reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 1Q24 Results Preview: Net Profit Expected To Drop 15% q...
We expect PTT to report a 1Q24 net profit of Bt27.9b, down 15% qoq and flat yoy. However, core profit is expected to grow both qoq and yoy, driven by profits from the gas business and enhanced profits from subsidiaries and affiliates. Despite negative factors stemming from the ERC's announcement of a new LNG tariff and supply margin rate adjustment, along with the restoration of the second shortfall, we have maintained our core profit forecast for 2024. Maintain BUY. Target price: Bt39.00
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Shenzhou International Group Holdings (2313 HK): Optimistic on order g...
We are optimistic on Shenzhou’s order growth in 2024, which will be mainly driven by Adidas and PUMA as destocking activities are coming to an end, although orders from Nike will see only modest growth. Shenzhou’s gross margin will improve sequentially to a normalised level by end-24, in our view, driven by higher capacity utilisation and product optimisation. Maintain BUY and raise target price by 6% to HK$99.60.
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - On A Path To Recovery After The High S...
We expect AOT’s 2QFY24 earnings to continue to rise yoy and qoq, mainly contributed by an increase in air traffic with the 12% qoq growth in international passenger numbers. 2QFY24 earnings are expected to come in at Bt6.1b, with 2024 earnings based on our assumption of 119m passengers vs AOT’s target of 120m. With visible positive catalysts, we believe AOT will gradually recover along with Thailand’s tourism. Maintain BUY. Target price: Bt75.00.
- Tanaporn Visaruthaphong
Muangthai Capital (MTC TB) - 1Q24: Earnings In Line; Peaking Of Credit...
MTC reported a 1Q24 net profit of Bt1,389m (+30% yoy, +3% qoq). The results were in line with consensus estimates. The company’s credit costs continue to decrease yoy and qoq, with credit cost and NPL ratio peaking in 3Q23. We are optimistic about MTC’s asset quality outlook. Upgrade to BUY with a higher target price of Bt54.00.
- Damon Shen
- Jieqi Liu
Hong Kong Property: Expect normalised primary transactions and continu...
Major indicators of the Hong Kong property sector weakened, with: a) primary transaction volume falling to around 1,800 units in April, and b) retail sales declining 7% yoy in March. For May-Jun 24, we expect: a) primary sales to normalise to 1,200- 1,700 units, and b) -3% to 0% yoy growth in retail sales. Interest rate and tourism related policies are the key factors to watch. We maintain MARKET WEIGHT on the sector. The pecking order remains unchanged: retail>residential>office. Top picks: SHK...
- Tanaporn Visaruthaphong
Ngern Tid Lor (TIDLOR TB) - 1Q24: Results Beat Forecasts; An Improveme...
TIDLOR reported 1Q24 net profit of Bt1.1b (+16% yoy, +23% qoq). The results were above consensus forecasts by 6%. Credit costs showed a qoq improvement due to lower provision expenses. Meanwhile, NPL ratio increased slightly qoq. However, the loan loss coverage ratio remains high at 264% to cushion against future uncertainties. We expect Tidlor Holding to boost the company's performance and support its growth. Maintain BUY. Target price: Bt30.00.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: From surviving to thriving.
Going through a prolonged funding winter, China’s biopharma market is still growing at a CAGR of 6.9% in 2019-24, outpaced the global industry. Leading players have continuously enhanced their R&D capabilities with increasing new product launches. Innovation is driving growth and supporting the industry’s rosy outlook. The number of innovative drugs launched in China rocketed from 1 in 2017 to 34 in 2023. Our top picks are Innovent and Hansoh Pharma. Maintain MARKET WEIGHT on the sector.
- Kasemsun Koonnara
AP Thailand (AP TB) - 1Q24: Earnings Down 32% yoy And 24% qoq, In Line...
The results are in line with our expectations. AP reported a net profit of Bt1,008m for 1Q24 (-32% yoy, -24% qoq), pressured by a decrease in transfers and decline in gross margins. AP is expected to see an improvement in presales in 2Q24. Meanwhile, 2Q24 earnings are expected to rebound from the previous quarter, supported by newlycompleted condo projects and low-rise backlog. Maintain BUY. Target price: Bt13.50.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, May 08, 2024
KEY HIGHLIGHTS Results AP Thailand (AP TB/BUY/Bt10.70/Target: Bt13.50) 1Q24: Earnings down by 32% yoy and 24% qoq, in line with expectations. Ngern Tid Lor (TIDLOR TB/BUY/Bt21.70/Target: Bt30.00) 1Q24: Results beat forecasts; an improvement in credit costs. Muangthai Capital (MTC TB/BUY/Bt45.25/Target: Bt54.00) 1Q24: Earnings in line with market expectations; peaking of credit cost and Update Airports of Thailand (AOT TB/BUY/Bt65.75/Target: Bt75.00) On a path to recovery after the high s...
