reports
- Adrian Loh Tzum Yung
Offshore Marine - Bullish View Remains Despite Recent Volatility In Th...
Termination of jack-up contracts in the Middle East has injected some uncertainty into the market, however dayrates and utilisation rates appear to be holding up well. Despite geopolitical tensions in that region, oil prices have not spiked to elevated levels while global oil demand has been robust. Recent US oil services companies’ 1Q24 results have been bullish, reinforcing our confidence in the sector. Sector rating: OVERWEIGHT.
- Tanaporn Visaruthaphong
The One Enterprise Public Company (ONEE TB) - 1Q24 Results Preview: We...
We expect ONEE to report weak net earnings of Bt38m in 1Q24 (-27% yoy, -80% qoq), mainly impacted by higher selling costs and flat revenue and gross margin. Revenue could come in at Bt1.4b (flat yoy, -17% qoq) in 1Q24, pressured by advertising income, copyright, and production businesses. Despite the weak 1Q24 earnings, we believe ONEE’s outlook should improve afterwards. Maintain BUY. Target price: Bt6.20.
- Kampon Akaravarinchai
I-TAIL Corp (ITC TB) - 1Q24: Strong Earnings On A yoy Basis; Expect 2H...
ITC reported 1Q24 core profit of Bt878m, up 112% yoy and 8% qoq. Although we expect the company’s 2Q24 earnings to continue to increase yoy and qoq, we expect its 2H24 earnings to face more headwinds following the lower ASPs, additional depreciation expenses from the new plant, and the minimum wage hike. Maintain HOLD. Target price: Bt20.00.
- Kasemsun Koonnara
Thailand Construction – Expect Contractors Under Our Coverage To Post...
CK and STEC are expected to report net losses in 1Q24, at -Bt65m and -Bt27m respectively, mainly due to a higher share of loss from associates. We foresee the sector being pressured by the expectation of poor results in 1Q24. However, the earnings of CK and STEC are expected to improve in 2Q24. In addition, the sector is expected to benefit from public project bidding in 2Q-4Q24. Maintain OVERWEIGHT.
- Damon Shen
- Jieqi Liu
China Property: Expect sales improvement in May on low base; watch PBO...
The politburo vowed to digest the housing stockpile, marking a major policy shift. For May, we would focus on: a) follow-up actions by the PBOC (solving the problem of funding) and NDRC (He Lifeng is among the key persons working on the destocking issue); and b) sales performance of developers, which is expected to improve on the lower base of Apr 24 and May 23. Maintain MARKET WEIGHT. Sentiment is elevated but with high volatility. Add Longfor to our top picks for a potential sales improvement.
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, May 07, 2024
KEY HIGHLIGHTS Sector Construction Expect contractors under our coverage to post negative results in 1Q24. Results I-TAIL Corp (ITC TB/HOLD/Bt21.00/Target: Bt20.00) 1Q24: Strong earnings on a yoy basis; expect 2H24 earnings to decline hoh. Update The One Enterprise Public Company (ONEE TB/BUY/Bt4.28/Target: Bt6.20) 1Q24 results preview: Weak results expected.
Moody's Ratings downgrades Clearwater Paper's senior unsecured notes r...
Moody's Ratings (Moody's) downgraded Clearwater Paper Corporation's ("Clearwater") senior unsecured notes rating to B1 from Ba3. At the same time, Moody's confirmed the company's Ba2 corporate family rating (CFR) and Ba2-PD probability of default rating (PDR), with a stable outlook. Clearwater's spe...
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
Greater China Daily: Tuesday, May 7, 2024
KEY HIGHLIGHTS Sector Property The politburo vowed to digest the housing stockpile, marking a major policy shift. For May, we would focus on: a) follow-up actions by the PBOC (solving the problem of funding) and NDRC (He Lifeng is among the key persons working on the destocking issue); and b) sales performance of developers, which is expected to improve on the lower base of Apr 24 and May 23. Maintain MARKET WEIGHT. Sentiment is elevated but with high volatility. Add Longfor to our top picks f...
- 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
Semen Indonesia (SMGR IJ) - 1Q24: Weak Sales Volume From Bag Segment R...
