reports
- 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
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, May 16, 2024
KEY HIGHLIGHTS Results Alibaba Group (9988 HK/BUY/HK$82.65/Target: HK$98.00) Alibaba delivered in-line 4QFY24 results. Revenue grew 7% yoy to Rmb221.9b, in line with street estimates. Non-GAAP net profit was Rmb24.4b, down 11% yoy and is 7% below street estimates, with net margin of 11%. In FY24, Alibaba has approved the two-part dividend of US1.66 per ADS, representing an aggregate of US$4b and 18% dividend payout ratio. We remain optimistic on the double-digit revenue growth target for the ...
Northland Power Reports First Quarter 2024 Results
Northland Power Reports First Quarter 2024 Results Baltic Power, Hai Long and Oneida projects continue to make construction progress TORONTO, May 15, 2024 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) reported today financial results for the three months ended March 31, 2024. All dollar amounts set out herein are in thousands of Canadian dollars, unless otherwise stated. “We are off to a strong start in 2024 with first quarter results better than expected, thanks to strong winds experienced at our offshore wind facilities,” said Mike Crawley, North...
Prairie Provident Reports on AGM Voting Results
Prairie Provident Reports on AGM Voting Results CALGARY, Alberta, May 15, 2024 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") (TSX:PPR) announces voting results from its annual shareholders' meeting held today. At the meeting, each of Patrick McDonald, Glenn Hamilton, Dale Miller, Ryan Rawlyk, Matthew Shyba and Kathy Turgeon was elected, by ordinary resolution, as a director of the Company for the ensuing year, to hold office until the close of the next annual meeting of shareholders. Following are details as to the number of vote...
Rubicon Organics Reports Q1 2024 Financial Results
Rubicon Organics Reports Q1 2024 Financial Results Achieved net revenue of $8.9 million for the three months ended March 31, 2024Adjusted EBITDA1 loss of $0.4 million for the three months ended March 31, 2024Negative operating cash flow of $0.9 million for the three months ended March 31, 2024Number one premium licenced producer across all categories22.0%3 national market share of flower and pre-rolls for the three months ended March 31, 20247.1%4 national market share of premium flower and pre-rolls for the three months ended March 31, 2024WildflowerTM is the number one topical brand in Ca...
Moody's Ratings downgrades Affinity Interactive's CFR to B3; outlook s...
Moody's Ratings (Moody's) today downgraded the Corporate Family Rating ("CFR") of Affinity Interactive ("Affinity) to B3 from B2 and Probability of Default Rating to B3-PD from B2-PD. Moody's also downgraded the company's backed senior secured first lien notes to B3 from B2. The outlook remains stab...
- Chong Lee Len
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Leow Huey Chuen
- Llelleythan Tan Tan
Singapore Daily: Thursday, May 16, 2024
KEY HIGHLIGHTS Results First Resources (FR SP/BUY /S$1.42/Target: S$1.65) 1Q24: Results within expectations. Frencken Group (FRKN SP/BUY/S$1.40/Target: S$1.74) 1Q24: Results within expectations; outlook remains optimistic. Maintain BUY. StarHub (STH SP/BUY/S$1.25/Target: S$1.41) 1Q24: Results in line; DARE+ benefits likely to come through by end-24. Update Riverstone Holdings (RSTON SP/BUY/S$0.93/S$1.12) Beneficiary of US tariff hike and gl...
- Valens Research
- Limartha Adhiputra
Property – Resilient Amid Uncertainties
We believe marketing sales achievement could improve from 2Q24 onwards as new product launches continue to take place. However, BSDE and SMRA could report softer earnings in 2Q24 after a boost in 1Q24 results, while CTRA could deliver a more consistent revenue growth in 2Q24. We also note that property companies are optimistic in achieving their 2024 presales targets as mortgage rates remain attractive despite the recent interest rate hike. Maintain OVERWEIGHT with CTRA as our top pick.
- Limartha Adhiputra
- Maskun Ramli
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Limartha Adhiputra
- Llelleythan Tan Tan
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Thursday, May 16, 2024
GREATER CHINA Results Alibaba Group (9988 HK/BUY/HK$82.65/Target: HK$98.00): 4QFY24: Rewarding dividend payout; reigniting cloud revenue growth in 2H24. Galaxy Entertainment Group (27 HK/BUY/HK$36.80/Target: HK$51.00): 1Q24: Results within expectations; launch of smart gaming tables in Jul 24. Miniso (MNSO US/NOT RATED/US$24.15): 1Q24: 20-25% revenue guidance for 2Q24; raises TOP TOY store opening target for 2024. Tencent Holdings (700 HK/BUY/HK$381.80/Target: HK$454.00): 1Q24: Strong earnings b...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
