reports
- Trung Nguyen
- Heidi Mo Jinghui
- John Cheong Ming Chern
Food Empire Holdings (FEH SP) - 3Q25: Record Quarter Reinforces Multi-...
FEH delivered a record 3Q25 revenue of US$153m (+28% yoy, +11% qoq), bringing 9M25 to form 81% of our full-year forecast and beat expectations. Strong double-digit growths across its core markets underpin robust demand. We raise our 2025-27 revenue forecasts by 2-3%. As FEH is trading at 16.5x 2026F PE, a deep 35% discount to peers, we maintain BUY with an unchanged target price of S$3.00.
- Roy Chen Chengzhi
Singapore Technologies Engineering (STE SP) - 9M25: Strong Revenue (+9...
STE’s 9M25 revenue of S$9.1b (+9% yoy) came in slightly above our expectations, driven by robust growth across key business segments. STE declared a 4 S cent interim dividend for 3Q25 and has raised its 4Q25 dividend guidance to 11 S cents. We welcome STE’s impairment exercise and strategic review launched on the non-performing satcom businesses, which should lead to a cleaner balance sheet and boost future earnings outlook. Upgrade STE to BUY, with a higher target price of S$9.05.
- Chong Lee Len
Singapore Telecommunications (ST SP) - 1HFY26: Robust Performance, In ...
Singtel reported a higher underlying net profit of S$1.4b (+14% yoy) in 1HFY26, driven by margin expansion from Optus and NCS, coupled with robust associate contributions. Positively, Singtel revised its FY26 OpCos’ EBIT growth and regional associates' dividend outlook. It also declared a total 1HFY26 dividend of 8.2 S cents/share, implying a 78% dividend payout ratio. BUY on share price weakness with a higher SOTP-based target price of S$5.20 as we narrowed our holding company discount (from 25...
- Heidi Mo Jinghui
- Kai Jie Tang
ComfortDelGro Corporation (CD SP) - 3Q25: Largely In Line; Powered By ...
CD’s 9M25 results were largely in line, with revenue up 14% yoy and core PATMI up 2% yoy on stronger contributions from recent acquisitions and UK contract renewals, partly offset by softer Singapore margins. Maintain BUY with a 4% higher target price of S$1.76. CD offers a 5.5% yield and is supported by its diversified portfolio and improving overseas mix.
- Julia Pan Mengyao
- Ming San Soong
Tencent Music Entertainment Group (1698 HK): 3Q25: Solid Earnings Beat...
TME delivered strong 3Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 20.6% yoy to Rmb8.5b, 3% above the street’s estimates. Non-GAAP operating profit jumped 25.2% yoy to Rmb3b, with operating margins edging up 1ppt yoy to 36%. Non-GAAP net profit rose 27.7% yoy to Rmb2.5b, beating consensus expectation by 7%, with net margins expanding 2ppt yoy to 29%. Maintain BUY with a target price of HK$105.00 (US$27.00).
- Audrey Celia
- Willinoy Sitorus
Adi Sarana Armada (ASSA IJ) - From Story To Reality
Company Update | Adi Sarana Armada (ASSA IJ/BUY/Rp1,120/Target: Rp1,700) We expect growth momentum to sustain following a strong 9M25 performance, with logistics remaining the key growth driver. ASSA’s shift toward an integrated logistics ecosystem is delivering tangible results, backed by solid execution and technology adoption. After securing its first major B2B mid-mile contract with Sampoerna, ASSA will handle last-mile distribution next year, with several FMCG players showing interest. We m...
- Suryaputra Wijaksana
Economics - Indonesia Consumer Activity: Near-term Weakness, 4Q Reboun...
Indonesia's consumer recovery remains fragile, with Sep 25’s modest retail growth highlighting a two-tiered market of essential spending over discretionary. While a soft labour market and inflationary pressures from stimulus programmes pose challenges, a turning point is emerging. Significant fiscal rollout and a surge in consumer confidence are fuelling optimistic prospects. We anticipate a material acceleration in 4Q25, projecting GDP growth of 5.1-5.4% yoy. Highlights • Subdued and uneven r...
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Thursday, November 13, 2025
Top Stories Company Results | Tencent Music Entertainment Group (1698 HK/BUY/HK$84.65/Target: HK$105.00) TME delivered strong 3Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 20.6% yoy to Rmb8.5b, 3% above the street’s estimates. Non-GAAP operating profit jumped 25.2% yoy to Rmb3b, with operating margins edging up 1ppt yoy to 36%. Non-GAAP net profit rose 27.7% yoy to Rmb2.5b, beating consensus expectation by 7%, with net margins expanding 2ppt yoy to 2...
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
- Roy Chen Chengzhi
Singapore Daily: Thursday, November 13, 2025
Top Stories Company Results | ComfortDelGro Corp (CD SP/BUY/S$1.48/Target: S$1.76) CD’s 9M25 results were largely in line, with revenue up 14% yoy and core PATMI up 2% yoy on stronger contributions from recent acquisitions and UK contract renewals, partly offset by softer Singapore margins. Maintain BUY with a 4% higher target price of S$1.76. CD offers a 5.5% yield and is supported by its diversified portfolio and improving overseas mix. Company Results | Singapore Telecommunications (ST S...
