reports
- Waritthorn Kaewmuang
VGI Public Company (VGI TB) - 4QFY23: Drastic Loss From Associates And...
VGI announced downbeat 4QFY23 results due to a massive share of losses from two key associates and skyrocketing SG&A expenses. Although we foresee a few catalysts for VGI as the company is transitioning towards the expansion phase of its existing business instead of new acquisitions, the assurance of profitability remains out of sight for FY24. Downgrade to HOLD. Target price: Bt3.40.
- Kampon Akaravarinchai
- Waritthorn Kaewmuang
- Chong Lee Len
- Desmond Chong Chee Wai
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Vincent Khoo Boo Aik
- Waritthorn Kaewmuang
Regional Morning Notes - Friday, May 26, 2023
INDONESIA Small/Mid Cap Highlights Medikaloka Hermina (HEAL IJ/NOT RATED/Rp1,380): Early mover advantage in JKN. MALAYSIA Results Genting Malaysia (GENM MK/BUY/RM2.62/Target: RM4.00): 1Q23: Core adjusted EBITDA underwhelmed. Nevertheless, good earnings recovery and catalysts foreseen in 2H23. Inari Amertron (INRI MK/BUY/RM2.26/Target: RM3.00): 9MFY23: Below expectations. While INARI is not spared from the cyclical slowdown, the risk-reward ratio is balanced on an attractive 16.1x ex-cash FY24F ...
- Waritthorn Kaewmuang
VGI Public Company (VGI TB) - To Post Mild Loss in 4QFY23, Moderate Gr...
VGI is likely to post mild 4QFY23 core loss from declining advertising revenue as a result of seasonality and cumbersome SG&A expenses. For FY24, we are slightly optimistic despite several economic headwinds due to a number of catalysts, including new media capacity for two monorail lines, gross margin improvement and better performance from KEX and PLANB. Upgrade to BUY. Target price: Bt4.60.
- Kwanchai Atiphophai
- Waritthorn Kaewmuang
Thailand Daily - Thursday, April 20, 2023
KEY HIGHLIGHTS Results Krung Thai Bank (KTB TB/BUY/Bt16.70/Target: Bt19.40) 1Q23: Results beat our and consensus expectations. Upgrade to BUY. TISCO Financial Group (TISCO TB/HOLD/Bt101.50/Target: Bt106.00) 1Q23: Results in line. TMBThanachart Bank (TTB TB/BUY/Bt1.42/Target: Bt1.63) 1Q23: Solid performance; upgrade to BUY. Update VGI Public Company (VGI TB/BUY/Bt4.02/Target: Bt4.60) To post mild loss in 4QFY23, moderate growth outlook for FY24. Upgrade To BUY.
- Ariel Poh Yun Li
- Jacquelyn Yow Hui Li
- Johnny Yum Chung Man
- Jonathan Koh
- Kwanchai Atiphophai
- Waritthorn Kaewmuang
Regional Morning Notes - Thursday, April 20, 2023
GREATER CHINA Sector IT Hardware: Sector reaches a trough but meaningful recovery may take more time. Maintain MARKET WEIGHT. MALAYSIA Update GHL SYSTEMS (GHLS MK/BUY/RM0.83/Target: RM1.00): Reiterate BUY on the back of tourist spending and higher growth of non-cash transactions in ASEAN countries. SINGAPORE Results Keppel REIT (KREIT SP/BUY/S$0.895/Target: S$1.12): 1Q23: Resiliency from home base Singapore. THAILAND Results Krung Thai Bank (KTB TB/BUY/Bt16.70/Target: Bt19.40): 1Q23: Results ...
- Waritthorn Kaewmuang
VGI (VGI TB) - 3QFY23: Slight Profitability From The High Season Of Ad...
VGI reported a small core profit in 3QFY23 with an outstanding recovery from the OOH media segment while other businesses remained lacklustre and SG&A-to-sales surged to a record high. We see a possibility that VGI can head down to a core loss in 4QFY23 as the low season is behind. On top of that, the downturn of JMART can impact VGI in the upcoming quarters. Downgrade to SELL. Target price: Bt4.20.
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Wednesday, February 15, 2023
KEY HIGHLIGHTS Sector Industrial Estate 4Q22 results preview: Continuously posting strong results. Results BTS Group Holdings (BTS TB/HOLD/Bt8.20/Target: Bt8.70) 3QFY23: Earnings beat. Downgrade to HOLD. Kerry Express (KEX TB/HOLD/Bt15.50/Target: Bt15.70) 4Q22: Colossal loss partly from one-off expense, narrower cash burn in 2023. Downgrade to HOLD. VGI (VGI TB/SELL/Bt4.78/Target: Bt4.20) 3QFY23: Slight profitability from the high season of advertising. Downgrade to SELL.
