reports
Moody's Ratings withdraws VECTOR Limited's rating for business reasons
Moody's Ratings (Moody's) has today withdrawn VECTOR Limited's ("Vector") (P)Baa1 foreign currency backed senior unsecured medium-term note (MTN) program rating. Prior to the withdrawal, the outlook on Vector was positive. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE...
- Leonard Law
Lucror Analytics - Morning Views Asia
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar. To request full and unrestricted access to Lucror’s research and analytics platform, please visit
- Limartha Adhiputra
Jasa Marga (JSMR IJ) - 1Q24: NPAT Rises 17.8% yoy On Robust Toll Reven...
JSMR recorded a 17.8% yoy growth in 1Q24 NPAT mainly due to an increase in toll tariffs and an improvement in traffic. 1Q24 NPAT was within expectations as the Lebaran bonus was paid in 1Q24 vs 2Q23 last year. We maintain our 2024-25 revenue growth assumptions at 16.0% yoy and 14.8% yoy respectively, supported by average traffic growth of 6.1% yoy and average tariff adjustments of 6-7% at 19 toll road sections in 2023 and 12 sections in 2024. Maintain BUY with a target price of Rp7,300.
- Paula Ruth
Indosat (ISAT IJ) - 1Q24: EBITDA Up 22% yoy With Stable EBITDA Margin ...
ISAT reported 1Q24 EBITDA of Rp6.5t, up 22% yoy (+0.6% qoq), in line with our and consensus expectations, thanks to mobile data (+14% yoy) and multimedia, data communication, and internet revenue (+36% yoy). The cellular subscriber base slightly expanded 2.3% yoy (mostly from outer Java). ISAT’s ARPU jumped 14% yoy, but slightly declined 3% qoq due to seasonality. We conservatively expect modest EBITDA growth (+6% yoy) in 2024. Downgrade to HOLD. Target price: Rp11,400.
- Stevanus Juanda
GoTo GoJek Tokopedia (GOTO IJ) - 1Q24: Loss Improves By 77.7% − Ahead ...
GOTO recorded a net loss of Rp862b in 1Q24, up 77.7% from a Rp3,862b loss in 1Q23. The reported 1Q24 NPAT is ahead of both our and consensus expectations. GOTO’s ondemand service recorded the second consecutive quarter of positive adjusted EBITDA and aims for the fintech division to record positive adjusted EBITDA by end-25. GOTO’s e-commerce business recorded positive adjusted EBITDA after the completion of the TikTok transaction. Maintain HOLD. Target price: Rp70.
- Stevanus Juanda
Bukalapak.com (BUKA IJ) - 1Q24: Records Positive EBITDA For The First ...
In 1Q24, BUKA recorded a positive adjusted EBITDA for the first time in its history. 1Q24 marked the third consecutive quarter of positive core NPAT, and BUKA recorded a positive core NPAT of Rp185b, thanks to interest from a large cash balance. O2O take rate came in at 3.17% in 1Q24, surpassing 3% for the first time. BUKA guides for positive adjusted EBITDA of Rp200b for 2024. We think profitability is close as BUKA recorded only a Rp41b loss in 1Q24. Maintain BUY with a target price of Rp270.
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
China Consumer: Tourism and catering strong performances during the La...
During the Labour Day holiday, tourism and catering continued to record strong performances, while DF per capita spending showed a downward trend. We reiterate our key theses for the consumer sector, highlighting companies with: a) overseas expansion or turnaround prospects, b) upside potential of improving operating efficiency, or c) near-term catalysts. We keep Anta, CR Beer, CTGDF, Haidilao, Haier, Midea and Shenzhou as our most preferred stocks, but remove Galaxy from the stock picks. Mainta...
