In today’s briefing:
- Lucror Analytics – Morning Views Asia
- Suzano 3Q25: Results Soft but Broadly In Line with Expectations
Lucror Analytics – Morning Views Asia
- UST yields were little changed at the close yesterday, as earlier yield declines were pared after Amazon announced a USD 15 bn sixpart notes offering.
- The yield on the 2Y UST remained at 3.61%, while the yield on the 10Y UST declined 1 bp to 4.14%.
- Equities slumped, ahead of Nvidia Corp’s widely anticipated earnings release tomorrow and amid market concerns over high AI valuations.
Suzano 3Q25: Results Soft but Broadly In Line with Expectations
- Suzano’s 3Q25 results were soft but broadly in line, with pulp volumes and prices weighing on margins. Healthier pricing and cost discipline should support gradual margin recovery.
- We upgrade the 2031 notes to Overweight after spreads widened 21 bps, creating more attractive relative value versus LatAm BBB peers and Suzano’s own curve.
- We expect improving pulp prices, Ribas cost efficiencies, and disciplined capital allocation to strengthen margins, liquidity, and deleveraging capacity over the next 9–12 months.
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