reports
- Phuong Nguyen
DOWNWARD MOMENTUM PERSISTS
The market continued its strong downward momentum despite the signal of curbing the decline in the previous session. Liquidity decreased compared to the previous session, indicating that supply is still dominant across the entire market, while supporting cash flow is cautious due to potentially large latent supply. The current movement shows that the market's decline has not stopped and has fallen below the 1,150 point support area. The current downward momentum may continue in the next tradin...
- Kampon Akaravarinchai
CP ALL (CPALL TB) - Expect Continuous yoy Growth Momentum In 1Q25
We expect CPALL to report 1Q25 core profit of Bt6,919m up 9.5% yoy, driven by a positive SSS growth, sales from new stores and gross profit margin improvement. We maintain our 2025 earnings growth forecast of 11% yoy. We still like CPALL as a domestic consumption play, with limited direct impact from the intensifying trade war. Maintain BUY. Target price: Bt79.00.
- Thailand Research Team
THAILAND STRATEGY – Trump Reciprocal Tariffs Tackled
Thailand faces a moderate to slightly high risk from US reciprocal tariffs, and 2025 GDP growth could fall below 2% if global exports soften. We see index levels of below 1,080 as accumulation zones for long-term investment. Key investment themes include domestic stocks, rate cut beneficiaries and defensive plays. Our top picks are RATCH, TIDLOR, BCH, BJC and ADVANC.
- Kampon Akaravarinchai
- Thailand Research Team
Thailand Daily - Wednesday, April 09, 2025
KEY HIGHLIGHTS Strategy Trump Reciprocal Tariff Tackled Index levels below 1,080 accumulation zones for long-term investment. Update CP ALL (CPALL TB/BUY/Bt47.75/Target: Bt79.00) Expect continuous yoy growth momentum in 1Q25.
- Julia Pan Mengyao
- Ming San Soong
China Internet: Navigating headwinds and uncovering opportunities upon...
Chinese internet companies’ share prices have dropped 10-30% mtd following the implementation of incremental tariffs from the US. Chinese internet companies have limited business exposure to the US except for PDD’s Temu. However, the 34% tariffs announced by China on all US imports could have potential implications for China mega-caps’ AI capex in relation to US chip imports. We prefer domestic-focused plays which stand to benefit from domestic policy stimuli, with Southbound inflow to be a key ...
NEH NETEASE INC. SPONSORED ADR
JD JD.COM INC. SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
09961 CTRIP.COM INTERNATIONAL
- Leonard Law
Lucror Analytics - Morning Views Asia
In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China
- Malaysia Research Team
Malaysia Daily - Wednesday, April 9, 2025
KEY HIG HLIGH TS Company Update Matrix Concepts Holdings (MCH MK/BUY/RM1.27/Target: RM1.66) Page 2 The RPT deal adds to Matrix’ footprint in Selangor and improves medium-term earnings visibility. The stock offers a dividend yield of 6%. Public Bank (PBK MK/BUY/RM4.22/Target: RM5.00) Page 5 We highlight three potential catalysts that could help drive a sustained recovery in share price. Maintain BUY. TRADERS’ CORNER Page 8 Hartalega Holdings (HART MK): Technical BUY Kossan Rubber Industries (KRI ...
- Roy Chen Chengzhi
Singapore Daily - Wednesday, April 9, 2025
KEY HIGHLIGHTS Update SATS (SATS SP/HOLD/S$2.65/Target: S$2.89): Tariff war posing significant uncertainties to global trade. Downgrade to HOLD. TRADERS’ CORNER Parkway Life Real Estate Investment Trust (PREIT SP): Trading BUY Top Glove Corp (TOPG SP): Trading BUY
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Wednesday, April 9, 2025
KEY HIGHLIGHTS Sector Internet Chinese internet companies’ share prices have dropped 10-30% mtd following the implementation of incremental tariffs from the US. Chinese internet companies have limited business exposure to the US except for PDD’s Temu. However, the 34% tariffs announced by China on all US imports could have potential implications for China mega-caps’ AI capex in relation to US chip imports. We prefer domestic-focused plays which stand to benefit from domestic policy stimuli, wi...
Moody's Ratings revises outlooks for Mount Sinai Hospital (NY), Icahn ...
Moody's Ratings (Moody's) has revised the outlooks for Mount Sinai Hospital's (MSH) (NY), Icahn School of Medicine at Mount Sinai's (ISMMS) (NY) and Mount Sinai South Nassau's (MSSN) (NY) to stable from negative. At the same time, the Baa3 revenue bond ratings for all three entities were affirmed. T...
- Paula Ruth
Erajaya Swasembada (ERAA IJ) - iPhone 16 Series To Be Available In 2Q2...
