Cerba - ESG Report - Lucror Analytics

Moody's Ratings assigns provisional rating to new Class A-R Notes to b...

Moody's Ratings (Moody's) has assigned the following provisional rating to the notes to be issued by Perpetual Trustee Company Limited in its capacity as trustee of the Progress 2020-1 Trust. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE ...

Environmental Risk – Global:Greater credit materiality of land degrada...

Sectors with complex supply chains, such as agriculture and consumer goods, can have high exposure to natural capital risks such as land degradation, with credit implications.

STWD 2025-FL4, LLC: Pre-sale report

CRE CLO pre-sale report

Galaxy Entertainment Group (27 HK): 3Q25: Normalised EBITDA Up 5% qoq;...

Galaxy’s 3Q25 normalised adjusted EBITDA rose 5% qoq, but Typhoon Ragasa decreased the EBITDA by HK$140m. In Oct 25, the company delivered good performance, driven by robust visitations and an unusual win rate in the VIP segment, with this momentum continuing into Nov 25. Looking ahead, management expects 4Q25 to perform slightly above normal seasonality, supported by the top premium mass and VIP segments. Maintain BUY; cut target price by 4% to HK$47.00 (previously HK$49.00).

BeOne Medicines (6160 HK): 9M25: Results Beat; Enters A New Era Of Rap...

BeOne Medicines’ 3Q25 revenue surged 43.3% to US$3.8b, with adjusted net earnings of US$693m beating estimates. The company raised its 2025 revenue guidance and slightly lowered its cost forecast. BRUKINSA's strong sales outlook and improved operational efficiency are expected to drive robust earnings and cash flow growth. Furthermore, its efficient R&D progress supports sustainable long-term growth through future product launches. Maintain BUY and raise target price from HK$240.00 to HK$252.00.

China Automobile Weekly: Review Of 3Q25 Results And 4Q25 Outlook.

The anti-involution policy boosted OEMs’ 3Q25 earnings by ending the price war. However, the industry disruptor BYD saw worsened liquidity due to sales slowdown and inventory pile-up. Auto part companies saw margin erosion in 3Q25 due to delayed impacts from the OEMs’ price war, but 4Q25 margin will stabilise. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Cut target price for Li Auto to HK$60.0. Raise target price for Weichai to HK$24.50.

Bangchak Sriracha (BSRC TB) - 3Q25: Strong Quarterly Results

Company Results | Bangchak Sriracha (BSRC/BUY/Bt4.30/Target: Bt7.00) BSRC reported a strong turnaround in 3Q25 with a net profit of Bt343m from a loss in 2Q25, driven by a higher operating GRM of US$6.7/bbl, improved diesel and jet spreads, and lower crude premiums. Crude run rose to 142kbd and total sales volume increased to 2.24bn liters. The company benefited from efficiency gains, record marine fuel sales, and reduced finance costs. This marks the final quarterly report before BSRC’s merge...

Thai Airways (THAI TB) - Expect Strong Core Profit Growth In 3Q25

Company Update | Thai Airways (THAI TB/HOLD/Bt9.55/Target: Bt9.70) THAI is expected to post a 3Q25 core profit of Bt4.3b, surging from Bt1.3b in 3Q24, driven by lower fuel and maintenance costs. Revenue should be Bt42.8b (-3.8% yoy) amid lower yields, though RPK and RFTK remain strong. THAI’s maintenance cost should drop by 20–30% in 3Q25 after extending aircraft usage before servicing. However, uncertainty persists as the Ministry of Finance may regain board control in the upcoming AGM. We main...

Environmental Risk – Global: Greater credit materiality of land degrad...

Sectors with complex supply chains, such as agriculture and consumer goods, can have high exposure to natural capital risks such as land degradation, with credit implications.

Environmental Risk – Global:Greater credit materiality of land degrada...

Sectors with complex supply chains, such as agriculture and consumer goods, can have high exposure to natural capital risks such as land degradation, with credit implications.