CC3 STARHUB LTD
ERW ERAWAN GROUP
00027 GALAXY ENTERTAINMENT GROUP LIMITED
AP4 RIVERSTONE HOLDINGS
00700 TENCENT HOLDINGS LTD.
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
FRKN FRENCKEN GROUP LTD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CK CH. KARNCHANG PUBLIC CO LTD
02423 KE HOLDINGS INC.
HUME HUME CEMENT INDUSTRIES BHD
Remitly Announces May 2024 Investor Conference Participation
Remitly Announces May 2024 Investor Conference Participation SEATTLE, May 15, 2024 (GLOBE NEWSWIRE) -- Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a trusted provider of digital financial services that transcend borders, today announced that its management team will participate in the following investor conferences: Barclays 14th Annual Emerging Payments and FinTech ForumDate: Thursday, May 16, 2024 J.P. Morgan 52nd Annual Global Technology, Media and Communications ConferenceDate: Monday, May 20, 2024Time: 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time The J.P. Morgan presentatio...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Riverstone Holdings (RSTON SP) - Beneficiary Of US Tariff Hike And Glo...
Riverstone is set to benefit from the higher US tariffs on China’s gloves as it will ease the competition in the healthcare glove and lower-tier cleanroom glove industries. The US market’s contribution to Riverstone’s total revenue, which was 18% in 2023, could rise when the tariff starts. Riverstone’s 2025 PE of 16.6x is at a 60% discount vs peers’ average of 40.7x and offers a way higher dividend yield of 8% vs peers’ average of 1%. We raise our target price by 12% to S$1.12. Maintain BUY.
- Chong Lee Len
- Llelleythan Tan Tan
StarHub (STH SP) - 1Q24: Results In Line; DARE+ Benefits Likely to Com...
For 1Q24, StarHub reported higher PATMI (+8.1% yoy), driven by the enterprise business segment but offset by the group’s consumer businesses. Reaching the tail-end of its DARE+ investments programme, we expect the group’s margins to improve in 2H24 as investment costs taper off. In view of StarHub’s lush 2024 dividend yield of 6.3%, we maintain BUY with the same target price of S$1.41.
- John Cheong Ming Chern
Frencken Group (FRKN SP) - 1Q24: Results Within Expectations; Outlook ...
Frencken’s 1Q24 earnings of S$9m (+73% yoy) are in line with our expectation, forming 21% of our full-year forecast. The semiconductor and analytical life sciences segments remained the largest contributors in 1Q24, growing 37% and 17% yoy on higher demand from key customers in Europe. Frencken expects stable revenue in 1H24 vs 2H23 and a qoq improvement in 2Q24, with its strategic geographical presence and strong manufacturing capabilities. Maintain BUY. Target price: S$1.74.
Moody's Ratings: No adverse rating impact on PB 2022-1R Trust followin...
Moody's Ratings (Moody's) announced that the purchase of AUD16.6 million of mortgages into PB 2022-1R Trust on 16 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 downgrade or withdrawal of Moody's current...
NOVONIX Announces Completion of Due Diligence for Combination of Natur...
NOVONIX Announces Completion of Due Diligence for Combination of Natural Graphite Interests into Axon Graphite BRISBANE, Australia, May 16, 2024 (GLOBE NEWSWIRE) -- NOVONIX Limited (NASDAQ: NVX, ASX: NVX) (“NOVONIX”), a leading battery materials and technology company, today announced that due diligence has been satisfactorily completed for both NOVONIX and Lithium Energy Limited (ASX: LEL)(“LEL”) to contribute their natural graphite exploration interests into a new company, Axon Graphite Limited (“Axon”). As previously announced, NOVONIX has agreed to divest MD South Tenements Pty L...
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
First Resources (FR SP) - 1Q24: Results Within Expectations
FR’s 1Q24 results came in within our expectations, with margin enhancement on the back of lower production costs. Management’s decision to sell more CPO proved right, delivering higher margins. With the current negative downstream margin, we expect FR to focus more on selling CPO. With this, we expect 2Q23 results to be stronger qoq and yoy on higher sales volume and CPO ASP. Maintain BUY. Target price: S$1.65.
Assure & Danam Postpone Corporate Update Call & Webcast Scheduled for ...
Assure & Danam Postpone Corporate Update Call & Webcast Scheduled for May 16 DENVER, May 15, 2024 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (NASDAQ: IONM), a provider of intraoperative neuromonitoring (“IONM”) and remote neurology services, announced today that the joint corporate update call with Danam scheduled for Thursday, May 16, 2024 at 4 p.m. Eastern Time has been postponed. The Company plans to reschedule the conference call at a later date. About Assure Holdings Assure Holdings Corp. is a best-in-class provider of outsourced intraoperative neu...
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