reports
- Paula Ruth
Telecommunications – 4Q24: NPAT Down Slightly By 2% yoy
Big Telcos’ 4Q24 EBITDA was roughly stable (-0.2%) qoq, but declined slightly by 4% yoy Meanwhile, combined 4Q24 net profit fell slightly by 2% yoy, but rose 11% qoq. During 4Q24, EXCL slightly increased its market share (based on EBITDA) among the top three telcos. We downgrade the telecommunications sector to MARKET WEIGHT from OVERWEIGHT as we expect TLKM, the parent company of Telkomsel (market leader), to book only a slightly moderate top-line growth of 2% yoy in 2025. Our top pick is ISAT.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, April 25, 2025
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.72/Target: Rmb17.80) 2024: Satisfactory results; expects strong recovery in 2025. Upgrade to BUY. Ningbo Tuopu Group Co (601689 CH/BUY/Rmb50.96/Target: Rmb83.00) 4Q24: Earnings up 38.5% yoy, in line. Maintain BUY with target price unchanged at Rmb83.00. TAL Educational Group (TAL US/BUY/US$9.36/Target: US$14.00) 4QFY25: Earnings miss amid ramped-up investments in AI-powered learning. INDONESIA Sector Telecommun...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
KKP KIATNAKIN BANK
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
BN4 KEPPEL CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TCAP THANACHART CAPITAL PCL
MLT MAPLETREE LOGISTICS TRUST
MYEG MY EG SERVICES BHD
KTB KONTOOR BRANDS
EXCL XL AXIATA TBK PT
SCB SCB X PUBLIC COMPANY LIMITED
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Maskun Ramli
- Paula Ruth
- Posmarito Pakpahan
Indonesia Daily - Friday, April 25, 2025
Telecommunications: 4Q24: NPAT down slightly by 2% yoy. Downgrade to MARKET WEIGHT. Bank Central Asia (BBCA IJ/BUY/Rp8,475/Target: Rp10,500): 1Q25: Net profit grows 9.8% yoy on the back of NIM expansion. TRADERS’ CORNER Pertamina Geothermal Energy (PGEO IJ): Technical BUY Indosat (ISAT IJ): Technical BUY
- Felix Fischer
Asia Trade Book - April 2025 - Lucror Analytics
The Asia Trade Book for April 2025 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
KIJA JOLLIBEE FOODS CORP.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Felix Fischer
Asia Monthly – March 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in March 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on dev...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
KIJA JOLLIBEE FOODS CORP.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Chris Hoare
Sarana Menara Nusantara (Buy, IDR 1,500, +156%) Q4 24 Quick Take: Supp...
Numbers were decent off its higher growth adjacent businesses where non-Tower contribution now stands at 33% of sales. While near-term tower headwind is anticipated now that the merger between XL and Smartfren is approved, TOWR’s exposure to FTTT and FTTH should act as support as telcos expand into the home broadband and into rural Indonesia.
- Felix Fischer
Asia Monthly – February 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in February 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on ...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
KIJA ENN ECOLOGICAL HOLDINGS (A)
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Felix Fischer
Asia Monthly – January 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in January 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on d...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
KIJA ENN ECOLOGICAL HOLDINGS (A)
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Felix Fischer
Asia Monthly - 2025 Asian Credit Outlook And 2024 In Review - Lucror A...
In our inaugural Asia Monthly for 2025, we share our regional credit outlook for the year, with a focus on China, Macau, India and Indonesia. We also provide a review of 2024, in which we discuss the performance of major Asian credit indices and review UST curve movements for the year. In addition, we provide a recap of major news and macroeconomic releases in December 2024, summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well a...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
LPKR YANLORD LAND GROUP LIMITED
SXC PT LIPPO KARAWACI TBK
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
KIJA ENN ECOLOGICAL HOLDINGS (A)
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
5AO ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
PWON ANTON OILFIELD SERVICES GROUP
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
MSC HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Paula Ruth
Telecommunications – Average Data Traffic During Christmas/New Year 20...
EXCL’s holiday data traffic increased 19% vs normal days, higher than ISAT’s (more than 10% on 1 Jan 25). We maintain OVERWEIGHT on the telecommunications sector in view of factors such as: a) rising data traffic, b) relatively resilient demand for telco services, and c) potential industry consolidation which could support data monetisation in the long term. Our top picks are EXCL (BUY/Target: Rp3,200) and ISAT (BUY/Target: Rp3,100).
