reports
- Tanaporn Visaruthaphong
Thanachart Capital (TCAP TB) - 1Q24 Results Preview: Expect A yoy And ...
We expect TCAP to post a 1Q24 net profit of Bt1,739m (+10% yoy, +21% qoq). The qoq increase can be attributed to a rise in non-II. We expect TTB’s decent 1Q24 results to be the key driver of non-II’s augmentation. However, we anticipate a deterioration in asset quality in 1Q24, pressured by THANI’s high credit cost situation. TCAP’s valuation is not cheap. There is no exciting growth catalyst in the near term. Maintain HOLD. Target price: Bt53.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - 1Q24 Net Profit Driven By Strong GRM
We estimate 1Q24 net profit at Bt5.3b, up qoq and yoy, driven by higher GRM and benzene spreads. Consequently, we expect TOP to achieve a market GIM of US$11.1/bbl, showing a qoq uptick. Although we expect the core profit trend for 2Q24 to decrease qoq, positive factors from the US’ driving season will likely lead to a recovery in GRM towards the latter part of 2Q24. Maintain BUY. Target price: Bt68.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - 1Q24 Net Profit In Line With...
In 1Q24, PTTEP disclosed a net profit of Bt18.7b, up 2% qoq, in line with our expectations. 2Q24 core profit should remain strong. We expect a qoq and yoy increase, driven by increased ASP and sales volume. PTTEP is poised to allocate additional investment to the Yadana project in Myanmar. It is prepared to extend the contract if there is potential for the development of gas production fields. Maintain BUY. Target price: Bt200.00.
- Kasemsun Koonnara
AP Thailand (AP TB) - 1Q24 Preview: Expect A yoy And qoq Decline In Ea...
We anticipate a net profit of Bt1.0b for AP in 1Q24 (-31% yoy, -23% qoq), pressured by decreased presales and the absence of new condos for transfers. However, in 2Q24, presales are expected to improve with many projects planned for launch. 2Q24 earnings would be driven by newly-completed condo projects. We remain optimistic about AP as the market leader because it is more resilient to multiple headwinds in the residential market than its peers. Maintain BUY. Target price: Bt13.50
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Friday, April 26, 2024
KEY HIGHLIGHTS Update AP Thailand (AP TB/BUY/Bt10.50/Target: Bt13.50) 1Q24 preview: Expect a yoy and qoq decline in earnings; look ahead to 2Q24. PTT Exploration & Production (PTTEP TB/BUY/Bt157.00/Target: Bt200.00) 1Q24: Net profit in line with our expectations. Thai Oil PCL (TOP TB/BUY/Bt57.50/Target: Bt68.00) 1Q24: Net profit driven by strong GRM. Thanachart Capital (TCAP ...
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): Stronger confidence in EV business after Invest...
We attended Xiaomi’s investor day and visited its EV production base in Beijing. During the event, the company disclosed encouraging developments for the EV business, including: a) robust locked orders of 75,723 units, b) full-year shipment target of 100,000 units, c) better-than-expected gross margins of 5-10%, and d) accelerated production ramp-up. Maintain BUY and adjust target price to HK$21.00.
- Jo Yee Ng
- Shirley Wang Xueyi
- Stella Guo Yuting
Shanxi Xinghuacun Fenjiu (600809 CH): 2023: Results in line; accelerat...
Fenjiu reported in-line 2023 results. Revenue contributed by the core markets of southof- the-Yangtze river region grew 30% yoy in 2023, reflecting a good nationwide expansion progress. In 2023, the Qinghua series contributed 46% of sales with subpremium Qinghua 20 contributing 65-70%. Looking ahead, we expect the Qinghua series’ growth to accelerate on a growing brand momentum and dominance of midrange baijiu in the banquets market. Maintain BUY. Trim target price to Rmb321.00.
- Carol Dou Xiao Qin
- Sunny Chen
Aier Eye Hospital Group (300015 CH): 2023: Satisfactory results; weak ...
2023 results were satisfactory but 1Q24 revenue growth was significantly slower than our estimate. We believe weak economic conditions may continue to put pressure on revenue growth. Aier continues to pursue service excellence by offering high valueadded services and products to attract patients and stay ahead of competition. Maintain BUY with a lower target price of Rmb15.00 to factor in the possible impact of the relatively weak economic conditions and intensifying competition.
Moody's Ratings assigns provisional ratings to auto ABS issued by Taur...
Moody's Ratings (Moody's) has assigned the following provisional ratings to notes to be issued by BNY Trust Company of Australia Limited in its capacity as the trustee of the Taurus 2024-1PP Trust. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUC...
- Malaysia Research Team
Malaysia Daily - Friday, April 26, 2024
KEY HIG HLIGH TS Company Results Vitrox Corporation (VITRO MK/HOLD/RM7.62/Target: RM8.10) Page 2 1Q24: Vitrox registered a soft 1Q24 on its fifth consecutive yoy sales contraction but the negative quantum has narrowed further. Downgrade to HOLD. UOBKH Highlights Pavilion REIT (PREIT MK/BUY/RM1.30/Target: RM1.47) Page 5 1Q24: Within expectations. TRADERS’ CORNER Page 6 Eco World International (ECWI MK): Technical BUY Federal International Holdings (FIHB MK): Technical BUY
Resolutions Adopted at the Annual General Ordinary and Extraordinary S...
Resolutions Adopted at the Annual General Ordinary and Extraordinary Shareholders’ Meeting for Grupo Aeroportuario del Pacifico on April 25, 2024 GUADALAJARA, Mexico, April 25, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces the following resolutions adopted at the Annual General Ordinary and Extraordinary Shareholders’ Meetings today, with a quorum of 85.01% and 85.14%, respectively: ANNUAL GENERAL ORDINARY SHAREHOLDERS’ MEETING I. In compliance with Article 28, Section IV of the Mexican Securit...
- Dan Salmon
Snap Inc. (SNAP, Buy, $17 target) Everything works for the ad business
What’s New: In this first take following tonight’s results, we touch on: 1. Broad-based ad growth, and 85% SMB advertiser growth sticks out 2. Engagement metrics hold steady, keeping the biggest risk to the stock at bay 3. Snapchat+ now at 9M subscribers, nicely ahead of our 8.6M estimate for 1Q24 4. My AI and generative AI features lightly highlighted 5. 2024 non-GAAP expense guidance also given for the first time. 6. Timely share repurchases continue as SNAP better manages the share count
- Dan Salmon
Alphabet (GOOGL, Buy, $166 target) First Thoughts After the Call
What’s New: In this first take following tonight’s results, we touch on: 1. Search remains strong but begins lapping contribution from APAC-based retailers 2. The dividend finally arrives (plus another $70B share buyback authorization) 3. No surprise, Capex commentary implies 2024 full year figure well above consensus. 4. Cloud + YouTube = $100B run-rate at YE2024; our estimate is slightly higher 5. Continued progress on cost optimization
- Carol Dou Xiao Qin
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Friday, April 26, 2024
KEY HIGHLIGHTS Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.24/Target: Rmb15.00) 2023 results were satisfactory but 1Q24 revenue growth was significantly slower than our estimate. We believe weak economic conditions may continue to put pressure on revenue growth. Aier continues to pursue service excellence by offering high value-added services and products to attract patients and stay ahead of competition. Maintain BUY with a lower target price of Rmb15.00 to factor in the possible i...
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