SMGR reported a net profit of Rp472b in 1Q24, down 16.0% yoy due to a contraction in the bag cement sales volume and lower ASP caused by the application of promotional discounts. However, 1Q24 results are still within expectations. We maintain our 2024 and 2025 NPAT estimates at Rp2.6t (+18.5% yoy) and Rp3.1t (+20.2% yoy) respectively. Maintain BUY with a target price of Rp7,000. We think the share price is significantly undervalued at below -2SD to its average five-year EV/EBITDA.
- Paula Ruth
Sarana Menara Nusantara (TOWR IJ) - 1Q24: Moderate Net Profit Growth O...
TOWR booked 1Q24 EBITDA of Rp2.5t, up 4% yoy and down 1% qoq, in line with our and consensus estimates. TOWR also booked net profit growth of +6% yoy in 1Q24. 1Q24 FTTT revenue jumped 16% yoy on FTTT network expansion. Our 2024 fibre and connectivity revenue growth forecast is 24% yoy (faster than tower’s revenue) with a higher revenue contribution (32% in 2024 vs 27% in 2023). Maintain BUY with a target price of Rp1,200.
- Limartha Adhiputra
Indocement Tunggal Prakarsa (INTP IJ) - 1Q24: NPAT Down 35.9% yoy And ...
INTP’s 1Q24 net profit fell 35.9% yoy and 65.1% qoq to Rp238b, mainly due to the low sales volume season and a decline in blended ASP. The results missed our and market expectations; however it may improve in 2Q24 as economic activities return to normal. We project 2024 net profit of Rp2.0t (+3.5% yoy) and 2025 NPAT of Rp2.2t (+7.2% yoy). Maintain BUY with a lower target price of Rp8,800 (previously Rp12,000). We still like INTP as it is trading at an attractive valuation of -1.5SD EV/EBITDA.
- Stevanus Juanda
Ace Hardware Indonesia (ACES IJ) - 1Q24: NPAT Up 29.3% Yoy; In Line Wi...
ACES reported 1Q24 NPAT of Rp205b, up 29.3% yoy but down 26.2% qoq. The reported 1Q24 is in line with both our and consensus forecasts. 1Q24 SSSG came in at 13.2%. 1Q24 net margin of 10.3% is below the pre-pandemic level. Sales rose 17% yoy in 1Q24 and operating leverage resulted in net income rising 29.3% in 1Q24. ACES’ guidance of 7% SSSG and 10% sales growth for 2024 could be conservative. We forecast a 23.7% yoy rise in 2024 NPAT. Maintain BUY on ACES with a target price of Rp1,200.
FTI Consulting Announces Asia Leadership Appointment
FTI Consulting Announces Asia Leadership Appointment Roy Huang Named Head of Asia & Caribbean; Will Also Lead Growth of the Business Transformation Practice in the Region HONG KONG, May 06, 2024 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced the appointment of as the Head of Asia & Caribbean, effective 3 May 2024. Based in Hong Kong, Mr. Huang will have executive responsibility for driving growth across the region through strengthening the firm’s core service capabilities and bringing the firm’s collective expertise to clients. Mr. Huang also will reinforce the B...
- Limartha Adhiputra
- Maskun Ramli
- Paula Ruth
- Stevanus Juanda
Indonesia Daily - Tuesday, May 7, 2024
Ace Hardware Indonesia (ACES IJ/BUY/Rp880/Target: Rp1,200): 1Q24: NPAT up 29.3% yoy; in line with expectations. Indocement Tunggal Prakarsa (INTP IJ/BUY/Rp7,125/Target: Rp8,800): 1Q24: NPAT falls 35.9% yoy and 65.1% qoq on seasonally weak sales volumes; results below expectations. Sarana Menara Nusantara (TOWR IJ/BUY/Rp880/Target: Rp1,200): 1Q24: Moderate net profit growth of 6% yoy. Maintain BUY. Semen Indonesia (SMGR IJ/BUY/Rp4,700/Target: Rp7,000): 1Q24: Weak sales volume from bag segment ...
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