reports
- Benjaphol Suthwanish
Thailand Hotel - Hope Lies In 4Q25
Hotel stocks reported a combined core profit of Bt3,767m for 2Q25 (+0.4% yoy, +101.3% qoq), mainly supported by MINT’s strong hotel performance in Europe. However, Thai tourism’s 3Q25 outlook should remain dull, similar to 2Q25. Hopes of hotel operators rest on the high travel season in 4Q25, as room bookings still indicate a positive momentum. MINT remains our top pick given its lower cost of debt. Maintain MARKET WEIGHT.
- Benjaphol Suthwanish
Asset World Corporation (AWC TB) - Outlook To Improve In 4Q25
The tone during AWC’s analyst meeting was neutral. We also visited the newly-opened Jurassic World. The new project is a positive addition to the Asiatique, as it boosts the occupancy rate and gives AWC greater pricing power on rentals. The outlook in 3Q25 remains challenging as the number of MICE bookings remains low. However, we are more optimistic about its 4Q25 outlook as the number of forward bookings is showing a strong yoy growth. Maintain BUY. Target price: Bt3.30.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Ejann Hiew
- Gigi Cheuk
- Jonathan Koh
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Ming San Soong
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, August 19, 2025
GREATER CHINA Strategy Small-Mid Cap Monthly: Keeping an eye on JBM Healthcare’s upcoming marketing campaigns in 2H25. Results China Resources Building Materials Technology (1313 HK/BUY/HK$1.92/Target: HK$2.30): 1H25: In line; cement margins rebound, concrete delivers growth. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$37.06/Target: HK$50.00): 1H25: Results beat; increases revenue growth guidance to high double-digit. Sino Biopharmaceutical (1177 HK/BUY/HK$7.91/Target: HK$10.50): 1H25: R...
- Benjaphol Suthwanish
Asset World Corporation (AWC TB) - 2Q25: Weaker Core Earnings As Expec...
AWC reported a core profit of Bt182m (-10.1% yoy, -75.0% qoq) for 2Q25 which is in line with our expectation but above consensus. Total revenue was Bt3.7b (+5.6% yoy) with the main contribution coming from the retail business and revenue up 8.9% yoy while the hotel business’ revenue contracted slightly by 0.3% yoy. The recovery of Chinese tourist arrivals remains slow; close monitoring is required as it is the main tone indicator of AWC’s 2H25 earnings. Maintain BUY. Target price: Bt3.30.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, August 13, 2025
KEY HIGHLIGHTS Results Asset World Corporation (AWC TB/BUY/Bt2.34/Target: Bt3.30) 2Q25: Weaker core earnings as expected. Quality Houses (QH TB/HOLD/Bt1.45/Target: Bt1.30) 2Q25: Results below expectation, down yoy and qoq. Thai Foods Group (TFG TB/BUY/Bt5.25/Target: Bt7.20) 2Q25: All-time high earnings. Thanachart Capital (TCAP TB/HOLD/Bt49.25/Target: Bt50.00) 2Q25: Earnings beat; dividend income boo...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Ejann Hiew
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Lester Siew
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, August 13, 2025
GREATER CHINA Results Galaxy Entertainment Group (27 HK/BUY/HK$40.18/Target: HK$45.00) 2Q25: Normalised EBITDA up 7% qoq; expects reinvestment efficiency to optimise. Increased dividend payout to remain sustainable. Kweichow Moutai (600519 CH/BUY/Rmb1,437.04/Target: Rmb1,722.00) 2Q25: On track to achieve full-year target; expect wholesale price pressure to persist into 2H25. Tencent Music Entertainment Group (1698 HK/BUY/HK$88.30/Target: HK$105.00) ...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
QH QUALITY HOUSES
F34 WILMAR INTERNATIONAL LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
CAB CARLSBERG BREWERY MALAYSIA B
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
SREIT SUNWAY REAL ESTATE INVESTMEN
PROP PROPNEX LTD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
WHA TB WHA CORP PCL
SE US SEA LIMITED
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
BBYB BANK NEO COMMERCE
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Benjaphol Suthwanish
Asset World Corporation (AWC TB) - 2Q25 Earnings Expected To Weaken Du...
AWC is expected to report a core profit of Bt184m (-9.2% yoy, -74.7% qoq) for 2Q25. Total revenue should be Bt3.7b (+6.2% yoy, -20.3% qoq) with the hotel segment's revenue expected to grow 2.5% yoy and the retail business' revenue to rise 6.1% yoy. Despite the slow recovery, the Chinese remain the main revenue contributor of AWC. We will monitor the momentum of bookings for the Golden Week, which should be a good indicator of AWC’s earnings in 2H25. Maintain BUY. Target price: Bt3.30.
- Thailand Research Team
Thailand Daily - Monday, August 04 , 2025
KEY HIGHLIGHTS Strategy Alpha Picks: A More Cautious Market Outlook We have a cautious outlook for the Thai equities market in August. We decide to take profit on SCGP, add GFPT to our portfolio, and replace TIDLOR with KTC. Results Minor International (MINT TB/BUY/Bt25.00/Target: Bt38.00) 2Q25: Strong results in line with expectations. Update Asset World Corporation (AWC TB/BUY/Bt2.10/Target: Bt3.30) 2Q25 earnings expected to weaken due to decline in Chinese guest arrivals. PTT (PTT TB/BUY/Bt...
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum
- Jonathan Koh
- Kate Luang
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Llelleythan Tan Tan
- Malaysia Research Team
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Thailand Research Team
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, August 4, 2025
GREATER CHINA Sector Macau Gaming: Jul 25 GGR beat consensus by 5%, hitting post-pandemic high; raise full-year GGR forecast to 7% yoy growth. Results Xinyi Solar Holdings (968 HK/BUY/HK$3.09/Target: HK$3.60): 1H25: Results in line. Policy boost and supply discipline drive re-rating potential; upgrade to BUY. Update Plover Bay Technologies (1523 HK/BUY/HK$6.91/Target: HK$7.83): Takeaways from luncheon: Growing the Peplink ecosystem. INDONESIA Strategy Alpha Picks: Underperformance In July: Our ...
N2IU MAPLETREE COMMERCIAL TRUST
0968 XINYI SOLAR HOLDINGS LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
MINT-R MINOR INTERNATIONAL PCL NVDR
INRI INARI AMERTRON BHD
NETLINK NETLINK NBN TRUST
WPRTS WESTPORTS HOLDINGS BHD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- 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.
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