reports
- Benjaphol Suthwanish
PTT Oil & Retail Business (OR TB) - 2Q25 Net Profit Expected To Declin...
We anticipate OR's net profit in 2Q25 to decline both qoq and yoy, driven by seasonal weakness in sales as well as lower marketing margins. Additionally, the ongoing conflict between Thailand and Cambodia is likely to raise operating costs and reduce sales, which should further pressure marketing margins and result in a qoq and yoy drop in core earnings for 3Q25. Meanwhile, the M&A in the lifestyle business has been postponed. Maintain SELL. Target price: Bt12.80.
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jieqi Liu
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Philip Wong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, July 29, 2025
GREATER CHINA Strategy China & Hong Kong Property & Property Management Mainland market continues to weaken, while the Hong Kong residential market progresses with destocking; we highlight CR Land and CR Mixc as top picks. INDONESIA Initiate Coverage Archi Indonesia (ARCI IJ/BUY/Rp770/Target: Rp1,280) Well-timed turnaround with true potential waiting to be unlocked. Results Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,750/Target: Rp6,000) 1H25: ...
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AIY IFAST
PLANB PLAN B MEDIA
PTTEP PTT EXPLORATION & PRODUCTION PLC
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
ROTH BRITISH AMERICAN TOBACCO BHD
RFMD RAFFLES MEDICAL GROUP LTD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
6049 POLY PROPERTY SERVICES CO LTD
MPM MARCO POLO MARINE LTD
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
00017 NEW WORLD DEVELOPMENT CO. LTD.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
CMRY PT CISARUA MOUNTAIN DAIRY TBK
STM SEATRIUM LTD
DELTA DELTA ELECTRONICS
0303 ALPHA IVF GROUP
ECOSHOP MK ECO-SHOP MARKETING BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
OXB MK OXFORD INNOTECH BHD (OXB MK)
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, July 29, 2025
KEY HIGHLIGHTS Results Delta Electronics (DELTA TB/SELL/Bt142.50/Target: Bt65.00) 2Q25: Earnings drop yoy and qoq, missing expectations. PTT Exploration & Production (PTTEP TB/BUY/Bt116.00/Target: Bt155.00) 2Q25: Net profit is better than expected and in line with consensus expectations. Update Plan B Media (PLANB TB/BUY/Bt5.65/Target: Bt7.70) Neutral view on 2Q25 earnings. PTT Oil & Retail Business (OR TB/SELL/Bt13.00/Target: Bt12.80) ...
- Benjaphol Suthwanish
PTT Oil & Retail Business (OR TB) - Domestic Oil Demand Cools Amid Eco...
OR’s core profit is likely to continue declining qoq in the next few quarters, as the business enters its low season. This is further pressured by rising operating costs, particularly in the lifestyle business. The overall weak economy has led to a downward adjustment of estimated domestic petroleum demand in 2025 which, coupled with more intense competition, has made OR less attractive to investors. Downgrade to SELL. Target price: Bt12.80.
- Benjaphol Suthwanish
Thailand Daily - Tuesday, May 20, 2025
KEY HIGHLIGHTS Update Minor International (MINT TB/BUY/Bt24.50/Target: Bt38.00) Expect MINT’s hotel performance to remain strong amid uncertainties. PTT Oil & Retail Business (OR TB/SELL/Bt13.00/Target: Bt12.80) Domestic oil demand cools amid economic uncertainty. Downgrade to SELL.
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Lester Siew
- Llelleythan Tan Tan
- Philip Wong
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, May 20, 2025
GREATER CHINA Economics Economic Activity Generally weaker activities in April. Update Yuexiu Property (123 HK/NOT RATED/HK$4.57) Takeaways from meeting with Yuexiu Property. INDONESIA Update Aneka Tambang (ANTM IJ/BUY/Rp2,720/Target: Rp3,300) Raising earnings forecast on strong gold price momentum. MALAYSIA Results Affin Bank (ABANK MK/SELL/RM2.72/Target: RM...
