reports
- Chris Hoare
Malaysian Telcos Q4 24 review: Soft Q4; guidance suggests recovery on...
4Q24 service revenue trend remained soft off prepaid weakness, partly offset by Fibre and Enterprise momentum which enabled Maxis to grow faster than CelcomDigi. Industry EBITDA was weaker off a higher comparable base, but guidance suggests a recovery in 2025 in particular for CelcomDigi.
- Chong Lee Len
Axiata Group (AXIATA MK) - Group PATAMI Under Pressure In The Near Ter...
Group PATAMI Under Pressure In The Near Term Before Synergies Materialise The merger between XL Axiata with Smartfren and Smart Telcom will be finalised on 16 April, after receiving shareholder approval. After the merger, Axiata will own 34.8% of the enlarged entity (XLSmart) and receive a cash equalisation of US$475m. Initial earnings dilution of close to 34% is expected given the deconsolidation of XL Axiata and Smartfren’s losses. We trim 2025-27 EPS by 14-29%. Maintain BUY with a lower targe...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Wednesday, March 26, 2025
GREATER CHINA Results BYD Company (1211 HK/BUY/HK$389.20/Target: HK$510.00) 4Q24: Earnings up 73% yoy, beating our estimates on margins. Maintain BUY. Raise target price from HK$410.00 to HK$510.00. BYD Electronic (285 HK/BUY/HK$42.45/Target: HK$47.70) 2H24: Earnings miss on margins; future growth will be driven by automotive and AI. Maintain BUY. Kuaishou (1024 HK/BUY/HK$56.80/Target: HK$75.00) 4Q24: Results in line with...
LH LAND & HOUSES PUBLIC CO. LTD.
00823 LINK REAL ESTATE INVESTMENT TRUST
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
M3I MINTH GROUP LIMITED
1211 BYD COMPANY LIMITED CLASS H
AXIATA AXIATA GROUP BERHAD
3933 THE UNITED LABORATORIES INTE
MSGB MAH SING GROUP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
UEMS UEM SUNRISE BHD
TGIF 1933 INDUSTRIES
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
MCH MATRIX CONCEPTS HOLDINGS BHD
01024 KUAISHOU TECHNOLOGY CLASS B
123F 123FAHRSCHULE SE
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
Maxis Bhd: 1 director
A director at Maxis Bhd bought 310,500 shares at 3.175MYR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
- Vincent Khoo Boo Aik
- Chong Lee Len
Telecommunications - 2024: Earnings Within Expectations; Higher-than-e...
2024: Earnings Within Expectations; Higher-than-expected Dividends 2024 earnings rose 9% yoy on Axiata’s better-than-expected earnings. In addition, TIME continued to deliver a high single-digit earnings growth and special dividend. Amid balance sheet optimisation and robust cash flow, TIME, TM and Maxis declared higher dividends in 2024. Key events in 1H25 include the rollout of the 5G network by U Mobile and resolution of DNB’s shareholding. Maintain MARKET WEIGHT. Our top picks are Axiata, Ce...
- Chong Lee Len
- Claire Wang Kelai
- Llelleythan Tan Tan
- Paula Ruth
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, March 10, 2025
GREATER CHINA Economics Inflation Deflationary pressures intensify as CPI turns negative. Trade A weaker start for 2025. INDONESIA Small/Mid Cap Highlights WIR Asia (WIRG IJ/NOT RATED/Rp116) Digital reality tech company with AI features; 9M24 NPAT up 18% yoy. MALAYSIA Sector T...
AMATA AMATA CORP
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
T TELEKOM MALAYSIA BHD
MTC MUANGTHAI CAPITAL PCL
SPOST SINGAPORE POST LTD
TDC TIME DOTCOM BHD
TIDLOR NGERN TID LOR PCL
688536 3PEAK INCORPORATED
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
WIRG IJ WIR ASIA
Digi Communications NV: 1 director
A director at Digi Communications NV sold 38,700 shares at 65.538RON and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...
- Research Team
The Rear-View Mirror – EME markets: Poland outperforms; Türkiye declin...
EME Equity Market – February 2025 Poland outperforms, again; Türkiye declines. The MSCI EM Europe Index advanced by 3.1% in EUR terms and 2.9% mom in USD terms in February. The Polish WIG20 was, once again, the best performer, adding 7.3% mom in February; followed by the Czech PX Index (+6.1% mom); while Greece (+3.8% mom), Hungary (+3.5% mom) and Romania (+3.0% mom) all reported rather similar performances. The Turkish ISE30 was the worst performer, declining 4.5% mom.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
CTPNV CTP NV
GPP GRUPA PRACUJ DA
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Krisztian Karikas
Solid performance in Q4, new markets are on track
DIGI posted its key numbers today morning, however detailed report hasn’t been published yet. Revenues increased by 14% YoY and came in at EUR 1.925bn which was boosted by additional EUR 407mn from the sale of its Spanish FTTH network in Q3, hence total revenues were EUR 2.33bn, 37% higher YoY.
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; ETE GA; PBK RO; 4IG HB; SFG RO;...
