Moody's Ratings (Moody's) has today withdrawn VECTOR Limited's ("Vector") (P)Baa1 foreign currency backed senior unsecured medium-term note (MTN) program rating. Prior to the withdrawal, the outlook on Vector was positive. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE...
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JSMR recorded a 17.8% yoy growth in 1Q24 NPAT mainly due to an increase in toll tariffs and an improvement in traffic. 1Q24 NPAT was within expectations as the Lebaran bonus was paid in 1Q24 vs 2Q23 last year. We maintain our 2024-25 revenue growth assumptions at 16.0% yoy and 14.8% yoy respectively, supported by average traffic growth of 6.1% yoy and average tariff adjustments of 6-7% at 19 toll road sections in 2023 and 12 sections in 2024. Maintain BUY with a target price of Rp7,300.
ISAT reported 1Q24 EBITDA of Rp6.5t, up 22% yoy (+0.6% qoq), in line with our and consensus expectations, thanks to mobile data (+14% yoy) and multimedia, data communication, and internet revenue (+36% yoy). The cellular subscriber base slightly expanded 2.3% yoy (mostly from outer Java). ISAT’s ARPU jumped 14% yoy, but slightly declined 3% qoq due to seasonality. We conservatively expect modest EBITDA growth (+6% yoy) in 2024. Downgrade to HOLD. Target price: Rp11,400.
GOTO recorded a net loss of Rp862b in 1Q24, up 77.7% from a Rp3,862b loss in 1Q23. The reported 1Q24 NPAT is ahead of both our and consensus expectations. GOTO’s ondemand service recorded the second consecutive quarter of positive adjusted EBITDA and aims for the fintech division to record positive adjusted EBITDA by end-25. GOTO’s e-commerce business recorded positive adjusted EBITDA after the completion of the TikTok transaction. Maintain HOLD. Target price: Rp70.
In 1Q24, BUKA recorded a positive adjusted EBITDA for the first time in its history. 1Q24 marked the third consecutive quarter of positive core NPAT, and BUKA recorded a positive core NPAT of Rp185b, thanks to interest from a large cash balance. O2O take rate came in at 3.17% in 1Q24, surpassing 3% for the first time. BUKA guides for positive adjusted EBITDA of Rp200b for 2024. We think profitability is close as BUKA recorded only a Rp41b loss in 1Q24. Maintain BUY with a target price of Rp270.
During the Labour Day holiday, tourism and catering continued to record strong performances, while DF per capita spending showed a downward trend. We reiterate our key theses for the consumer sector, highlighting companies with: a) overseas expansion or turnaround prospects, b) upside potential of improving operating efficiency, or c) near-term catalysts. We keep Anta, CR Beer, CTGDF, Haidilao, Haier, Midea and Shenzhou as our most preferred stocks, but remove Galaxy from the stock picks. Mainta...
Bukalapak.com (BUKA IJ/BUY/Rp123/Target: Rp270): 1Q24: Records positive EBITDA for the first time in its history. GoTo GoJek Tokopedia (GOTO IJ/HOLD/Rp66/Target: Rp70): 1Q24: Loss improves by 77.7% − ahead of expectations. Indosat (ISAT IJ/HOLD/Rp10,625/Target: Rp11,400): 1Q24: EBITDA up 22% yoy with stable EBITDA margin vs 4Q23. Downgrade to HOLD. Jasa Marga (JSMR IJ/BUY/Rp5,025/Target: Rp7,300): 1Q24: NPAT rises 17.8% yoy on robust toll revenue growth. Results within expectations. TRADERS’...
KEY HIGHLIGHTS Sector REITs S-REITs monthly update (Apr 24). Results Far East Hospitality Trust (FEHT SP/BUY/S$0.615/Target: S$0.82) 1Q24: Growth from strong room rates and optimising occupancy. Venture Corporation (VMS SP/BUY/S$14.46/Target: S$16.37) 1Q24: A soft start but expect sequential improvement. TRADERS’ CORNER Top Glove Corp (TOPG SP): Trading BUY ...
Chinese variety show "Ride the Wind 2024" receives its first French singer Joyce Jonathan Recently, the popular variety show "Ride the Wind 2024" produced by China's Mango TV receives its first French singer Joyce Jonathan. French singer Joyce Jonathan debuts in the variety show Ride the Wind 2024. [Photo: Courtesy of Mango TV] CHANGSHA, China, May 06, 2024 (GLOBE NEWSWIRE) -- This show is a music competition as well as international cultural exchange platform, featuring accomplished females from worldwide. In this show, 36 international female stars from France, the United States, R...
GREATER CHINA Sector Consumer: Tourism and catering strong performances during the Labour Day holiday. INDONESIA Results Bukalapak.com (BUKA IJ/BUY/Rp123/Target: Rp270): 1Q24: Records positive EBITDA for the first time in its history. GoTo GoJek Tokopedia (GOTO IJ/HOLD/Rp66/Target: Rp70): 1Q24: Loss improves by 77.7% − ahead of expectations. Indosat (ISAT IJ/HOLD/Rp10,625/Target: Rp11,400): 1Q24: EBITDA up 22% yoy with stable EBITDA margin vs 4Q23. Downgrade to HOLD. Jasa Marga (JSMR IJ/BUY/Rp5...
VMS’ 1Q24 earnings of S$60m (-18% yoy/-10% qoq) are broadly in line with our expectation, meeting 21% of our full-year estimate. The soft performance was due to lower customer demand amid some remaining headwinds which are beginning to taper off. VMS is targeting for revenue to improve qoq in 2Q24 and hoh in 2H24. It is growing with its customers as well as onboarding new customers in the EMS++ and precision engineering businesses. Maintain BUY and target price of S$16.37.
FEHT will benefit from the recovery of MICE events and strong room rates in Singapore due to its focus on the domestic market. The incentive fee of S$18m from divestment of Central Square could be utilised to cushion the negative impact of higher interest rates. FEHT provides a 2024 distribution yield of 6.7%. Its low P/NAV of 0.67x is unwarranted given its good corporate governance, strong sponsor and low aggregate leverage of 31.5%. Maintain BUY. Target price: S$0.82.
S-REITs weathered selling pressure as investors now expect interest rates to stay higher for longer. Many blue chip S-REITs are trading at attractive distribution yields of 6-7% after the correction. Maintain OVERWEIGHT. Our top picks are hospitality and retail plays, which benefit from the continued recovery in visitor arrivals and resilient consumer spending. BUY CDREIT (Target: S$1.45), FCT (Target: S$2.71), FEHT (Target: S$0.82), FLT (Target: S$1.52), KREIT (Target: S$1.20) and MPACT (Target...
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