- Maskun Ramli
- Paula Ruth
- Felix Fischer
Asia Monthly - November 2024 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in November 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on ...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
GJTL AGILE GROUP HOLDINGS LIMITED
TATASTEEL PT GAJAH TUNGGAL TBK
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
LPKR YANLORD LAND GROUP LIMITED
SXC PT LIPPO KARAWACI TBK
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
KIJA ENN ECOLOGICAL HOLDINGS (A)
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
5AO ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
PWON ANTON OILFIELD SERVICES GROUP
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
MSC HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Felix Fischer
Asia Trade Book - November 2024 - Lucror Analytics
The Asia Trade Book for November 2024 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
GJTL AGILE GROUP HOLDINGS LIMITED
TATASTEEL PT GAJAH TUNGGAL TBK
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
LPKR YANLORD LAND GROUP LIMITED
SXC PT LIPPO KARAWACI TBK
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
KIJA ENN ECOLOGICAL HOLDINGS (A)
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
5AO ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
PWON ANTON OILFIELD SERVICES GROUP
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
MSC HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Felix Fischer
Asia Monthly - October 2024 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in October 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on d...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
GJTL AGILE GROUP HOLDINGS LIMITED
TATASTEEL PT GAJAH TUNGGAL TBK
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
LPKR YANLORD LAND GROUP LIMITED
SXC PT LIPPO KARAWACI TBK
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
PBRX ENN ECOLOGICAL HOLDINGS (A)
KIJA PT PAN BROTHERS TBK
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
5AO ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
PWON ANTON OILFIELD SERVICES GROUP
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
1171 PT CIKARANG LISTRINDO TBK
AZRE YANZHOU COAL MINING CO. LTD. CLASS H
01112 AZURE POWER GLOBAL LTD.
MSC HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Chris Hoare
Protelindo (Buy, TP: IDR1,500, +88%) Q3 24 Quick Take: Faster topline ...
Protelindo saw revenue and EBITDA trends accelerate this quarter helped by the IBST consolidation. As a result, revenue YTD are now trending above the 4-6% guidance. There was some slowdown in FTTT this quarter but growth remained robust.
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, October 07, 2024
GREATER CHINA Sector Metals And Mining Gold: Rally takes a breather; downside cushioned by escalating geopolitical tensions. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/HOLD/Rp850/Target: Rp930) 2Q24: Revenue from non-tower business jumps 30% yoy. Downgrade to HOLD. MALAYSIA Strategy Budget 2025 Preview: Building Sustainable Growth While Budget 2025 is seen as market-neutral, it is suppor...
1295 PUBLIC BANK BHD
TOWR PT SARANA MENARA NUSANTARA TBK
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
INRI INARI AMERTRON BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
RGB RGB INTERNATIONAL BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
TSVT 2SEVENTY BIO INC
123F 123FAHRSCHULE SE
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1787 SHANDONG GOLD SMELTING CO LTD
- Paula Ruth
Sarana Menara Nusantara (TOWR IJ) - 2Q24: Revenue From Non-tower Busin...
TOWR recorded 1H24 EBITDA of Rp5.1t, in line with our and consensus estimates. However, its 1H24 NPAT of Rp1.6t was slightly below our and consensus expectations. Last July, iForte completed the acquisition of 90.1% of IBST with acquisition value of Rp3.4t. We are monitoring for more clarity regarding TOWR’s rights issue plan (EGM scheduled on 25 Oct 24) and potential merger between FREN and EXCL. Downgrade to HOLD with a target price of Rp930, due to valuation.
- Maskun Ramli
- Paula Ruth
- Paula Ruth
Telecommunications – Telcos’ Mobile Data Revenue Could Grow 7% yoy
We maintain OVERWEIGHT on the telecommunications sector in view of several factors: a) telcos’ 2024/25 mobile data revenue could grow 8%/7% yoy, b) digital channels (penetration ranging from 29% to 55%) could help improve ARPU, c) telcos’ EBITDA growth could reach 8% yoy in 2024 and 4% yoy in 2025, and d) attractive valuation with many telcos trading at -1SD EV/EBITDA. Our top pick is EXCL (BUY/Target: Rp2,900).
- Maskun Ramli
- Paula Ruth
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