In today’s briefing:
- Lucror Analytics – Morning Views Asia
- China Oil & Gas – Earnings Flash – FY 2024 Results – Lucror Analytics
- Minerva 4Q24: Acquisition Outlook and Market Tailwinds Support Credit Upgrade
- Weekly News & Views – Mar 21, 2025
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: MGM China, Genting Berhad, Road King, Meituan, AAC Technologies
- In the US, Chicago Fed President Austan Goolsbee said that the inflation impact from tariffs could be transitory, if the duties are limited in scope and there is no retaliation from other countries.
- He added that the Fed is taking a wait-and-see approach for now, albeit he believes rates will be lower 12-18 months from now if inflation remains contained in the long run. Separately, New York Fed President John Williams expressed support for the Fed’s rate pause last week, stating that “the current modestly restrictive stance of monetary policy is entirely appropriate given the solid labour market and inflation still running somewhat above our 2% goal”.
China Oil & Gas – Earnings Flash – FY 2024 Results – Lucror Analytics
- COG has reported largely stable FY 2024 results, with gross profit and EBITDA growing despite a lower top line.
- Consolidated leverage improved, supported by the stronger earnings and cash flows.
- Liquidity at the holdco level remains adequate.
Minerva 4Q24: Acquisition Outlook and Market Tailwinds Support Credit Upgrade
- Stronger post-acquisition scale, healthy FCF outlook, and export momentum reinforce the deleveraging path and outperformance case
- We upgrade Minerva to Outperform, reflecting greater confidence in the company’s deleveraging trajectory, supported by expected cash generation despite integration costs and higher interest expenses.
- Minerva reported strong 4Q24 results, with revenue up 26.0% QoQ and 73.8% YoY. Adjusted EBITDA rose 16.1% QoQ and 55.8% YoY, though the margin narrowed to 8.8%
Weekly News & Views – Mar 21, 2025
- 4Q24 results: Minerva – acquisition outlook and market tailwinds support credit upgrade, YPF – strategic progress offset weak quarter, and Pemex – high carry but risk outweigh rewards.
- Argentina 4Q24 GDP Beats Expectations, but Outlook Hinges on Policy and IMF Deal
- Sheinbaum Restructures Pemex to Strengthen State Control – Pemex’s elevated leverage, continued E&P underperformance, and exposure to refining losses remain key concerns.
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