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Southern Water Downgraded to Junk by Moody’s Amid Water Industry Challenges

Key Takeaway: Moody's downgraded Southern Water to junk status , citing financial and operational underperformance, compounding the broader issues facing the UK water sector. Southern Water Ltd’s credit rating was downgraded to junk by Moody’s , with a warning of potential further cuts due to its weak performance history and financial challenges. This downgrade impacts the company’s ability to raise the £4 billion in new debt and £650 million in equity required for its capital plans. The UK water industry is facing heightened scrutiny due to concerns over chronic leaks, sewage spills, and high-interest rates. Southern Water, which supplies over two million people in England, could face severe penalties from the regulator Ofwat , which may limit funds for essential upgrades. Following the downgrade, Southern Water’s 2026 bonds dropped 2.7 pence to around 85 pence on the pound. Despite the rating cut, Southern Water assured customers that services would continue unaffected, hig
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CIMB Securities Projects Strong 1QFY2025 Core Profit for IOI Corp Between RM280m and RM320m

Key Takeaway: IOI Corp is forecasted to achieve a core net profit of RM280 million to RM320 million for 1QFY2025, driven by higher output, improved palm kernel prices, and stronger downstream profits.

Securities expects IOI Corporation Bhd’s 1QFY2025 earnings to rise significantly, following the contribution of RM205.6 million from its associate Bumitama Agri in FY2024. This projection marks an increase from RM242 million in 4QFY2024 and would represent around 21%-25% of CIMB’s full-year profit forecast for IOI Corp.

The forecast includes a positive forex gain of approximately RM380 million due to a stronger ringgit. CIMB Securities anticipates IOI Corp’s FY2025 revenue to reach RM11.05 billion, a growth from RM9.60 billion in FY2024, with a core net profit forecast of RM1.30 billion (earnings per share of 21 sen), reflecting 19.5% year-on-year growth.

CIMB maintains its “buy” call with a target price of RM4.38, supported by potential catalysts like rising crude palm oil (CPO) prices and boosted downstream earnings.

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