reports
- 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...
- Min Joo Kang
- Nicky Mapa
- Rob Carnell
Moody's Ratings assigns a rating to one class of notes issued by AREIT...
Moody's Ratings (Moody's) has assigned a rating to one class of notes issued by AREIT 2024-CRE9 Ltd (the "Issuer") as follows: Cl. A, Definitive Rating Assigned Aaa (sf) RATINGS RATIONALE The rationale for the rating is based on our methodology and considers all relevant risks, particularly th...
Moody's Ratings assigns ratings to five classes of notes issued by STW...
Moody's Ratings (Moody's) has assigned ratings to five classes of notes issued by STWD 2024-SIF3, LLC (the "Issuer" or "STWD 2024-SIF3"). Moody's rating action is as follows: U.S.$247,000,000 Class A-1 Floating Rate Senior Notes due 2036, Definitive Rating Assigned Aaa (sf) U.S.$5,000,000 Class...
Moody's Ratings downgrades Lompoc Valley Medical Center, CA to A3 from...
Moody's Ratings (Moody's) has downgraded Lompoc Valley Medical Center, CA's general obligation unlimited tax (GOULT) rating to A3 from A2. As of fiscal 2023 (June 30 year-end), the district had $62.1 million of GOULT debt outstanding. The downgrade to A3 is driven by the district's thinned liquidi...
- Dan Salmon
- Valens Research
Valens Equity Weekly Insights - 2024 04 30
Hyatt Hotels Corporation (H) is positioned to survive and thrive post-pandemic, and it's starting to show signs that it is executing on its long-term transformational goals. Uniform Accounting confirms that the market is not pricing in the full force of this transformation, suggesting equity upside continues to be warranted. Before the pandemic, Hyatt began transforming its business model to focus on a franchise model, similar to what hotel giants Hilton and Marriott have already done. The pand...
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