Moody's Ratings (Moody's) has assigned provisional ratings to two classes of notes to be issued by Hildene TruPS Resecuritization A10BC, LLC (the "Issuer"). Moody's rating action is as follows: U.S.$38,000,000 Class A Notes due 2036, Assigned (P)Baa3 (sf) U.S.$16,000,000 Class B Notes due 203...
SPRC reported 1Q24 net profit of Bt3.9b, above our estimate by 22%, due to higherthan- expected inventory gain of Bt1.4b. Excluding one-off items (inventory gain, forex gains and insurance claim), SPRC’s core profit was Bt2.2b, in line with our estimate. 1Q24 core profit accounted for 44% of our full-year forecast. We believe the market is still concerned about delays in reopening SPM and potentially weaker earnings in 2Q24. Maintain HOLD. Target price: Bt9.50.
QH reported a net profit of Bt490m in 1Q24, down 17% yoy and 19% qoq, missing both our and consensus forecasts. The rental business showed a solid performance due to increased tourism, while the residential business struggled. A new low-rise project, Casa Ville Thepharak-Thanasit, valued at Bt2.5b, is expected to boost presales in 2Q24. Maintain HOLD. Target price: Bt2.37.
OR’s 1Q24 net profit rose qoq and yoy, in line with our expectation and better than consensus expectation of 9%. This growth can be attributed to the improved marketing margins in the mobility business as well as a reduction in operating expenses. The EBITDA margin for all businesses also experienced a qoq increase. However, 2Q24 core profit trend is expected to drop qoq due to the low season in the mobility business. Maintain HOLD. Target price: Bt20.00.
We expect MINT to report a net loss of Bt150m in 1Q24, dropping qoq (vs 4Q23’s net profit of Bt984m) as the low season of travel in Europe resulted in a weak hotel performance. However, the loss should be smaller on a yoy basis as we should still see a yoy growth in owned and leased hotel performance. We could see a quick rebound in net profit in 2Q24 as the travel season in Europe returns. Maintain BUY. Target price: Bt39.00.
IRPC reported 1Q24 net profit of Bt1.5b, marking a turnaround from a loss of Bt3.4b in 4Q23 and increasing 414% yoy, driven by significant gain of Bt2.3b from inventory and heading activities. However, excluding extra items, IRPC would have posted a core loss of Bt55m due to a weaker market GIM. Both numbers were in line with our estimate. While we anticipate lower earnings in 2Q24, we believe that the current share price already reflects this outlook. Maintain HOLD. Target price: Bt2.10.
BSRC reported a net profit of Bt855m in 1Q24. Excluding one-off items, BSRC’s core profit would have been Bt909m, down 67% yoy but turning from a loss of Bt192m in 4Q23. Both core and net losses are in line with our projections. We believe BSRC’s operating performance will continue to improve while its valuation is undemanding. Maintain BUY. Target price: Bt15.00.
To navigate headwinds brought about by the “Double Reduction” policy, TAL underwent an overhaul by pivoting the non-academic education business development. This includes venturing into a diverse range of businesses such as enrichment learning, learning devices, and content solutions based on large models. We opine the softened regulatory backdrop bodes well for TAL’s viable strategic transition as evidenced by its promising 4QFY24 results. Maintain BUY. Target price is US$16.30.
In 1Q24, Budweiser APAC recorded a 5% decline in beer sales volume but a 5% growth in ASP. For 2Q24, management expects volume growth in the China market to be under pressure, given the high-base effect and bad weather impact, especially in the core markets of Guangdong and Fujian. Management expects beer volume growth in China to pick up from 2H24. Maintain BUY but cut target price by 13% to HK$17.00.
KEY HIGHLIGHTS Results Bangchak Sriracha (BSRC TB/BUY/Bt9.00/Target: Bt15.00) 1Q24: Solid results, in line with our expectations. IRPC (IRPC TB/HOLD/Bt1.93/Target: Bt2.10) 1Q24: Weak results as expected PTT Oil & Retail Business (OR TB/HOLD/Bt18.50/Target: Bt20.00) 1Q24: Net profit within expectations. Quality Houses (QH TB/HOLD/Bt2.16/Target: Bt2.37) 1Q24: Results below expectations. Star Petroleum Refinin...
We expect lukewarm mobile grossing growth in 1Q24, with an expected reacceleration in 2Q24, primarily boosted by the release of several highly-anticipated blockbuster titles. We are optimistic on the growth of the online games sector in 2024 as it will be driven by a further acceleration in Banhao approvals, consolidation towards top game producers and the emerging popularity of mini-games. Maintain MARKET WEIGHT.
Moody's Ratings (Moody's) has assigned a first-time Baa3 rating to the Brazosport Water Supply Corporation's (BWSC) $2.5 million senior secured Contract Revenue Water Supply Bonds, Taxable, Series 2024A and $335.89 million senior secured Contract Revenue Water Supply Bonds, Taxable, Series 2024B. Th...
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 (Moody's) has affirmed Credit Union Australia Limited's long-term and short-term issuer ratings of Baa1/P-2, Counterparty Risk Ratings of A3/P-2, senior unsecured rating of Baa1, senior unsecured medium-term note (MTN) rating of (P)Baa1, other short-term rating of (P)P-2, Counterpart...
KEY HIGHLIGHTS Sector Internet We expect lukewarm mobile grossing growth in 1Q24, with an expected reacceleration in 2Q24, primarily boosted by the release of several highly-anticipated blockbuster titles. We are optimistic on the growth of the online games sector in 2024 as it will be driven by a further acceleration in Banhao approvals, consolidation towards top game producers and the emerging popularity of mini-games. Maintain MARKET WEIGHT. Update Budweiser APAC (1876 HK/BUY/HK$11.00/...
RxSight, Inc. Announces Pricing of Public Offering of Common Stock ALISO VIEJO, Calif., May 08, 2024 (GLOBE NEWSWIRE) -- (NASDAQ: RXST) -- RxSight, Inc., an ophthalmic medical device company dedicated to providing high-quality customized vision to patients following cataract surgery, announced today that it has priced its underwritten public offering. RxSight expects to sell 1,785,714 shares of its common stock at a price to the public of $56.00 per share. RxSight has granted the underwriters a 30-day option to purchase up to an additional 267,857 shares of its common stock at the public...
GREATER CHINA Sector Internet: Expect growth momentum to reaccelerate in 2Q24 with release of blockbuster games. Update Budweiser APAC (1876 HK/BUY/HK$11.00/Target: HK$17.00): Base effect and bad weather to impact sales volume growth in 2Q24 in China. TAL Educational Group (TAL US/BUY/US$13.14/Target: US$16.30): Moderate regulatory tone; viable strategic transition to non-academic education. MALAYSIA Initiate Coverage Lagenda Properties (LAGENDA MK/BUY/RM1.66/Target: RM2.05): A legend in the af...
UOB reported net profit of S$1,487m for 1Q24 (-2% yoy). Contributions from wealth management and credit cards increased 5% and 11% yoy respectively. Trading & investment income increased 10% yoy to an all-time high of S$521m. UOB generated ROE of 14.0%, and CET-1 remains robust at 13.9% in 1Q24. One-off expenses from the integration of Citi Consumer businesses is expected to be reduced in 2Q24.
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