reports
New high-grade zones discovered at North American Lithium
New high-grade zones discovered at North American Lithium BRISBANE, Australia, May 13, 2024 (GLOBE NEWSWIRE) -- New drilling at North American Lithium (NAL) operation with results from 91 drillholes and wedges totalling 26,605m has identified high-grade lithium mineralisation to the north-west, north-east, south-east and below the Mineral Resource Estimate (MRE) pit shell North-West Extension – New Pegmatites 32.88m @ 1.72% Li2O from 269.62m in drillhole LAN-23-09419.35m @ 1.63% Li2O from 346.72m in drillhole LAN-23-09520.05m @ 1.60% Li2O from 350.75m in drillhole LAN-23-139-W1 Resour...
New Zealand’s 2degrees chooses Nokia 5G core software solutions runnin...
New Zealand’s 2degrees chooses Nokia 5G core software solutions running on Red Hat OpenShift Press releaseNew Zealand’s 2degrees chooses Nokia 5G core software solutions running on Red Hat OpenShift Nokia Registers and Shared Data Layer swap out incumbent.Deal underlines communication service provider (CSP) aim of utilizing more open cloud architectures. 13 May 2024Espoo, Finland – New Zealand communication service provider 2degrees has chosen Nokia’s 5G core and software, which will be deployed on Red Hat OpenShift, the industry's leading hybrid cloud application platf...
Moody's Ratings upgrades ratings of Trust Beneficial Interest (202102A...
Moody's Ratings (Moody's) has upgraded the ratings on beneficial interests issued by Trust Beneficial Interest (202102A) backed by residential mortgages. The affected ratings are as follows: Trust Beneficial Interest (202102A) ....JPY4.0 billion Class B1 Beneficial Interests, Upgraded to Aa2 (sf); p...
Moody's Ratings upgrades ratings of Trust Beneficial Interest (202102A...
1/5NEWSContact:東京 東京吉澤 進治 関 雄介主任格付アナリスト／VPシニア・アナリスト 格付責任者／ｱｿｼｴｲﾄ･ﾏﾈｰｼﾞﾝｸﾞ･ﾃﾞｨﾚｸﾀｰストラクチャード・ファイナンス ストラクチャード・ファイナンスムーディーズSFジャパン株式会社 ムーディーズSFジャパン株式会社お客様専用電話番号：03-5408-4210 報道関係者電話番号：03-5408-4220お客様専用電話番号：03-5408-4210 報道関係者電話番号：03-5408-4220[MSFJ]住宅ローン債権を裏付けとする信託受益権(202102A)を格上げ 2024年5月13日、東京、ムーディーズSFジャパ...
- Tanaporn Visaruthaphong
WHA Corporation (WHA TB) - 1Q24: Earnings Beat Our And Consensus Estim...
WHA reported 1Q24 net profit of Bt1.4b (+161% yoy, -44% qoq), 46% and 70% higher than our and consensus estimates respectively. Earnings beat expectations chiefly due to higher-than-expected gross margin and lower-than-expected SG&A-to-sales. For 2024, we are still positive on the company due to robust demand in various industries, which should support land sales. Maintain BUY. Target price: Bt6.00.
- Tanaporn Visaruthaphong
The One Enterprise Public Company (ONEE TB) - 1Q24: Weak Results, Down...
ONEE reported soft earnings of Bt31m for 1Q24 (-41% yoy, -83% qoq), coming in below our and market forecasts. The key earnings misses were due to lower-thanexpected revenue and higher-than-expected SG&A-to-sales. Despite the weak 1Q24 earnings, we believe ONEE’s outlook should improve from hereon. Maintain BUY. Target price: Bt6.20.
- Arsit Pamaranont
Indorama Ventures (IVL TB) - 1Q24: Bottom-line Growth Improves
IVL’s 1Q24 results show the first signs of a turnaround with net profit of Bt1.1b for the quarter, up 11% yoy and turning around from a loss of Bt12.4b in 4Q23. Excluding oneoffs, core profit was Bt1.2b, down 41% yoy but reversing from a loss of Bt1.5b in 4Q23. We expect core profit to continue recovering in 2Q24 but we believe the market is still concerned about further impairments. Maintain HOLD. Target price: Bt22.50.
- Kasemsun Koonnara
Energy Absolute (EA TB) - 1Q24: Earnings Down 62% yoy And 24% qoq
EA’s 1Q24 earnings declined 62% yoy and 24% qoq. The fall was due to decreased subsidies, reduced production from power plants, and lower EV deliveries. However, we are cautiously optimistic about the future as EA focuses on producing EV trucks and targets large corporate groups. With increased delivery volumes, we foresee a significant improvement in EA's earnings from 2Q24 onwards. We recommend a trading BUY. Target price: Bt34.00.
- Kampon Akaravarinchai
CP ALL (CPALL TB) - 1Q24: Impressive Earnings; Strongest Earnings Grow...
CPALL’s 1Q24 earnings grew 53% yoy and 15% qoq to Bt6,319m. This exceeded our and market estimates by 30%. The impressive 1Q24 earnings was due to solid top-line and profitability improvement. We revise up 2024 and 2025 earnings by 11% and 13% respectively. We expect CPALL’s 2024 profit to grow 29% yoy, and exhibit the strongest earnings growth among peers. Maintain BUY. Target price: Bt84.00.
- Kampon Akaravarinchai
Betagro PCL (BTG TB) - 1Q24: Earnings Improve Strongly Qoq
BTG reported a net loss of Bt124m for 1Q24, decreasing from a net loss of Bt657m in 4Q23 on the back of better livestock prices and lower raw material costs. We expect BTG’s bottom line to turn to a profit in 2Q24 following an improvement in profitability throughout 2024 on the back of higher ASPs and feed costs trending lower. Maintain BUY. Target price: Bt27.00.
