Greater China Daily: Friday, March 21, 2025

KEY HIGHLIGHTS Results AAC Technologies (2018 HK/BUY/HK$52.05/Target: HK$57.70) AAC’s 2H24’s earnings grew 114% yoy which exceeded expectations, thanks to a solid beat in the precision mechanics business, although this was partially offset by weaker margins from the optics and MEMs businesses. Nevertheless, we continue to expect solid revenue growth and margin expansion in 2025, driven by increasing exposure from the automotive acoustics business and edge AI-related components. Upgrade to BUY ...

PDD 4Q24 Results: Investments in High Quality Development Remains a Fo...

What’s new: PDD’s reported 4Q24 results that were below consensus and our expectations. PDD remains committed to investing in its high quality development initiatives for 2025 – which could further drag margins in the near-term. We maintain our PT at USD150. Analysts: Jin Yoon

Moody's Ratings assigns long-term rating A1 to Mizuho Markets Cayman L...

2025 年3月21日、 東京、 ムーディーズ・ ジャパン株式会社は、 以下の格付を付与したことを公表し た。. 発行体名: Mizuho Markets Cayman LP 本邦法令上の格付付与日: 2025 年3月21日. 発行枠及びその格付: MTNプログラム、 発行枠100億米ドル、 A1/ P-1 保証／ サポート: 保証、 株式会社みずほ銀行、 A1/P-1 主な格付手法（.

PSA Broadline Retail: Mercari (4385 JT) – Empowering Ecosystem

PSA Broadline Retail: Mercari (4385 JT) – Empowering Ecosystem with New Services Mercari is Japan's largest marketplace app, and is expanding with new services in fintech, payments, and on-demand jobs, etc., trading on attractive valuations.

Malaysia Daily - Friday, March 21, 2025

KEY HIG HLIGH TS Company Results Eco World Development Group (ECW MK/BUY/RM1.90/Target: RM2.37) Page 2 1QFY25: In line. Landbank replenishments progressing well, with Eco Botanic 3 land acquisition and JV agreement in Negeri Sembilan to be finalised by mid-25. Top Glove Corporation (TOPG MK/BUY/RM0.885/Target: RM1.10) Page 5 2QFY25: Turned around core losses to core profit but below expectations due to temporarily weaker US demand. Maintain BUY. UOBKH Highlights IJM Corporation (IJM MK/BUY/RM2.0...

Regional Morning Notes - Friday, March 21, 2025

GREATER CHINA Results AAC Technologies (2018 HK/BUY/HK$52.05/Target: HK$57.70): 2H24: Revenue and earnings beat; expect growth from auto and edge AI themes. Upgrade to BUY. Crystal International (2232 HK/BUY/HK$5.36/Target: HK$6.18): 2024: Record-high dividend payout; long-term wallet share gains intact. Geely Auto (175 HK/BUY/HK$18.24/Target: HK$29.00): 2024: Core earnings up 50% yoy, beating estimates. Maintain BUY. PDD Holdings (PDD US/BUY/US$125.92/Target: US$140.00): 4Q24: Earnings largely ...

Seatrium (STM SP) - Well-positioned To Take Advantage Of Growth Opport...

Seatrium’s competitive position in Brazil remains strong and we believe that it should be able to take advantage of some of the recent unsuccessful tenders by its competitors. In the medium to long term, earnings growth in its R&U segment could be bolstered by the MRO business. A key near-term share price catalyst is the conclusion of the MAS/CAD investigation. Maintain BUY. Target price: S$2.96.

Electricity Generating (EGCO TB) - Impressive Yield Supports Share Pr...

Despite a lower contribution from QPL, we expect EGCO to maintain earnings at Bt8.50b in 2025 with an impressive 6.8% dividend yield. EGCO is one of the laggard plays among Thai utility names. Maintain BUY. Target price: Bt115.00.

Thailand Daily - Friday, March 21, 2025

KEY HIGHLIGHTS Update Electricity Generating (EGCO TB/BUY/Bt95.25/Target: Bt115.00) Impressive yield supports share price.

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy

ドイツ版「何をしてでも」はどれほどの規模か

Strategy - Marketing Feedback From Taiwan

We mainly discussed macroeconomics, politics and Danantara with Taiwan investors. With government spending and the current political dynamics, we expect maturing SRBI to lift liquidity as its outstanding SRBI size accounts for about 10% of the industry’s deposits. The JCI’s PE valuation seems undemanding, at a 30% discount to its five-year historical average, but a sustained re-rating would require greater clarity on government policy execution and a clearer pro-mass market growth shift in econo...

Singapore Daily: Friday, March 21, 2025

KEY HIGHLIGHTS ASEAN Gems Corporate Highlights Seatrium (STM SP/BUY/S$2.14/Target: S$2.96)   Well-positioned to take advantage of growth opportunities. Maintain BUY with a target price of S$2.96. TRADERS' CORNER    Propnex (PROP SP): Trading BUY                                                                                        Venture Corp (VMS SP): Trading BUY

Indonesia Daily - Friday, March 21, 2025

Strategy: Marketing Feedback From Taiwan: JCI: Undemanding valuations, awaiting catalysts. TRADERS’ CORNER Salim Ivomas Pratama (SIMP IJ): Technical BUY Perusahaan Gas Negara (PGAS IJ): Technical BUY

Moody’s Ratings withdraws China Life Singapore’s rating at issuer’s re...

Hong Kong , March 21, 2025 – Moody's Ratings (Moody's) has today withdrawn China Life Insurance (Singapore) Pte. Ltd. (China Life Singapore)'s A3 insurance financial strength rating (IFSR) at issuer's request. Prior to the withdrawal, the outlook on China Life Singapore was stable. We have decided ...

Moody’s Ratings affirms Fubon Insurance's A2 IFSR; changes outlook to ...

Hong Kong , March 21, 2025 - Moody's Ratings (Moody's) has affirmed the A2 insurance financial strength rating (IFSR) of Fubon Insurance Co., Ltd. (Fubon Insurance) and changed the outlook to stable from negative. The affirmation of Fubon Insurance's A2 IFSR reflects the insurer's leading market po...

PRPM 2025-RPL2, Mortgage-Backed Notes, Series 2025-RPL2: Second rated ...

Our credit view of PRPM 2025-RPL2, including our analysis of the assets and the securitization structure.

Moody's Ratings assigns provisional ratings to PRPM 2025-RPL2, LLC

Moody's Ratings (Moody's) has assigned provisional ratings to four classes of residential mortgage-backed securities (RMBS) to be issued by PRPM 2025-RPL2, LLC and sponsored by BKPL-EG 2025-RPL2, LLC. The securities are backed by a pool of seasoned performing and re-performing residential mortgages ...

Moody's Ratings assigns A2 to Chowchilla Union HSD, CA's 2025 COPs; as...

Moody's Ratings (Moody's) has assigned an initial A1 issuer rating to Chowchilla Union High School District, CA. We have also assigned an A2 rating to the district's 2025 Certificates of Participation (COPs), expected to be issued in the approximate par amount of $10.0 million. The certificates will...