Company Update | Central Retail Corp (CRC TB/BUY/Bt18.90/Target: Bt25.50) CRC has shifted from portfolio restructuring in 2025 to re-investment in 2026 and is expected to enter expansion mode in 2027. The food segment will be the sales driver, while the fashion segment will be the margin driver. The hardline segment will grow in both sales and margin. Maintain BUY with a target price of Bt25.50.
Greater China Company Results | Futu Holdings (FUTU US/BUY/US$152.64/Target: US$260.00) Despite weak market sentiment across Hong Kong equities and crypto in 4Q25, Futu still delivered strong results with an 81% yoy earnings growth, thanks to robust NII, solid growth from the wealth management business and better opex control. In our view, the results demonstrate Futu's ability to weather market downturns and deliver resilient earnings. With solid new paying client guidance and healthy qtd trend...
Top Stories Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt9.75/Target: Bt14.00) We attended BCH’s 4Q25 analyst meeting where the tone was neutral. BCH expects 1Q26 earnings growth to be driven by Middle Eastern patients treated before Ramadan, though the outlook from Apr 26 onward would depend on war developments. For 2026, BCH targets mid-single-digit revenue growth supported by new specialised centres and hospital expansions. Potential upside could come from higher treatment fees from...
Greater China Economics | China Investors expect the NPC to set a 2026 real GDP growth target of 4.5-5.0% yoy, with policy support led primarily by fiscal measures while monetary easing remains complementary. The official deficit is likely capped at 4%, though augmented fiscal expansion via special bond issuance will provide additional support. The 15th Five-Year Plan is expected to prioritise hard-tech self-reliance, advanced manufacturing and curbing industrial involution, with only target...
Greater China Sector Update | Healthcare The HSHCI fell by 4.0%, underperforming the HSI which decreased mildly by 0.3% in 16-27 Feb 26. AI-related names such as InSilico, Xtalpi, Medlive, Ali Health, and JD Health experienced the largest fluctuation and significant declines during this period. As globalisation gains momentum, we navigate the complexities of global market dynamics and competition. Chinese healthcare companies are making significant breakthroughs and seizing a growing share of t...
Company Results | Central Retail Corporation (CRC TB/BUY/Bt20.60/Target: Bt25.50) 4Q25 earnings rose 20% yoy, beating our forecast by 6% on increased core EBITDA and lower interest expenses. We maintain a positive view on improving core operations and expect core earnings in 2Q26 to recover. Maintain BUY with a higher target price of Bt25.50.
Top Stories Company Results | Bangkok Chain Hospital (BCH TB/BUY/Bt11.40/Target: Bt14.00) BCH reported 4Q25 net profit of Bt260m (+11.4% yoy), driven by strong SSO revenue and margin expansion. If we exclude the extra gains, core profit will be Bt246m (+43.3% yoy), which is in line with our forecast. The weakness in its Cambodian operations persisted but should ease starting from 1Q26 as patients will be redirected to Vientiane. Additional upside may come from higher medical fees following the...
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...
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