- Benjaphol Suthwanish
PTT Oil & Retail Business (OR TB) - 1Q25: Net Profit In Line With Our ...
OR reported a higher net profit in 1Q25 both qoq and yoy, driven by a rebound in marketing margin and a strong EBITDA margin. OR is actively monitoring M&A opportunities in the lifestyle business and expects to finalise a deal by late-2Q25. However, 1Q25 is likely to mark the peak profit for the year, as net profit in the remaining quarters is expected to decline due to seasonally weaker oil demand and rising production costs in 2H25. Downgrade to HOLD. Target price: Bt16.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Friday, May 09, 2025
KEY HIGHLIGHTS Sector Construction 1Q25 results preview: CK and STECON set to rebound. Results IRPC (IRPC TB/BUY/Bt0.94/Target: Bt1.10) 1Q25: Net loss deepens on lower margins, but share price already reflects bad news. LPN Development (LPN TB/SELL/Bt2.06/Target: Bt1.50) 1Q25: Results slightly beat expectation, but recovery remains...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Notes - Friday, May 09, 2025
GREATER CHINA Sector Automobile: Weekly: PEV sales down wow due to holiday. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Internet: Expecting ample monetisation potential on promising game pipelines in 2025. Results Budweiser APAC (1876 HK/BUY/HK$8.31/Target: HK$12.00): 1Q25: EBITDA declines 11% yoy; China’s consumer confidence and on-premise channels show no significant recovery; expects sell-in to match sell-through in 2H25. Galaxy Entertainment Group (27 HK/BUY/HK$3...
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
ASII PT ASTRA INTERNATIONAL TBK
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
2209 YESASIA HOLDINGS LTD
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, April 29, 2025
GREATER CHINA Sector Online Travel Agencies: Travel data preview: Expecting a vibrant 2025 Labour Day Results BYD Electronic (285 HK/BUY/HK$31.80/Target: HK$41.20): 1Q25: Margins below expectations; automotive business to lead the charge in 2025. Maintain BUY. China Resources Building Materials Technology (1313 HK/BUY/HK$1.69/Target: HK$2.30): 1Q25: In line; severe drought in Guangxi restricts cement products outflow. China State Construction Engineering Corporation (601668 CH/BUY/Rmb5.49 /Targe...
02331 LI NING COMPANY LIMITED
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
AIY IFAST
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
HMN ASCOTT RESIDENCE TRUST
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BBNI BANK NEGARA INDONESIA PERSER
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
- Benjaphol Suthwanish
PTT Oil & Retail Business (OR TB) - 1Q25 Net Profit Expected To Rise q...
We expect OR’s net profit to increase qoq and yoy in 1Q25, supported by a recovery in marketing margins, strong sales from Café Amazon, and effective cost management. This is expected to drive a significant improvement in the lifestyle business’ EBITDA margin, both qoq and yoy. Meanwhile, we are closely tracking the lifestyle business’ M&A, which is expected to be finalised by end-2Q25. Maintain BUY. Target price: Bt16.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, April 29, 2025
KEY HIGHLIGHTS Results I-TAIL Corporation (ITC TB/HOLD/Bt13.10/Target: Bt13.30) 1Q25: Sluggish earnings; 2025 outlook remains challenging. Downgrade to HOLD. Update Berli Jucker (BJC TB/BUY/Bt23.50/Target: Bt28.00) Expect yoy earnings improvement in 1Q25. PTT Exploration & Production (PTTEP TB/BUY/Bt99.25/Target: Bt155.00) High dividend yield; steady earnings growth. PTT Oil & Retail Business (OR TB/BUY/Bt13.70/Target: Bt16.00) 1Q25 net profit expected to rise qoq and yoy.
