reports
AGM Group Holdings Inc. Announces Pricing of $5.4 Million Public Offer...
AGM Group Holdings Inc. Announces Pricing of $5.4 Million Public Offering Beijing, March 02, 2025 (GLOBE NEWSWIRE) -- AGM Group Holdings Inc. (“AGM Holdings” or the “Company”) (NASDAQ: AGMH), an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment, today announced the pricing of its public offering of 16,390,000 Class A ordinary shares and accompanying warrants to purchase up to an aggregate of 16,390,000 Class A ordinary shares at a combined public offering price of $0.33. The warrants will expire on the fifth anniver...
- Roy Chen Chengzhi
China Merchants Port (144 HK): Acquiring a controlling stake in a majo...
CMP has signed a SPA for a 70% stake in Brazilian crude oil terminal operator Vast. Based on CMP’s disclosure, we are at best neutral towards this deal, noting that it represents an expansion beyond CMP’s core strengths. The deal would moderately lift CMP’s net gearing to about 30% but is unlikely to contribute positively to CMP’s bottom line in the near term. Despite our at-best neutral stance, we maintain BUY on CMP for its cheap valuation, which offers over 6% yield in 2024-26. Our target pri...
- Colin Lee
- Johnny Yum Chung Man
ZTE Corporation (763 HK): 4Q24: Results miss; cost control remains the...
ZTE’s 4Q24 results were again below our and market expectations, with revenue declining 10.3% yoy and earnings plunging 65.1% yoy. While the growth for overseas and G&C businesses remain robust, margins have taken a hit, especially for the G&C business, primarily due to a continued shift in product mix. Moving forward, we expect domestic telco capex to remain weak, while ZTE’s opex is likely to remain resilient. Maintain HOLD but raise target price to HK$26.50.
- Claire Wang Kelai
- Ziv Ang Sze Champ
Xinyi Solar Holdings (968 HK): 2024 -- Below expectations; industry co...
Xinyi Solar reported 2024 earnings of Rmb1,008.2m (-73.8% yoy), in line with its profit warning. The weak results stemmed from a slump in solar glass ASP despite a 9.6% sales volume growth, impairment losses on PPE and inventory write-downs. The company has reduced its daily melting capacity to 23,200 tonnes/day (1H24: 27,000 tonnes/day) and halted capacity expansion amid the challenging outlook. Industry production discipline is essential to market stabilisation. Maintain HOLD. Target price: HK...
- Damon Shen
- Jieqi Liu
New World Development (17 HK): 1HFY25 -- Net loss in line with profit ...
NWD reported HK$6.6b in attributable net loss for 1HFY25, mainly due to the impairment of property inventories. No dividend was declared for 1HFY25. Property sales are well on track but the disposal of non-core assets is slow. While property sales and operation of investment properties are on track, slow non-core asset disposal and rising gearing are major concerns. Looking forward
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: Feb 25 GGR beat thanks to tail-end effect post CNY; swit...
Macau’s Feb 25 GGR increased by 8% mom and recovered to 78% of 2019’s level, beating consensus estimates by 6% thanks to the stronger and longer tail-end effect post CNY. The combined Jan 25 and Feb 25 GGR increased slightly by 0.5% yoy. Galaxy saw its GGR grow by low double-digits in 2M25, far above the industry’s level, which may indicate its continued market share gain, in our view. Maintain OVERWEIGHT. Switch top pick to Galaxy (27 HK).
Moody's Ratings assigns Baa3 rating to Hysan's guaranteed hybrid secur...
Moody's Ratings (Moody's) has assigned a Baa3 rating to the backed USD subordinated perpetual capital securities to be issued by Elect Global Investments Limited. The proposed perpetual securities will be irrevocably and unconditionally guaranteed by Hysan Development Co., Ltd. (Hysan; Baa2 stable)....
- Claire Wang Kelai
- Tham Mun Hon
China Economics: PMI -- Uptick in February.
Manufacturing PMI rebounded to expansionary territory at 50.2 (+1.1pt mom) while nonmanufacturing PMI stabilised at 50.4 (+0.2pt mom). Construction activity improved to 52.7 (+3.4pt mom), offsetting weakness in services at 50.0 (-0.3pt mom). Large enterprises led the recovery at 52.5 (+2.6pt mom), while small and medium-sized firms continued to struggle as the former are usually the first to benefit from government-led economic projects.
- Leonard Law
- Trung Nguyen
Lucror Analytics - Morning Views Asia
In today's Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Lenovo
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Lester Siew
- Llelleythan Tan Tan
- Philip Wong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, March 03, 2025
GREATER CHINA Economics PMI: Uptick in February. Sector Macau Gaming: Feb 25 GGR beat thanks to tail-end effect post CNY; switch top pick to Galaxy. Results New World Development (17 HK/HOLD/HK$4.82/Target: HK$4.45): 1HFY25: Net loss in line with profit warning and primarily caused by inventory impairment; refinancing progress to be the key. Xinyi Solar Holdings (968 HK/HOLD/HK$3.29/Target: HK$3.60): 2024: Below expectations; industry coordination and production discipline crucial to restore mar...
