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Moody's assigns A1 to City of Yokohama's domestic bonds due November 2...
1/4NEWSContact:東京 東京粟野 幸子 セメトコ 真理子主任格付アナリスト／アナリスト 格付責任者／ｱｿｼｴｲﾄ･ﾏﾈｰｼﾞﾝｸﾞ･ﾃﾞｨﾚｸﾀｰサブソブリン・グループ コーポレート・ファイナンス・グループムーディーズ・ジャパン株式会社 ムーディーズ・ジャパン株式会社お客様専用電話番号：03-5408-4100報道関係者電話番号：03-5408-4110お客様専用電話番号：03-5408-4100報道関係者電話番号：03-5408-4110[MJKK]横浜市が発行する債券にA1の格付を付与 2024年5月9日、東京、ムーディーズ・ジャパン株式会社は、以下の格付を付与したことを公表...
Moody's Ratings upgrades ratings on notes from two Brighte Green Trust...
Moody's Ratings (Moody's) has upgraded the ratings on nine classes of notes issued from two Brighte Green Trust transactions. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE WOULD BE RECKLESS AND INAPPROPRIATE. SEE FULL DISCLAIMERS BELOW. ...
Moody's Ratings assigns provisional ratings to two classes of notes to...
Moody's Ratings (Moody's) has assigned provisional ratings to two classes of notes to be issued by Hildene TruPS Resecuritization A10BC, LLC (the "Issuer"). Moody's rating action is as follows: U.S.$38,000,000 Class A Notes due 2036, Assigned (P)Baa3 (sf) U.S.$16,000,000 Class B Notes due 203...
- Arsit Pamaranont
Star Petroleum Refining (SPRC TB) - 1Q24: Results In Line With Expecta...
SPRC reported 1Q24 net profit of Bt3.9b, above our estimate by 22%, due to higherthan- expected inventory gain of Bt1.4b. Excluding one-off items (inventory gain, forex gains and insurance claim), SPRC’s core profit was Bt2.2b, in line with our estimate. 1Q24 core profit accounted for 44% of our full-year forecast. We believe the market is still concerned about delays in reopening SPM and potentially weaker earnings in 2Q24. Maintain HOLD. Target price: Bt9.50.
- Kasemsun Koonnara
Quality Houses (QH TB) - 1Q24: Results Below Expectations
QH reported a net profit of Bt490m in 1Q24, down 17% yoy and 19% qoq, missing both our and consensus forecasts. The rental business showed a solid performance due to increased tourism, while the residential business struggled. A new low-rise project, Casa Ville Thepharak-Thanasit, valued at Bt2.5b, is expected to boost presales in 2Q24. Maintain HOLD. Target price: Bt2.37.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Oil & Retail Business (OR TB) - 1Q24: Net Profit Within Expectatio...
OR’s 1Q24 net profit rose qoq and yoy, in line with our expectation and better than consensus expectation of 9%. This growth can be attributed to the improved marketing margins in the mobility business as well as a reduction in operating expenses. The EBITDA margin for all businesses also experienced a qoq increase. However, 2Q24 core profit trend is expected to drop qoq due to the low season in the mobility business. Maintain HOLD. Target price: Bt20.00.
- Benjaphol Suthwanish
Minor International (MINT TB) - Growth Of Hotel Business To Result In ...
We expect MINT to report a net loss of Bt150m in 1Q24, dropping qoq (vs 4Q23’s net profit of Bt984m) as the low season of travel in Europe resulted in a weak hotel performance. However, the loss should be smaller on a yoy basis as we should still see a yoy growth in owned and leased hotel performance. We could see a quick rebound in net profit in 2Q24 as the travel season in Europe returns. Maintain BUY. Target price: Bt39.00.
- Arsit Pamaranont
IRPC (IRPC TB) - 1Q24: Weak Results As Expected
IRPC reported 1Q24 net profit of Bt1.5b, marking a turnaround from a loss of Bt3.4b in 4Q23 and increasing 414% yoy, driven by significant gain of Bt2.3b from inventory and heading activities. However, excluding extra items, IRPC would have posted a core loss of Bt55m due to a weaker market GIM. Both numbers were in line with our estimate. While we anticipate lower earnings in 2Q24, we believe that the current share price already reflects this outlook. Maintain HOLD. Target price: Bt2.10.
- Nicky Mapa
- Arsit Pamaranont
Bangchak Sriracha (BSRC TB) - 1Q24: Solid Results, In Line With Our Ex...
