reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil PCL (TOP TB) - GRM Declines, Putting Pressure On 2Q24 Core Pr...
We expect 2Q24 core profit to decline qoq due to weak GRM. However, we believe GRM will bottom out in May, driven by a seasonal rise in gasoline demand and low inventory levels. Meanwhile, the aromatics spread will continue to be strong in 2H24. Key projects for TOP include the CFP and CAP#2 projects, both of which are progressing as planned. Maintain BUY. Target price: Bt68.00.
- Benjaphol Suthwanish
PTT Oil & Retail Business (OR TB) - Expect 2Q24 Core Profit To Decreas...
Economic activities in Thailand continue to expand, particularly due to measures aimed at stimulating domestic consumption and tourism. This will support domestic oil demand. In 2024, we expect OR to achieve sales growth of 5% yoy. In the short term, negative factors such as the business's low season are expected to cause core profit to decline qoq in 2Q24. We expect marketing margins to decrease as the business enters its low season. Maintain HOLD. Target price: Bt20.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- 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
- Ewa Manthey
- Warren Patterson
Kyocera Corporation to Exhibit at Automotive Engineering Exposition 20...
KYOTO, Japan--(BUSINESS WIRE)-- Kyocera Corporation (President: Hideo Tanimoto) announced its participation in the Automotive Engineering Exposition 2024 in Pacifico Yokohama, Kanagawa Prefecture May 22-24 (booth #N32). Kyocera will showcase a compact FIR auto sensor that detects pedestrians and vehicles even in darkness or severe weather conditions, and an experiential demo of an electronic motorcycle throttle with precise sensor control to enable safer driving. Additionally, Kyocera will introduce in-car related components, products, and technologies. Recognized as one of Japan's premier sho...
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Limartha Adhiputra
- Llelleythan Tan Tan
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, May 20, 2024
GREATER CHINA Economics Economic Activity April data reflects uneven progress. Sector Property The central government announced a solid policy combo to revive buyers’ sentiment, marking a positive action to mitigate the property industry’s risks. INDONESIA Results Indo Tambangraya Megah (ITMG IJ/SELL/Rp24,075/Target: Rp21,500) 1...
Virios Therapeutics Announces Pricing of $1.7 Million Public Offering ...
Virios Therapeutics Announces Pricing of $1.7 Million Public Offering of Common Stock to Commence Preparations for Planned IMC-2 Long-COVID Phase 2b Study ATLANTA, May 19, 2024 (GLOBE NEWSWIRE) -- Virios Therapeutics, Inc. (Nasdaq: VIRI) (the “Company” or “Virios Therapeutics”), a development-stage biotechnology company focused on advancing novel antiviral therapies to treat debilitating chronic diseases, including fibromyalgia (“FM”) and Long-COVID (“LC”), today announced the pricing of its previously announced public offering of 8,500,000 shares of its common stock at a public offering ...
- Limartha Adhiputra
Indo Tambangraya Megah (ITMG IJ) - 1Q24: NPAT Drops 34.8% qoq On Lower...
ITMG delivered a 1Q24 NPAT of US$61.6m, declining 66.3% yoy and 34.8% qoq mainly due to softer yoy ASP and lower qoq coal sales volume. The results were below expectations, but could improve in the next quarter as the sales volume might return to normal. We estimate 2024 and 2025 NPAT at US$346m (-30.7% yoy) and US$248m (- 28.3% yoy) respectively. Maintain SELL with a lower target price of Rp21,500.
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Daily - Monday, May 20, 2024
KEY HIGHLIGHTS Results NetLink NBN Trust (NETLINK SP/BUY/S$0.865/Target: S$0.98): FY24: Soft results from higher costs; overall connections continue to grow. TRADERS’ CORNER Yangzijiang Financial Holding (YZJFH SP): Trading BUY Oversea-Chinese Banking Corp (OCBC SP): Trading BUY
- Limartha Adhiputra
- Maskun Ramli
- Lynn Song
- Rob Carnell
- Simen Mortensen
Equity raise, two more Q1 reports
This week, Nyfosa raised SEK1.7bn in equity, and Citycon and Olav Thon reported their Q1 results. Real estate stocks have performed well globally since the latest US CPI print. The weighted-average implied EBITDA yields on the stocks we cover are 4.32% for 2024e and 4.71% for 2025e.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
Qifu Technology Announces First Quarter 2024 Unaudited Financial Resul...
Qifu Technology Announces First Quarter 2024 Unaudited Financial Results SHANGHAI, China, May 19, 2024 (GLOBE NEWSWIRE) -- Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading Credit-Tech platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Business Highlights As of March 31, 2024, our platform has connected 159 financial institutional partners and 241.4 million consumers*1 with potential credit needs, cumulatively, an increase of 12.5% from 214.5 million a year ago.C...
- ABGSC Strategy Research
- Amanda Alla
- Christer Linde
- ABGSC IT Research
- Daniel Thorsson
- Nikola Kalanoski
- Miika Ihamaki
- Linus Sigurdson
Key Energy Services Reports Asset Acquisition
Key Energy Services Reports Asset Acquisition HOUSTON, May 19, 2024 (GLOBE NEWSWIRE) -- Key Energy Services, Inc. (“Key” or the “Company”) today announced the purchase of substantially all the assets of the well servicing division of Endeavor Energy Resources, L.P. (“Endeavor”) in an all-cash transaction effective May 19, 2024. Key will continue support Endeavor’s well servicing needs in the Permian Basin with these assets. Key’s President and Chief Executive Officer, Marshall Dodson, stated, “We are excited about this transaction and the great people and assets we have added to our team...
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