reports
Bangkok Dusit Medical Services Public Company Limited: 1 director
A director at Bangkok Dusit Medical Services Public Company Limited bought 1,066,400 shares at 18.300THB and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company'...
- Benjaphol Suthwanish
Bangkok Dusit Medical Services (BDMS TB) - Key Takeaways From ASEAN G...
ASEAN Gems Corporate Highlights | Bangkok Dusit Medical Services (BDMS TB/BUY/Bt18.70/Target: Bt32.00) BDMS attended the ASEAN Gems Conference and was positively received by the investors. Investors mainly appreciate BDMS for its strong defensive quality and attractive valuation. The company’s long-term growth plan remains strong with its focus shifting more towards increasing bed occupancy instead of expanding branches. Middle East risks are limited given low exposure. BDMS also focuses on gain...
- Benjaphol Suthwanish
Thailand Daily: Monday, March 16, 2026
Top Stories ASEAN Gems Corporate Highlights | Bangkok Dusit Medical Services (BDMS TB/BUY/Bt18.70/Target: Bt32.00) BDMS attended the ASEAN Gems Conference and was positively received by the investors. Investors mainly appreciate BDMS for its strong defensive quality and attractive valuation. The company’s long-term growth plan remains strong with its focus shifting more towards increasing bed occupancy instead of expanding branches. Middle East risks are limited given low exposure. BDMS also f...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Suryaputra Wijaksana
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, March 16, 2026
Greater China Economics | Money Supply Feb 26 money and credit data came in above expectations, helped by the Chinese New Year effect and better new bank credit and TSF at Rmb0.90t and Rmb2.38t respectively. This lifted M2 growth to 9.0% yoy, while M1 growth came in at 5.9% yoy. While the 2M26 data was above market expectations, the credit cycle is not in an upswing, as total credit growth edged lower to 6.0% yoy, and TSF growth stayed flat at 8.2% yoy. Sector Update | Healthcare The HSH...
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01093 CSPC PHARMACEUTICAL GROUP LIMITED
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
01997 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
GAM WHARF REAL ESTATE INVESTMENT CO. LTD.
3933 GAMUDA BHD
IJM THE UNITED LABORATORIES INTE
06088 IJM CORP BHD
2877 FIT HON TENG LIMITED
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
00017 WUXI BIOLOGICS (CAYMAN) INC.
3692 NEW WORLD DEVELOPMENT CO. LTD.
MNSO HANSOH PHARMACEUTICAL GROUP
06160 MINISO GROUP HOLDING ADS (N SHARES)
300765 BEIGENE LTD.
02192 WUXI APPTEC CO. LTD. CLASS H
DCRU CSPC INNOVATION PHARMACEUTICAL CO L
ARCI IJ MEDLIVE TECHNOLOGY CO LTD
ONC@US@ DIGITAL CORE REIT MANAGEMENT PTE. LTD.
ARCHI INDONESIA (ARCI IJ)
BEONE MEDICINE INC
- Benjaphol Suthwanish
Bangkok Dusit Medical Services (BDMS TB) - Remains The Best Of The B...
Company Update | Bangkok Dusit Medical Services (BDMS TB/BUY/Bt20.70/Target: Bt32.00) BDMS delivered a neutral tone with 2026 revenue growth guidance of 2-4% yoy, driven mainly by foreign patients. Cost control and margin stability (24% EBITDA) remain priorities amid weak Thai demand. Middle East tensions pose limited risk given BDMS’ low exposure, though 1Q26 outlook is soft due to Cambodia-related pressure. Copayment insurance impact will emerge gradually over two years. Despite headwinds, BDM...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Thailand Daily: Thursday, March 05, 2026
Top Stories Company Update | BANPU (Pre-amalgamation) (BANPU TB/HOLD/Bt5.75/Target: Bt5.50) The gas business outlook remains positive, supported by growing demand in the US. We expect Henry Hub prices to trend higher over the next two years. Meanwhile, the coal market is relatively flat yoy. Although demand remains weak, supply is constrained by ongoing uncertainty surrounding production quotas and export policies in Indonesia. The NewCo restructuring process is progressing as planned and is e...
