reports
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, May 2, 2024
KEY HIGHLIGHTS Economics PMI Manufacturing PMI came in better than expected at 50.4% (-0.4ppt) and stayed in the expansionary zone for the second month. It was mainly supported by production and new orders as employment remained a drag, dropping 0.1ppt to 48.0%. Non-manufacturing hit a three-month low of 51.2%, dragged by moderation in new orders and business expectations. We expect policy support to continue and the July Politburo may see new measures being rolled out. Sector Aviation T...
PRU PRUDENTIAL PLC
600132 CHONGQING BREWERY CO.LTD CLASS A
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
002352 S.F. HOLDING CO. LTD. CLASS A
002460 GANFENG LITHIUM CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
601012 LONGI GREEN ENERGY TECHNOLOGY CO LTD CLASS A
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
YUMC YUM CHINA HOLDINGS INC.
2338 WEICHAI POWER CO. LTD. CLASS H
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
603259 WUXI APPTEC CO. LTD. CLASS A
WUXI APPTEC CO. LTD. CLASS H
- Paula Ruth
XL Axiata (EXCL IJ) - 1Q24: Net Profit Skyrockets (+168% yoy) With Bet...
EXCL recorded net profit of Rp539b in 1Q24 (above our and consensus expectations). Maintain BUY and raise target price to Rp2,900 on several factors: a) a gradual increase in ARPU to an all-time level of Rp44,000; b) solid EBITDA growth (24% yoy) with margin expansion; c) an 8% qoq rise in 1Q24 EBITDA, stronger than its peers (Telkomsel and Indosat); and d) good balance sheet quality (1Q24 net debt/EBITDA: 0.6).
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
Triputra Agro Persada (TAPG IJ) - 1Q24: Results Within Expectations
TAPG's 1Q24 earnings met our expectations, amounting to 13% of our full-year earnings forecast. The lower qoq earnings in 1Q24 were due to lower production despite the higher CPO price. TAPG achieved a better FFB yield than its peers and maintained its record high OER in 1Q24 despite weather challenges. We expect 2Q24 earnings to increase qoq and yoy, driven by a yield recovery and improved CPO pricing. Maintain BUY. Target price: Rp700.
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
PP London Sumatra (LSIP IJ) - 1Q24: Within Our Expectations
LSIP’s 1Q24 core net profit came in within our expectations. We remain conservative on LSIP’s FFB production growth given its older age profile with such weather volatility and hence we only factor in flat yoy FFB production growth. We expect 2Q24 results to improve qoq and yoy, with higher sales volume and CPO pricing, but this may be lower than peers given the lower-than-peers FFB production growth. Maintain HOLD with target price of Rp930.
- Malaysia Research Team
Malaysia Daily - Thursday, May 2, 2024
KEY HIG HLIGH TS Sector Update Banking – Malaysia Page 2 Mar 24 loans growth ticks up to 6.0% from 5.8% in Feb 24. However, the absence of strong earnings catalysts has prompted us to maintain MARKET WEIGHT. Company Results Bursa Malaysia (BURSA MK/BUY/RM7.46/Target: RM8.05) Page 4 1Q24: Earnings were above estimates, driven by stronger-than-expected ADV. Expect a favourable re-rating, driven by both valuation re-rating and ADV recovery. Maintain BUY. Company Update OM Holdings (OMH MK/HOLD/RM1....
- Stevanus Juanda
Cisarua Mountain Dairy (CMRY IJ) - 1Q24: NPAT Up 30% yoy – Ahead Of Co...
CMRY reported 1Q24 NPAT of Rp386.3b, rising 30% yoy and 40.4% qoq. A key factor of the strong results was a 481bp gross margin expansion as skim milk powder prices declined. The reported 1Q24 NPAT is in line with our expectation but above that of the street’s. We expect 2024 NPAT to rise 24.1% yoy, driven by the introduction of new products, general trade channel fulfilment, and expansion of sales force and sales points outlets. Maintain BUY with a target price of Rp5,500.
- Alicia Garcia Herrero
The dual objective of China’s competition quest: mitigating structural...
The Chinese economy has been decelerating for over a decade and will likely continue to do so, given the structural forces pushing it in this direction, such as an increasingly low return on assets but also aging. China’s single ‘silver bullet’ to mitigate such structural deceleration is innovation. To counter the downward pressures to development, and to increase domestic productivity, the central government is doubling down on its quest for industrial upgrade and technological innovation. Prog...
- Posmarito Pakpahan
Bank Negara Indonesia (BBNI IJ) - 1Q24: Net Profit Up 2.0% yoy, Lower ...
Despite NIM declining 70bp yoy, BBNI’s net profit grew 2.0% yoy (+3.3% qoq) on a 40bp yoy fall in CoC. NIM compression was due to higher CoF from tight liquidity and lower loan yields as the lower-yield segment drove loan growth. The bank expects full-year NIM to be 10-20bp higher than 1Q24’s NIM from loan repricing and CoF funding diversification. CoC is expected to stay at 1% in 2024 on the back of asset quality improvement and robust coverage. Maintain BUY with a target price of Rp6,300.
- 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
Moody's Ratings affirms PlayPower's Caa1 CFR; changes outlook to posit...
