reports
- Julia Pan Mengyao
- Ming San Soong
JD.com (9618 HK): 1Q24 results preview: Focusing on three core strateg...
JD’s top-line growth is expected to be 6% yoy for 1Q24, while GMV growth is projected be exceed China’s 1Q24 retail growth of 4.7% yoy. In 2024, JD will have a clean base after reorganisation and targets to achieve high single-digit normalised GMV growth. Meanwhile, margin is expected to remain stable yoy due to ramped up investment in three major strategies including content ecosystem, open ecosystem and on-demand services. Maintain BUY. Target price: HK$127.00 (US$34.00).
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Anta Sports (2020 HK): Satisfactory 1Q24 sales performances; high-qual...
Anta’s 1Q24 sales momentum was in line with management’s expectation, with sales 20% higher than the company’s internal targets in the second half of March, although the retail sales yoy growth rates were slightly lower than annual targets, mainly due to the high base. Management reiterates the full-year sales targets, with more proactive new product launches in the coming quarters. Maintain BUY and target price of HK$109.60.
- Kate Luang
Crystal International (2232 HK): Well-positioned for market share gain...
Crystal’s differentiated co-creation model and cross-category product offerings remain its key advantages as a leading garment supplier. We expect EPS to grow at an 11% CAGR in 2024-26 on market share gains from sportswear brand customers, thanks to speed-to-market deliveries, vertical integration into the fabric supply and enhanced production efficiency. Initiate coverage with BUY. Target price: HK$4.42.
Moody's Ratings assigns ratings to two classes of CLO refinancing note...
Moody's Ratings (Moody's) has assigned ratings to two classes of CLO refinancing notes (the "Refinancing Notes") issued by Regatta IX Funding Ltd. (the "Issuer"). Moody's Ratings rating action is as follows: U.S.$4,400,000 Class X Floating Rate Notes due 2037, Assigned Aaa (sf) U.S.$200,260,000...
Moody's Ratings assigns ratings to three classes of refinancing notes ...
Moody's Ratings has assigned ratings to three classes of CLO refinancing notes (the "Refinancing Notes") issued by OCP CLO 2014-6, Ltd. (the "Issuer"). Moody's Ratings' rating actions are as follows: U.S.$388,568,052 Class A-1-R2 Senior Secured Floating Rate Notes due 2030 (the "Class A-1-R2 Not...
- Malaysia Research Team
Malaysia Daily - Thursday, April 18, 2024
KEY HIG HLIGH TS Company Results IGB REIT (IGBREIT MK/BUY/RM1.75/Target: RM1.88) Page 2 1Q24: Slightly above expectations. Upgrade to BUY. We believe IGBREIT offers some resiliency and a high dividend yield of 6-7%, particularly amid the market’s current volatility. Company Update Gamuda (GAM MK/BUY/RM5.16/Target: RM5.88) Page 5 Set to deliver record-high bottom line in FY24 on higher construction and property development earnings. Maintain BUY. TRADERS’ CORNER Page 8 Ancom Nylex (ANCOMNY MK): T...
Moody's Ratings assigns ratings to two classes of notes issued by Hild...
Moody's Ratings (Moody's) has assigned ratings to two classes of notes issued by Hildene TruPS Resecuritization T9B, LLC (the "Issuer"). Moody's rating action is as follows: U.S.$33,000,000 Class A Notes due 2040, Assigned Baa3 (sf) U.S.$13,000,000 Class B Notes due 2040, Assigned B3 (sf) The...
- Kenny Yong Hui Lim
Hong Kong Insurance: Value buy or value trap?
We believe the recent regulatory action has limited impact on AIA and Prudential due to the small quantum of new business contribution from the involved brokers. We continue to expect regional insurers to deliver at least 20% yoy new business growth in 1Q24. However, high interest rates and market uncertainty could continue to weigh on their valuations in the near term. Any upside surprise in 1Q24 new business or favourable updates in shareholder returns could turn sentiment around. Maintain MAR...
- Tanaporn Visaruthaphong
TISCO Financial Group (TISCO TB) - 1Q24: Results In Line; Gradually Re...
TISCO posted a net profit of Bt1,733m in 1Q24 (-3% yoy, -3% qoq). The results are in line with our and consensus estimates. Management reiterated that the bank will gradually lower the LLC ratio to around 150% within this year. However, TISCO reveals that the bank will maintain a strict credit policy due to an uneven economic recovery. Maintain HOLD. Target price: Bt94.00.
- Tanaporn Visaruthaphong
- Greater China Research Team
- Jo Yee Ng
- Kate Luang
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Thursday, April 18, 2024
KEY HIGHLIGHTS Sector Insurance Value buy or value trap? Initiate Coverage Crystal International (2232 HK/BUY/HK$3.39/Target: HK$4.42) Well-positioned for market share gains from sportswear brand customers. Update Anta Sports (2020 HK/BUY/HK$81.60/Target: HK$109.60) Satisfactory 1Q24 sales performances; high-quality growth remains intact. JD.com (9618 HK/BUY/HK$98.85/Target: HK$127.00) 1Q24 results preview: Focusing on three core strategies to revitalise user growth. TRADERS’ COR...
Moody's Ratings withdraws Huzhou City Group's rating for business reas...
Moody's Ratings has today withdrawn Huzhou City Investment Development Group Co., Ltd's (Huzhou City Group) Baa3 issuer rating. The outlook prior to the withdrawal was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. Please refer to the Mo...
- 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
Interactive Brokers Launches Global Contracts for Difference (CFDs) in...
GREENWICH, Conn.--(BUSINESS WIRE)-- (Nasdaq: IBKR), an automated global electronic broker, today announced a recently expanded suite of investment options for Japanese clients with the addition of Global Contracts for Difference (CFDs) on US stocks, offering leverage to investors through Interactive Brokers Securities Japan Inc. (IBSJ). Japanese clients can now invest in CFDs alongside global stocks, options, and futures. The CFDs let clients trade US stocks and ETFs with leverage, enhancing their trading capabilities and enabling more flexibility in their investment strategies. The CFDs ar...
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