reports
- Kitpon Praipaisarnkit
Advanced Info Service (ADVANC TB) - Expect Strong 1Q25 Earnings On Rev...
ADVANC's 1Q25 net profit is projected to rise 14% yoy and 4% qoq to Bt9.76b, mainly on the back of revenue improvement and cost reduction. We estimate 1Q25 revenue at Bt55.4b (+4% yoy, -2% qoq), supported by the mobile and FBB businesses. EBITDA margin should be strong due to the high base of SG&A in 4Q24 brought about by increased performance-based staff costs, the impact of TTTBB consolidation, and provisions for obsolete assets. Maintain BUY with a higher target price of Bt330.00.
- Thailand Research Team
THAILAND STRATEGY – Alpha Picks: Selective Buy On Individual Stocks
Our Alpha Picks underperformed the market in March (-7.3% for our portfolio vs -3.8% in market returns). The market moved down broadly in the month, pressured by international factors and the earthquake in Thailand. We remain cautiously optimistic on the Thai equities market in Apr 25 due to its attractive valuations. For Apr 25, our picks are BTG, CPN, MTC. RATCH, TIDLOR, AP, BCH, ADVANC, BJC, and PTTEP.
- Kitpon Praipaisarnkit
- Thailand Research Team
Thailand Daily- Wednesday, April 02, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Selective Buy On Individual Stocks We maintain our cautiously optimistic view on the Thai equities market in Apr 25. We decide to take profit on TFG and cut losses on CPALL and MAJOR. We also add ADVANC, BJC, and PTTEP. Update Advanced Info Service (ADVANC TB/BUY/Bt281.00/Target: Bt330.00) Expect strong 1Q25 earnings on revenue improvement and cost reduction.
- Chris Hoare
- Leonard Law
- Trung Nguyen
- James Ratzer
Vodafone (Buy, 135p, +87%) India value extraction on the horizon?
Vodafone’s lock-up in India expires at the end of this month. Given the news today on a debt-for-equity swap involving the Indian Government at Vodafone Idea, we explore the implications of this and whether there could be a surprise value crystallisation for Vodafone on the cards.
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Macau Gaming: Mar 25 GGR slightly above expectations.
Macau’s Mar 25 GGR increased 0.8% yoy but decreased 0.4% mom, beating consensus by 0.8% and recovering to 76% of 2019’s level. In 1Q25, GGR was up 0.6% yoy, recovering to 76% of 2019’s level. In Feb 25, visitations to Macau decreased 14% mom and 4% yoy, recovering to 89% of 2019’s level. Maintain OVERWEIGHT on the sector. Top pick remains Galaxy (27 HK).
- Ejann Hiew
- Greater China Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, April 2, 2025
KEY HIGHLIGHTS Sector Macau Gaming Macau’s Mar 25 GGR increased 0.8% yoy but decreased 0.4% mom, beating consensus by 0.8% and recovering to 76% of 2019’s level. In 1Q25, GGR was up 0.6% yoy, recovering to 76% of 2019’s level. In Feb 25, visitations to Macau decreased 14% mom and 4% yoy, recovering to 89% of 2019’s level. Maintain OVERWEIGHT on the sector. Top pick remains Galaxy (27 HK). TRADERS’ CORNER Power Assets Holdings Ltd. (6 HK): Trading buy range: HK$47.60-47.80 NetEase, Inc. (9999...
- Jonathan Koh
Moody's Ratings affirms Baa3 rating on New Hope Cultural Education Fac...
Moody's Ratings (Moody's) has affirmed the Baa3 rating on New Hope Cultural Education Facilities Finance Corporation's (TX) Student Housing Revenue Bonds (CHF - Collegiate Housing College Station I, L.L.C. - Texas A&M University Project) Series 2014A. This action affects approximately $89,665,000 in...
CLIK Announces Pricing of $8.28 Million Public Offering of Ordinary Sh...
CLIK Announces Pricing of $8.28 Million Public Offering of Ordinary Shares Hong Kong, April 01, 2025 (GLOBE NEWSWIRE) -- Click Holdings Limited (NASDAQ: CLIK) (“Click” or the “Company”), a provider of human resources (“HR”) solutions in Hong Kong specializing in Seniors Nursing Care, Logistics, and Professional HR services, today announced the pricing of its public offering of 13,800,000 ordinary shares at a public offering price of $0.6 per ordinary share. Gross proceeds, before deducting placement agent fees and other offering expenses, are expected to be approximately $8.28 million. ...
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thailand Research Team
Regional Morning Notes - Wednesday, April 02, 2025
GREATER CHINA Sector Macau Gaming: Mar 25 GGR slightly above expectations. MALAYSIA Results Yinson Holdings (YNS MK/BUY/RM2.20/Target: RM3.15): FY25: FPSO income misses expectations against the lower income base as per its inaugural Enterprise Reporting, and higher-than-expected financing costs. Update IJM Corporation (IJM MK/BUY/RM2.10/Target: RM3.00): Prospects remain resilient with a robust pipeline of infrastructure and industrial contract flows. Maintain BUY and target price of RM3.00. SI...
- Jonathan Koh
Keppel Pacific Oak US REIT (KORE SP) - Throttling The Payout Ratio Lev...