1023 CIMB GROUP HOLDINGS BHD
0968 XINYI SOLAR HOLDINGS LTD.
PLANB PLAN B MEDIA
AWX AEM HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
5347 TENAGA NASIONAL BHD
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
KLK KUALA LUMPUR KEPONG BHD
0763 ZTE CORPORATION CLASS H
FRKN FRENCKEN GROUP LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
9CI CAPITALAND INVESTMENT LTD
FFB FARM FRESH BHD
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Monday, March 3, 2025
KEY HIGHLIGHTS Economics PMI Manufacturing PMI rebounded to expansionary territory at 50.2 (+1.1pt mom) while non-manufacturing PMI stabilised at 50.4 (+0.2pt mom). Construction activity improved to 52.7 (+3.4pt mom), offsetting weakness in services at 50.0 (-0.3pt mom). Large enterprises led the recovery at 52.5 (+2.6pt mom), while small and medium-sized firms continued to struggle as the former are usually the first to benefit from government-led economic projects. Sector Macau Gaming Maca...
- John Cheong Ming Chern
Frencken Group (FRKN SP) - 2024: Results In Line; Cautiously Optimisti...
Frencken’s 2024 earnings of S$37m (+14% yoy) were in line with our expectations. Revenue grew 7% yoy as the semiconductor, analytical & life sciences and medical segments reported growth, offsetting decline in the industrial automation segment. Frencken is cautiously optimistic amid uncertain times and expects the semiconductor segment to drive revenue growth in 1H25, with the other segments remaining stable. Maintain BUY with an 11% lower target price of S$1.16.
- Heidi Mo Jinghui
- Llelleythan Tan Tan
ComfortDelGro Corporation (CD SP) - 2024: Results in Line; Earnings Gr...
CD posted higher 2024 core PATMI (+18.0% yoy), in line with our expectations. The strong performance was driven by the UK business which saw higher margins and new contributions from recently completed acquisitions. The public transport segment is set to benefit from higher fares and ridership while the taxi segment continues to suffer from lower booking volumes due to stiff competition. Maintain BUY but with a lower target price of S$1.76.
- Adrian Loh Tzum Yung
CapitaLand Investment (CLI SP) - 2024: Weaker-than-expected Results; O...
CLI reported weaker-than-expected core PATMI for 2024, largely due to the absence of contribution from divested assets. However, its outlook appears reasonably bright given its strong growth in FUM and considerable headroom to invest in its growth segments. CLI’s guidance for higher dividend payout ratio of 50% signals strong belief in its cash generation. Maintain BUY. Target price slightly lowered to S$3.95.
- John Cheong Ming Chern
AEM Holdings (AEM SP) - 2024: Earnings Above Estimates; Outlook And Va...
AEM reported 2024 earnings of S$12m (vs S$1m loss in 2023), beating our estimate by 16% due to better-than-expected net margin. However, 1H25 revenue guidance of S$155m-170m is disappointing, making up only 37% of our 2025 revenue estimate. AEM expects a stronger 2H25 from the ramp-up of key customers and recovery in the contract manufacturing business. Maintain SELL with a 1% lower target price of S$1.09. Valuation remains rich at 19x 2025 PE.
REITs & REOCs – Asia-Pacific: Broad operating conditions stabilizing, ...
Most real estate issuers' credit metrics will improve over the next 12 months on better operating conditions, despite some macroeconomic challenges and weakness in the office sector.
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Llelleythan Tan Tan
Singapore Daily: Monday, March 3, 2025
KEY HIGHLIGHTS Results AEM Holdings (AEM SP/SELL/S$1.32/Target: S$1.09) 2024: Earnings above estimates; outlook and valuation remain unexciting. CapitaLand Investment (CLI SP/BUY/S$2.56/Target: S$3.95) 2024: Weaker-than-expected results; outlook remains robust. Maintain BUY. ComfortDelGro Corporation (CD SP/BUY/S$1.39/Target: S$1.76) 2024: Results in line; earnings growth to continue in 2025. Frencken Group (FRKN SP/BUY/S$1.04/Target: S$1.16) 2024: Results in line; cautiously o...
- Johnny Yum
Strategy - Alpha Picks: Underperformance In Feb 25
Our portfolio underperformed in Feb 25, declining 14.7% as JCI dropped 11.8% to a three-year low. There was a sell-off on banking stocks as investors were concerned that being included in Danantara could result in a similar fate to state-owned construction companies. Due to a sharp rise in DCII, IDXTECH outperformed in Feb 25. We remove BMRI and CTRA from our portfolio and add MIKA. Our picks are BBNI, BBRI, MIKA, EXCL, JSMR and ASII.
- Johnny Yum
- Maskun Ramli
Indonesia Daily - Monday, March 3, 2025
Strategy: Alpha Picks: Underperformance In Feb 25: Our picks are BBNI, BBRI, MIKA, EXCL, JSMR and ASII. TRADERS’ CORNER Avia Avian (AVIA IJ): Technical BUY ESSA Industries Indonesia (ESSA IJ): Technical BUY
Credit Outlook: 3 March 2025
Published Monday morning, Moody’s Credit Outlook provides you with the credit implications of current events.
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