reports
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – February 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list. Indonesia Strategy | Alpha Picks: From MSCI Shock To Policy-Driven Rebala...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
PXP PLAINS EXPLORATION & PRODUCTION COMPANY
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Benjaphol Suthwanish
PTT Oil and Retail (OR TB) - 4Q25 Net Profit Likely Disappointing, Fal...
Company Update | PTT Oil and Retail (OR TB/HOLD/Bt14.40/Target: Bt14.50) We expect 4Q25 net profit to be disappointing, as earnings are projected to decline both qoq and yoy, driven by significant extra losses. For 2026, concerns over further impairments are likely to persist, particularly related to assets in Cambodia. In 2025, OR closed approximately 30% of its PTT Stations and Café Amazon outlets in Cambodia. OR’s management expects greater clarity on the impairment situation by mid-26. Downg...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily - Tuesday, January 27, 2026
Top Stories Company Update | GFPT (GFPT TB/BUY/Bt9.80/Target: Bt13.50) We expect GFPT to post a 4Q25 core profit of Bt460m, up 48% yoy but down 35% qoq. Gross margin is projected to normalise, coming in at 14.8% in 4Q25, up yoy but down qoq. Looking ahead, we expect 1Q26 earnings to recover qoq, driven by higher livestock ASPs during the Chinese New Year and the low raw material costs of stock inventories. Maintain BUY on GFPT with a lower target price of Bt13.50 (previously Bt15.00). Company...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - January 2026
Greater China Strategy | Alpha Picks: January Conviction Calls Chinese equities remained in consolidation through December, with the HSI and MSCI China down 0.9% mom and 1.5% mom, respectively, despite last week’s window dressing narrowing losses. Policy signals from the Economic Work Conference broadly met expectations. Looking ahead, we are constructive on 1Q26, supported by a favourable global liquidity cycle and potential macro supportive measures in China. We retain most of our December pic...
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Andrew Agita Buntoro
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Suryaputra Wijaksana
- Thailand Research Team
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, January 06, 2026
Greater China Strategy | Alpha Picks: January Conviction Calls Chinese equities remained in consolidation through December, with the HSI and MSCI China down 0.9% mom and 1.5% mom, respectively, despite last week’s window dressing narrowing losses. Policy signals from the Economic Work Conference broadly met expectations. Looking ahead, we are constructive on 1Q26, supported by a favourable global liquidity cycle and potential macro supportive measures in China. We retain most of our December...
KTC KRUNGTHAI CARD PCL
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
ERAA ERAJAYA SWASEMBADA
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
000333 MIDEA GROUP CO. LTD. CLASS A
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RATCH RATCH GROUP PUBLIC CO. LTD.
KTB KONTOOR BRANDS
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
SCB SCB X PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
CDB CELCOMDIGI BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
ECOSHOP MK ECO-SHOP MARKETING BHD
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Audrey Celia
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Thailand Research Team
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, December 02, 2025
Greater China Sector Update | China Property Demand stayed weak in Nov 25, with new-home sales in 28 cities down 42% yoy and second hand home prices in most cities falling. Land auctions in Shanghai and Hangzhou cooled, with most plots near reserve prices. We maintain UNDERWEIGHT on China property, with CR Land as our top pick for its consistent earnings outperformance. Sector Update | Macau Gaming Macau’s Nov 25 GGR reached MOP 21.1b, down 12% mom but up 14% yoy, and recovering to 92% o...
KTC KRUNGTHAI CARD PCL
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
GFPT GFPT
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
599A SANDS CHINA LTD.
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
KPJ KPJ HEALTHCARE BERHAD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
PEP PPB GROUP BERHAD
BAUTO BERMAZ AUTO BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
SWB SUNWAY BHD
1368 XTEP INTERNATIONAL HOLDINGS
SCGP SCG PACKAGING PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
PEKAT PEKAT GROUP BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
ASL SP ASL MARINE (ASL SP)
- Benjaphol Suthwanish
PTT Oil and Retail (OR TB) - Record-high Net Profit Still Achiveable I...
Company Update | PTT Oil and Retail (OR TB/BUY/Bt13.30/Target: Bt21.00) We expect 4Q25 net profit to rise qoq on seasonal demand, which reinforces our expectation that 2025 earnings could reach a record high. Management has several clear objectives: a) expand market share by 1% annually, b) lift daily traffic visitor numbers to 5.0m by 2030, and c) continue pursuing additional M&A opportunities in the lifestyle business. Despite being slightly disappointed with the KFC deal, we keep OR as our to...
- Benjaphol Suthwanish
Thailand Daily - Friday, November 21, 2025
Top Stories Company Update | Minor International (MINT TB/BUY/Bt20.20/Target: Bt38.00) MINT held an analyst meeting to discuss its 3Q25 results, and the tone was positive. Management is guiding a stronger 4Q25 RevPar, which will be boosted by an ADR uplift, demand in the Maldives, Thailand’s festive bookings, and the “We Travel Together” stimulus. A large US$1.2b-1.3b REIT planned for 2Q-3Q26 will support deleveraging. Value menus continue to boost food traffic, while margins stay intact. Net I...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Ming San Soong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, November 19, 2025
Greater China Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10...
