reports
- Benjaphol Suthwanish
Asset World Corporation (AWC TB) - A Challenging Growth Path Ahead
The tone at AWC’s 1Q25 analyst meeting was neutral. The company delivered a strong core profit of Bt728m (+14.3% yoy, +7.6% qoq), which is in line with our and consensus forecasts. Going forward, the tourism sector faces a challenging outlook. AWC is actively adapting strategies to combat the poor outlook by switching its focus to another target customer group. The 2Q25 outlook is still positive as the number of bookings is showing a yoy growth. Maintain BUY. Target price: Bt3.30.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thailand Research Team
Thailand Daily - Tuesday, May 13, 2025
KEY HIGHLIGHTS Strategy US-China Negotiations Progress in Geneva, Switzerland. Positive sign for trade negotiations from US and China. Results Banpu (BANPU TB/HOLD/Bt4.90/Target: Bt4.80) 1Q25: Net loss narrows qoq. Indorama Ventures (IVL TB/BUY/Bt20.40/Target: Bt24.00) 1Q25: Weak quarter, but recovery in sight. Thai Oil (TOP TB/HOLD/Bt27.25/Target: Bt27.00) 1Q25: Net profit in line with our expectations. Update Asset World...
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jonathan Koh
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Llelleythan Tan Tan
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Notes - Tuesday, May 13, 2025
GREATER CHINA Strategy China And Hong Kong Property: Channel check of Shanghai’s primary residential market; closer look at Hong Kong properties’ rental yields. MALAYSIA Results Westports Holdings (WPRTS MK/HOLD/RM4.53/Target: RM4.40): 1Q25: Results in line. WPRTS believes global acclimation towards tariff impact will rebalance trades; maintaining its 0-5% volume growth expectation. SINGAPORE Sector Banking: 1Q25 round-up: First-order direct impact assessed to be manageable. Upgrade to OVERWE...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Notes - Friday, May 02, 2025
GREATER CHINA Sector Macau Gaming: Apr 25 GGR beat expectations; May Day Golden Week visitor arrivals expected to grow 4% yoy. Results ASMPT (522 HK/BUY/HK$52.20/Target: HK$68.00): 1Q25: Earnings disappoint; mainstream tools recovering in 2025 but visibility remains low. Maintain BUY. China Tourism Group Duty Free (601888 CH/BUY/Rmb63.40/Target: Rmb70.80): 1Q25: Core net profit down 16% yoy; sequential improvement in Hainan duty-free sales. Ganfeng Lithium (1772 HK/BUY/HK$18.94/Target: HK$30.00)...
00388 HONG KONG EXCHANGES & CLEARING LTD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
Q5T FAR EAST HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
ECW ECO WORLD DEVELOPMENT GROUP
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
CMRY PT CISARUA MOUNTAIN DAIRY TBK
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
XIAOMI XIAOMI CORP
- Benjaphol Suthwanish
Asset World Corporation (AWC TB) - Expect Strong Earnings Growth In 1Q...
AWC is expected to report a core profit of Bt736m (+15.6% yoy, +8.9% qoq) in 1Q25. Despite the weak outlook of the Chinese market, hotel performance remained strong. Contribution from the retail business was also decent, due to higher occupancy rates and rental rates in several locations. Moreover, we expect margins to expand yoy. The 2Q25 outlook is promising with the number of bookings and ADR still showing a yoy growth. Maintain BUY. Target price: Bt3.30.
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily - Friday, May 02, 2025
KEY HIGHLIGHTS Sector Property 1Q25 earnings under pressure; recovery outlook remains uncertain. Update Asset World Corporation (AWC TB/BUY/Bt2.20/Target: Bt3.30) Expect strong earnings growth in 1Q25. Bumrungrad Hospital (BH TB/HOLD/Bt168.50/Target: Bt178.00) Less optimistic on foreign patient numbers. Downgrade to HOLD. Siam Cement (SCC TB/HOLD/Bt160.00/Target: Bt160.00) Timeline for the LSP project to resume operations remains uncertain.
- Benjaphol Suthwanish
Asset World Corporation (AWC TB) - Continuous Growth From Existing Hot...