ERAA’s retail group stated that it will offer the iPhone 16 series. The pre-order started on 28 March with availability starting from 11 Apr 25. The price range for iPhone 16 is Rp12.5m-33.0m (a 6% discount from the normal price), according to iBox. The company recorded 2024 NPAT of Rp1t, above our and consensus full-year estimates. However, its 2024 operating profit (Rp1.7t) was in line with our full-year forecast and consensus’. Maintain BUY. Target price: Rp480. ERAA trades at 7.1x 2025F PE, ...
- Maskun Ramli
- Paula Ruth
Indonesia Daily - Wednesday, April 9, 2025
Erajaya Swasembada (ERAA IJ/BUY/Rp348/Target: Rp480): iPhone 16 series to be available in 2Q25. Maintain BUY. TRADERS’ CORNER Telkom Indonesia (TLKM IJ): Technical BUY Bank Rakyat Indonesia (BBRI IJ): Technical BUY
- Jo Yee Ng
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, April 09, 2025
GREATER CHINA Sector Internet Navigating headwinds and uncovering opportunities upon tariff pressures. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp348/Target: Rp480) Iphone 16 series to be available in 2Q25. Maintain BUY. MALAYSIA Update Matrix Concepts Holdings (MCH MK/BUY/RM1.27/Target: RM1.66) We view the RPT deal as fair and strategic as the acquisition allows Matrix to see faster ro...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
1295 PUBLIC BANK BHD
3K1 KINGSOFT CORP. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
BCH BANGKOK CHAIN HOSPITAL PCL
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
RATCH RATCH GROUP PUBLIC CO. LTD.
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
TIDLOR NGERN TID LOR PCL
MCH MATRIX CONCEPTS HOLDINGS BHD
09888 BAIDU INC
1024 BEIJING KUAISHOU TECHNOLOGY CO LTD
09961 CTRIP.COM INTERNATIONAL
- Roy Chen Chengzhi
SATS (SATS SP) - Tariff War Posing Significant Uncertainties To Global...
The escalating tariff war poses significant uncertainties for the global trade outlook in the medium term. SATS, due to its significant 50%/25% revenue exposure to the global/US air cargo handling business, is poised to be negatively impacted by a potential setback in globalisation and decline in global trade volume. We tentatively cut our FY26-27 air cargo volume projections for SATS by 5%, and lower our earnings projections by 17-18%. Downgrade SATS to HOLD. Target price: S$2.89.
Moody's Ratings assigns Aa2 rating to Manteca USD CA's GO Bonds and A...
Moody's Ratings (Moody's) has assigned an Aa2 rating to Manteca Unified School District, CA's General Obligation Bonds, Election of 2020, Series C in the estimated par amount of $130 million and an Aa2 rating to the Manteca Unified School District, CA's 2025 Refunding General Obligation Bonds in the...
Moody's Ratings downgrades Lakeshore's CFR to B3 from B2; outlook is s...
Moody's Ratings (Moody's) downgraded Lakeshore Learning Materials, LLC's (Lakeshore) ratings including the Corporate Family Rating to B3 from B2, Probability of Default Rating to B3-PD from B2-PD and senior secured first lien term loan rating to B3 from B2. The outlook is stable. The downgrade ref...
Moody's Ratings assigns Aa2 to NYC HDC's Multi-Fam Hsg Rev Bonds, 2025...
Moody's Ratings (Moody's) has assigned a Aa2 rating to the proposed New York City Housing Development Corporation, NY's (the Corporation's) $63.9 million Multi-Family Housing Revenue Bonds, 2025 Series B-1 (Sustainable Development Bonds) and $93.4 million Multi-Family Housing Revenue Bonds, 2025 B-2...
Moody's Ratings assigns ratings to three classes of CLO refinancing no...
Moody's Ratings (Moody's) has assigned ratings to three classes of CLO refinancing notes issued and one class of loans incurred by AGL CLO 6 Ltd. (the Issuer): U.S.$5,500,000 Class X Senior Secured Floating Rate Notes due 2038, Assigned Aaa (sf) U.S.$184,600,000 Class A-1RR Senior Secured Floatin...
Interfor to Announce First Quarter Results on May 8, 2025
Interfor to Announce First Quarter Results on May 8, 2025 Analyst Conference Call – 8:00 a.m. Pacific, Friday, May 9, 2025 BURNABY, British Columbia, April 08, 2025 (GLOBE NEWSWIRE) -- INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX: IFP) will release its first quarter financial results on May 8, 2025. The analyst conference call is scheduled for 8:00 am Pacific on Friday, May 9, 2025 and will feature a brief summary of financial results by Interfor management followed by a question and answer period with analysts. WHEN:Friday, May 9, 2025 at 8:00 am PTCALL DETAILS:1-888-51...
- Benjamin Schroeder
- Padhraic Garvey
- CFA
Rates Spark: Is sell America Inc. now a thing?
US Treasuries are not behaving as a safe haven. They have cheapened versus the risk free rate, in a significant manner. The 3yr auction was a mess. There is now heightened nervousness ahead of the 10yr auction. This seemingly 'sell America' trade, is one that's now dominating the rising recession risk theme that typically would have pushed yields down
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.