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 Inflation CPI grew 0.3% yoy in Apr 24, above market expectations of 0.2% yoy and marking the third consecutive month of increase. PPI inflation came in at -2.5% yoy, up 0.3ppt, extending a one-and-a-half-year stretch of declines. However, global commodity price inflation will soon return to positive territory and is likely to support a further narrowing of China’s PPI decline. A key question is whether manufacturers will be able to pass through the cost increase. M...
Moody's Ratings (Moody's) has assigned Aa2 to Harris County Toll Road Authority, TX's (HCTRA) anticipated $950 million Toll Road First Lien Revenue and Refunding Bonds, Series 2024A. Concurrently, Moody's affirmed the Aa1 on HCTRA's $1.15 billion outstanding senior lien revenue bonds and Aa2 on $713...
ICBP reported 1Q24 NPAT of Rp3,224b, up 13.2% yoy. The reported 1Q24 is ahead of expectations. ICBP has not raised prices thus far in 2024, but lower raw material costs will help to expand the margin earned. In 1Q24, domestic volume rose 3% while overseas volume rose 6%. 1Q24 EBIT margin was 24.7%, higher than the 19-21% guidance. A risk that ICBP faces is the depreciation of the rupiah that could impact its foreign debt going forward. Maintain BUY with a target price of Rp13,300.
NPAT grew 8% yoy, in line with our and consensus expectations. Cellular phones and tablets (82% of ERAA’s total revenue) booked revenue growth of 13% yoy and gross profit growth of 10% yoy. ERAA had 2,095 stores (+13% yoy, +2% qoq) in 1Q24. Net profit growth could improve gradually after the more aggressive store network expansion in the last few years. Maintain BUY with a target price of Rp520.
Erajaya Swasembada (ERAA IJ/BUY/Rp410/Target: Rp520): 1Q24: Net profit up 8% yoy; cellular phone and tablet gross profit up 10% yoy. Maintain BUY. Indofood CBP (ICBP IJ/BUY/Rp10,775/Target: Rp13,300): 1Q24: Net profit up 13.2% yoy, exceeding expectations. TRADERS’ CORNER XL Axiata (EXCL IJ): Technical BUY Merdeka Copper Gold (MDKA IJ): Technical BUY
Q1 saw sustained double-digit organic revenue growth, margin expansion across all P&L lines and healthy cash generation. Storytel exhibited flywheel dynamics, with solid net adds, a growing share of internal content consumption, higher engagement and retention, and improved customer acquisition efficiency. It continues to re-establish its industry-innovator perception with its popular AI VoiceSwitcher. While investors would prefer a clear main shareholder to trigger a re-rating, from an operatio...
Transactions in Zealand Pharma shares and/or related securities by persons discharging managerial responsibilities and/or their closely associated persons Company announcement – No. 25 / 2024 Transactions in Zealand Pharma shares and/or related securities by persons discharging managerial responsibilities and/or their closely associated persons Copenhagen, Denmark, May 12, 2024 – Zealand Pharma A/S (“Zealand”) (NASDAQ: ZEAL) (CVR-no. 20 04 50 78), a biotechnology company focused on the discovery and development of innovative peptide-based medicines, has received information on transaction...
Stryve Foods, Inc. Announces Timing of Fiscal 2024 First Quarter Results PLANO, Texas, May 12, 2024 (GLOBE NEWSWIRE) -- Stryve Foods, Inc. (“Stryve” or “the Company”) (NASDAQ: SNAX), an emerging healthy snack and eating platform disrupting traditional consumer packaged goods (CPG) categories, and a leader in the air-dried meat snack industry in the United States, today announces that it will release its fiscal 2024 first quarter results on Tuesday, May 14, 2024, after the market closes. In conjunction with the release, the Company has scheduled a conference call that will be hosted at 4:3...
We continue to believe the market is overlooking the sizeable Flexible Packaging step-up opportunity, with significant shareholder value potential from: 1) market share gains; 2) product simplification; and 3) footprint optimisation. With no estimate changes, we reiterate our BUY and EUR47 target price, and continue to find the NTM EV/EBIT of c12.5x (5-year average: c15.0x) attractive and a good entry point.
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