reports
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - Weak Earnings In 4Q24 Due To The Las...
BCH is expected to report a net profit of Bt197m in 4Q24 (-53.8% yoy, -56.5% qoq). The weak earnings should be caused by the anticipated negative AdjRW>2 impact and the rising expenses incurred by the new cancer centre and the partial reopening of a hospital. We are positive on BCH as: a) there should be no more AdjRW>2 rate cut going forward, b) the cancer centre is ramping up well, and c) the influenza outbreak is happening earlier this year. Maintain BUY. Target price: Bt20.00.
- Arsit Pamaranont
Star Petroleum Refining (SPRC TB) - 4Q24: Results In Line; Good Time T...
SPRC reported a 4Q24 net profit of Bt162m, reversing from a loss of Bt2.2b in 3Q24 and loss of Bt4.4b in 4Q23. Excluding one-off items, core profit was Bt217m (3Q24: Bt196 gain; 4Q23: Bt422m loss). Both core and net profit are in line with our estimates. SPRC’s 2024 core profit totalled Bt2.2b, up 67% yoy. We believe its operating performance will continue to improve in 2025 while its valuation is undemanding. Maintain BUY. Target price: Bt9.00.
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
China Dairy: Retail demand remains weak; price recovery and healthier ...
Retail demand for liquid milk remains weak. However, the industry's channel inventories have become much healthier and retail prices have been recovering, providing a foundation for dairy companies to gradually normalise shipment volumes. Despite benefitting less from raw milk price tailwinds in 2025, dairy companies’ margin growth will be mainly driven by: a) sale of expense savings, b) efficiency enhancement, and c) reduction of bulk powder impairment. Maintain OVERWEIGHT on the sector.
- Kampon Akaravarinchai
Berli Jucker (BJC TB) - 4Q24: Results In Line; Core Earnings Improveme...
BJC reported 4Q24 core earnings of Bt1.57b, down 8.8% due to a higher effective tax rate. We saw a strong improvement in 4Q24 EBT which increased 21% yoy on the back of both top-line and profitability improvement. We still saw positive SSS growth of 4% yoy in 1 Jan-15 Feb 25. We foresee core earnings for 2025 growing 9% yoy, improving from a yoy decline in 2023-24. Maintain BUY. Target price: Bt28.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
Thailand Daily - Thursday, February 20, 2025
KEY HIGHLIGHTS Results Berli Jucker (BJC TB/BUY/Bt22.40/Target: Bt28.00) 4Q24: Results in line; core earnings improvement in 2025 after two-year drop. Star Petroleum Refining (SPRC TB/BUY/Bt5.35/Target: Bt9.00) 4Q24: Results in line; good time to accumulate. Update Bangkok Chain Hospital (BCH TB/BUY/Bt15.00/Target: Bt20.00) Weak earnings in 4Q24 due to the last AdjRW>2 rate cut. Stecon Group (STECON TB/BUY/Bt3.96/Target: Bt5.65) Expect net loss in 4Q24; remain...
- Malaysia Research Team
Malaysia Daily - Thursday, February 20, 2025
KEY HIG HLIGH TS Company Results Duopharma Biotech (DBB MK/BUY/RM1.28/Target: RM1.39) Page 2 4Q24: Largely delivers on earnings. Public sector sales anchor growth while margins improve on lower input costs. Maintain BUY and target price of RM1.39. Gas Malaysia (GMB MK/HOLD/RM4.18/Target: RM4.40) Page 5 4Q24: Results in line; NG volume grew 8% yoy. Malaysia Marine And Heavy Engineering Holdings Page 8 (MMHE MK/BUY/RM0.39/Target: RM0.70) 2024: Closed the year with positive progress in both project...
Moody's Ratings assigns Aa1 to The Industrial Development Authorities ...
Moody's Ratings (Moody's) assigns Aa1 to the proposed $28 million The Industrial Development Authorities of the County of Pima and The City of Tucson, Arizona Joint Single Family Mortgage Revenue Bonds, comprised of the approximately $25.425 million Series 2025A-1 (Non-AMT) (the A-1 Bonds) and appro...
