In today’s briefing:
- Alibaba: May Be a Good Time to Double Down On Shorts With 4QFY22 Set For Another Disappointment
- PT Nippon Indosari Corpindo (ROTI IJ) – Oven Ready Despite the Wheat Price
- Inox Leisure – Business Back to Normalcy; No CCI Action Yet
- Morning Views Asia: Gajah Tunggal, Times China
- TNG INVESTMENT & TRADING JSC (TNG VN/Trading buy/TP
Alibaba: May Be a Good Time to Double Down On Shorts With 4QFY22 Set For Another Disappointment
- Alibaba Group (9988 HK)’s fourth-quarter results will be out soon and we predict another disappointing quarter with mid-single-digit revenue growth.
- The company’s FY23 revenue guidance could be significantly weaker than the current consensus estimate as rumoured layoffs and budget cuts are likely to affect Alibaba Group (BABA US)’s growth.
- With the share price near the upper end of the trend channel leading up to 4QFY22 earnings, we think it’s a good time to add to existing short positions.
PT Nippon Indosari Corpindo (ROTI IJ) – Oven Ready Despite the Wheat Price
- PT Nippon Indosari Corpindo (ROTI IJ) released an impressive set of 1Q2022 results with higher wheat prices being offset by price rises plus greater operational efficiencies.
- Modern trade saw an especially strong recovery in 1Q2022 but general trade also saw good growth and continues to hit record highs.
- PT Nippon Indosari Corpindo (ROTI IJ) management remains optimistic on the outlook for 2022, with guidance for +15% growth in sales together with improving margins.
Inox Leisure – Business Back to Normalcy; No CCI Action Yet
- Highest screen addition in the industry in FY22: INOL opened 8 screens in 2 properties in 4QFY22 (32 in FY22), taking the total screen count to 675.
- ATP declines QoQ despite blockbuster performances: ATP at Rs218 grew by 27% YoY and SPH at Rs86 grew by 10% YoY.
- However, both declined QoQ compared to ATP and SPH at Rs226 and Rs97, respectively, in 3QFY22.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.
Morning Views Asia: Gajah Tunggal, Times China
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
TNG INVESTMENT & TRADING JSC (TNG VN/Trading buy/TP
Trading Buy (Downgrade) Upside +11.9% (TNG VN)
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.
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