PTT Oil and Retail (OR TB) - 3Q25: Net Profit Increases qoq Despite Lo...

Company Results | PTT Oil and Retail (OR TB/BUY/Bt14.50/Target: Bt21.00) OR posted a net profit of Bt2.6b in 3Q25, up 19% qoq, surpassing both our and consensus expectations. The improvement was mainly supported by the recognition of substantial extra gains. Despite the low season, profit rebounded in 3Q25 thanks to solid marketing margins. Looking ahead, with 4Q25 entering peak tourism season, we expect further earnings growth, which should drive OR’s full-year 2025 net profit to a new record h...

Bumrungrad Hospital (BH TB) - 3Q25: Strong Growth Delivered In 3Q25 As...

Company Results | Bumrungrad Hospital (BH TB/BUY/Bt177.50/Target: Bt214.00) BH delivered solid 3Q25 results with a net profit of Bt2.04b (+4.1% yoy), driven by 3.5% growth in foreign patient revenue, notably from the Middle East, Myanmar, and Bangladesh, offsetting weaker Thai patient demand. The new Ministry of Commerce measure poses minimal impact due to BH’s focus on foreign and inpatient treatments. Kuwait referrals are expected to resume soon. Maintain BUY with a target price of Bt214.00, o...

Bangchak Corporation (BCP TB) - 3Q25: A Strong Recovery Quarter

Company Results | Bangchak Corporation (BCP TB/BUY/Bt29.00/Target: Bt40.00) BCP posted a strong 3Q25 rebound with a net profit of Bt1.1b and core profit of Bt3.2b, driven by higher GRM at US$7.4/bbl and run rate 90% (265kbd) after Sriracha’s unit restart. EBITDA surged to Bt10.3b, while marketing margin rose to Bt0.85/litre and BCPG gained from Laos hydro and new wind projects. Despite minor inventory losses, all segments improved. Outlook remains positive with firm GRM, VLCC terminal cost savin...

Thailand Daily - Friday, November 07, 2025

Top Stories Company Results | Bangchak Corporation (BCP TB/BUY/Bt29.00/Target: Bt40.00) BCP posted a strong 3Q25 rebound with a net profit of Bt1.1b and core profit of Bt3.2b, driven by higher GRM at US$7.4/bbl and run rate 90% (265kbd) after Sriracha’s unit restart. EBITDA surged to Bt10.3b, while marketing margin rose to Bt0.85/litre and BCPG gained from Laos hydro and new wind projects. Despite minor inventory losses, all segments improved. Outlook remains positive with firm GRM, VLCC termi...

Malaysia Daily - Friday, November 7, 2025

Top Stories Company Results | Pentamaster Corporation (PENT MK/HOLD/RM4.03/Target: RM3.75) Pentamaster’s results were below expectations due to diseconomies of scales from the ATE segment on timing differences in project deliveries. That said, orderbook has improved to RM450m (+29% qoq) following clearer tariff outcomes, with customers gradually resuming capital investments. The group is actively exploring opportunities in AI, DC, high-performance computing and networking to capture next-gen tec...

Moody's Ratings assigns A1 to the City of Kyoto's domestic bonds due N...

2025 年11月7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し た。. 発行体名: 京都市 本邦法令上の格付付与日: 2025 年11月7日. 本格付に利用した主要な情報の概要及び情報の提供者は、 本格付に関与した関係者（ 発行体）、 公表情報、 ムーディーズが有する機密情報である。.

RETREAT

The market continued cautious price action and faced pullback pressure. Liquidity decreased compared to the previous session, indicating that although selling pressure has not caused much strain, supportive cash flow is cautious following the recovery from the 1,600 point area. The market's potential to widen the recovery bounce is facing difficulty due to low buying demand, leading the market to retest the 1,620 – 1,640 point support area. This area may attract additional supportive cash flow ...

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Nissan Motor