reports
- Kampon Akaravarinchai
Thai Union Group (TU TB) - 1Q24: Impressive EBT Growth; Expect Good Ea...
TU reported 1Q24 core earnings of Bt869m, up 9.2% yoy but down 25% qoq due to seasonality. The yoy earnings improvement was driven by an increase in gross margin. Excluding tax items, we saw impressive EBT growth in 1Q24. We expect earnings to continue recovering qoq till 4Q24 following an improvement in the ambient and frozen businesses. Maintain BUY. Target price: Bt20.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - 1Q24: Net Profit Better Than Expected
TOP reported a net profit of Bt5.9b for 1Q24, up both qoq and yoy, better than our and consensus expectations of 11% and 22% respectively, due to the recovery of the refinery and aromatics businesses. However, the decreasing GRM is expected to exert pressure on net profit in 2Q24. Despite concerns regarding the financial stability of one of the contractors, the CFP project is still progressing according to plan. Maintain BUY. Target price: Bt68.00.
- Tanaporn Visaruthaphong
Major Cineplex (MAJOR TB) - 1Q24: Earnings Beat Expectations
MAJOR's earnings came in at Bt140m for 1Q24 (+100% yoy, -58% qoq), coming above our and consensus forecasts by 16% and 13% respectively. The key earnings beat was due to higher-than-expected share of profit from investments. Earnings skyrocketed yoy but dropped qoq, riding on guest counts in cinemas. We expect earnings to improve qoq in 2Q24 due to seasonality. Maintain BUY. Target price: Bt18.00.
- Kasemsun Koonnara
LPN Development (LPN TB) - 1Q24: Results Beat Expectations But Remain ...
LPN posted a net profit of Bt84m in 1Q24 (-42% yoy, +403% qoq). The results exceeded our and consensus expectations due to better-than-expected gross margin following a cost reversal. The performance in 2Q24 is expected to see a slight improvement or remain flat qoq. LPN's outlook remains vulnerable due to economic conditions affecting the low-end segment. Its focus on inventory sales may lead to a decline in gross margin. Maintain SELL. Target price: Bt2.40.
- Kampon Akaravarinchai
GFPT Plc. (GFPT TB) - 1Q24: Strong Yoy Earnings Growth
GFPT reported strong 1Q24 core earnings of Bt441m, up 86% yoy and 9% qoq, higher than our and market forecasts by 6-9%. The key drivers were from higher export volume, gross margin and share of profit. For 2Q24, we expect to see continuous yoy earnings growth on the back of better gross margin and share of profit. Maintain BUY. Target price: Bt14.40.
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - 1Q24: Results Beat Expectations; Attra...
BCP reported a 1Q24 net profit of Bt2.4b (-11% yoy) from a net loss of Bt1.0b in 4Q23. Stripping out inventory impact, BCP’s core profit will jump 17% yoy and 90% qoq to Bt3.5b, 22% ahead of our estimate. The 1Q24 results account for 27% of our full-year forecast. BCP is a laggard play among Thai refinery stocks with a strong earnings outlook in 2024 and a 5.1% dividend yield. Maintain BUY. Target price: Bt52.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Friday, 10 May, 2024
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt41.25/Target: Bt52.00) 1Q24: Results beat expectations; attractive long-term growth outlook. GFPT Plc. (GFPT TB/BUY/Bt12.60/Target: Bt14.40) 1Q24: Strong yoy earnings growth. LPN Development (LPN TB/SELL/Bt3.48/Target: Bt2.40) 1Q24: Results beat expectations but remain below the desired level. Major Cineplex (MAJOR TB/BUY/Bt14.80/Target: Bt18.00) ...
Shimmick Corporation Announces First Quarter 2024 Earnings Release Dat...
Shimmick Corporation Announces First Quarter 2024 Earnings Release Date and Conference Call IRVINE, Calif., May 09, 2024 (GLOBE NEWSWIRE) -- Shimmick Corporation (“Shimmick”) (Nasdaq: SHIM), a leading water infrastructure company, today announced that the company will release its first quarter 2024 results after the market close on Monday, May 13, 2024, to be followed by a conference call at 5:00 p.m. (Eastern Time) on the same day. The conference call can be accessed live over the phone by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international). A telephonic replay will be a...
- 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
- Kenny Yong Hui Lim
Hong Kong Exchanges and Clearing (388 HK) - Capitalising On Regulatory...
HKEX’s operational data for April 24 saw a sequential turnover improvement across all markets. Headline ADT continued to chart a strong recovery following the improved market sentiment, especially after China pledged supportive measures for the Hong Kong stock market. The potential dividend tax exemption on Southbound investors and the IPO market revival could further boost market sentiment and lift HKEX’s earnings outlook. Maintain BUY. Target price: HK$313.00.
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PV Sales Fall Due To Holidays; ICE-cars Regai...
China’s PV retail sales volume dipped 2.5% yoy in April, and dropped 21% yoy in the first week of May due to the Labour Day holidays. PEV’s market share topped a record 44.5% in April but pulled back to 40% in the first week of May. The EU may release a proposal for extra tariffs on Chinese EVs on 5 Jun 24. CATL’s EV battery usage grew 31.8% yoy in 1Q24, implying a steady market share of 38%. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Tuopu and Yadea. Top SELLs: Li Auto and XPeng.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
- Ceilica Su Rui
- Tham Mun Hon
China Economics: Trade -- Trade Returns To Growth
Trade data improved in Apr 24, with exports rising 1.5% yoy and imports climbing 8.4% yoy, which led to a widened trade surplus of US$72.4b. Export growth has been volatile, but we expect further growth in the near term, given the recovery of global manufacturing PMI. The rebound in import growth is encouraging and should be monitored for further clues on the strength of a domestic demand recovery.
- Heidi Mo Jinghui
- John Cheong Ming Chern
Food Empire Holdings (FEH SP) - 1Q24: Revenue In Line; Coffee Prices E...
FEH reported 1Q24 revenue of US$117.5m (+14.5% yoy), forming 26% of our full-year estimate. Revenue grew on continued robust consumer demand in Russia, as well as successful marketing efforts in Vietnam. Its new non-dairy creamer facility in Malaysia has also commenced production and will start contributing from 2Q24. Although profit figures were not disclosed, we expect margins to be temporarily impacted by rising commodity prices. Maintain BUY with a 23% lower target price of S$1.30.
Moody's Ratings affirms CE Intermediate's B3 CFR; outlook stable
Moody's Ratings (Moody's) affirmed CE Intermediate I, LLC's (CEH, or CE Intermediate) B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), and B3 ratings on the company's senior secured first lien credit facility. The outlook is stable. The ratings affirmation follows CEH's...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Moody's Ratings affirms Kinetik's Ba1 CFR; outlook remains stable
Moody's Ratings (Moody's) affirmed Kinetik Holdings LP's (Kinetik) Corporate Family Rating (CFR) at Ba1, Probability of Default Rating (PDR) at Ba1-PD and backed senior unsecured bonds ratings at Ba1. The Speculative Grade Liquidity (SGL) rating was downgraded to SGL-2 from SGL-1. The outlook remain...
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