reports
- Damon Shen
- Jieqi Liu
China Overseas Property Holdings (2669 HK): Clarifying growth targets ...
Amid worries over its ambiguous growth target, COPH has updated its target to a 15- 20% CAGR in the company’s major business indicators. Management has also confirmed that they will review the dividend policy with the aim of steadily raising the payout ratio, which was 31% in 2023. This is a positive move which will improve investors’ sentiment, but the market will be eyeing the execution. Maintain our earnings forecasts. Maintain BUY with an unchanged target price of HK$5.60.
- Damon Shen
- Jieqi Liu
China Property: Property transactions pull back in April; rising risks...
New-home sales in 30 cities contracted further in the second week of April. Secondhand home sales in Beijing/Shanghai/Guangzhou/Shenzhen also modestly pulled back mom in Apr 24. The rising risks of Vanke may worsen the sentiment towards quasi-SOEs and POEs. Maintain MARKET WEIGHT on China’s property sector and prefer SOEs for their defensiveness. We await the 1Q politburo meeting for possible policy changes.
- Roy Chen Chengzhi
China Aviation: Airlines’ Mar 24 operation data was slightly weaker th...
Mar 24 overall pax loads of the three airlines stood at 101-106% of pre-pandemic levels, slightly missing our projected 102-108% and representing some retracement from Feb 24’s 107-111% levels. Overall pax load factors of the three airlines were 0.8- 2.6ppt below pre-pandemic levels in Mar 24, indicating an overcapacity situation for the sector. We expect the three airlines to record positive profits in 2024. Maintain MARKET WEIGHT on airlines for their 1Q24 earnings turnaround prospect.
- Malaysia Research Team
Malaysia Daily - Tuesday, April 16, 2024
KEY HIG HLIGH TS Sector Update Plantation – Malaysia Page 2 Mar 24: Palm oil exports came in stronger, leading to inventory levels being lower than market expectations. Small-Mid Cap Highlights NationGate Holdings (NATGATE MK/BUY/RM1.60/Target: RM1.93) Page 4 On track for a growth spurt in 2024; new prospects could surprise positively. TRADERS’ CORNER Page 7 Petronas Chemicals Group (PCHEM MK): Technical BUY Oppstar (OPPSTAR MK): Technical BUY
Moody's Ratings upgrades ratings on two classes of notes issued by Ven...
Moody's Ratings has upgraded the ratings on the following notes issued by Venture XXIV CLO, Limited: U.S.$15,000,000 Class D-1RR Mezzanine Secured Deferrable Floating Rate Notes due 2028 (the "Class D-1RR Notes"), Upgraded to Aa1 (sf); previously on October 10, 2023 Upgraded to Aa3 (sf) U.S.$12,0...
Moody's Ratings assigns provisional ratings to Plenti Auto ABS Trust 2...
Moody's Ratings has assigned the following provisional ratings to the notes to be issued by Perpetual Corporate Trust Limited in its capacity as the trustee of the Plenti Auto ABS Trust 2024-1. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH US...
- Stevanus Juanda
Consumer – Cocoa Price Spikes Accompanied By Increases In Sugar And Co...
The movement of commodity prices indicates a spike in cocoa prices and an about 20% increase in sugar and coffee prices. This could negatively impact MYOR as the commodities together make up 36% of MYOR’s input costs. In 2024, we prefer retailers to consumer companies as retailers could offer higher NPAT growth (17.8% vs 4.5%). We suggest investors focus on names that can deliver high earnings growth. Maintain OVERWEIGHT. Our picks: ACES, CMRY and MAPI. We downgrade MYOR to HOLD. • Spike in coco...
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Roy Chen Chengzhi
Greater China Daily: Tuesday, April 16, 2024
KEY HIGHLIGHTS Sector Aviation Airlines’ Mar 24 operation data was slightly weaker than we expected. Maintain MARKET WEIGHT with Air China being our top pick. Property Property transactions pull back in April; rising risks of Vanke worsen sentiment. Update China Overseas Property Holdings (2669 HK/BUY/HK$4.05/Target: HK$5.60) Clarifying growth targets for 2024-26. TRADERS’ CORNER China Railway Construction Corporation (1186 HK): Trading Buy range: HK$5.05-5.12 China Unicom (Hong Kong...
Moody's Ratings affirms Coopeuch's ratings, outlook remains stable
Moody's Ratings has today affirmed all of Coopeuch's ratings, including its long- and short-term deposit ratings at A3 and Prime-2 and its long- and short-term counterparty risk ratings and assessments at A3 and Prime-2, and A3(cr) and Prime-2(cr), respectively. Coopeuch's baseline credit assessment...
- 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
Moody's Ratings assigns Aa1 to Metropolitan Water District of Southern...
Moody's Ratings has assigned a Aa1 rating to the Metropolitan Water District of Southern California's Water Revenue Refunding Bonds, 2024 Series A. The bonds will be issued in the par amount of approximately $355 million. Moody's Ratings maintains Aa1 ratings on the Metropolitan Water District of So...
- Stevanus Juanda
Ace Hardware Indonesia (ACES IJ) - Potential 23.7% And 20.1% NPAT Grow...
ACES could record a potential 23.7%/20.1% growth in 2024/25 on the back of: a) 10-15 net stores opening in 2024/25, b) SSSG growth of 7%, c) operating leverage caused by higher sales growth, and d) net margin expansion from 10.03% in 2023 to 11.0%/11.7% in 2024/25. ACES will manage the unexpected increase in operating expenses and taxes related to its free float in 2024. Maintain BUY with a target price of Rp1,200.
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