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Limartha Adhiputra
- Maskun Ramli
- Paula Ruth
- Stevanus Juanda
Indonesia Daily - Monday, May 6, 2024
Bukalapak.com (BUKA IJ/BUY/Rp123/Target: Rp270): 1Q24: Records positive EBITDA for the first time in its history. GoTo GoJek Tokopedia (GOTO IJ/HOLD/Rp66/Target: Rp70): 1Q24: Loss improves by 77.7% − ahead of expectations. Indosat (ISAT IJ/HOLD/Rp10,625/Target: Rp11,400): 1Q24: EBITDA up 22% yoy with stable EBITDA margin vs 4Q23. Downgrade to HOLD. Jasa Marga (JSMR IJ/BUY/Rp5,025/Target: Rp7,300): 1Q24: NPAT rises 17.8% yoy on robust toll revenue growth. Results within expectations. TRADERS’...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Monday, May 06, 2024
KEY HIGHLIGHTS Sector REITs S-REITs monthly update (Apr 24). Results Far East Hospitality Trust (FEHT SP/BUY/S$0.615/Target: S$0.82) 1Q24: Growth from strong room rates and optimising occupancy. Venture Corporation (VMS SP/BUY/S$14.46/Target: S$16.37) 1Q24: A soft start but expect sequential improvement. TRADERS’ CORNER Top Glove Corp (TOPG SP): Trading BUY ...
Chinese variety show "Ride the Wind 2024" receives its first French si...
Chinese variety show "Ride the Wind 2024" receives its first French singer Joyce Jonathan Recently, the popular variety show "Ride the Wind 2024" produced by China's Mango TV receives its first French singer Joyce Jonathan. French singer Joyce Jonathan debuts in the variety show Ride the Wind 2024. [Photo: Courtesy of Mango TV] CHANGSHA, China, May 06, 2024 (GLOBE NEWSWIRE) -- This show is a music competition as well as international cultural exchange platform, featuring accomplished females from worldwide. In this show, 36 international female stars from France, the United States, R...
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Limartha Adhiputra
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
Regional Morning Notes - Monday, May 06, 2024
GREATER CHINA Sector Consumer: Tourism and catering strong performances during the Labour Day holiday. INDONESIA Results Bukalapak.com (BUKA IJ/BUY/Rp123/Target: Rp270): 1Q24: Records positive EBITDA for the first time in its history. GoTo GoJek Tokopedia (GOTO IJ/HOLD/Rp66/Target: Rp70): 1Q24: Loss improves by 77.7% − ahead of expectations. Indosat (ISAT IJ/HOLD/Rp10,625/Target: Rp11,400): 1Q24: EBITDA up 22% yoy with stable EBITDA margin vs 4Q23. Downgrade to HOLD. Jasa Marga (JSMR IJ/BUY/Rp5...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Venture Corporation (VMS SP) - 1Q24: A Soft Start But Expect Sequentia...
VMS’ 1Q24 earnings of S$60m (-18% yoy/-10% qoq) are broadly in line with our expectation, meeting 21% of our full-year estimate. The soft performance was due to lower customer demand amid some remaining headwinds which are beginning to taper off. VMS is targeting for revenue to improve qoq in 2Q24 and hoh in 2H24. It is growing with its customers as well as onboarding new customers in the EMS++ and precision engineering businesses. Maintain BUY and target price of S$16.37.
- Jonathan Koh
Far East Hospitality Trust (FEHT SP) - 1Q24: Growth From Strong Room R...
FEHT will benefit from the recovery of MICE events and strong room rates in Singapore due to its focus on the domestic market. The incentive fee of S$18m from divestment of Central Square could be utilised to cushion the negative impact of higher interest rates. FEHT provides a 2024 distribution yield of 6.7%. Its low P/NAV of 0.67x is unwarranted given its good corporate governance, strong sponsor and low aggregate leverage of 31.5%. Maintain BUY. Target price: S$0.82.
- Jonathan Koh
REITs – Singapore: S-REITs Monthly Update (Apr 24)
S-REITs weathered selling pressure as investors now expect interest rates to stay higher for longer. Many blue chip S-REITs are trading at attractive distribution yields of 6-7% after the correction. Maintain OVERWEIGHT. Our top picks are hospitality and retail plays, which benefit from the continued recovery in visitor arrivals and resilient consumer spending. BUY CDREIT (Target: S$1.45), FCT (Target: S$2.71), FEHT (Target: S$0.82), FLT (Target: S$1.52), KREIT (Target: S$1.20) and MPACT (Target...
- Ewa Manthey
- Warren Patterson
- Nicky Mapa
- Rob Carnell
- Niklas Wetterling
Castellum (Hold, TP: SEK135.00) - Unconvincing Q1 results
We have downgraded to HOLD (BUY) and trimmed our target price to SEK135 (136) following rather soft Q1 results that showed a risk in vacancy adding concern about the rental market outlook. We consider the stock fully valued, given only an 10% NAV discount (adjusted for Entra at market value) and its soft FFOPS growth outlook.
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