KBANK KASIKORNBANK PUBLIC CO. LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
CENTEL
SPRC CENTRAL PLAZA HOTEL
01810 STAR PETROLEUM REFINING
PDD XIAOMI CORP. CLASS B
DLG PINDUODUO INC. SPONSORED ADR CLASS A
2633 DIALOG GROUP BHD
SCGP JACOBSON PHARMA CORP LTD
OR SCG PACKAGING PCL
YZJFH PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DOHOME PINDUODUO PDD US
09961 YANGZIJIANG FINANCIAL HOLDING
PONY DOHOME PCL
BRMS IJ CTRIP.COM INTERNATIONAL
PONY AI INC
BUMI RESOURCES MINERALS
- Benjaphol Suthwanish
PTT Oil and Retail (OR TB) - 3Q25: Net Profit Increases qoq Despite Lo...
Company Results | PTT Oil and Retail (OR TB/BUY/Bt14.50/Target: Bt21.00) OR posted a net profit of Bt2.6b in 3Q25, up 19% qoq, surpassing both our and consensus expectations. The improvement was mainly supported by the recognition of substantial extra gains. Despite the low season, profit rebounded in 3Q25 thanks to solid marketing margins. Looking ahead, with 4Q25 entering peak tourism season, we expect further earnings growth, which should drive OR’s full-year 2025 net profit to a new record h...
- Arsit Pamaranont
- Benjaphol Suthwanish
Thailand Daily - Friday, November 07, 2025
Top Stories Company Results | Bangchak Corporation (BCP TB/BUY/Bt29.00/Target: Bt40.00) BCP posted a strong 3Q25 rebound with a net profit of Bt1.1b and core profit of Bt3.2b, driven by higher GRM at US$7.4/bbl and run rate 90% (265kbd) after Sriracha’s unit restart. EBITDA surged to Bt10.3b, while marketing margin rose to Bt0.85/litre and BCPG gained from Laos hydro and new wind projects. Despite minor inventory losses, all segments improved. Outlook remains positive with firm GRM, VLCC termi...
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Friday, November 7, 2025
Greater China Sector Update | Automobile The anti-involution policy boosted OEMs’ 3Q25 earnings by ending the price war. However, the industry disruptor BYD saw worsened liquidity due to sales slowdown and inventory pile-up. Auto part companies saw margin erosion in 3Q25 due to delayed impacts from the OEMs’ price war, but 4Q25 margin will stabilise. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Cut target price for Li Auto to HK$60.0. Raise target price for Weich...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
THAI THAI AIRWAYS INTERNATIONAL PCL
BH
G13 BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
GAM GENTING SINGAPORE LIMITED
OR GAMUDA BHD
06160 PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DEWA IJ BEIGENE LTD.
DARMA HENWA (DEWA IJ)
- Alden Gabriel Lam
- Andrew Agita Buntoro
- Arsit Pamaranont
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Greater China Research Team
- Heidi Mo Jinghui
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Lester Siew
- Malaysia Research Team
- Singapore Research Team
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, November 04, 2025
Greater China Strategy | Alpha Picks: November Conviction Calls HSI and MSCI China fell 3.5%/4.0% mom in October, dragged by renewed US-China trade tensions and lack of fresh policy signals from the 4th Plenum. We remain constructive in the medium term but expect further consolidation as uncertainties persist. The best performer among our picks was SELL-rated Li Auto (+21.4% mom). For November, we rotate into oversold names with near-term upside: add AIA, LINK REIT, NAURA, Pinduoduo, PICC P&...
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
558 UMS HOLDINGS LIMITED
GFPT GFPT
C6L SINGAPORE AIRLINES LTD.
5347 TENAGA NASIONAL BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
VSI V.S. INDUSTRY BERHAD
PREIT PARKWAYLIFE REAL ESTATE
BURSA MAPLETREE INDUSTRIAL TRUST
PEP BURSA MALAYSIA BHD
RATCH PPB GROUP BERHAD
2633 RATCH GROUP PUBLIC CO. LTD.
HCM JACOBSON PHARMA CORP LTD
AIS HUTCHISON CHINA MEDITECH LIMITED
RSTON ADVANCED INFO SYSTEMS
FEH RIVERSTONE HOLDINGS LTD
UHU FOOD EMPIRE HOLDINGS LTD
FRKN UNITED HAMPSHIRE US REIT
MPM FRENCKEN GROUP LTD
CSSC MARCO POLO MARINE LTD
CRPU CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT SASSEUR REIT (S CHIP)
SCGP CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP SCG PACKAGING PCL
2269 LENDLEASE GLOBAL COMMERCIAL REIT
OXMU WUXI BIOLOGICS (CAYMAN) INC.
HMN PRIME US REIT
CLCT ASCOTT RESIDENCE TRUST
KORE CAPITALAND CHINA TRUST
OR KEPPEL PACIFIC OAK US REIT
MXNU PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
CLAR ELITE COMMERCIAL REIT MGNT PTE LTD
DCRU CAPITALAND ASCENDAS REIT
MTEL IJ DIGITAL CORE REIT MANAGEMENT PTE. LTD.