Fortuna reports financial results for the first quarter of 2024
Fortuna reports financial results for the first quarter of 2024 (All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated) VANCOUVER, British Columbia, May 07, 2024 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the first quarter of 2024. First Quarter 2024 highlights Financial Attributable net income of $26.3 million or $0.09 per share, compared to a $92.3 million attributable net loss or $0.30 per share in Q4 2023Adjusted attributable net inc...
Rogers $1M Season of Canada’s Got Talent: CGT Reveals the First Six Pe...
Rogers $1M Season of Canada’s Got Talent: CGT Reveals the First Six Performers Heading to the Finale, May 14 on Citytv – Rogers is giving this year’s winner $1M, the largest cash prize in Canadian television history –– Starting now, Canadians have until 4 a.m. ET / 1 a.m. PT to vote two additional acts into the finale at /vote –– Catch up on tonight’s episode of Canada’s Got Talent on-demand or stream on Citytv+. Next week’s live finale airs Tuesday at 8 p.m. ET / 5 p.m. PT on Citytv and Citytv+ –– Interviews available by request –– – TORONTO, May 07, 2024 (GLOBE NEWSWIRE) -- On tonig...
La saison à 1 million de dollars de Canada’s Got Talent signée Rogers ...
La saison à 1 million de dollars de Canada’s Got Talent signée Rogers : Canada’s Got Talent dévoile l’identité des six premiers artistes ou groupes à se rendre à la finale diffusée le 14 mai sur Citytv – Rogers remettra 1 million de dollars à la ou les personnes derrière le numéro gagnant, soit le plus gros prix en argent de l’histoire de la télévision canadienne –– À compter d’aujourd’hui, le public canadien peut faire passer deux autres numéros à la finale en votant d’ici 4 h (HE) ou 1 h (HP) sur le site /vote –– Regardez l’épisode de ce soir de Canada’s Got Talent sur demande ou en conti...
Moody's Ratings assigns provisional rating to Bank of Queensland's sof...
Moody's Ratings (Moody's) has today assigned a provisional long-term rating of (P)Aaa to the covered bonds to be issued by Bank of Queensland Limited (issuer/BOQ, A1(cr), Baa1 stable, baa1) under its AUD6 billion soft bullet covered bond programme. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATION...
- Leonard Law
Lucror Analytics - Morning Views Asia
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar. To request full and unrestricted access to Lucror’s research and analytics platform, please visit
- Dan Salmon
Reddit (RDDT, Hold, $54 target) First Take: DAUq Growth & Margins Hig...
What’s New: In this first take following tonight’s results, we touch on: 1. 1Q24 tops our Street-high estimates, 2Q a little light vs NSR but above consensus. 2. DAUq growth exceeds even our lofty expectations. 3. Ad revenue likely decelerates slightly in 2Q, but roadmap remains robust. 4. No OpenAI data licensing deal announced, but more color on the emerging business roadmap. 5. While user and revenue growth get most attention, margins were very impressive.
- Stevanus Juanda
Mitra Adiperkasa (MAPI IJ) - 1Q24: Lower Margins Earned, Higher Intere...
MAPI recorded 1Q24 NPAT of Rp414b, rising 5.9% yoy and 2.4% qoq. The reported 1Q24 NPAT is below our and consensus forecasts. Sales grew 17.8% yoy in 1Q24. The soft 1Q24 NPAT was caused by a lower gross margin earned, higher interest costs (up 55% yoy) and Gaza-related boycotts that affected Starbucks’ operations. Starbucks suffered losses in 1Q24. Maintain BUY with a lower target price of Rp2,000 (42.3% upside).
- Stevanus Juanda
Kalbe Farma (KLBF IJ) - 1Q24: Excellent SG&A Management Results In Dou...
KLBF reported 1Q24 NPAT of Rp958b, up 11.9% yoy and 36.4% qoq. The reported NPAT is above our and consensus expectations. The excellent SG&A management resulted in operating profit and net income rising 13.6% yoy and 11.9% yoy respectively, despite a 6.3% sales growth. The decline in skim milk powder prices caused nutritional margin to expand. Meanwhile, pharma margin declined, causing overall gross margin to drop by 120bp. Maintain HOLD. Target price: Rp1,500.
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