reports
- Tanapon Cholkadidamrongkul
Charoen Pokphand Foods (CPF TB) - 4Q25 Results Preview: Weak Gross Pro...
Company Update | Charoen Pokphand Foods (CPF TB/HOLD/Bt21.60/Target: Bt21.50) CPF is expected to report a core profit of Bt2,281m, down 64% yoy and 62% qoq. The qoq decline in gross profit margin will be mainly driven by lower ASPs. Despite short-term gains in domestic and Vietnam swine prices, earnings remain unexciting due to weak China prices, limited further reduction of raw material costs, and a high 1H25 base. Maintain HOLD with a lower target price of Bt21.50 (previously Bt23.00).
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, January 20, 2026
Top Stories Company Results | Kiatnakin Phatra Bank (KKP TB/HOLD/Bt67.75/Target: Bt72.00) KKP reported a net profit of Bt1.77b in 4Q25, up 26% yoy and 6% qoq. The results beat our and consensus expectations by 40% and 28% respectively. The key positive surprise was a qoq reduction in provision expenses and a less-than-expected decline in investment gains. Credit costs have decreased consistently, supporting a favourable asset quality outlook. Maintain HOLD. Target price: Bt72.00. Company Upd...
- Alden Gabriel Lam
- Benyamin Mikael
- Claire Wang Kelai
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- Kai Jie Tang
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, January 20, 2026
Greater China Economics | Economic Activity China’s 4Q25 GDP growth eased to 4.5% yoy, bringing 2025 growth to 5.0%, in line with the official target. December industrial production growth rose 5.2% yoy (-0.2ppt mom), but retail sales growth slowed to 0.9% yoy (-0.4ppt mom). FAI growth contracted further to -3.8% yoy ytd (-1.2ppt mom), dragged by persistent property FAI weakness (-17.2% ytd yoy). With momentum weakening into year-end, we expect more targeted policy support in 2026, particularly ...
- Tanapon Cholkadidamrongkul
Charoen Pokphand Foods (CPF TB) - Expect Earnings To Decline Steadily ...
Company Update | Charoen Pokphand Foods (CPF TB/HOLD/Bt21.50/Target: Bt23.00) CPF reported a core profit of Bt6.1b, up (-8.8% yoy and -44.3% qoq). The qoq decline in GPM was mainly driven by lower ASPs. We expect qoq earnings to decline in 4Q25, despite short-term support from rising domestic swine prices and low raw material costs. Weakness will be driven by falling swine prices in Vietnam, and persistently low prices in China affecting equity income. Maintain HOLD with a lower target price of ...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Monday, November 17, 2025
Top Stories Company Results | Central Pattana (CPN TB/BUY/Bt50.25/Target: Bt73.10) CPN reported a net profit of Bt5.4b in 3Q25 (+31.5% yoy, +26% qoq), supported by one-off items. Core earnings were strong as expected, improving both yoy and qoq. We anticipate the resilient core operational performance continuing into 4Q25. We are optimistic about CPN, given its resilient performance and positive business outlook with expansion plans. Maintain BUY. Target price: Bt73.10. Company Update | Char...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kasemsun Koonnara
- Kong Ho Meng
- Lester Siew
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, November 17, 2025
Greater China Economics | Economic Activity Industrial production growth slowed sharply to 4.9% yoy in Oct 25 (-1.6ppt mom). FAI also stayed weak, falling 1.7% yoy ytd (-1.2ppt mom), dragged by property FAI which dropped 14.5% yoy ytd. Retail sales growth edged lower to 2.9% yoy (-0.1ppt yoy). On a positive note, unemployment improved to 5.1%. Overall, the data points to a weakening growth momentum. Indonesia Company Results | XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp2,720/Target: Rp3,10...
- Tanapon Cholkadidamrongkul
Charoen Pokphand Foods (CPF TB) - 3Q25 Results Preview: Earnings Expec...
