reports
Moody's Ratings assigns a provisional rating to one class of FHMS WI-K...
Moody's Ratings (Moody's) has assigned a provisional rating to one class of securities (the "WI Class"), to be issued by FHMS WI-K164 Trust (the "WI Trust"): Cl. A-2, Assigned (P)Aaa * The provisional rating announced today will be subject to monitoring, and Moody's expects to take a credit rati...
- Damon Shen
- Jieqi Liu
China and Hong Kong Property Strategy: More patience needed for China’...
Hangzhou and Xi’an removed all HPRs last week. However, with a very low possibility of T1 cities following suit, we believe market focus will continue to be on the destocking policy. Trials by Nanjing and Zhengzhou are progressing slowly, pointing to the complexity of the situation. More patience is needed. For Hong Kong property, while the cautious attitude of banks towards mortgages may weigh on a sales recovery, further policy support for tourism remains a key focus. Maintain MARKET WEIGHT on...
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
00017 NEW WORLD DEVELOPMENT CO. LTD.
- 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
Belite Bio Reports First-Quarter 2024 Financial Results and Provides C...
Belite Bio Reports First-Quarter 2024 Financial Results and Provides Corporate Update Tinlarebant is Belite Bio’s orally administered tablet intended to slow disease progression in patients affected with Stargardt Disease (STGD1) and Geographic Atrophy (GA) in advanced Dry Age-related Macular Degeneration (Dry AMD) Data from a 24-month Phase 2 trial in adolescent STGD1 subjects showed a sustained lower atrophic lesion growth in Tinlarebant-treated subjects compared to ProgStar participants possessing similar baseline characteristics (aged ≤18 years) (p
- Damon Shen
- Greater China Research Team
- Jieqi Liu
Greater China Daily: Tuesday, May 14, 2024
KEY HIGHLIGHTS Strategy China and Hong Kong Property Hangzhou and Xi’an removed all HPRs last week. However, with a very low possibility of T1 cities following suit, we believe market focus will continue to be on the destocking policy. Trials by Nanjing and Zhengzhou are progressing slowly, pointing to the complexity of the situation. More patience is needed. For Hong Kong property, while the cautious attitude of banks towards mortgages may weigh on a sales recovery, further policy support f...
- Adrian Loh Tzum Yung
- John Cheong Ming Chern
- Roy Chen Chengzhi
Singapore Daily - Tuesday, May 14, 2024
KEY HIGHLIGHTS Results RH Petrogas (RHP SP/BUY/S$0.164/Target: S$0.242): 1Q24: Better-than-expected results due to higher production and oil prices, helped by good cost control. Looking forward to two exploration wells in 2H24. SIA Engineering (SIE SP/BUY/S$2.33/Target: S$2.70): FY24: Core net profit in line; expect further earnings recovery in FY25. Maintain BUY. Singapore Technologies Engineering (STE SP/BUY/S$4.03/Target: S$4.50): 1Q24: Strong 1Q24 revenue performance bodes well for the fu...
- John Cheong Ming Chern
UMS Holdings (UMSH SP) - 1Q24: Earnings Miss Expectations; Expect Near...
1Q24 earnings of S$10m (-44% yoy) were below expectations, meeting only 14% of our full-year estimate. Revenue fell 33% yoy due to softness in the semiconductor integrated systems and components businesses. UMS sees a brighter outlook as its existing and new customers have given upbeat guidance for the coming months. We cut our 2024 and 2025 EPS forecasts by 38-39% due to the earnings miss. Downgrade to SELL with a 46% lower target price of S$0.95, based on 15x 2024 EPS.
- Roy Chen Chengzhi
SIA Engineering (SIE SP) - FY24: Core Net Profit In Line; Expect Furth...
SIAEC’s FY24 core net profit of S$121m (+135% yoy) was spot on against our forecast. We expect SIAEC’s earnings to move close towards a full recovery in the upcoming year (FY25), driven by a further increase in business volume, although cost pressure could still be a near-term drag on margins. SIAEC’s valuation is palatable, trading at 17.0x/15.1x FY25/26F PE (or 12.7x/11.4x if excluding net cash) and offering 5.2%/5.4% dividend yields by our estimates. Maintain BUY. Target: S$2.70.
- Roy Chen Chengzhi
Singapore Technologies Engineering (STE SP) - 1Q24: Strong 1Q24 Revenu...
