EM ASIA CREDIT: Q1 Results: RHB Bank (RHBCMK, A3/NR/NR) - Solid
"*RHB BANK 1Q NET INCOME 750.0M RINGGIT, +2.7% Y/Y" - BBG
Q1 results solid, neutral for spreads.
RHB Bank has reported Q1 net profit +2.7% YoY to RM750m on the bank of increased fund-based income as well as better cost controls. In terms of asset quality, the gross impaired loans ratio was stable at 1.50% versus 1.47% at FY24. The capital position remained strong, albeit weaker than FY24 (17.2%) with a CET1-1 ratio of 16%. Overall neutral for spreads.
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USDJPY TECHS: Approaching Resistance At The 20-Day EMA
- RES 4: 147.26 50-day EMA
- RES 3: 146.54 Low Mar 11
- RES 2: 144.47 20-day EMA
- RES 1: 144.03 High Apr 25
- PRICE: 143.49 @ 06:56 BST Apr 28
- SUP 1: 141.49 Low Apr 23
- SUP 2: 139.79 1.382 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 3: 138.82 1.500 proj of the Feb 12 - Mar 11 - 28 price swing
- SUP 4: 138.07 Low Jul 28 ‘23
Recent gains in USDJPY are considered corrective. Resistance to watch is 144.47, the 20-day EMA. A clear break of this level would signal scope for a stronger recovery. Resistance at the 50-day EMA, is at 147.26. Moving average studies are in a bear-mode position highlighting a dominant downtrend. A resumption of the trend would open 139.79 next, a Fibonacci projection.
EUROSTOXX50 TECHS: (M5) Corrective Cycle Still In Play
- RES 4: 5341.00 High Mar 27
- RES 3: 5263.01 76.4% retracement of the Mar 3 - Apr 7 bear leg
- RES 2: 5165.00 High Apr 3
- RES 1: 5101.10/5140.00 50-day EMA / High Apr 25
- PRICE: 5108.00 @ 06:36 BST Apr 28
- SUP 1: 4959.00/4812.00 Low Apr 23 / 16 and a key support
- SUP 2: 4664.00 Low Apr 10
- SUP 3: 4444.00 Low Apr 7 and the bear trigger
- SUP 4: 4336.00 Low Nov 28 ‘23 (cont)
Eurostoxx 50 futures are holding on to their recent gains. The contract has cleared the 20-day EMA and pierced resistance at the 50-day EMA, at 5101.10. A clear break of this average would strengthen the current bull cycle and signal scope for a continuation of the corrective uptrend. This would open 5165.00 next, the Apr 3 high. On the downside, support to watch lies at 4812.00, the Apr 16 low. Clearance of this level would highlight a reversal.
EUROZONE ISSUANCE: EGB Supply - W/C 28 April, 2025 (2/2)
- Tomorrow, Italy will hold a 5/10-year BTP and CCTeu auction. On offer will be E3.0-3.5bln of the on-the-run 5-year 2.95% Jul-30 BTP (ISIN: IT0005637399), E3.5-4.0bln of the new 3.60% Oct-35 BTP (ISIN: IT0005648149) and E1.5-2.0bln of the Apr-33 CCTeu (ISIN: IT0005620460).
- On Wednesday, Germany will hold a 15-year Bund auction. On offer will be E1.5bln of the on-the-run 2.60% May-41 Bund (ISIN: DE000BU2F009) alongside E500mln of the 2.50% Jul-44 Bund (ISIN: DE0001135481).
- On Friday, Belgium will look to conclude the week by holding an ORI auction. Details will be announced the preceding day.
NOMINAL FLOWS: This week sees redemptions of E26.2bln: E21.7bln of a formerly 10-year Spanish Obli, E3.0bln of a formerly 10-year EFSF bond and E1.5bln of a formerly 5-year Luxembourg LGB. Coupon payments for the week total E9.6bln of which E5.0bln are Italian and E4.5bln are Spanish. This leaves estimated net flows for the week at negative E11.3bln versus positive E1.1bln last week.