Company Update | Charoen Pokphand Foods (CPF TB/HOLD/Bt23.50/Target: Bt24.00) We expect CPF to report a net profit of Bt5,052m for 3Q25, decreasing yoy and qoq. Profitability weakened on lower ASPs amid subdued swine and broiler prices in Thailand and Vietnam, even though stable raw material costs provided a partial offset. In addition, we expect to see a lower share of profit yoy and qoq, pressured by weaker China swine prices and lower qoq contributions from CPALL and CPAXT. Maintain HOLD wi...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily - Tuesday, October 14, 2025
Top Stories Company Update | Charoen Pokphand Foods (CPF TB/HOLD/Bt23.50/Target: Bt24.00) We expect CPF to report a net profit of Bt5,052m for 3Q25, decreasing yoy and qoq. Profitability weakened on lower ASPs amid subdued swine and broiler prices in Thailand and Vietnam, even though stable raw material costs provided a partial offset. In addition, we expect to see a lower share of profit yoy and qoq, pressured by weaker China swine prices and lower qoq contributions from CPALL and CPAXT. Mai...
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, October 14, 2025
Greater China Economics | Trade China’s trade rebounded strongly in September, with exports (8.3%, +3.9ppt) and imports (7.4%, +6.1ppt) beating expectations. This month marked the strongest monthly growth for imports in 2025, thanks to the trade surplus narrowing to US$90.4b. Demand from non-US markets held firm while domestic recovery gained traction. Imports for integrated circuits, agricultural products and key commodities improved. On the export front, hi-tech and mechanical & electrical...
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
544 CSE GLOBAL LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
7113
7153 TOP GLOVE CORPORATION BHD.
RSTON KOSSAN RUBBER INDUSTRIES BHD.
FEH RIVERSTONE HOLDINGS LTD
02618 FOOD EMPIRE HOLDINGS LTD
ARCI IJ JD LOGISTICS INC
ARCHI INDONESIA (ARCI IJ)
Charoen Pokphand Foods Plc: 1 director
A director at Charoen Pokphand Foods Plc bought 200,000 shares at 22.375THB and the significance rating of the trade was 75/100. 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's directors over the last two...
- Tanapon Cholkadidamrongkul
Charoen Pokphand Foods (CPF TB) - 2Q25 Earnings In Line; 3Q25 Earning...
CPF reported a record-high net profit of Bt10.4b in 2Q25, up 49.9% yoy and 21.4% qoq. The results were in line with our estimation but exceeded market expectations by 12% thanks to stronger-than-expected gross margins. However, we recommend being more cautious on CPF as we expect a potential softening in domestic livestock ASPs in 3Q25. Maintain HOLD with a higher target price: Bt24.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
Thailand Daily - Monday, August 18, 2025
KEY HIGHLIGHTS Results Bangkok Chain Hospital (BCH TB/BUY/Bt14.10/Target: Bt17.50) 2Q25: Reported strong earnings as expected. Update Central Pattana (CPN TB/BUY/Bt54.50/Target: Bt79.60) Favourable 2H25 outlook anchored by core business resilience. Central Plaza Hotel (CENTEL TB/BUY/Bt27.00/Target: Bt33.00) Expect a gradual improvement in outlook. Charoen Pokphand Foods (CPF TB/HOLD/Bt24.40/Target: Bt24.00) 2Q25 earnings in line; 3Q25 earnings momentum to soften. The Erawan ...
- Adrian Loh Tzum Yung
- 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
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, August 18, 2025
GREATER CHINA Economics Economic Activity: Growth decelerates as trade war impact deepens. Results Chongqing Brewery (600132 CH/BUY/Rmb55.26/Target: Rmb67.40): 2Q25: Volume remained flat but ASP dropped 2% yoy; expanding off-trade channel to offset the weakness in on-trade channel. CSPC Innovation Pharmaceutical Co (300765 CH/HOLD/Rmb53.00/Target: Rmb52.00): 1H25: Results in line, smooth progress in R&D. Update Foxconn Industrial Internet (601138 CH/BUY/Rmb44.86/Target: Rmb49.50): Solid 3Q guida...