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Philip Wong
- Posmarito Pakpahan
- Singapore Research Team
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Regional Morning Notes - Wednesday, February 15, 2023
GREATER CHINA Sector Property: Sustainability of sales recovery remains to be seen; expecting more equity financing proposals from SOEs. INDONESIA Results Bank Tabungan Pensiunan Nasional Syariah (BTPS IJ/BUY/Rp2,490/Target: Rp3,200): 2022: Missed market expectations due to write-offs. MALAYSIA Results Mr D.I.Y. Group (MRDIY MK/BUY/RM1.75/Target: RM2.15): 4Q22: Results were broadly within expectations as a price revision exercise offset normalising revenue per store. Maintain BUY. SINGAPORE S...
- Kwanchai Atiphophai
- Waritthorn Kaewmuang
- Carol Dou Xiao Qin
- Jo Yee Ng
- Jonathan Koh
- Kelvin Chau Siu Pong
- Kwanchai Atiphophai
- Philip Wong
- Selvi Ocktaviani
- Waritthorn Kaewmuang
- Zhifeng Shen
Regional Morning Notes - Monday, January 30, 2023
GREATER CHINA Sector Consumer: Expect residents’ income growth to pick up and confidence to recover. Update Fu Shou Yuan (1448 HK/BUY/HK$7.00/Target: HK$9.00): Fast recovery from reopening; momentum likely to continue in 2023. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,290/Target: Rp2,780): Higher network quality to translate to higher ARPU. MALAYSIA Update Mr D.I.Y. Group (MRDIY MK/BUY/RM1.98/Target: RM2.15): Mr. DIY’s 4Q22 performance could undershoot expectations alongside normalising indu...
- Waritthorn Kaewmuang
VGI (VGI TB) - Robust Pick-up In Transit Media In 3QFY23
The OOH advertising segment will lead VGI to strong growth in 3QFY23 based on the most outstanding improvement in 4Q among all the other media formats, which will result in VGI realising higher margins from this segment. Nonetheless, due to substantial losses from other segments, we only recommend a trading buy as we go into the high season of advertising spending. Maintain BUY. Target price: Bt4.50.
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Jacquelyn Yow Hui Li
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kong Ho Meng
- Leow Huey Chuen
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Waritthorn Kaewmuang
Regional Morning Notes - Wednesday, November 16, 2022
GREATER CHINA Economics Economic Activity: Looking beyond the soft patch in October. Sector Healthcare: Effective Omicron-targeting vaccines expected to pave the way for China’s gradual reopening. Initiate Coverage Baidu Inc (9888 HK/BUY/HK$78.30/Target: HK$151.00); Search giant transforming to leader in AI+Smart driving. Results Kingsoft Corp (3888 HK/BUY/HK$26.25/Target: HK$31.00): 3Q22: Results in line; solid WPS supports revenue growth. INDONESIA Update Gudang Garam (GGRM IJ/BUY/Rp21,750/Ta...
- Arsit Pamaranont
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Wednesday, November 16, 2022
KEY HIGHLIGHTS Results Ratchaburi Electricity Generating Hldg PCL (RATCH TB/BUY/Bt41.00/Target: Bt55.00) 3Q22: Results as expected. Update Charoen Pokphand Foods (CPF TB/BUY/Bt24.40/Target: Bt33.00) Resilient earnings recovery outlook. Origin Property (ORI TB/BUY/Bt10.40/Target: Bt14.40) Presales remain strong, expect 4Q22 earnings to improve yoy and qoq. Plan B Media (PLANB TB/BUY/Bt7.90/Target: Bt9.65) Stellar performance in 4Q22 as OOH media shines. VGI (VGI TB/BUY/Bt4.24/Target: Bt4.50) Ro...
- Waritthorn Kaewmuang
VGI Public Company Limited (VGI TB) - 2QFY23: Results Miss On Higher-t...
VGI reported 2QFY23 net profit of B6t68m thanks to a few extraordinary items. Without those, 2QFY23 core loss was estimated at Bt147m on higher-than-expected income tax and SG&A expense. We foresee substantial improvement in the OOH media segment. However, the upside may be negated by additional expenditure to expand the new businesses. Maintain BUY. Target price: Bt4.20.