Moody's Ratings (Moody's) affirmed PlayPower, Inc.'s ("PlayPower") Caa1 Corporate Family Rating ("CFR"), Caa1-PD Probability of Default Rating ("PDR"), and Caa1 rating on the senior secured first lien term loan due 2026. Moody's assigned a Caa1 rating to PlayPower's newly extended senior secured fir...
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
- Maskun Ramli
- Paula Ruth
- Posmarito Pakpahan
- Stevanus Juanda
Indonesia Daily - Thursday, May 2, 2024
Bank Negara Indonesia (BBNI IJ/BUY/Rp5,250/Target: Rp6,300): 1Q24: Net profit up 2.0% yoy, lower CoC drives net profit growth. Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,980/Target: Rp5,500): 1Q24: NPAT up 30% yoy – ahead of consensus expectation. PP London Sumatra (LSIP IJ/HOLD/Rp865/Target: Rp930): 1Q24: Results within expectations. Triputra Agro Persada (TAPG IJ/BUY/Rp625/Target: Rp700): 1Q24: Results within expectations. Expect 2Q24 earnings to be higher qoq and yoy. XL Axiata (EXCL IJ/BUY/...
Christina Lake Cannabis Provides Bi-Weekly Update on Status of MCTO
Christina Lake Cannabis Provides Bi-Weekly Update on Status of MCTO VANCOUVER, British Columbia, May 01, 2024 (GLOBE NEWSWIRE) -- Christina Lake Cannabis Corp. ("CLC" or the "Company") (CSE: CLC) is providing an update with respect to the expected timeline for filing its audited financial statements for the fiscal year ended November 30, 2023, the related management's discussion and analysis and certificates of its CEO and CFO (collectively, the "Required Documents") and its previously announced management cease trade order ("MCTO") issued by the Company's principal regulator, the British...
- Jonathan Koh
Singapore Daily - Thursday, May 02, 2024
KEY HIGHLIGHTS Results CDL Hospitality Trusts (CDREIT SP/BUY/S$0.975/Target: S$1.48): 1Q24: Positive growth with upward momentum. Mapletree Logistics Trust (MLT SP/BUY/S$1.35/Target: S$1.89): 4QFY24: Downside limited by higher yield. TRADERS’ CORNER Singapore Post (SPOST SP): Trading BUY Frasers Centrepoint Trust (FCT SP): Trading BUY
- Jonathan Koh
Mapletree Logistics Trust (MLT SP) - 4QFY24: Downside Limited By Highe...
MLT eked out positive rental reversions of 2.9% in 4QFY24 driven by Singapore (+11.1%), despite the drag from China (-10.0%). Portfolio occupancy was stable at 96.0% as of Mar 24. MLT’s properties in Tier 1 cities, such as Shanghai and Guangzhou, are well located and resilient. Properties in Tier 2 cities suffered negative rental reversion at low teens and the weakness is expected to persist. MLT provides FY25 distribution yield of 6.2% (FLT: 6.7%). Maintain BUY. Target price: S$1.89.
- Jonathan Koh
CDL Hospitality Trusts (CDREIT SP) - 1Q24: Positive Growth With Upward...
CDREIT’s volume strategy generated growth in RevPAR of 16.6% yoy to S$205 for Singapore hotels in 1Q24, driven by a higher occupancy of 82.1%. Chinese tourists contributed and accounted for 18% of visitor arrivals to Singapore. 2Q24 is likely to be seasonally softer but the positive momentum is expected to pick up again in July. Residential build-to-rent project The Castings in the UK will start contributing in 2H24. Maintain BUY for 2024 with a distribution yield of 6.6%. Target price: S$1.48.
- Bella Lu Yifei
- Ceilica Su Rui
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Paula Ruth
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thailand Research Team
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, May 2, 2024
GREATER CHINA Sector Macau Gaming Apr 24 GGR down 5% mom; downgrade to MARKET WEIGHT. Results China Construction Bank (939 HK/BUY/HK$5.10/Target: HK$6.00) 1Q24: Results in line with better NIM performance. LONGi Green Energy Technology (601012 CH/SELL/Rmb18.20/Target: Rmb14.38) 2023/1Q24: Below expectations; inventory write-down wipes out earnings. Downgrade to SELL. PICC Property and Casualty (2328 HK/BUY/HK$9.71/Target: HK$11.70) 1Q24: Earnings miss on higher COR and lower investment income...
MAJOR MAJOR CINEPLEX GROUP PCL
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
OMH OM HOLDINGS
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
002352 S.F. HOLDING CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
601012 LONGI GREEN ENERGY TECHNOLOGY CO LTD CLASS A
YUMC YUM CHINA HOLDINGS INC.
CDREIT CDL HOSPITALITY TRUSTS
MLT MAPLETREE LOGISTICS TRUST
BURSA BURSA MALAYSIA BHD
CPALL TB CP ALL
338 WEICHAI POWER
TIDLOR NGERN TID LOR PCL
TAPG TRIPUTRA AGRO PERSADA PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
- Ewa Manthey
- Warren Patterson
Moody's Ratings says Fulton Financial's acquisition of Republic First ...
Moody's Ratings (Moody's) stated that Fulton Financial Corporation's (long-term issuer rating Baa2 negative) recent acquisition on 26 April 2024 of Republic First Bank ("Republic") is credit neutral and has no immediate implications for Fulton's ratings and outlook. The acquisition's transaction res...
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