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Tanaporn Visaruthaphong
  • Tanaporn Visaruthaphong

Aeon Thana Sinsap (Thailand) (AEONTS TB) - 4QFY23 Results Preview: Exp...

We expect AEONTS to post a 4QFY23 net profit of Bt771m (+11% yoy, +9% qoq) and a slight drop in NPL ratio. Moreover, we reckon that there should be a qoq improvement in asset quality. Management reiterates that AEONTS will maintain a loan portfolio as it has prioritised asset quality. In addition, the market expects the BOT to perform a rate cut in 2Q24. The potential rate cut will be a positive catalyst for AEONTS. Maintain BUY. Target price: Bt190.00.

Tanaporn Visaruthaphong
  • Tanaporn Visaruthaphong

Thailand Daily - Tuesday, March 19, 2024

KEY HIGHLIGHTS Update Aeon Thana Sinsap (Thailand) (AEONTS TB/BUY/Bt146.00/Target: Bt190.00) 4QFY23 results preview: Expect to see a qoq improvement in asset quality.

Ceilica Su Rui ... (+12)
  • Ceilica Su Rui
  • Desmond Chong Chee Wai
  • Jacquelyn Yow Hui Li
  • Jo Yee Ng
  • Johnny Yum Chung Man
  • Leow Huey Chuen
  • Roy Chen Chengzhi
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Stevanus Juanda
  • Tanaporn Visaruthaphong
  • Tham Mun Hon

Regional Morning Notes - Tuesday, March 19, 2024

GREATER CHINA Economics Economic Activity: 2M24 data a mixed bag; property FAI remains a drag. Results China Resources Beer (291 HK/BUY/HK$37.95/Target: HK$65.50): 2023: Results in line; ambitious premiumisation targets. Kingboard Laminates (1888 HK/HOLD/HK$6.21/Target: HK$6.10): 2023: Earnings slightly above profit warning; stimulus may give upside to 2024. Xtep (1368 HK/BUY/HK$4.54/Target: HK$7.00): 2023: Results miss; conservative outlook for 2024. INDONESIA ASEAN Gems Conference Highlights ...

Roy Chen Chengzhi
  • Roy Chen Chengzhi

Singapore Daily - Tuesday, March 19, 2024

KEY HIGHLIGHTS Update Singapore Airlines (SIA SP/HOLD/S$6.36/Target: S$6.31): Feb 24 operation data: Both pax and cargo data better than expected. TRADERS’ CORNER Riverstone Holdings (RSTON SP): Trading BUY Yangzijiang Financial Holding (YZJFH SP): Trading SELL

Roy Chen Chengzhi
  • Roy Chen Chengzhi

Singapore Airlines (SIA SP) - Feb 24 Operation Data: Both Pax And Carg...

SIA’s Feb 24 operation data beat our expectation, with pax load and cargo load exceeding our projections by 4.3% and 6.8% respectively. The strong pax load benefitted from the boost in Chinese visitor arrivals after Singapore’s implementation of the visa-free arrangement for Chinese visitors effective from 9 Feb 24. We raise our FY24 net profit forecast by 1.8% and estimate SIA’s 4QFY24 core net profit at S$553m. Maintain HOLD with a higher target price of S$6.31.

AAR CORP.: Covenant Quality Post-Sale Snapshot: $550m 6.750% Senior No...

AAR Corp.'s covenant package provides weakest-level protection, reflecting a CQ score of 4.78.

Leonard Law
  • 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

Ceilica Su Rui ... (+7)
  • Ceilica Su Rui
  • Greater China Research Team
  • Jo Yee Ng
  • Johnny Yum Chung Man
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Tham Mun Hon

Greater China Daily: Tuesday, March 19, 2024

KEY HIGHLIGHTS Economics Economic Activity 2M24 data a mixed bag; property FAI remains a drag. Results China Resources Beer (291 HK/BUY/HK$37.95/Target: HK$65.50) 2023: Results in line; ambitious premiumisation targets. Kingboard Laminates (1888 HK/HOLD/HK$6.21/Target: HK$6.10) 2023: Earnings slightly above profit warning; stimulus may give upside to 2024. Xtep (1368 HK/BUY/HK$4.54/Target: HK$7.00) 2023: Results miss; conservative outlook for 2024. TRADERS’ CORNER Alibaba Health Information...

