reports
Moody’s Ratings assigns (P)Baa3 subordinated MTN program rating to FWD...
Hong Kong , April 19, 2024 Moody's Ratings (Moody's) has assigned a (P)Baa3 subordinated medium-term note (MTN) program rating to FWD Group Holdings Limited's (FWD Group, Baa2 positive) MTN program. Ratings on individual notes issued under the program will be subject to Moody's review of the terms ...
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - Resilient SAF Outlook Prompts Further ...
With a more positive guidance on SAF outlook from management, we see rising upside risk to consensus earnings estimates for 2025. We revise up our 2025 earnings forecast by 8%. Our 2025 earnings forecast is still above consensus forecasts by 49%. In terms of share price performance, BCP is still a laggard in the Thai refinery sector with its share price having dropped 1% ytd compared with BSRC (+11% ytd), Star Petroleum (SPRC, +1% ytd) and Thai Oil (TOP, +7% ytd). Maintain BUY. Target price: Bt5...
- Tanaporn Visaruthaphong
Bangkok Bank (BBL TB) - 1Q24: Results In Line; Unexpected Rise In Cred...
BBL reported 1Q24 earnings of Bt10.5b (+4% yoy, +19% qoq). The results were in line with our forecasts but below consensus estimates by 5.2%. The credit costs and NPL ratio rose unexpectedly. However, the loan loss coverage ratio remains high to cushion future uncertainties. NIM contracted as expected due to rising funding cost. Maintain HOLD. Target price: Bt155.00.
- Arsit Pamaranont
- Tanaporn Visaruthaphong
Thailand Daily - Friday, April 19, 2024
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt143.50/Target: Bt155.00) 1Q24: Results in line; unexpected rise in credit costs and NPL ratio. Update Bangchak Corporation (BCP TB/BUY/Bt43.75/Target: Bt52.00) Resilient SAF outlook prompts further earnings upgrade.
- Malaysia Research Team
Malaysia Daily - Friday, April 19, 2024
KEY HIG HLIGH TS Company Update TIME dotCom (TDC MK/BUY/RM5.20/Target: RM6.00) Page 2 Launched free upgrade in fibre home speed to defend and grow its market position in this fast-growing segment. TRADERS’ CORNER Page 5 Citaglobal (CITAGLB MK): Technical BUY Harbour-Link Group (HALG MK): Technical BUY
- Bella Lu Yifei
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Friday, April 19, 2024
KEY HIGHLIGHTS Sector Automobile Weekly: PEV sales up 21% yoy/19% wow in the second week of April, in line. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Results Han’s Laser (002008 CH/HOLD/Rmb18.95/Target: Rm17.10) 4Q23: Misses expectations on operating expenses. Margin pressure may continue through 2024. Update Xtep International Holdings (1368 HK/BUY/HK$4.46/Target: HK$7.00) Expect double-digit% yoy growth in retail sell-through for 2Q24 and 2024....
Moody's Ratings affirms Arca Continental's issuer rating, stable outlo...
Moody's Ratings (Moody's) has today affirmed the A3 long-term issuer rating to Arca Continental, S.A.B. de C.V. (AC or Arca Continental). The outlook remains stable. The affirmation with a stable outlook reflects AC's strong financial profile and proved resiliency amid currency fluctuations in its m...
- Min Joo Kang
Moody's Ratings assigns provisional ratings to Bayview Opportunity Mas...
Moody's Ratings (Moody's) has assigned provisional ratings to the notes to be issued by Bayview Opportunity Master Fund VII 2024-EDU1, LLC Student Loan Credit-Linked Notes, Series 2024-1 (BVABS 2024-EDU1). The credit-linked notes reference a pool of private credit education loans originated by SoFi ...
- Ewa Manthey
- Warren Patterson
- 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 announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Fresnillo plc and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 16 April 2024 in which Moody's reassessed the appropriateness of the ratings in the context of...
- Dan Salmon
Netflix (NFLX, Neutral, $600 target) NFLX First Take: Disclosure Chang...
What’s New: In this first take following tonight’s results, we touch on: 1. No quarterly subscriber/ARM figures starting 1Q25; new annual revenue guidance instead 2. Revenue growth shifting from subscribers to ARM through 2024 3. Little new advertising color, we expect updated metrics at Upfront, and 4. New capital structure targets driving more flexibility.
Cumulus Media Announces Amendment and Extension of Withdrawal Deadline...
Cumulus Media Announces Amendment and Extension of Withdrawal Deadline and Expiration Time for Exchange Offer and Consent Solicitation ATLANTA, April 18, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the “Company” or “Cumulus”) today announced that its subsidiary, Cumulus Media New Holdings Inc. (the “Issuer”), has amended its previously announced offer to exchange (as so amended, the “Exchange Offer”) any and all of the Issuer’s outstanding 6.750% Senior Secured First-Lien Notes due 2026 (the “Old Notes”) for new 8.000% Senior Secured First-Lien Notes due 2029 (“New Notes”)...
Cumulus Announces Selected Preliminary Operating Results for First Qua...
Cumulus Announces Selected Preliminary Operating Results for First Quarter 2024 ATLANTA, April 18, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the "Company," "Cumulus Media," "we," "us," or "our") today announced selected preliminary operating results for the three months ended March 31, 2024. For the three months ended March 31, 2024, the Company expects to report net revenue in a range of $199.0 million to $201.0 million, net loss in a range of $(14.9) million to $(13.4) million, and Adjusted EBITDA(1) in a range of $7.65 million to $9.15 million. The Company will issue...
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