600132 CHONGQING BREWERY CO.LTD CLASS A
544 CSE GLOBAL LTD.
ERW ERAWAN GROUP
CENTEL CENTRAL PLAZA HOTEL
PREIT PARKWAYLIFE REAL ESTATE
HEIM HEINEKEN MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
FRKN FRENCKEN GROUP LTD
HLA HONG LEONG ASIA LTD
300765 CSPC INNOVATION PHARMACEUTICAL CO L
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, July 31, 2025
GREATER CHINA Sector Healthcare Bi-Weekly: Expecting strong 1H25 results. Maintain OVERWEIGHT. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb277.09 /Target: Rmb390.00) 2Q25: Earnings in line, with margins hitting record-high levels. Maintain A-share at BUY. Downgrade H-share to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$44.37/Target: US$55.00) ...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
5168 HARTALEGA HOLDINGS BHD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
COM7 COM7
SCC SIAM CEMENT PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
KREIT HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 KEPPEL REIT
DLG THE UNITED LABORATORIES INTE
2877 DIALOG GROUP BHD
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
300750 CSPC PHARMACEUTICAL GROUP LTD
2269 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
BTG WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
OTEK BETAGRO PUBLIC COMPANY LIMITED
ASSA IJ DIAN DIAGNOSTICS GROUP CO
OILTEK INTERNATIONAL (OTEK SP)
ADI SARANA ARMADA TBK PT (ASSA IJ)
- Tanapon Cholkadidamrongkul
Charoen Pokphand Foods (CPF TB) - Record-High Earnings Expected In 2Q2...
We expect CPF to deliver solid 2Q25 net earnings of Bt11b, rising 29% qoq, supported by strong ASPs in both the domestic and Vietnamese markets, alongside a decline in raw material costs. Nevertheless, we foresee unexciting core earnings growth in 2H25 and 2026, given the softer swine price trend on a gradual supply recovery and a lack of consumption stimulus. Downgrade to HOLD. Target price: Bt21.00.
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily: Friday, July 11, 2025 [Results: AEONTS TB, UPDATE : CP...
KEY HIGHLIGHTS Results Aeon Thana Sinsap (Thailand) (AEONTS TB/BUY/Bt94.50/Target: Bt140.00) 1QFY26: Results in line; NPL ratio down qoq but credit cost up qoq. Update Charoen Pokphand Foods (CPF TB/HOLD/Bt21.90/Target: Bt21.00) Record-high earnings expected in 2Q25, but outlook turns cautious. Downgrade to HOLD. Siam Cement (SCC TB/HOLD/Bt170.50/Target: Bt160.00) 2Q25 net profit expected to recover qoq.
- Anas Fitri Bin Ahmad
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, July 11, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales down 30% wow as promotions end. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Update JD.com (9618 HK/BUY/HK$123.60/Target: HK$158.00): 2Q25 preview: Intact top-line growth; expecting margin erosion on FD investment. INDONESIA Update Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,720/Target: Rp6,000): We expect 2Q25 results to remain strong; double-digit guidance remains intact. MALAYSIA Sector Plantation: Inventory continues t...
- Kampon Akaravarinchai
- Tanapon Cholkadidamrongkul
Charoen Pokphand Foods (CPF TB) - Expect Another Record-High Earnings...
We expect CPF to continue delivering record-high earnings for 2Q25 on the back of stronger domestic livestock prices qoq. We expect its 2025 core earnings to grow 53% yoy. However, we recommend being more cautious on CPF as we expect a potential softening in domestic livestock ASPs in 3Q25 given the rainy season and a recovery in swine supply. Maintain BUY. Target price: Bt32.50.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Friday, May 16, 2025
KEY HIGHLIGHTS Results CH Karnchang (CK TB/BUY/Bt14.00/Target: Bt20.20) 1Q25: Earnings improve yoy and qoq, beating expectations. Stecon Group (STECON TB/BUY/Bt7.00/Target: Bt9.00) 1Q25: Exceeded expectations; outlook remains positive. Update Airports of Thailand (AOT TB/HOLD/Bt35.00/Target: Bt39.00) Concerns on earnings miss have been alleviated. Central Plaza Hotel (CENTEL TB/BUY/Bt21.30/Target: Bt29.00) A challenging 2Q25 awaits. Charoen Po...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Notes - Friday, May 16, 2025
GREATER CHINA Sector Automobile: Weekly: PEV sales edged up wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Healthcare: The rising robotic surgical system market in China. Results Alibaba Group (9988 HK/BUY/HK$128.90/Target: HK$165.00): 4QFY25: Slight earnings miss; CMR delivers better-than-expected double-digit growth. Geely Auto (175 HK/BUY/HK$19.58/Target: HK$31.00): 1Q25: Earnings beat on forex gain and associate profit. Maintain BUY. Raise target price to HK$31...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
544 CSE GLOBAL LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MYOR MAYORA INDAH
CENTEL CENTRAL PLAZA HOTEL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
SPOST SINGAPORE POST LTD
DLG DIALOG GROUP BHD
DBB DUOPHARMA BIOTECH BHD
09999 NETEASE INC
02423 KE HOLDINGS INC.
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
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.