Greater China Sector Update | Consumer We met investors in Thailand and Malaysia during our marketing trip from 24-28 Nov 25. Overall investor interest in the China consumer sector is improving. The most frequently discussed segments and names include Miniso, Shenzhou, Anta, consumer staples (including dairy, beer and baijiu), as well as some new consumption names such as Pop Mart (non-rated) and Laopu Gold (non-rated). Our preferred stocks include: Galaxy, Midea, Miniso, Shenzhou and Sands ...
Company Results | Central Retail Corp (CRC TB/BUY/Bt19.40/Target: Bt23.00) Management has set new three-year growth targets. Management expects to fully offset the absence of profit from the divestment of Rinascente by 2026. The current share price already reflects the absence of Rinascente’s profit contribution in 2026 following the divestment. Maintain BUY with a target price of Bt23.00.
Top Stories Company Results | AP (Thailand) (AP TB/BUY/Bt7.90/Target: Bt9.30) AP posted a net profit of Bt1.15b in 3Q25 (-20% yoy, +15% qoq), in line with our estimate. The qoq improvement was underpinned by a solid performance in the low-rise segment, improved gross margin and higher equity income. AP revised down its 2025 launch plan from Bt65.0b to Bt59.6b. However, we are optimistic about the presales and earnings outlook for 4Q25. We still like AP as the market leader with a more aggressi...
Company Results | Central Retail Corp (CRC TB/BUY/Bt19.90/Target: Bt23.00) Upgrade to BUY with an unchanged target price of Bt23.00. CRC’s current share price already reflects the absence of Rinascente’s profit contribution in 2026, while offering an attractive special dividend yield of 6.4%. 3Q25 gross margin expanded for the first time in seven quarters. The food retail segment remained the bright spot, delivering a yoy increase in EBITDA.
Top Stories Company Results | CP All (CPALL TB/BUY/Bt48.50/Target: Bt65.00) We believe the market has been overly pessimistic. CPALL delivered the strongest performance among retail peers in 3Q25. We also see a 3% upside to our 2025 forecast. It reported an 18% yoy rise in 3Q25 net profit, driven by margin expansion and continued strength in the convenience store segment and other businesses. Maintain BUY with a target price of Bt65.00. Company Results | PTT (PTT TB/BUY/Bt30.25/Target: Bt38.0...
Greater China Company Results | ASMPT (522 HK/BUY/HK$83.85/Target: HK$104.00) ASMPT’s 3Q25 print missed expectations on a weaker product mix and one-off restructuring costs. Revenue was largely in line with the mid-point of its guidance, but gross margin was below expectations at 35.7% due to changes in product mix and inventory write-off from the restructuring. Nevertheless, ASMPT reported solid progress with TCB in both HBM4 and advanced logic C2W/C2S, while its mainstream tools continued to r...
Company Update | Central Retail Corp (CRC TB/HOLD/Bt20.30/Target: Bt23.00) CRC’s weak 3Q25 earnings were due to lower profitability. Meanwhile, the fashion and food segments drove an improvement in Oct 25 SSSG. Earnings are expected to drop in 2026 following the absence of the Italy business if the divestment is completed. Maintain HOLD with a target price of Bt23.00.
Top Stories Company Results | PTT Exploration and Production (PTTEP TB/BUY/Bt108.00/Target: Bt136.00) PTTEP reported a net profit of Bt12.7b in 3Q25, down 6% qoq, in line with our expectations but 8% below consensus estimates. Core profit declined 14% qoq, pressured by lower ASP and higher unit costs. Looking ahead, core profit in 4Q25 is expected to rebound qoq, driven by a 6-10% increase in sales volume and reduced unit costs. For 2025, PTTEP is not expected to record any impairment losses f...
GREATER CHINA Strategy Alpha Picks: June Conviction Call Adding KE Holdings and Wharf REIC to our BUY list; hedging with SELL call on BYD. Sector Shipping and Ports – China Further strengthened freight rates raising container shipping earnings outlook. Upgrade OOIL to HOLD; Maintain BUY on CSP and CMP, and HOLD on CSH. Update KE Holdings Inc (2423 HK/BUY/HK$45.00/Target: HK$55.00) ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Central Retail Corp (CRC TB) is looking to raise up to US$2.4bn through selling a mix of primary and secondary shares. We have previously covered the IPO in, Central Retail Corp IPO - Thailand Operations Weighed Down Vietnam Food’s Stellar Performance We value CRC by sum of the parts, subtracting post-IPO net debt and non-controlling interest, we arrive at a fair value of THB274,848 (US$9,055m) which implies only 14% potential upside from the bottom-end of the price range. Larger Thailand...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.