reports
Moody's Ratings assigns Aa1/VMIG 1 to California Housing Finance Agenc...
Moody's Ratings (Moody's) has assigned a Aa1/VMIG 1 rating to the proposed $53,996,000 California Housing Finance Agency Limited Obligation Multifamily Housing Revenue Bonds (5035 Coliseum Street Project), 2025 Issue NN. RATINGS RATIONALE The Aa1 long-term rating of this cash collateralized tran...
- Suryaputra Wijaksana
Economics - Indonesia's Trade Surplus Contracts On Surging Imports
Economics | Indonesia's Trade Surplus Contracts On Surging Imports Indonesia's trade surplus narrowed to $2.39b in Oct 25 as a surge in imports, driven by strong domestic demand and government spending, outpaced a modest export decline. While underlying cumulative trends remain positive, the surplus is expected to shrink further through 2025 due to a slowing global economy and robust import growth. Looking ahead, the 2026 outlook faces headwinds from protectionist policies targeting key exports ...
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Iris Parent Holdco, L.P. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 20 November 2025 in which we reassessed the appropriateness of the ratings in the ...
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Brazos Delaware II, LLC (Brazos) and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 24 November 2025 in which we reassessed the appropriateness of the ratings...
Moody's Ratings assigns P-1 to University of Pittsburgh's (PA) Commerc...
Moody's Ratings (Moody's) has assigned P-1 ratings to the University of Pittsburgh's ("Pitt") Tax-Exempt Commercial Paper Notes and Taxable Commercial Paper Notes, in aggregate authorized not to exceed $600 million at any one time. RATINGS RATIONALE The assignment of a P-1 short-term rating to...
Moody's Ratings upgrades Precision Drilling's CFR to Ba2; outlook stab...
Moody's Ratings (Moody's) upgraded Precision Drilling Corporation's (Precision) corporate family rating (CFR) to Ba2 from Ba3, the probability of default rating (PDR) to Ba2-PD from Ba3-PD and the senior unsecured notes rating to Ba3 from B1. Precision's SGL-2 (good) speculative grade liquidity rati...
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Julia Pan Mengyao
- Kai Jie Tang
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, December 03, 2025
Greater China Sector Update | Consumer We met investors in Thailand and Malaysia during our marketing trip from 24-28 Nov 25. Overall investor interest in the China consumer sector is improving. The most frequently discussed segments and names include Miniso, Shenzhou, Anta, consumer staples (including dairy, beer and baijiu), as well as some new consumption names such as Pop Mart (non-rated) and Laopu Gold (non-rated). Our preferred stocks include: Galaxy, Midea, Miniso, Shenzhou and Sands ...
BJC BERLI JUCKER PUBLIC CO. LTD.
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
JPFA JAPFA COMFEED INDONESIA
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
BURSA BURSA MALAYSIA BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
1368 XTEP INTERNATIONAL HOLDINGS
RSTON RIVERSTONE HOLDINGS LTD
CRC CENTRAL RETAIL CORP
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
HEAL MEDIKALOKA HERMINA
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
09618 JD.COM INC. CLASS A
MNSO MINISO GROUP HOLDING ADS (N SHARES)
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
DOHOME DOHOME PCL
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
09961 CTRIP.COM INTERNATIONAL
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
CPAXT CP AXTRA PUBLIC COMPANY LIMITED
KOPI MK ORIENTAL KOPI HOLDINGS BHD
BRMS IJ BUMI RESOURCES MINERALS
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HERE US HERE GROUP (HERE US)
Moody's Ratings assigns Aa2 UND/Aaa ENH to La Porte ISD, TX's GOs
Moody's Ratings (Moody's) has assigned Aa2 underlying and Aaa enhanced ratings to La Porte Independent School District, TX's Unlimited Tax Refunding Bonds, Series 2026 in the approximate par amount of $29.9 million. We maintain the district's Aa2 issuer and outstanding general obligation unlimited t...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
UltraGreen.ai (UGAI SP) - Global ICG Market Leader With Superior Margi...
UltraGreen is a global FGS powerhouse with a dominant ICG market leadership, extensive distribution network and superior margin profile. We expect strong 2024-27 revenue/EPS CAGRs of 21%/22% respectively, driven by rising procedure volumes, expanding geographies and strong pricing power. Initiate coverage with BUY and a target price of US$2.00. Catalysts include strong earnings growth, attractive margins and better price discovery.
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Vistra Zero Operating Company, LLC and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 20 November 2025 in which we reassessed the appropriateness of the ratin...
- Singapore Research Team
Strategy - Alpha Picks: Rebalanced For Year-End Opportunities
Our Nov 25 Alpha Picks portfolio returned 2.2% mom, in line with the STI, while weighted portfolios outperformed. Gains were led by CSE, ASL and MPM. For Dec 25, we add KEP, UGAI and SATS, and remove FRKN, UMS and SIA. The refreshed portfolio remains positioned to benefit from ongoing EQDP-driven interest in small-/mid-cap names.
C09 CITY DEVELOPMENTS LIMITED
BN2 VALUETRONICS HOLDINGS
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLAR CAPITALAND ASCENDAS REIT
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
Moody's Ratings assigns a rating to one class of notes issued by OCP C...
Moody's Ratings (Moody's) has assigned a rating to one class of notes issued by OCP CLO 2025-46, Ltd. (the Issuer or OCP CLO 2025-46): U.S.$378,000,000 Class A Senior Secured Floating Rate Notes due 2038, Definitive Rating Assigned Aaa (sf) RATINGS RATIONALE The rationale for the rating is b...
- Johnny Yum
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Wednesday, December 3, 2025
Economics | Indonesia's Trade Surplus Contracts On Surging Imports Indonesia's trade surplus narrowed to $2.39b in Oct 25 as a surge in imports, driven by strong domestic demand and government spending, outpaced a modest export decline. While underlying cumulative trends remain positive, the surplus is expected to shrink further through 2025 due to a slowing global economy and robust import growth. Looking ahead, the 2026 outlook faces headwinds from protectionist policies targeting key exports ...
BBCA PT BANK CENTRAL ASIA TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HEAL MEDIKALOKA HERMINA
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
BRMS IJ BUMI RESOURCES MINERALS
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
Moody's Ratings assigns an initial A3 issuer rating to City of Belmond...
Moody's Ratings (Moody's) has assigned an initial A3 issuer rating to City of Belmond, IA and an A3 general obligation unlimited tax (GOULT) rating to the city's General Obligation Capital Loan Notes, Series 2025, with a proposed par amount of $5.4 million. Post-issuance city will have around $15 mi...
Moody's Ratings assigns first-time B1 CFR to Jennmar; outlook stable
Moody's Ratings (Moody's) assigned a first-time B1 Corporate Family Rating (CFR) and a B1-PD Probability of Default Rating (PDR) to Jennmar Intermediate III, LLC ("Jennmar"). At the same time, we assigned a B2 rating to the company's new backed senior secured first lien term loan due 2030. The outlo...
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