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Claire Wang Kelai
- Johnny Yum Chung Man
- Jonathan Koh
- Philip Wong
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Willinoy Sitorus
UOBKH: Regional Morning Meeting Notes: Thursday, March 05, 2026
Greater China Economics | PMI February PMI was below Bloomberg's consensus, with manufacturing PMI edging down to 49.0 (-0.2pt mom) and non-manufacturing PMI staying contractionary at 49.5 (+0.1pt mom), partly reflecting Chinese New Year seasonality. New export orders sub-index fell to 45.0 (-2.8pt mom) for manufacturing PMI and 44.7 (-2.2pt mom) for services PMI. The manufacturing business expectations sub-index improved to 53.2 (+0.6pt mom) ahead of the Two Sessions. Company Results | AS...
BDMS BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO. LTD.
FCT FRASERS CENTREPOINT TRUST
ASM PACIFIC TECHNOLOGY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
BANPU TB BANPU
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - March 2026
Greater China Strategy | Alpha Picks: March Conviction Calls Chinese equities consolidated further in February, with the HSI and MSCI China Index declining 2.8% mom and 5.6% mom, respectively. March is expected to be volatile, as there are signs that the Middle East conflict could last for a while. We focus on names which have greater domestic exposure, adding Anta, China Duty Free, FII, Futu, Kuaishou and Tencent to our BUY list. Indonesia Strategy | Alpha Picks: Rotating To Commodities Amid M...
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
- Amerul Iqmal
- Arsit Pamaranont
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Gigi Cheuk
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Joyce Chu
- Kai Jie Tang
- Kate Luang
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Lester Siew
- Malaysia Research Team
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, March 04, 2026
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...
AS7 ANTA SPORTS PRODUCTS LTD.
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ANTM PT ANEKA TAMBANG TBK
3816 MISC BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
INCO VALE INDONESIA
PTTEP PTT EXPLORATION & PRODUCTION PLC
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
HANA HANA MICROELECTRONICS PCL
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
SE SEA ADS
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
BURSA BURSA MALAYSIA BHD
BAUTO BERMAZ AUTO BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
FUTU FUTU HOLDINGS ADS
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
CRC CENTRAL RETAIL CORP
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
SCGP SCG PACKAGING PCL
BTNB PROPERTY GURU BRIDGETOWN 2
SE US SEA LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
SDG SD GUTHRIE BHD
HRUM HARUM ENERGY TBK PT
DKFT IJ CENTRAL OMEGA RESOURCES
OXB MK OXFORD INNOTECH BHD (OXB MK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
UGAI ULTRAGREEN.AI LIMITED
- Benjaphol Suthwanish
kok Dusit Medical Services (BDMS TB) - 4Q25: Weak Earnings In Line
Company Results | Bangkok Dusit Medical Services (BDMS TB/BUY/Bt21.40/Target: Bt32.00) 4Q25 net profit was Bt3.7b (-14.8% yoy), in line with estimates, dragged by flood-related costs and provisions. Revenue grew modestly, supported by Thai and non-Cambodian foreign patients, though Cambodian revenue dropped sharply. Margins weakened on higher costs and tax rate. Tensions with Cambodia remain a drag. BDMS announced a total 2025 dividend of Bt1.00/share (~4.7% yield). Copayment impact will be grad...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Friday, February 27, 2026
Top Stories Company Update | AP (Thailand) (AP TB/BUY/Bt9.40/Target: Bt10.80) 4Q25 earnings were in line with expectations, flat yoy and up 12% qoq, marking the quarterly peak for the year. AP plans to launch projects worth Bt55b in 2026, the highest value among peers. It targets single-digit growth in presales and transfers in 2026. Fundamentals and dividend payment are expected to support its share price. Maintain BUY. Target price: Bt10.80. Company Update | Bangkok Bank (BBL TB/HOLD/Bt176...
- 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
- Audrey Celia
- Benjaphol Suthwanish
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Thailand Research Team
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, February 03, 2026
Greater China Sector Update | China Property CRIC data show that the top 100 developers’ contracted sales fell 24.7% yoy in Jan 26, while new-home sales in 28 major cities declined 36% yoy. Second-hand transactions in three Tier 1 cities rose 1% yoy. Maintain UNDERWEIGHT but deepening industry downturn leads to rising possibility of policy support, supporting selective exposure. CR Land remains our top pick, with P/B at 1SD below the five-year mean, and PE and yield near the five-year average....
