Company Update | Thai Union Group (TU TB/HOLD/Bt12.60/Target: Bt13.20) TU’s 4Q25 core profit is expected to come in at Bt1,028m, down 11.5% yoy and 14.9% qoq. Gross margin is projected to decline yoy and qoq, driven by: a) limited pricing pass-through in the ambient business, b) higher raw material costs, and c) forex headwinds. We will monitor further retail price increases in 2026. Maintain HOLD, with a target price of Bt13.20.
Company Update | Siam Global House (GLOBAL TB/BUY/Bt6.45/Target: Bt8.00) We expect GLOBAL’s 4Q25 core profit to decline 10% yoy due to the negative SSSG and higher SG&A expenses brought about by its store expansion. However, GLOBAL is the only home improvement retailer for which we expect gross margin to improve yoy in 4Q25. Moreover, interest expenses will continue to trend downward in 2026. Maintain BUY with a lower target price of Bt8.00.
Company Update | Dohome (DOHOME TB/HOLD/Bt3.50/Target: Bt3.80) We downgrade DOHOME to HOLD and lower our target price to Bt3.80 (previously Bt5.00). We expect DOHOME to report 4Q25 earnings of Bt112m, down 30% yoy. The weak earnings reflect the soft SSSG and weaker-than-expected gross margin. While we are impressed by its effective cost control, we downgrade our recommendation due to its weak SSSG outlook and its unlikely recovery in 1Q26.
Top Stories Company Update | Dohome (DOHOME TB/HOLD/Bt3.50/Target: Bt3.80) We downgrade DOHOME to HOLD and lower our target price to Bt3.80 (previously Bt5.00). We expect DOHOME to report 4Q25 earnings of Bt112m, down 30% yoy. The weak earnings reflect the soft SSSG and weaker-than-expected gross margin. While we are impressed by its effective cost control, we downgrade our recommendation due to its weak SSSG outlook and its unlikely recovery in 1Q26. Company Update | Siam Global House (GLOBA...
We expect Prudential to report >10% growth in NBP, earnings and free surplus generation in 2025, in line with management guidance. It also announced that it would utilise part of the US$1.4b net proceeds from the IPAMC IPO to conduct a US$700m share buyback, with the remainder to be distributed in 2027. With a solid 5% yield and attractive growth outlook over the next two years, we believe Prudential continues to offer attractive upside potential. Maintain BUY. Target price: HK$138.00.
Top Stories Company Update | Prudential (2378 HK/BUY/HK$123.40/Target: HK$138.00) We expect Prudential to report >10% growth in NBP, earnings and free surplus generation in 2025, in line with management guidance. It also announced that it would utilise part of the US$1.4b net proceeds from the IPAMC IPO to conduct a US$700m share buyback, with the remainder to be distributed in 2027. With a solid 5% yield and attractive growth outlook over the next two years, we believe Prudential continues to ...
Secures RM1.18b Contracts For Exsim’s Causewayz Square Project In Johor Highlights Secured RM1.18b letter of awards for Causewayz Square in Johor. The two letters of awards are for the main building and infrastructure works for Causewayz Square, a project that involves the construction of a 63-storey serviced apartment comprising four residential towers with a total of 4,525 units. The development will be undertaken in five phases, featuring a multi-level podium with parking, retail offerings,...
4Q25 Results Preview: Sequentially Lower ASPs And Output Highlights We expect SDG’s core net profit to moderate by 21% qoq in 4Q25, driven mainly by softer ASPs and marginally lower production vs 3Q25. Full-year FFB production growth may track just below management’s 2025 targeted 3-5%, with disclosed cumulative figures for 11M25 output up 1.3% yoy. 2026’s production growth however is expected to pick up from a low base. Maintain HOLD on SDG with an unchanged target price of RM5.90, pegged...
Top Stories Company Update | SD Guthrie (SDG MK/HOLD/RM5.59/Target: RM5.90) . We project a 4Q25 core net profit of RM392m, down 21% qoq, driven mainly by sequentially lower ASPs as CPO prices softened during the quarter, while production is expected to moderate slightly sequentially as well. We recently lowered our CPO price assumption for 2026 to RM4,250/tonne from RM4,400/tonne previously, resulting in a flattish earnings outlook for SDG this year. Maintain HOLD with a target price of RM5.90. ...
DFI’s bolder sales and ROCE targets as well as guidance for higher operating margins by 2028 have given us greater confidence in its execution of its revenue and profit improvement plans. We upgrade our estimates by 6-12% for 2025-27. Maintain BUY with a higher PE-based target price of US$5.30.
Greater China Company Update | Prudential (2378 HK/BUY/HK$123.40/Target: HK$138.00) We expect Prudential to report >10% growth in NBP, earnings and free surplus generation in 2025, in line with management guidance. It also announced that it would utilise part of the US$1.4b net proceeds from the IPAMC IPO to conduct a US$700m share buyback, with the remainder to be distributed in 2027. With a solid 5% yield and attractive growth outlook over the next two years, we believe Prudential continues to...
Top Stories Company Update | DFI Retail Group (DFI SP/BUY/US$3.94/Target: US$5.30) DFI’s bolder sales and ROCE targets as well as guidance for higher operating margins by 2028 have given us greater confidence in its execution of its revenue and profit improvement plans. We upgrade our estimates by 6-12% for 2025-27. Maintain BUY with a higher PE-based target price of US$5.30. Market Spotlight US stocks were lower on Friday, with all three indexes falling as the healthcare, communication serv...
Sector Update | Banking Indonesia’s banking sector enters 2026 in a normalisation phase, with liquidity improving and funding costs easing, leaving system liquidity more manageable. Achieving BI’s 8-12% loan growth target hinges on a broader corporate and MSME recovery. Meanwhile, with NIM expected to be stable to mildly softer and credit costs near structural floors for some banks, the key differentiator shifts to deployable liquidity and credit-cost resilience across banks. Valuations remain r...
Sector Update | Banking Indonesia’s banking sector enters 2026 in a normalisation phase, with liquidity improving and funding costs easing, leaving system liquidity more manageable. Achieving BI’s 8-12% loan growth target hinges on a broader corporate and MSME recovery. Meanwhile, with NIM expected to be stable to mildly softer and credit costs near structural floors for some banks, the key differentiator shifts to deployable liquidity and credit-cost resilience across banks. Valuations remain r...
Private Equity Expert Speed Liu Joins FTI Consulting in Hong Kong HONG KONG, Jan. 18, 2026 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced the appointment of as a Senior Managing Director in the Business Transformation practice in Asia within the firm’s Corporate Finance & Restructuring segment. Mr. Liu, who is based in Hong Kong, joins FTI Consulting with more than 20 years of experience in private equity driving growth strategies, turnaround plans and cost optimization initiatives. He has substantial expertise advising on buyout transactions, business transformati...
FDA Acknowledges Effects on Pain Intensity Favor Rexlemestrocel-L, Confirms 12-Month Reduction in Back Pain Supports Product Efficacy Approval Label May Include Opioid Reduction NEW YORK, Jan. 18, 2026 (GLOBE NEWSWIRE) -- Mesoblast Limited (Nasdaq:MESO; ASX:MSB), global leader in allogeneic cellular medicines for inflammatory diseases, today provided feedback received from the U.S. Food & Drug Administration (FDA) on potential filing of a Biologics License Application (BLA) for its allogeneic cell therapy product rexlemestrocel-L in patients with chronic discogenic low back pain (CLBP)....
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