HEADLINES: • EME Macro/Strategy: macro all-in-one (24 February-2 March) • National Bank of Greece: 4Q24 results and 2025-27E guidance highlights NEUTRAL • Patria Bank: 4Q24 bottom-line miss due mostly to lower non-interest income NEGATIVE • 4iG: 4Q24 results review – 22% yoy reported EBITDA increase, in line with our estimate; bottom-line miss, on D&A hike NEUTRAL • Sphera Group: 4Q24 soft, as expected; webcast takeaways NEGATIVE • Duna House: 4Q24 – FY results in line, lower DPS, but possible u...
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
FROTO FORD OTOMOTIV SANAYI A.S.
11B 11 BIT STUDIOS S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
DUNAHOUSE DUNA HOUSE
4IG 4IG NYRT
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Digi Communications, Sunrise, Telenet, Air France-KLM, Ineos Quattro, Atalian, Picard, Casino Guichard-Perrachon, Scan Global Logistics, Forvia (formerly Faurecia), Lottomatica (formerly Gamenet)
- Russell Waller
- Carole Braudeau
Credit Morning 02/28/2025
ELO (Auchan): our comments on the full-year earnings release and meeting|Forvia: 2024 results in line (or even higher) but 2025 guidance disappointing|Nexity: a mixed 2024 publication|FY 24 results: In line with expectations, increases the dividend and aims for 3-5% growth in FY 25|
- Luis de Toledo Heras
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
EO FAURECIA SA
ZIL2 ELRINGKLINGER AG
NXI NEXITY SA CLASS A
ACX ACERINOX SA
FR VALEO SE
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
SIX2 SIXT SE
VID VIDRALA SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
CIE CIE AUTOMOTIVE S.A.
KENDR KENDRION NV
BPOST BPOST SA
CON CONZZETA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
MEL MELIA HOTELS INTERNATIONAL S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
CASH PROSEGUR CASH SA
BP. BP P.L.C.
DIGI DIGI COMMUNICATIONS NV
SMCP SMCP SA
SFG SPHERA FRANCHISE GROUP SA
GEST GESTAMP AUTOMOCION S.A.
EAT AMREST HOLDINGS SE
VK VALLOUREC SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHUR SHURGARD SELF STORAGE LIMITED
ENER GRUPO ECOENER S.A.
PLNW PLANISWARE
VIRI VIRIDIEN
- Luis de Toledo Heras
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
EO FAURECIA SA
ZIL2 ELRINGKLINGER AG
NXI NEXITY SA CLASS A
ACX ACERINOX SA
FR VALEO SE
SOC SUBSEA 7 S.A.
SIX2 SIXT SE
VID VIDRALA SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
CIE CIE AUTOMOTIVE S.A.
KENDR KENDRION NV
BPOST BPOST SA
CON CONZZETA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
MEL MELIA HOTELS INTERNATIONAL S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
CASH PROSEGUR CASH SA
BP. BP P.L.C.
DIGI DIGI COMMUNICATIONS NV
SMCP SMCP SA
GEST GESTAMP AUTOMOCION S.A.
VK VALLOUREC SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHUR SHURGARD SELF STORAGE LIMITED
ENER GRUPO ECOENER S.A.
PLNW PLANISWARE
VIRI VIRIDIEN
- Carole Braudeau
Morning Crédit 28/02/2025
ELO (Auchan) : Nos commentaires sur la publication annuelle et la réunion|Forvia : résultats 2024 en ligne (voire supérieurs) mais guidance 2025 décevante|Nexity : une publication 2024 en demi-teinte|FY 24 results: In line with expectations, increases the dividend and aims for 3-5% growth in FY 25|
- Bojan Djurickovic
- Research Team
WOOD Daily: KRU PW; EBS AV; RICHT HB; SFG RO; AQ RO; SNG RO; DIGI RO; ...
HEADLINES: • Kruk: detailed 4Q24 results, revealing headwinds in Spain NEGATIVE • Erste Bank: small miss on 4Q24 results, but promises strong ROTE outlook for 2025E and adds another round of share buyback potential NEUTRAL • Richter: soft 4Q24 operating results NEGATIVE • Sphera Group: 4Q24 soft, as expected NEGATIVE • Aquila Part Prod Com S.A.: earnings a small beat, bottom line boosted by negative goodwill and low tax rate POSITIVE • Romgaz: 4Q24 results NEUTRAL • DIGI Communications: 4Q24 pre...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
LVC LIVECHAT SOFTWARE SA
ALPHA ALPHA BANK AE
THYAO TURK HAVA YOLLARI A.O.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
EAT AMREST HOLDINGS SE
DUNAHOUSE DUNA HOUSE
GIG GAMING INNOVATION GROUP
ELPE HELLENIQ ENERGY
7203 ELM CO
AQ AQUILA PART PROD COM
NOVAL NOVAL PROPERTY
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Aston Martin, Voyage Care, International Personal Finance, Altice France (SFR), Telecom Italia, Digi Communications, Sunrise, Techem, Sappi, David Lloyd Leisure, TAP, Nexi, Ardagh, Encore Capital (formerly Cabot), Victoria
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