Daily Brief Credit: SJM Holdings – Earnings Flash – FY 2024 Results – Lucror Analytics and more

• SJM Holdings’ FY 2024 results were acceptable in our view, as its earnings and market share improved y-o-y.
• In particular, GLP has managed to improve market share gradually over the course of the year.
• Still, SJM’s overall market share remained below the pre-pandemic FY 2019 level.

Cikarang Listrindo (CL) is Indonesia’s oldest independent power producer, with 1,144 MW of capacity. The company has two natural gas-fired plants with a combined installed capacity of 864 MW, and a 280 MW coal-fired plant. It is the sole electricity provider to c. 2,700 tenants across five industrial estates in Cikarang. It was listed on the Indonesia Stock Exchange in June 2016. The Joso, Brasali and Sofyan families own over 80% of the company.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Cikarang Listrindo
• Commerce Secretary Howard Lutnick said the Trump administration could announce some tariff relief for Mexican and Canadian goods as soon as today, after US President Donald Trump’s sweeping tariffs on Mexican and Canadian imports took effect yesterday.
• “Both the Mexicans and the Canadians were on the phone with me all day today trying to show that they’ll do better, and the president’s listening, because you know he’s very, very fair and very reasonable”, Mr Lutnicksaid in an interview with Fox Business yesterday.

• Weak 4Q24 results, rising leverage, and lack of a clear plan heighten credit concerns.
• We downgrade Pemex to Underperform. In our view, the absence of a clear financial plan under the current circumstances significantly undermines Pemex’s management credibility in addressing its serious debt challenges.
• From a credit perspective, results were marked by a 27.1% sequential decline in LTM adjusted EBITDA, while total debt decreased by $2.1 billion.