STE’s 1Q24 revenue of S$2.70b is in line, accounting for 24.6% of our full-year projection. Group revenue rose 18% yoy, driven by strong revenue growth in CA (+32%, backed by strong demand) and DPS (+14%). USS posted yoy marginally lower revenue due to project timing. A strong orderbook of S$27.7b as of end-1Q24 provides good revenue visibility in the medium term. Maintain BUY on STE for its strong organic core earnings growth (2024-26 CAGR: 10.2%). Target price: S$4.50.
- Adrian Loh Tzum Yung
RH Petrogas (RHP SP) - 1Q24: A Lot To Like – Higher Oil Production And...
RHP reported a strong set of 1Q24 results that were above expectations. Net profit rose 18% yoy on the back of slightly higher oil production, better realised oil prices and very commendable cost control. Planning for the company’s two exploration wells for 2H24 remains on track. We highlight RHP’s inexpensive 2024E PE and EV/EBTIDA of 6.3x and 2.5x respectively. Maintain BUY. Target price: S$0.242.
Moody's Ratings revises outlook on 412 US local government issuers fro...
Moody's Ratings (Moody's) has revised the outlook on 412 US local government issuers from stable to no outlook (NOO). The issuer and long-term underlying debt instrument ratings have been affirmed. RATINGS RATIONALE Please click on this link /viewresearchdoc.aspx?docid=PBM_P...
Timbercreek Financial announces Voting Results from Annual Meeting of ...
Timbercreek Financial announces Voting Results from Annual Meeting of Shareholders TORONTO, May 13, 2024 (GLOBE NEWSWIRE) -- Timbercreek Financial Corp. (the "Company") (TSX:TF) announced the voting results for the election of its board of directors, which took place at the Company’s annual meeting of shareholders held on May 13, 2024 (the “Annual Meeting”). The Annual Meeting was originally scheduled to be held on May 8, 2024 but was adjourned to May 13, 2024 due to a lack of quorum. The nominees listed in the management information circular dated March 15, 2024 were elected as directors...
Moody's Ratings affirms KIPP Indianapolis, Inc. Project, IN's Ba1 reve...
Moody's Ratings (Moody's) has affirmed the Ba1 revenue bond rating on the Educational Facilities Multipurpose Revenue Bonds, Series 2020A and Series 2020B of KIPP Indianapolis, Inc. Project, IN. KIPP Indianapolis has $11 million in debt outstanding, which consists entirely of the Series 2020 bonds. ...
Aurora Spine Corporation Announces First Quarter 2024 Financial Result...
Aurora Spine Corporation Announces First Quarter 2024 Financial Results NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES CARLSBAD, Calif., May 13, 2024 (GLOBE NEWSWIRE) -- Aurora Spine Corporation (“Aurora Spine” or the “Company”) (TSXV: ASG) (OTCQB: ASAPF), a leader in spine and interventional spine technology that improves spinal surgery outcomes, today announced its financial results for first quarter ended March 31, 2024. All figures are in U.S. dollars. Financial and Business Highlights Positive EBITDAC – Q1 2024 EBITDAC was $117,171 as compar...
Moody's Ratings: No adverse rating impact on Arrow Funding Trust No. 1...
Moody's Ratings (Moody's) announced today that the addition of AUD16.7 million of mortgage loans into Arrow Funding Trust No. 1 Repo Series No. 1 on 14 May 2024 (the Substitution) would not, in and of itself and as of this point in time, result in a reduction, placement on review for possible downgr...
Infinera to Announce Preliminary Fiscal First Quarter 2024 Financial R...
Infinera to Announce Preliminary Fiscal First Quarter 2024 Financial Results on May 14, 2024 SAN JOSE, Calif., May 13, 2024 (GLOBE NEWSWIRE) -- Infinera Corporation (NASDAQ: INFN) announced today that it will release its preliminary financial results for the first quarter of fiscal 2024 ended March 30, 2024, after the market closes on May 14, 2024. An investment community conference call to discuss these results and Infinera’s outlook for the second quarter of fiscal 2024 will be held the same day at 5:00 p.m. ET/2:00 p.m. PT and will be accessible live and on an archived basis as fo...
- Posmarito Pakpahan
Banking – 1Q24 Results Wrap-up: NIM Revision Due To Higher CoF
Large banks continued to gain market share and post strong loan growth, but faced pressure in NIM on higher CoF. Robust coverage and asset quality improvement led to a decline in CoC, except for BBRI. BMRI and BBNI guide NIM improvement in the next few quarters after 1Q24, supported by balance sheet optimisation, funding diversification and loan repricing. BBRI’s CoC is expected to normalise from a high 3.8% in 1Q24 to
- Hendri Effendi
- Posmarito Pakpahan
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