Moody's changes BRF's outlook to positive; Ba3 ratings affirmed

Moody's Ratings ("Moody's") has affirmed BRF S.A. (BRF)'s Ba3 corporate family rating (CFR) and the Ba3 ratings on its senior unsecured notes. The outlook changed to positive from stable. RATINGS RATIONALE The change in outlook to positive from stable reflects the improvement in credit metrics obser...

Moody's changes Marfrig's outlook to stable from negative; Ba2 corpora...

Moody's Ratings ("Moody's") affirmed Marfrig Global Foods S.A.'s ("Marfrig") Ba2 corporate family rating (CFR)  and changed the outlook to stable from negative. RATINGS RATIONALE The change in outlook to stable indicates that Moody's does not expect to see further deterioration in Marfrig's credit m...

 PRESS RELEASE

Brookfield Corporation Completes Annual Filings

Brookfield Corporation Completes Annual Filings BROOKFIELD, NEWS, March 18, 2024 (GLOBE NEWSWIRE) -- Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today announced that it has filed its 2023 annual materials on Form 40-F, including its audited financial statements and management’s discussion and analysis for the year ended December 31, 2023, with the SEC on EDGAR as well as with the Canadian securities authorities on SEDAR. These documents are also available at and a hardcopy will be provided to shareholders free of charge upon request. About Brookfield Corporation Brookfiel...

Stevanus Juanda
  • Stevanus Juanda

Gojek Tokopedia (GOTO IJ) - Kitchen Sink Of Rp76.6t In Goodwill Might ...

GOTO disclosed that there could be a goodwill impairment charge in 4Q23. We view that if the entire balance of Rp76.6t is charged off, it will clear the negative surprise in 2024. GOTO will record a positive adjusted EBITDA in 4Q23 with the on-demand service segment continuously being EBITDA positive. Future upside will come from selling financial service and providing loans to TikTok customers. With the large impairment surprise behind us, we upgrade GOTO to HOLD with a target price of Rp73.

IPALCO Enterprises, Inc.: Update to credit analysis

Our credit view of this issuer reflects its status as a parent company of IPL, offset by its significant financial leverage at the holding company.

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Stevanus Juanda

Indonesia Daily - Tuesday, March 19, 2024

Gojek Tokopedia (GOTO IJ/HOLD/Rp73/Target: Rp73): Kitchen sink of Rp76.6t in goodwill might clear future negative surprise. Upgrade to HOLD. TRADERS’ CORNER Unilever Indonesia (UNVR IJ): Technical BUY Astra Agro Lestari (AALI IJ): Technical BUY

Retail, Restaurants and Apparel – US: Speculative-grade refinancing ne...

Refinancing needs for speculative-grade debt in the retail, restaurants and apparel sector are generally low in 2024 and 2025, though some issuers face significant risks.

Soomit Datta
  • Soomit Datta

DLO US (Buy, TP: $24, +33%) dLocal Q4s Quick Take: Argentina drives Q4...

dLocal reported Q4 numbers which while ahead at the TPV and gross revenue level, missed quite materially at gross profit.

Moody's downgrades Bryant University's (RI) issuer and debt rating to ...

Moody's Ratings ("Moody's") has downgraded Bryant University's (RI) issuer and outstanding debt ratings to A3 from A2 and assigned an A3 rating to the planned $132.7 million, Higher Education Facility Revenue Bonds, Bryant University Issue, Series 2024 issued by the Rhode Island Health and Education...

Southwestern Public Service Company: Update following outlook change t...

Our credit view of SPS reflects well positioned metrics and Xcel’s ownership, against some regulatory uncertainty and the financial and legal risks related to the Smokehouse Creek fire.

Moody's withdraws Citigroup Pty Limited's ratings for business reasons

Moody's Ratings (Moody's) has withdrawn the A3/Prime-2 long-term and short-term issuer ratings of Citigroup Pty Limited. The outlook prior to the withdrawal was stable. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE WOULD BE RECKLESS AND I...

 PRESS RELEASE

Chevron and JX Sign MOU for Collaboration on Development of CCS Value ...

HOUSTON--(BUSINESS WIRE)-- JX Nippon Oil & Gas Exploration Corporation (“JX”; President & CEO: Toshiya Nakahara) and Chevron New Energies (“Chevron”), a division of Chevron U.S.A. Inc., have signed a Memorandum Of Understanding (“MOU”) that provides a framework to evaluate the export of Carbon Dioxide (CO₂) from Japan to Carbon Capture and Storage (CCS) projects located in Australia and other countries in the Asia Pacific region. This press release features multimedia. View the full release here: Pictured left to right, Jeff Gustavson, President, Chevron New Energies; Chris Powers, Vice Presi...

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