AWC has been showing robust RevPar growth and a gradual improvement in profitability ever since the COVID-19 pandemic. This year, management aims to achieve continued strong growth in its existing hotels, and to have many new openings commence operations. Thus far, 1Q25 has seemed promising as AWC’s hotel occupancy rate has improved qoq while RevPar has also risen qoq and yoy. Maintain BUY. Target price: Bt3.30.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Ken Lee
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Vincent Khoo Boo Aik
Regional Morning Notes - Thursday, April 03, 2025
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Add CR Beer, Desay, JBM Healthcare, JD Logistics, Minth, WuXi App Tech and Xiaomi Corp to our BUY list. Take profit on AIA, Hansoh Pharma, JD and Zijin Mining. Sector Automobile: Weekly: Solid growth in PV sales. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay SV. IT Hardware: AI devices and AI robots to remain as key investment theme throughout 2025. Maintain OVERWEIGHT. Property Management: 2024 results wr...
- Kochakorn Sutaruksanon
Asset World Corporation (AWC TB) - 3Q23: Good Long-term Investment
3Q23 core profit was Bt135m (+2,087% yoy, +56% qoq). The key driver for the yoy growth came from the recovery of hotel operations, with RevPar growing 29% yoy, flat qoq and close to normalised levels. Meanwhile, the strong qoq growth was due to lower costs in the retail business. We believe the stock price has limited downside, which makes AWC an attractive long-term investment opportunity. Upgrade to BUY. Target price: Bt5.30.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, November 09, 2023
KEY HIGHLIGHTS Results Asset World Corporation (AWC TB/BUY/Bt3.56/Target: Bt5.30) 3Q23: Good long-term investment; upgrade to BUY. Bangchak Corporation PCL (BCP TB/BUY/Bt40.75/Target: Bt52.00) 3Q23: Record-high net profit. Berli Jucker (BJC TB/HOLD/Bt29.75/Target: Bt31.50) 3Q23: Lower-than-expected earnings; weak 4Q23 earnings momentum. Downgrade to HOLD. IRPC (IRPC TB/HOLD/Bt2.02/Target: Bt2.50) 3Q23: Results largely in line but earnings outlook still under pressure PTT Global Chemical (P...
BCP THE BANGCHAK PETROLEUM PCL
IRPC IRPC PUBLIC CO. LTD.
TOP THAI OIL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
IRPC-R IRPC PUBLIC CO LTD NVDR
PTTGC-R PTT GLOBAL CHEMICAL (NVDR)
TOP-R THAI OIL (NVDR)
KCE KCE ELECTRONICS PUBLIC CO. LTD.
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Kochakorn Sutaruksanon
- Leow Huey Chuen
- Llelleythan Tan Tan
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, August 11, 2023
GREATER CHINA Sector Automobile: Weekly: EV sales up 38% yoy and 9% mom in 1-6 August, in line with estimates. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Results Alibaba Group (9988 HK/BUY/HK$94.30/Target: HK$133.00): 1QFY24: Strong beat on all levels after restructuring. Hysan Development (14 HK/BUY/HK$17.56/Target: HK$26.18): 1H23: Results distorted by AEI; competitiveness of retail portfolio enhanced. INDONESIA Results United Tractors (UNTR IJ/HOLD/Rp27,600/Target: Rp28,000):2Q23...
PTT PTT PUBLIC COMPANY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
GFPT GFPT
C52 COMFORTDELGRO CORPORATION LIMITED
PENT PENTAMASTER CORP BHD
14 HYSAN DEVELOPMENT CO LTD
PROP PROPNEX LTD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
WHA TB WHA CORP PCL
SENTRAL SENTRAL REIT
- Kochakorn Sutaruksanon
Asset World Corporation (AWC TB) - 2Q23: Earnings Missed Due To Higher...