- Audrey Celia
- Maskun Ramli
- Suryaputra Wijaksana
- Willinoy Sitorus
Indonesia Daily - Thursday, November 13, 2025
Economics | Indonesia Consumer Activity: Near-Term Weakness, 4Q Rebound In View Indonesia's consumer recovery remains fragile, with Sep 25’s modest retail growth highlighting a two-tiered market of essential spending over discretionary. While a soft labour market and inflationary pressures from stimulus programmes pose challenges, a turning point is emerging. Significant fiscal rollout and a surge in consumer confidence are fuelling optimistic prospects. We anticipate a material acceleration in ...
Moody's Ratings assigns Aa3 UND and ENH to Danville ISD, KY's Series 2...
Moody's Ratings (Moody's) has affirmed Danville Independent School District, KY's issuer and lease ratings at Aa3 and A1, respectively. Concurrently, we assigned Aa3 underlying and Aa3 enhanced ratings to the General Obligation Bonds, Series 2025 issued by the Board of Education of Danville, KY, the...
- Chris Hoare
Rubicon Organics Announces Appointment of Glen Ibbott as CFO
Rubicon Organics Announces Appointment of Glen Ibbott as CFO VANCOUVER, British Columbia, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon Organics”, “Rubicon”, or the “Company”), a licensed producer focused on cultivating and selling organic certified and premium cannabis products, today announced the appointment of Glen Ibbott, a cannabis industry veteran and former Chief Financial Officer of Aurora Cannabis Inc. (TSX: ACB, Nasdaq: ACB) as its Chief Financial Officer and Corporate Secretary. “Over the past six months, Glen has demonstrated e...
Moody's Ratings revises Lodi USD, CA's outlook to positive from stable...
Moody's Ratings (Moody's) has revised Lodi Unified School District, CA's outlook to positive from stable and affirmed its Aa3 issuer rating, Aa2 general obligation unlimited tax (GO) ratings, and A1 certificates of participation (COP) rating. Concurrently, we have affirmed the Aa2 rating on Lodi Uni...
Moody's Ratings assigns initial Aa2 to Margate, FL and its Series 2025...
Moody's Ratings (Moody's) has assigned an initial Aa2 issuer rating to the City of Margate, FL and a Aa2 rating to the City's approximately $60 million Water and Wastewater Improvement Revenue Bonds, Series 2025. Post-issuance, the city will have approximately $91 million in outstanding debt. RATI...
Moody's Ratings affirms Ero Copper's B1 rating; outlook stable
Moody's Ratings (Moody's) has today affirmed Ero Copper Corp.'s ("Ero Copper or Ero") B1 corporate family rating (CFR), B1-PD probability of default rating (PDR), and B1 senior unsecured notes rating. Ero's Speculative Grade Liquidity Rating ("SGL") was upgraded to SGL-1 from SGL-2. The outlook rema...
Elme Communities Completes Sale of 19 Multifamily Communities for $1.6...
Elme Communities Completes Sale of 19 Multifamily Communities for $1.6 Billion BETHESDA, Md., Nov. 12, 2025 (GLOBE NEWSWIRE) -- Elme Communities (“Elme” or the “Company”) (NYSE: ELME) today completed its previously announced sale of 19 multifamily communities (“the portfolio sale”) to an affiliate of Cortland Partners, LLC (“Cortland”) for $1.6 billion in cash, subject to certain customary adjustments and prorations. The completion of the portfolio sale follows the satisfaction of all conditions to closing, including receipt of approval of the portfolio sale by Elme shareholders at the Oc...
UPDATED: SHARPLINK DEMONSTRATES STRONG GROWTH MOMENTUM IN THIRD QUARTE...
UPDATED: SHARPLINK DEMONSTRATES STRONG GROWTH MOMENTUM IN THIRD QUARTER 2025 AS IT ADVANCES EXECUTION OF ETH TREASURY STRATEGY Management to Host Conference Call on Thursday, November 13, 2025 at 8:30 AM ET MINNEAPOLIS, MN, Nov. 12, 2025 (GLOBE NEWSWIRE) -- (Nasdaq: SBET) (“SharpLink” or the “Company”), one of the world’s largest corporate holders of Ether (“ETH”) and prominent industry advocate of Ethereum adoption, today announced its financial results for the third quarter ended September 30, 2025, and provided key highlights relating to the continued execution of its ETH treasury st...
Moody's Ratings affirms Jefferies (senior unsecured debt at Baa2), out...
Moody's Ratings (Moody's) has affirmed the ratings of Jefferies Financial Group Inc. (Jefferies, senior unsecured debt at Baa2) and its rated subsidiaries, Jefferies LLC (Baa1 long-term issuer rating), Jefferies International Limited (Baa1 long-term issuer rating) and Jefferies GmbH (Baa1 long-term ...
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