KTC KRUNGTHAI CARD PCL
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
FCT FRASERS CENTREPOINT TRUST
01109 CHINA RESOURCES LAND LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
MYOR MAYORA INDAH
C6L SINGAPORE AIRLINES LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
WPRTS MAPLETREE INDUSTRIAL TRUST
06088 WESTPORTS HOLDINGS BHD
ICBP FIT HON TENG LIMITED
RATCH INDOFOOD CBP SUKSES MAKMUR T
UHU RATCH GROUP PUBLIC CO. LTD.
CRPU UNITED HAMPSHIRE US REIT
CICT SASSEUR REIT (S CHIP)
SCGP CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP SCG PACKAGING PCL
OXMU LENDLEASE GLOBAL COMMERCIAL REIT
HMN PRIME US REIT
CLCT ASCOTT RESIDENCE TRUST
KORE CAPITALAND CHINA TRUST
BBNI KEPPEL PACIFIC OAK US REIT
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
MXNU PT CISARUA MOUNTAIN DAIRY TBK
CLAR ELITE COMMERCIAL REIT MGNT PTE LTD
DCRU CAPITALAND ASCENDAS REIT
DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Audrey Celia
- Benjaphol Suthwanish
- Gigi Cheuk
- Johnny Yum Chung Man
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Kong Ho Meng
- Lester Siew
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, January 28, 2026
Greater China Company Update | NAURA Technology Group (002371 CH/BUY/Rmb497.68/Target: Rmb571.70) We see multiple upside risks to our assumption about NAURA for 2026-27. Domestic foundries and memory IDMs are likely to further raise their capex plans for advanced nodes given robust downstream demand and capacity shortage, while the mature node capex may end up better than feared thanks to overflow demand from global Tier 1 foundries. On the other hand, localisation efforts are accelerating signi...
- Benjaphol Suthwanish
Bangkok Dusit Medical Services (BDMS TB) - Expect Weak Earnings From ...
Company Update | Bangkok Dusit Medical Services (BDMS TB/BUY/Bt20.00/Target: Bt32.00) BDMS is expected to report a substantial earnings contraction in 4Q25, with net profit forecast at Bt3.81b (-12.1% yoy, -11.8% qoq), pressured by flood-related costs, higher provisions, and rising expenses, despite moderate revenue growth on a strong epidemic-driven Thai patient base. Margins are projected to fall materially. While near-term earnings face headwinds, the epidemic remains a key support, copayment...
- Benjaphol Suthwanish
Thailand Daily - Wednesday, January 28, 2026
Top Stories Company Update | Bangkok Dusit Medical Services (BDMS TB/BUY/Bt20.00/Target: Bt32.00) BDMS is expected to report a substantial earnings contraction in 4Q25, with net profit forecast at Bt3.81b (-12.1% yoy, -11.8% qoq), pressured by flood-related costs, higher provisions, and rising expenses, despite moderate revenue growth on a strong epidemic-driven Thai patient base. Margins are projected to fall materially. While near-term earnings face headwinds, the epidemic remains a key supp...
- 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)
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kai Jie Tang
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Roy Chen Chengzhi
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, November 14, 2025
Greater China Economics | Money Supply M1 growth fell to 6.2% yoy in October, short of expectations, while M2 growth eased to 8.2% yoy. New bank loans dropped sharply to Rmb0.22t, and new TSF fell to Rmb0.81t, both below forecasts. Outstanding TSF and bank loan growth moderated to 8.5% (-0.2ppt mom) and 6.5% yoy (-0.1ppt mom) respectively, with the decline led by household loans. The numbers are not encouraging. Sector Update | Automobile China’s PV retail sales basically remained flat yoy in O...
V03 VENTURE CORPORATION LIMITED
BN2 VALUETRONICS HOLDINGS
PLANB PLAN B MEDIA
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ASII PT ASTRA INTERNATIONAL TBK
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
BAL BUMITAMA AGRI LTD
DLG DIALOG GROUP BHD
CAB CARLSBERG BREWERY MALAYSIA B
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
09618 JD.COM INC. CLASS A
02618 JD LOGISTICS INC
STM SEATRIUM LTD
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