2Q23 net profit was Bt1.1b (+45% yoy, -21% qoq), while core profit was Bt86m (+142% yoy, -81% qoq), below our and consensus estimates by 33% and 73% respectively. The key pressure was higher SG&A expenses from opening a new hotel and marketing expenses. We cut 2023-24 earnings by 24% and 17% respectively to be more conservative. Maintain HOLD. Target price: Bt5.30.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Friday, August 11, 2023
KEY HIGHLIGHTS Results Esso Thailand (ESSO TB/HOLD/Bt9.30/Target: Bt9.80) 2Q23: Weak results. GFPT (GFPT TB/BUY/Bt11.90/Target: Bt15.00) 2Q23: Better-than-expected results. Earnings to still be better than peers’. PTT (PTT TB/BUY/Bt35.75/Target: Bt41.00) 2Q23: Net profit within expectations. WHA Corporation (WHA TB/HOLD/Bt4.88/Target: Bt5.20) 2Q23: Impressive results beating our forecasts. Update Asset World Corporation (AWC TB/HOLD/Bt4.36/Target: Bt5.30) 2Q23: Earnings missed due to high...
- Kitpon Praipaisarnkit
THAILAND STRATEGY – Solid Tourism And Domestic Plays In 2H23
Despite the imminent global recession, Thailand is back on track for an economic recovery driven by tourism and domestic consumption. The relief in the political situation should positively affect consumer spending and market sentiment. Also, the uncertainty in the global supply chain makes Thailand an attractive investment destination. Top picks: AMATA, AWC, AOT, BJC, CPALL, MINT, ERW and SCB. Small-cap stock pick: NSL.
- Kochakorn Sutaruksanon
Asset World Corporation (AWC TB) - Pricey Acquisition
AWC announced to acquire the Plaza Athenee Hotel in New York, with an investment of Bt7.8b. Although the net incremental value is positive at Bt0.8b (or Bt0.03/share), the purchase price per room and implied EV/EBITDA are relatively expensive at Bt54m/room (vs peers: Bt15m/room) and 22x (vs peers: 11-15x). Maintain HOLD. Target price: Bt5.80.
- Kochakorn Sutaruksanon
- Celine Yuan Xinlin
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Ken Lee
- Kochakorn Sutaruksanon
- Kong Ho Meng
- Llelleythan Tan Tan
- Paula Ruth
- Tham Mun Hon
Regional Morning Notes - Friday, June 16, 2023
GREATER CHINA Economics Economic Activity: May data below expectations; focus turns to possible stimulus. Sector Automobile: Weekly: PV sales down 25% mom during 1-11 June, missing estimates Maintain UNDERWEIGHT with preference for the EV segment. Top BUYs: BYD, Li Auto and CATL. Small/Mid Cap Highlights Haitian International (1882 HK/NOT RATED/HK$18.12): Targeting double-digit revenue growth in 2023. INDONESIA Initiate Coverage PT Telkom (TLKM IJ/BUY/Rp4,000.00/Target: Rp4,700.00): Optimism on...
- Kochakorn Sutaruksanon
Asset World Corporation (AWC TB) - 1Q23: Earnings Beat Forecast, Drive...
AWC reported core profit of Bt446m (+254% yoy, +23% qoq), which beat our and consensus estimates by 13% and 7% respectively. The key driver was solid hotel performance, especially hotels in the southern part of Thailand. 2Q23 earnings are likely to surge yoy but drop qoq due to the low travel season. Given limited upside and softened earnings momentum in 2Q23, we maintain HOLD. Target price: Bt5.80.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Tuesday, May 16, 2023
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt23.00/Target: Bt30.00) 1Q23: Results miss but still at a high level. Asset World Corporation (AWC TB/HOLD/Bt5.45/Target: Bt5.80) 1Q23: Earnings beat forecast, driven by hotels in upcountry. Central Pattana (CPN TB/BUY/Bt70.00/Target: Bt80.00) 1Q23: Earnings up yoy and qoq, beating our expectations. CH Karnchang PCL (CK TB/BUY/Bt21.50/Target: Bt24.60) 1Q23: Robust bottom line due to revenue realisation of new projects. Electricity Gene...
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
AMATA AMATA CORP
ERW ERAWAN GROUP
HANA HANA MICROELECTRONICS PCL
CPN CENTRAL PATTANA PUBLIC CO. LTD.
CPN-R CENTRAL PATTANA PCL NVDR
PSH PRUKSA HOLDING PCL
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
PTTOR PTT OIL AND RETAIL
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
CK CH. KARNCHANG PUBLIC CO LTD
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