pressuring crude oil prices, though geopolitical factors are expected to cap the downside. • Anti-involution will be a long-term game changer for the petrochemical sector, but in the near term, spreads are likely to remain under pressure due to oversupply. • Maintain MARKET WEIGHT. Our preferred picks are O...
Top Stories Sector Update | Oil and Gas The global oil demand outlook for 2025-26 has been revised upward, with limited GDP impact from tariffs. The rising supply is pressuring crude prices, though geopolitical risks may limit declines. GRM softened seasonally in 3Q25 but should rebound in 4Q25. Petrochemical spreads remain pressured by oversupply despite long-term structural shifts from China’s anti-involution policy. Maintain MARKET WEIGHT, with OR, SCGP and IVL as top picks.
Moody's Ratings (Moody's) has assigned A3 ratings to the City of Milwaukee, WI's General Obligation Promissory Notes, Series 2025 N2 and Taxable General Obligation Promissory Notes, Series 2025 T3 with proposed par values of roughly $83 million and $7 million, respectively. We have also affirmed the...
Moody's Ratings (Moody's) has assigned A3 ratings to the City of Milwaukee, WI's General Obligation Promissory Notes, Series 2025 N2 and Taxable General Obligation Promissory Notes, Series 2025 T3 with proposed par values of roughly $83 million and $7 million, respectively. We have also affirmed the...
Top Stories Company Update | Food Empire Holdings (FEH SP/BUY/S$2.59 /Target: S$3.00) Our recent site visit to FEH’s Vietnam operations underscored strong execution, with staff strength quadrupling and strong improvement seen in efficiencies. MacCoffee’s market share rose 2ppt to 15% in 2024, driving >30% yoy revenue growth for the past three years. With new RTD launches and marketing initiatives ahead, we expect FEH to sustain above-industry growth. Maintain BUY with a 10% higher target pri...
Trailblazer Merger Corporation I POSTPONES ANNUAL MEETING UNTIL SEPTEMBER 26, 2025 EXTENDS REDEMPTION DATE IN CONNECTION WITH ANNUAL MEETING TO SEPTEMBER 24, 2025 NEW YORK, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Trailblazer Merger Corporation I (NASDAQ: TBMC) (the “Company”) today announced that the annual meeting of the stockholders of the Company (the “Annual Meeting”), which was previously scheduled for 10:00 a.m., Eastern Time, on September 23, 2025, has been postponed to 10:00 a.m. Eastern Time, on September 26, 2025. There is no change to the record date for the Annual Meeting, the l...
Economics | External Debt Indonesia's external debt fell to US$432.5b in Jul 25, with growth slowing to 4.1% yoy. The decline was driven by reduced government and central bank borrowings, while private sector debts contracted due to high global interest rates and domestic liquidity. This improved the nation's interest payment costs. Debt is projected to grow at a faster pace, supported by easing global interest rates and stronger domestic economic activity. Company Update | Mayora Indah (MYOR I...
Diversified Energy Announces Pricing of Secondary Offering of Ordinary Shares Diversified Energy Announces Pricing of Secondary Offering of Ordinary Shares BIRMINGHAM, Ala., Sept. 16, 2025 (GLOBE NEWSWIRE) -- Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) (“Diversified” or the "Company"), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces the pricing of the previously announced underwritten public offering (the “Secondary Offering”) by certain funds or entities managed by an affiliate of EIG (“...
Greater China Sector Update | Consumer On 16 Sep 25, the Ministry of Commerce and eight other government departments jointly issued a plan to expand service consumption. This plan introduces 19 measures focusing on five areas. We highlight IP-related consumption and tourism as the two primary themes positioned to benefit the most. In addition, the government plans to optimise student vacation schedules by exploring the possibility of shortening winter and summer vacations while introducing spri...
Our recent site visit to FEH’s Vietnam operations underscored strong execution, with staff strength quadrupling and strong improvement seen in efficiencies. MacCoffee’s market share rose 2ppt to 15% in 2024, driving >30% yoy revenue growth for the past three years. With new RTD launches and marketing initiatives ahead, we expect FEH to sustain above-industry growth. Maintain BUY with a 10% higher target price of S$3.00.
Moody's Ratings (Moody's) announced today that the amendments to the AESOP Series 2025-1 and Series 2025-2 indenture supplements 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 our current ratings assigned t...
Western Forest Products Enters Into New US$30 Million Bilateral Letter of Credit Facility VANCOUVER, British Columbia, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Western Forest Products Inc. (TSX: WEF) (“Western” or the “Company”) announced today an amendment of its $250 million syndicated credit facility to allow for a new US$30 million bilateral letter of credit facility (the “Bilateral Credit Facility”) with Royal Bank of Canada. The Bilateral Credit Facility is guaranteed by Export Development Corporation of Canada under its Account Performance Security Guarantee program and is incremental to...
Nxera Pharma and Cancer Research UK Announce First Patient Dosed in Phase 2a Trial of Investigational Cancer Immunotherapy HTL0039732 HTL0039732 (also known as NXE0039732) is Nxera’s novel oral EP4 antagonist being investigated to treat a wide range of solid cancers in combination with other immunotherapiesCancer Research UK’s Centre for Drug Development is sponsoring and managing the ongoing Phase 1/2a trial of HTL0039732 Tokyo, Japan and Cambridge and London, UK, 17 September 2025 – Nxera Pharma Co., Ltd. (“Nxera” or “the Company”; TSE 4565) and Cancer Research UK announce that the first...
Four Directors at Eurobank Ergasias Services And Holdings sold after exercising options/sold 310,918 shares at between 3.241EUR and 3.290EUR. The significance rating of the trade was 81/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discret...
Three Directors at Inter & Co Inc sold 78,019 shares at between 41.843BRL and 44.772BRL. The significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the...
Two Directors at Joby Aviation Inc sold after exercising options/sold 507,967 shares at between 14.220USD and 14.550USD. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all ...
Moody's Ratings (Moody's) has assigned Aaa ratings to the proposed South Dakota Housing Development Authority's (SDHDA) approximately $80 million Homeownership Mortgage Bonds 2025 Series E (Non-AMT) and $30 million 2025 Series F (Taxable) (together, 2025 Bonds). We also maintain the Aaa ratings on a...
A director at Driven Brands Holdings Inc sold 185,000 shares at 18.139USD and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...
A director at Warner Bros Discovery Inc sold/sold after exercising options 530,793 shares at 19.500USD and the significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's ...
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