02161 PT DAYAMITRA TELEKOMUNIKASI
02015 JBM (HEALTHCARE) LTD
0303 LI AUTO INC
LAGENDA ALPHA IVF GROUP
SDG LAGENDA PROPERTIES BHD
BRMS IJ SD GUTHRIE BHD
AADI IJ BUMI RESOURCES MINERALS
002371 CH ADARO ANDALAN INDONESIA
ASL SP NAURA TECHNOLOGY GROUP CO LTD
ASL MARINE (ASL SP)
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Joyce Chu
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Monday, October 27, 2025
Greater China Sector Update | Internet Data from the initial phase of the 11.11 campaign set a compelling prelude for a mid-single-digit GMV growth in 4Q25. The new phase of 11.11 is characterised by a longer cycle, simplified promotion mechanics, and deeper technological integration. Platform competition has shifted from “traffic wars” to “efficiency wars”, as AI enhances demand-supply matching and instant retail breaks offline barriers, reducing consumer decision costs. Maintain MARKET WEIGHT....
02331 LI NING COMPANY LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
AJBU KEPPEL DC REIT
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
SUN SUNTECH SA
01801 INNOVENT BIOLOGICS INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BBNI BANK NEGARA INDONESIA
BRIS BANK BRISYARIAH TBK
2563118D MK Equity ECO-SHOP MARKETING
- Benjaphol Suthwanish
PTT Oil and Retails (OR TB) - Strong Marketing Margins Boost Net Profi...
Company Update | PTT Oil and Retails (OR TB/BUY/Bt13.90/Target: Bt21.00) We expect OR to post a net profit of Bt2.35 in 3Q25, up 5% qoq, supported by strong marketing margins that should offset the impact of the low season and weaker performance from Cambodia. Looking ahead, earnings in 4Q25 are projected to grow further qoq, driven by the high season, leading us to believe OR’s 2025 net profit would reach a record high. OR continues to be one of our top picks. Maintain BUY. Target price: Bt21.0...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily - Monday, October 27, 2025
Top Stories Sector Update | Retail Home improvement retail appears more attractive than grocery retail as it is in the late stage of a downcycle. Grocery retailers will enjoy short-term benefits from the Half-Half Plus copayment scheme. Initiate coverage with BUY on GLOBAL, CPAXT and DOHOME, and HOLD for CRC. We are OVERWEIGHT on the retail sector. Top picks are CPALL and GLOBAL. Company Update | PTT Oil and Retails (OR TB/BUY/Bt13.90/Target: Bt21.00) We expect OR to post a net profit of Bt2....
- Benjaphol Suthwanish
PTT Oil & Retail Business (OR TB) - Business Strategy Focuses On Creat...
OR offers a compelling business strategy that includes: a) branch expansion within the mobility business; b) growth in the EV business to capture rising vehicle demand; and c) M&A in the lifestyle business, with greater clarity expected in 4Q25, including the hotel business, which is also scheduled to begin construction in 4Q25. We keep OR as one of our top picks in the oil and gas sector. Maintain BUY. Target price of Bt20.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily - Friday, August 22, 2025
KEY HIGHLIGHTS Update PTT Oil & Retail Business (OR TB/BUY/Bt12.90/Target: Bt20.00) Business strategy focuses on creating a complete ecosystem. STECON Group (STECON TB/BUY/Bt6.10/Target: Bt9.00) On track to achieve new orders, optimistic about core operation in 2H25.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, August 22, 2025
GREATER CHINA Sector Automobile: Weekly: YOY PV sales growth turns positive on price cuts. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results AAC Technologies (2018 HK/BUY/HK$43.72/Target: HK$57.70): 1H25: Margins miss due to transition period; meaningful recovery in 2H25. Maintain BUY. AIA Group (1299 HK/BUY/HK$73.45/Target: HK$91.00): 1H25: In-line VONB growth; strong OPAT beat. EVE Energy (300014 HK/HOLD/ Rmb48.07/Target: Rmb50.00): 2Q25: Earnings miss due to lowe...
01299 AIA GROUP LIMITED
A2XN AAC TECHNOLOGIES HOLDINGS INC.
VST HOLDINGS LTD.
SATS SP SATS LTD.
MAXIS MAXIS BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
PMAH PRESS METAL ALUMINIUM HOLDIN
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
9896 MINISO GROUP HOLDING LTD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Oil & Retail Business (OR TB) - 2Q25: Net Profit In Line With Our ...
OR reported a qoq and yoy decline in 2Q25 net profit due to seasonal weakness, in line with our expectation but 14% below consensus estimate. However, effective execution of cost control measures led us to revise up our EBITDA margin assumptions for the lifestyle business. As a result, we now forecast a record-high net profit for 2025. We maintain OR as one of our top picks in the oil and gas sector. Upgrade to BUY with a new target price of Bt20.00.
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