BSRC reported a net profit of Bt855m in 1Q24. Excluding one-off items, BSRC’s core profit would have been Bt909m, down 67% yoy but turning from a loss of Bt192m in 4Q23. Both core and net losses are in line with our projections. We believe BSRC’s operating performance will continue to improve while its valuation is undemanding. Maintain BUY. Target price: Bt15.00.
- Julia Pan Mengyao
- Ming San Soong
TAL Educational Group (TAL US): Moderate regulatory tone; viable strat...
To navigate headwinds brought about by the “Double Reduction” policy, TAL underwent an overhaul by pivoting the non-academic education business development. This includes venturing into a diverse range of businesses such as enrichment learning, learning devices, and content solutions based on large models. We opine the softened regulatory backdrop bodes well for TAL’s viable strategic transition as evidenced by its promising 4QFY24 results. Maintain BUY. Target price is US$16.30.
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Budweiser APAC (1876 HK): Base effect and bad weather to impact sales ...
In 1Q24, Budweiser APAC recorded a 5% decline in beer sales volume but a 5% growth in ASP. For 2Q24, management expects volume growth in the China market to be under pressure, given the high-base effect and bad weather impact, especially in the core markets of Guangdong and Fujian. Management expects beer volume growth in China to pick up from 2H24. Maintain BUY but cut target price by 13% to HK$17.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, May 09, 2024
KEY HIGHLIGHTS Results Bangchak Sriracha (BSRC TB/BUY/Bt9.00/Target: Bt15.00) 1Q24: Solid results, in line with our expectations. IRPC (IRPC TB/HOLD/Bt1.93/Target: Bt2.10) 1Q24: Weak results as expected PTT Oil & Retail Business (OR TB/HOLD/Bt18.50/Target: Bt20.00) 1Q24: Net profit within expectations. Quality Houses (QH TB/HOLD/Bt2.16/Target: Bt2.37) 1Q24: Results below expectations. Star Petroleum Refinin...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Expect growth momentum to reaccelerate in 2Q24 with re...
We expect lukewarm mobile grossing growth in 1Q24, with an expected reacceleration in 2Q24, primarily boosted by the release of several highly-anticipated blockbuster titles. We are optimistic on the growth of the online games sector in 2024 as it will be driven by a further acceleration in Banhao approvals, consolidation towards top game producers and the emerging popularity of mini-games. Maintain MARKET WEIGHT.
Moody's Ratings assigns first-time Baa3 to Brazosport Water Supply Cor...
Moody's Ratings (Moody's) has assigned a first-time Baa3 rating to the Brazosport Water Supply Corporation's (BWSC) $2.5 million senior secured Contract Revenue Water Supply Bonds, Taxable, Series 2024A and $335.89 million senior secured Contract Revenue Water Supply Bonds, Taxable, Series 2024B. Th...
- 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 affirms Credit Union Australia's Baa1 rating; outlook ...
Moody's Ratings (Moody's) has affirmed Credit Union Australia Limited's long-term and short-term issuer ratings of Baa1/P-2, Counterparty Risk Ratings of A3/P-2, senior unsecured rating of Baa1, senior unsecured medium-term note (MTN) rating of (P)Baa1, other short-term rating of (P)P-2, Counterpart...
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, May 9, 2024
KEY HIGHLIGHTS Sector Internet We expect lukewarm mobile grossing growth in 1Q24, with an expected reacceleration in 2Q24, primarily boosted by the release of several highly-anticipated blockbuster titles. We are optimistic on the growth of the online games sector in 2024 as it will be driven by a further acceleration in Banhao approvals, consolidation towards top game producers and the emerging popularity of mini-games. Maintain MARKET WEIGHT. Update Budweiser APAC (1876 HK/BUY/HK$11.00/...
RxSight, Inc. Announces Pricing of Public Offering of Common Stock
RxSight, Inc. Announces Pricing of Public Offering of Common Stock ALISO VIEJO, Calif., May 08, 2024 (GLOBE NEWSWIRE) -- (NASDAQ: RXST) -- RxSight, Inc., an ophthalmic medical device company dedicated to providing high-quality customized vision to patients following cataract surgery, announced today that it has priced its underwritten public offering. RxSight expects to sell 1,785,714 shares of its common stock at a price to the public of $56.00 per share. RxSight has granted the underwriters a 30-day option to purchase up to an additional 267,857 shares of its common stock at the public...
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