KEY HIG HLIGH TS Sector Update Plantation – Malaysia Page 2 Record-high open interest for total palm oil future contracts, signalling a bullish market. However, we expect potential peak and subsequent retracement on CPO prices. Technology – Malaysia Page 4 EMS: Better odds for breaks in the storm with the sector bottoming out from a cyclical downturn. Maintain OVERWEIGHT. TRADERS’ CORNER Page 7 Berjaya Food (BFD MK): Technical BUY Coraza Intergrated Technology (CORAZA MK): Technical BUY
We don’t think the Fed will fundamentally change its outlook for inflation based on two hotter than desired prints to start the year. However, we do expect a slightly more hawkish tone in the hopes of keeping a leash on financial conditions. The conditions for a soft landing are still in place, but policy relief will be needed by June to prevent passive tightening as inflation falls; to get the hawks on board, a Jeffersonian compromise may be needed. The balance sheet taper will be a focus, b...
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.
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 ...
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
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.
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
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 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 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...
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...
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.
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...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.