Minor International (MINT TB) - No Surprises Going Into High Travel Se...

At the analyst meeting to review MINT’s 1Q24 performance, we saw that growth in the hotel business contributed to lower core losses from operations during the low travel season in Europe while there were no surprises from operations. We see many catalysts in 2Q24 as many impactful events will be held during Europe’s high travel season. As MINT’s hotels are located across Europe, we expect the company to benefit. Maintain BUY. Target price: Bt39.00.

Hana Microelectronics (HANA TB) - Seeing Brighter Outlook Ahead; Upgra...

We expect HANA’s revenue and gross margin to increase qoq in 2Q24 and continue to recover in 2H24, mainly supported by a recovery in demand for many products and contribution of more SiC. We also believe that negative factors, such as a minimum wage hike, rising raw material prices, and US-China tariffs will not have a huge impact on HANA’s earnings. Upgrade to BUY. Target price: Bt52.00.

Thailand Finance – Expect Credit Cost To Continue Improving; Macro Fa...

The sector reported 1Q24 earnings of Bt5.6b, up 9% yoy and 5% qoq, above our forecast but in line with consensus estimates. Credit cost improvement indicates a better asset quality outlook. Furthermore, an anticipated economic recovery in 2H24 due to government stimuli and measures, including a potential rate cut in 2H24, will be a positive for the finance sector. We upgrade the finance sector to OVERWEIGHT. Our top picks are MTC and TIDLOR due to their robust asset quality outlook.

ELM Trust 2024-ELM: Pre-Sale – $1.393 billion CMBS large loan transact...

Our credit view of ELM Trust 2024-ELM, including our analysis of the asset and the securitization structure.

Moody's Ratings assigns provisional ratings to 13 CMBS classes of ELM ...

Moody's Ratings (Moody's) has assigned provisional ratings to 13 classes of CMBS securities, to be issued by ELM Trust 2024-ELM, Commercial Mortgage Pass-Through Certificates, Series 2024-ELM: 15-Pack Certificates Cl. A-15, Assigned (P)Aaa (sf) Cl. X-CP-15*, Assigned (P)Baa2 (sf) Cl. B-15, Assi...

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

Thailand Daily - Tuesday, May 21, 2024

KEY HIGHLIGHTS Sector Finance                                                                                     Expect credit cost to continue improving; macro factors will facilitate growth. Upgrade to OVERWEIGHT. Update Hana Microelectronics (HANA TB/BUY/Bt41.25/Target: Bt52.00)                  Seeing brighter outlook ahead. Upgrade to BUY. Minor International (MINT TB/BUY/Bt33.00/Target: Bt39.00)                    No surprises going into high season of travel in 2Q24.

Singapore REITs - 1Q24 Round-up: More Pluses Than Minuses

For the 21 S-REITs under our coverage, two were above expectations with three below expectations. The hospitality segment registered the strongest NPI growth averaging 9% yoy. We saw double-digit positive rental reversions for downtown malls, offices and logistics properties. Maintain OVERWEIGHT. BUY CDREIT (Target: S$1.48), FCT (Target: S$2.71), FEHT (Target: S$0.82), FLT (Target: S$1.55), KREIT (Target: S$1.20) and LREIT (Target: S$0.93).

Centurion Corp: 1Q24: Firing On All Cylinders

Starting off the year strongly, Centurion reported a 30% yoy increase in 1Q24 revenue with robust contributions from both the PBWA and PBSA segments. The results were better than expected with 1Q24 revenue making up 30% of our full-year forecasts. With greater confidence in its near- to medium-term outlook, backed by continued high levels of construction spending in Singapore, we have raised 2024-26 earnings by 9- 12%. Maintain BUY with a higher target price of S$0.77.

United Tractors (UNTR IJ) - A 17.7% yoy Decline In 2024 NPAT

UNTR expects to sell 3,800-4,000 units of heavy equipment in 2024 with UD Truck and Scania sales declining by 30%. Pama’s overburden removal volume and coal delivery volume is expected to rise by 5% while fees are expected to be flat. Coking coal sales volume is expected to jump by 16% and thermal coal volume by 6.5%. Gold sales volume is expected at 235,000 t.oz with selling price of over US$2,000/t.oz. We expect a 17.7% yoy drop in 2024 NPAT. Maintain SELL with a target price of Rp20,000.

Indonesia Daily - Tuesday, May 21, 2024

United Tractors (UNTR IJ/SELL/Rp22,850/Target: Rp20,000): A 17.7% yoy decline in 2024 NPAT. TRADERS’ CORNER Erajaya Swasembada (ERAA IJ): Technical BUY United Tractors (UNTR IJ): Technical BUY

Alphabet (GOOGL, Buy, $200 target) Previewing Google Marketing Live & ...

Tomorrow is both Google Marketing Live (aka GML, GOOGL’s annual event for performance/direct response ads) and the opening keynote for MSFT’s multi-day Build conference. After GOOGL announced the broader rollout of AI Overviews (fka Search Generative Experience) at Google I/O, we expect to hear about wider tests of advertising in AI Overviews at Google Marketing Live.

Moody's Ratings affirms Nationwide Children's Hospital's (OH) Aa2 and ...

Moody's Ratings (Moody's) has affirmed Nationwide Children's Hospital's (OH) (NCH) Aa2 and Aa2/VMIG 1 ratings. The outlook is stable. NCH had $1.3 billion of debt outstanding at fiscal year-end 2023. The affirmations reflect NCH's continued strong operating performance, solid market position, and ex...

5 Things to Know - The Let's Look at the Data Issue