- Carol Dou Xiao Qin
- Ejann Hiew
- Greater China Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, February 20, 2025
KEY HIGHLIGHTS Sector Dairy Retail demand for liquid milk remains weak. However, the industry's channel inventories have become much healthier and retail prices have been recovering, providing a foundation for dairy companies to gradually normalise shipment volumes. Despite benefitting less from raw milk price tailwinds in 2025, dairy companies’ margin growth will be mainly driven by: a) sale of expense savings, b) efficiency enhancement, and c) reduction of bulk powder impairment. Maintain OV...
Taseko Reports 2024 Fourth Quarter and Annual Earnings
Taseko Reports 2024 Fourth Quarter and Annual Earnings This release should be read with the Company’s Financial Statements and Management Discussion & Analysis ("MD&A"), available at and filed on . Except where otherwise noted, all currency amounts are stated in Canadian dollars. In March 2024 Taseko acquired the remaining 12.5% interest and now owns 100% of the Gibraltar Mine, located north of the City of Williams Lake in south-central British Columbia. Production and sales volumes stated in this release are on a 100% basis unless otherwise indicated. VANCOUVER, British Columbia, Feb. ...
- Jonathan Koh
United Overseas Bank (UOB SP) - 4Q24: Sets Out Action Plan For Capital...
UOB reported a net profit of S$1,523m for 4Q24 (+9% yoy), driven by a 2% yoy growth in net interest income and lower Citi integration costs. CET-1 CAR was 15.4% as of Dec 24 after the implementation of Final Basel III Reforms, a sizeable uplift of 2ppt yoy. The Board also announced a special dividend of 50 S cents per share over two tranches in 2025 (S$0.8b) to commemorate the bank’s 90th anniversary, and a new share buyback programme of S$2b over the next three years (2025-27).
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily: Thursday, February 20, 2025
KEY HIGHLIGHTS Results Marco Polo Marine (MPM SP/BUY/S$0.052/Target:S$0.072) 1QFY25: Ready to ride the green energy wave in 2HFY25. Singapore Telecommunications (ST SP/BUY/S$3.37/Target: S$3.58) 9MFY25: Results in line as business outlook improves. United Overseas Bank (UOB SP/NOT RATED/S$38.58) 4Q24: Sets out action plan for capital management. TRADERS' CORNER Yangzijiang Shipbuilding (YZJSGD SP): Trading BUY Hong Fok Co...
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - 9MFY25: Results In Line As Busi...
For 9MFY25, Singtel reported a higher underlying net profit of S$1,870m (+11% yoy), driven by higher contributions from Optus and NCS, good cost discipline from the group’s cost-out programme and higher associate earnings (mainly from Airtel and AIS). The results are in line with expectations at 73% of our full-year forecasts. Singtel expects to pay 16.5 cents DPS for FY25 as the group has identified S$6b of capital recycling for sustainable shareholder returns. In view of a decent dividend yiel...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Marco Polo Marine (MPM SP) - 1QFY25: Ready To Ride The Green Energy Wa...
MPM released its 1QFY25 business update, where revenue and gross profit declined yoy to form 19%/20% of our forecasts respectively, and are within our expectations. Gross margin continued to expand by 1.1ppt yoy due to higher average charter rates. We expect the performance to recover in 2HFY25, with its maiden CSOV (which we toured last week), three new CTVs deployed in Taiwan and fourth dry dock expected to contribute. Maintain BUY with an unchanged PE-based target price of S$0.072.
- Paula Ruth
Champ Resto Indonesia (ENAK IJ) - 2025 Revenue To Grow 16% yoy; More C...
We maintain BUY on ENAK due to its: a) 16% yoy revenue growth, mainly from outlet expansion; b) gradually improving margin expansion (2024 GPM: 64% vs 2023: 62%); and c) strong NPAT growth of 36% yoy in 2025. ENAK’s expansion in 2025 could focus on Gokana, Raa Cha and Platinum. However, we are slightly cautious on the 4Q24 performance given the high base in 4Q23. We reduce our target price to Rp740.
- Maskun Ramli
- Paula Ruth
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