In today’s briefing:
- Adani Ports – Earnings Flash – FY 2024-25 Results – Lucror Analytics
- Lucror Analytics – Morning Views Asia
Adani Ports – Earnings Flash – FY 2024-25 Results – Lucror Analytics
- Adani Ports and Special Economic Zone (APSEZ) has released FY 2024-25 results that were largely stable y-o-y.
- Although cargo volume growth underperformed expectations, revenue rose 14% in line with projections, while the 16% EBITDA increase exceeded guidance.
- APSEZ generated slightly positive FCF, and net adjusted leverage was stable at an acceptable 2.8x.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: International Container, Pakuwon Jati
- In the US, the April ISM services index unexpectedly rose to 51.6 (50.2 e / 50.8 p). The new orders component expanded to 52.3 (50.3 e / 50.4 p), while employment increased to 49.0 (47.1 e / 46.2 p).
- The prices paid component jumped to 65.1 (61.4 e / 60.9 p), the highest level since 2022. Separately, the April (final) S&P services PMI declined to 50.8 (51.2 e / 54.4 p), below the preliminary reading of 51.4. The composite PMI fell to 50.6 (53.5 p).
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