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Monday, November 14, 2022
KEY HIGHLIGHTS Results Bangkok Expressway and Metro (BEM TB/BUY/Bt9.40/Target: Bt10.00) 3Q22: Results beat on lower-than-expected expenditure. BEC World PCL (BEC TB/BUY/Bt10.30/Target: Bt12.00) 3Q22: Earnings have not recovered; better outlook in 2023. Chularat Hospital (CHG TB/SELL/Bt3.56/Target: Bt3.40) 3Q22: Earnings miss on lower-than-expected revenue and margins. COM7 (COM7 TB/BUY/Bt30.50/Target: Bt42.00) 3Q22: Impressive earnings growth momentum. ONEE (Thailand) (ONEE TB/BUY/Bt9.25/Tar...
- Waritthorn Kaewmuang
VGI (VGI TB) - 2QFY23 Results Preview: Modest qoq Improvement From Sev...
VGI is expected to post a narrower core loss in 2QFY23 due to a massive share of loss from KEX and higher SG&A expense for the development of new businesses, despite positive revenue growth from all of VGI’s three business segments. We are positive on 3QFY23 being the high season for advertising spending, although the bottom line will remain unimpressive. Maintain BUY. Target price: Bt4.20.
- Waritthorn Kaewmuang
Thailand Daily - Monday, October 31, 2022
KEY HIGHLIGHTS Results Bangkok Expressway and Metro (BEM TB/BUY/Bt9.25/Target: Bt10.00) 3Q22 results preview: Impressive earnings as travel demand resumes. Update VGI (VGI TB/BUY/Bt3.62/Target: Bt4.20) 2QFY23 results preview: Modest qoq improvement from several headwinds.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jessie Guo Yuting
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Leow Huey Chuen
- Limartha Adhiputra
- Sabrina Soh
- Stevanus Juanda
- Sunny Chen
- Waritthorn Kaewmuang
- Zhifeng Shen
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, October 31, 2022
GREATER CHINA Results China Longyuan Power (916 HK/BUY/HK$10.00/Target: HK$18.90): 3Q22: In line; improved wind power utilisation hours. China Tourism Group Duty Free Corp (601888 CH/BUY/Rmb167.45/Target: Rmb223.00): 3Q22: Sharp declines on low traffic flow and high base; positive on future expansion. Estun Automation (002747 CH/HOLD/Rmb19.99/Target: Rmb21.50): 3Q22: Takeaways from post-results meeting. Guangzhou Automobile Group (2238 HK/BUY/HK$4.94/Target: HK$7.50): 3Q22: Earnings miss estimat...
AALI ASTRA AGRO LESTARI
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
F34 WILMAR INTERNATIONAL LIMITED
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
INCO VALE INDONESIA
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
ROTI NIPPON INDOSARI CORPINDO
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
MLT MAPLETREE LOGISTICS TRUST
SSG SHENG SIONG GROUP LTD
VGI VGI
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2747 ESTUN AUTOMATION
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - September 2022
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We expect increased market volatility with downside bias in Sep 22. Add Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Outperformance in Aug 22: Our picks: ENAK, UNVR, BMRI, BBNI, SMGR, TLKM, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Some Opportunities Despite Risk-Off: Aug 22 Alpha Picks performed in line with FBMKLCI. Sep 22 picks: Alliance Bank, GENM, MyEG, Press Metal, Sunway REIT, VS Industry and Yinson. SINGAP...
D05 DBS GROUP HOLDINGS LTD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
AMATA AMATA CORP
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
TISCO TISCO FINANCIAL GROUP
002594 BYD COMPANY LIMITED CLASS A
01299 AIA GROUP LIMITED
KLBF PT KALBE FARMA TBK
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
UNVR PT UNILEVER INDONESIA TBK
SMGR PT SEMEN INDONESIA (PERSERO) TBK
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI MITRA ADIPERKASA
M3I MINTH GROUP LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
ACES PT ACE HARDWARE INDONESIA TBK
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
MAG MAGMATIC RESOURCES
SIE SIA ENGINEERING CO LTD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
ART ASCOTT RESIDENCE TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
CPN-R CENTRAL PATTANA PCL NVDR
GENM GENTING MALAYSIA BHD
916 CHINA LONGYUAN POWER GROUP-H
BRC BRC ASIA LTD
SREIT SUNWAY REAL ESTATE INVESTMEN
VGI VGI
DBB DUOPHARMA BIOTECH BHD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2460 GANFENG LITHIUM
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2696 SHANGHAI HENLIUS BIOTECH INC
OR PTT OIL & RETAIL BUSINESS PCL
1024 KUAISHOU TECHNOLOGY
2269 WUXI BIOLOGICS CAYMAN INC
291 CHINA RESOURCES BEER HOLDINGS CO LTD
BUKA BUKALAPAK.COM PT TBK
PDD PINDUODUO INC
9999 HK NETEASE INC
CLI CAPITALAND INVESTMENT LTD
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
AEM AEM HOLDINGS LTD
ENAK CHAMP RESTO INDONESIA TBK
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