KORE is seeking approval to amend its trust deed for flexibility to vary its payout ratio. Funds retained are used to meet capex requirements to ensure aggregate leverage is maintained at a comfortable level. We assume a payout ratio of 30% in 2026, ratcheting higher by 15ppt per year to 45% in 2027, 60% in 2028 and stabilising at 75% in 2029. KORE is expected to resume distribution in 2H25. It trades at a distribution yield of 5.9% for 2025, 8.6% for 2026 and 11.2% for 2027. Maintain BUY. Targe...
Moody's Ratings assigns Aa3 to Mesa, AZ's Utility Systems Revenue Obli...
Moody's Ratings (Moody's) has assigned a Aa3 subordinate rating to City of Mesa, AZ's Utility Systems Revenue Obligations, Series 2025, expected to be issued in the par amount of $286.5 million. We maintain Aa2 ratings on the senior outstanding utility systems revenue bonds and Aa3 ratings on the su...
Moody's Ratings upgrades 46 ratings from 13 RMBS deals
Moody's Ratings (Moody's) has upgraded the ratings of 46 bonds from 13 US residential mortgage-backed transactions (RMBS), backed by Alt-A, jumbo, and subprime mortgages issued by multiple issuers. Please click on this link /viewresearchdoc.aspx?docid=PBS_ARFTL504920 for the ...
IMSA 2006-4 SERIES 2007-1
IMSA 2006-3 IMPAC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES
IMSA 2006-2 SERIES 2006-4
IMSA 2006-1 IMPAC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES
NAA 2005-AP1 SERIES 2006-3
NAA 2005-AP3 IMPAC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES
INABS 2007-A SERIES 2006-2
INABS 2006-E IMPAC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES
GSR 2006-8F SERIES 2006-1
GSMSC 2008-2R NOMURA ASSET ACCEPTANCE CORPORATION
NAA 2006-AF2 ALTERNATIVE LOAN TRUST
NAA 2006-AF1 SERIES 2005-AP1
NOMURA ASSET ACCEPTANCE CORPORATION ALTERNATIVE LOAN TRUST
SERIES 2005-AP3
INDYMAC HOME EQUITY MORTGAGE LOAN ASSET-BACKED TRUST
SERIES INABS 2007-A
INDYMAC HOME EQUITY MORTGAGE LOAN ASSET-BACKED TRUST
SERIES INABS 2006-E
GSR MORTGAGE LOAN TRUST 2006-8F
GSMSC PASS-THROUGH TRUST 2008-2R
NOMURA ASSET ACCEPTANCE CORPORATION
ALTERNATIVE LOAN TRUST
SERIES 2006-AF2
NOMURA ASSET ACCEPTANCE CORPORATION
ALTERNATIVE LOAN TRUST
SERIES 2006-AF1
Moody's Ratings assigns P-1 to San Antonio (City of) TX Electric and G...
Moody's Ratings (Moody's) has assigned P-1 to the San Antonio (City of) TX Electric and Gas Systems' (CPS Energy) $150 million Electric and Gas Systems Extendible Municipal Commercial Paper Notes, Series A. We also maintain a P-1 rating on the existing commercial paper program and Aa2 and Aa3 long-t...
Portsmouth Square Completes Strategic Refinancing of Hilton San Franci...
Portsmouth Square Completes Strategic Refinancing of Hilton San Francisco Financial District Hotel SAN FRANCISCO, CA, April 01, 2025 (GLOBE NEWSWIRE) -- Portsmouth Square, Inc. (OTC: PRSI) ("Portsmouth Square" or "the Company") today announced the successful refinancing of its flagship asset, the Hilton San Francisco Financial District Hotel. This strategic refinancing positions the Company for improved financial flexibility and stability in managing its premier hospitality asset. The refinancing was executed through Justice Operating Company, LLC ("Justice"), a wholly owned subsidiary o...
The InterGroup Corporation Announces Strategic Refinancing of Hilton S...
The InterGroup Corporation Announces Strategic Refinancing of Hilton San Francisco Financial District Hotel SAN FRANCISCO, CA, April 01, 2025 (GLOBE NEWSWIRE) -- The InterGroup Corporation (NASDAQ: INTG) ("InterGroup" or "the Company"), the parent company of Portsmouth Square, Inc. (OTC: PRSI) (“Portsmouth Square”), today announced the successful refinancing of its subsidiary's flagship asset, the Hilton San Francisco Financial District Hotel. This strategic refinancing positions the Company and its subsidiaries for improved financial flexibility and stability in managing their premier ho...
Moody's Ratings downgrades to Aa3 from Aa2 Clackamas, Multnomah & Wash...
Moody's Ratings (Moody's) has downgraded to Aa3 from Aa2 the issuer rating on Clackamas, Multnomah & Washington Counties School Disctrict 7J (Lake Oswego), OR. Concurrently, we have downgraded the general obligation unlimited tax (GOULT) bond rating to Aa3 from Aa2. The district had $392 million in ...
Moody's Ratings assigns provisional ratings to four classes of notes t...
Moody's Ratings (Moody's) has assigned provisional ratings to four classes of notes to be issued and one class of loans to be incurred by Starwood 2025-SIF5, LLC (the Issuer or Starwood 2025-SIF5): U.S.$300,000,000 Class A Floating Rate Senior Notes due 2037, Assigned (P)Aaa (sf) U.S.$15,000,00...
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