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Stevanus Juanda
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, February 21, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales rebound wow but remain low due to wait-and-see sentiment. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay. Renewable Energy: Solar energy equipment: Policy-driven installation rush to support prices; milder module shipment growth in 2025. Results Alibaba Group (9988 HK/BUY/HK$120.90/Target: HK$150.00): 3QFY25: CMR beat; all-in AI; capex in next three years to exceed that of the past decade. Lenovo Group (992 HK/BUY/HK...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00992 LENOVO GROUP LIMITED
F34 WILMAR INTERNATIONAL LIMITED
GFPT GFPT
7153 KOSSAN RUBBER INDUSTRIES BHD.
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
AMM AMMB HOLDINGS BHD
09999 NETEASE INC
OXMU PRIME US REIT
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Oil & Retail Business (OR TB) - Reclaiming Market Share
OR has set a target to increase its market share to over 40% in 2025, up from 39.2% at the end of 2024, by leveraging a more personalised marketing strategy. In the lifestyle business, the company expects greater clarity on new M&A opportunities in 2Q25. Additionally, OR is continuing with its cost control measures. As a result, we anticipate core profit to grow by 15% yoy in 2025. Maintain BUY. Target price: Bt16.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Thanawat Thangchadakorn
Thailand Daily - Friday, February 21, 2025
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt36.50/Target: Bt45.00) 4Q24: Above expectations; earnings projected to outperform peers’ in 2025. Bangchak Sriracha (BSRC TB/BUY/Bt4.94/Target: Bt8.00) 4Q24: Results in line with expectations. GFPT (GFPT TB/BUY/Bt9.15/Target: Bt13.00) 4Q24: Earnings miss expectations; deep discount valuation. True Corporation (TRUE TB/BUY/Bt12.80/Target: Bt14.50) 4Q24: Results below our...
- Benjaphol Suthwanish
PTT Oil & Retail Business (OR TB) - 4Q24: Earnings Report Shows Profi
OR posted a net profit of Bt3.0b in 4Q24, rebounding from a net loss in 3Q24, driven by a recovery in marketing margin, reduced stock losses, and lower losses from extra items. However, OR's net profit for 2024 declined 31% yoy. Despite ongoing business risks due to intense competition, net profit is expected to improve in 2025, supported by strong domestic petroleum demand. Upgrade to BUY. Target price: Bt16.00.
- Benjaphol Suthwanish
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Damon Shen
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
Regional Morning Meeting Notes: Thursday, February 13, 2025
GREATER CHINA Sector Internet Potential implications of de minimis tax exemption. Property Will local government special bonds be a lifeline for Vanke? Update Sunny Optical (2382 HK/BUY/HK$88.60/Target: HK$100.00) Sunny Optical issues profit alert for 2024 – expect a solid beat on earnings expectati...
ANTM PT ANEKA TAMBANG TBK
01109 CHINA RESOURCES LAND LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
ECW ECO WORLD DEVELOPMENT GROUP
09988 ALIBABA GROUP HOLDING LTD.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
OTEK OILTEK INTERNATIONAL (OTEK SP)
- Benjaphol Suthwanish
PTT Oil & Retail Business (OR TB) - 4Q24 Net Profit Outlook Recovers
The tone from the analyst meeting yesterday was neutral. We expect OR to turn to profit from reduced risk of stock loss. The company has revisited investment plans in the lifestyle business, and plans to increase efficiency in cost management and business operations to support changing consumption behaviour and more intense competition. Therefore, in the short term, we may still see slight impairments, especially in 4Q24. Maintain HOLD. Target price: Bt16.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Friday, November 15, 2024
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt23.50/Target: Bt35.00) 3Q24: Net income missed expectations but still skyrocketed yoy and qoq. Bangkok Chain Hospital (BCH TB/BUY/Bt16.10/Target: Bt20.00) 3Q24: Mild growth. Central Pattana (CPN TB/BUY/Bt60.00/Target: Bt84.00) 3Q24: Results in line; well-positioned to close 2024 with a new record high. Central Plaza Hotel (CENTEL TB/SELL/Bt33.00/Target: Bt47.00) 3Q24: Better-than-expect...
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
COM7 COM7
CENTEL CENTRAL PLAZA HOTEL
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
SPRC STAR PETROLEUM REFINING
RATCH RATCH GROUP PUBLIC CO. LTD.
PSH PRUKSA HOLDING PCL
WHA TB WHA CORP PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
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