- Tanaporn Visaruthaphong
BEC World PCL (BEC TB) - 1Q24: Earnings Surge Yoy And Qoq
BEC reported 1Q24 earnings of Bt14m (+279% yoy, -85% qoq). Earnings increased yoy due to higher gross margin. Meanwhile, earnings declined qoq, impacted by lower revenue and softer gross margin. Looking ahead, we believe the media sector, especially TV broadcaster players, may not see a strong recovery due to a slow recovery of TV adex. Maintain HOLD. Target price: Bt5.30.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Banpu PCL (BANPU TB) - 1Q24: Operating Results Turn To A Profit
BANPU reported 1Q24 net profit of Bt1.55b, reversing from a net loss in 4Q23. However, the coal and gas businesses remained weak due to lower ASP and sales volumes. We cut our 2024-25 core earnings forecasts to reflect weak coal prices. However, we expect 2Q24 core profit to recover qoq from outstanding profits in the utilities business. We maintain our negative view on the coal business. Maintain HOLD. Target price: Bt5.00.
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): 1Q24 Results Preview: Expect another beat drive...
Xiaomi will report its 1Q24 earnings in late-May. We are expecting another set of strong results, with adjusted net profit set to grow 70% yoy and 12% qoq to Rmb5.5b. This will be primarily driven by a solid recovery in smartphone shipments, robust sales and margins at the AIoT business, as well as solid control on its operating expenses. Maintain BUY. Raise target price to HK$22.80.
- Roy Chen Chengzhi
China Shipping and Ports: Prefer ports over container shipping for bet...
The latest economic indicators for China’s exports were still mixed, with China and global manufacturing PMIs staying above 50, but a weakened US consumer sentiment index. We think China’s potential removal of dividend tax on Hong Kong stocks bought via the Stock Connect will re-rate port stocks, but the risk-reward for shipping stocks is becoming less attractive after the recent strong share price performance. Downgrade CSH to HOLD and OOIL to SELL, and suggest switching to port plays CSP and C...
- Ceilica Su Rui
- Tham Mun Hon
China Economics: Money Supply -- Weak credit demand hampering policy t...
April M1 money supply fell 1.4% yoy, while M2 money supply growth dropped to 7.2% yoy, as new bank loans came in below expectations at Rmb0.73t, down Rmb2.36t mom. In addition, new TSF saw a rare contraction of Rmb0.2t, the first decline since 2013. This contributed to slower outstanding TSF growth, which dropped 0.4ppt to 8.3% yoy. These point to weak demand for credit, and China needs a combination of monetary easing and fiscal expansion to support a sustained recovery.
- Ceilica Su Rui
- Tham Mun Hon
China Economics:Inflation -- PPI decline narrows as global commodity p...
CPI grew 0.3% yoy in Apr 24, above market expectations of 0.2% yoy and marking the third consecutive month of increase. PPI inflation came in at -2.5% yoy, up 0.3ppt, extending a one-and-a-half-year stretch of declines. However, global commodity price inflation will soon return to positive territory and is likely to support a further narrowing of China’s PPI decline. A key question is whether manufacturers will be able to pass through the cost increase.
- Malaysia Research Team
Malaysia Daily - Monday, May 13, 2024
KEY HIG HLIGH TS Sector Update Plantation – Malaysia Page 2 Apr 24: Malaysia’s palm oil inventory exceeds market expectation. Expect CPO prices to soften in the short term with a possible recovery in 3Q24. UOBKH Highlights SFP Tech Holdings (SFPTECH MK/BUY/RM0.75/Target: RM1.10) Page 4 1Q24: Within expectations; on the brink of a new dawn. TRADERS’ CORNER Page 5 Bahvest Resources (BORN MK): Technical BUY UEM Edgenta (UEME MK): Technical BUY
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Monday, May 13, 2024
KEY HIGHLIGHTS Results Banpu PCL (BANPU TB/HOLD/Bt5.45/Target: Bt5.00) 1Q24: Operating results turn to a profit. BEC World PCL (BEC TB/HOLD/Bt4.64/Target: Bt5.30) 1Q24: Earnings surge yoy and qoq. Betagro PCL (BTG TB/BUY/Bt23.50/Target: Bt27.00) 1Q24: Earnings improve strongly qoq. CP ALL (CPALL TB/BUY/Bt59.00/Target: Bt84.00) 1Q24: Impressive e...
- Arsit Pamaranont
- Ceilica Su Rui
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Leow Huey Chuen
- Paula Ruth
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Monday, May 13, 2024
GREATER CHINA Economics Inflation: PPI decline narrows as global commodity prices head higher. Money Supply: Weak credit demand hampering policy transmission. Sector Shipping and Ports: Prefer ports over container shipping for better risk-reward. Downgrade CSH to HOLD and OOIL to SELL after recent share price surge; switch to CSP and CMP. Update Xiaomi Corp (1810 HK/BUY/HK$19.40/Target: HK$22.80): 1Q24 Results Preview: Expect another beat driven by AIoT business. INDONESIA Results Erajaya Swas...
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Monday, May 13, 2024
KEY HIGHLIGHTS Sector Banking: 1Q24 round-up: Strong results demonstrate resiliency. Results CSE Global (CSE SP/BUY/S$0.41/Target: S$0.56): 1Q24: Revenue in line; steady order wins reaffirm 2024 outlook. Genting Singapore (GENS SP/BUY/S$0.885/Target: S$1.25): 1Q24: Stellar results within expectations, mainly driven by “Swiftonomics” and seasonal strength during CNY. Maintain BUY and target price of S$1.25. Oversea-Chinese Banking Corp (OCBC SP/BUY/S$13.91/Target: S$18.10): 1Q24: Record-high ...
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