reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - Solid Financial Position To Support Any Unfavourable Me...
As the government tries to implement a populist policy, PTT remains a target as the National Service Company. Thanks to PTT’s solid financial position, it is able to support any unfavourable measures. PTT will try to negotiate with the government to protect itself against any future government policies. In the O&G space, we prefer PTTEP, BSRC and BCP. Maintain BUY. Target price: Bt37.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Monday, August 19, 2024
KEY HIGHLIGHTS Update COM7 (COM7 TB/HOLD/Bt22.00/Target: Bt21.70) The huge replacement cycle is still uncertain. Krungthai Card (KTC TB/BUY/Bt39.50/Target: Bt48.00) Prioritises good asset quality; maintaining minimum payment of 8% will be positive. PTT (PTT TB/BUY/Bt33.25/Target: Bt37.00) Solid financial position to support any unfavourable measures. Srisawad Corporation (SAWAD TB/HOLD/Bt32.00/Target: Bt32.00) NPL ratio will continue to increase back to the pre-COVID-19 level.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Notes - Monday, August 19, 2024
GREATER CHINA Sector Banking: 2Q24 results preview: Shifting away from volume to price. Results Li Ning (2331 HK/BUY/HK$13.10/Target: HK$19.90): 1H24: Better-than-expected results; trim revenue guidance but maintain margin expectation for 2024. Upgrade to BUY. ZTE Corporation (763 HK/BUY/HK$16.76/Target: HK$19.00): 2Q24: Product mix deterioration offset by cost controls. INDONESIA Update Bukalapak.com (BUKA IJ/BUY/Rp120/Target: Rp270): Sustainable positive adjusted EBITDA. MALAYSIA Small/Mid C...
PTT PTT PUBLIC COMPANY LIMITED
02331 LI NING COMPANY LIMITED
COM7 COM7
CENT CENTRAL GARDEN & PET COMPANY
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
SPOST SINGAPORE POST LTD
0763 ZTE CORPORATION CLASS H
FRKN FRENCKEN GROUP LTD
BUKA BUKALAPAK.COM PT TBK
ITMAX ITMAX SYSTEMS BHD
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 2Q24: Strong Net Profit; Up qoq And yoy
PTT’s 2Q24 net profit increased both qoq and yoy, surpassing our and consensus estimates by 7% and 14% respectively. The strong performance in 2Q24 was also supported by greater-than-anticipated profits from subsidiaries and affiliates, as well as higher special gains. We expect 2Q24 to be the strongest quarter of the year. We foresee a decline in net profit for 3Q24 both qoq and yoy, driven by the low season for gas demand. Maintain BUY. Target price: Bt37.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, August 13, 2024
KEY HIGHLIGHTS Results BEC World PCL (BEC TB/BUY/Bt3.56/Target: Bt4.20) 2Q24: Clearer earnings visibility ahead; upgrade to BUY Betagro (BTG TB/BUY/Bt22.60/Target: Bt26.50) 2Q24: Bottom line turns to profit. Indorama Ventures (IVL TB/BUY/Bt17.80/Target: Bt22.50) 2Q24: A huge loss as expected, but earnings should have bottomed out. PTT (PTT TB/BUY/Bt33.25/Target: Bt37.00) ...
PTT PTT PUBLIC COMPANY LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
BEC BEC WORLD PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTT-R PTT (NVDR)
IVL-R INDORAMA VENTURES PCL (NVDR)
MINT-R MINOR INTERNATIONAL PCL NVDR
MTC MUANGTHAI CAPITAL PCL
WHA TB WHA CORP PCL
TIDLOR NGERN TID LOR PCL
SVI SVI PCL
BTG BETAGRO PUBLIC COMPANY LIMITED
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, August 13, 2024
GREATER CHINA Results KE Holdings Inc (2423 HK/BUY/HK$35.85/Target: HK$53.00) 2Q24: Solid earnings beat; new home recovery and pressured margins in 3Q24. Q Technology Group (1478 HK/BUY/HK$4.05/Target: HK$6.00) 1H24: Earnings at midpoint of profit alert; handset business recovering gradually. INDONESIA Results Dayamitra Telekomunikasi (MTEL IJ/BUY/Rp675/Target: Rp790) 2Q24: Core profit up 29% yoy; accelerating the expansion of fibre optic n...
01478 Q TECHNOLOGY (GROUP) CO. LTD.
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
TGIF 1933 INDUSTRIES
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
WHA TB WHA CORP PCL
FRKN FRENCKEN GROUP LTD
TIDLOR NGERN TID LOR PCL
123F 123FAHRSCHULE SE
02423 KE HOLDINGS INC.
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
1737144D TB BETAGRO GROUP
SDG SD GUTHRIE BHD
- Benjaphol Suthwanish
PTT (PTT TB) - 2Q24 Results Preview: Expect A Surprise
We expect PTT’s 2Q24 core profit to rise qoq and yoy, driven by strong gas and E&P businesses, which should offset the impact of the single pool gas scheme. However, we have revised our 2024-25 net profit forecasts down by 5.1% and 4.1% respectively to account for the impact of government measures, the downward revision of PTTGC’s and OR’s net profit estimates, and the upward revision of PTT's gas business profit estimates. Maintain BUY. Target price: Bt37.00
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Thanawat Thangchadakorn
Thailand Daily: Monday, August 05, 2024
KEY HIGHLIGHTS Update Banpu (BANPU TB/HOLD/Bt4.90/Target: Bt5.00) Expect 2Q24 net profit to drop qoq. BTS Group Holdings (BTS TB/HOLD/Bt4.06/Target: Bt4.47) Slightly negative on BTS’ transaction deal. Indorama Ventures (IVL TB/BUY/Bt19.30/Target: Bt22.50) 2Q24 results preview: Expect a huge loss, but earnings should bottom out in 2Q24. Upgrade to BUY. Krung Thai Bank (KTB TB/BUY/Bt17.80/Target: Bt21.50) Maintaining good asset quality a...
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Benjaphol Suthwanish
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Malaysia Research Team
- Paula Ruth
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Wei Xiang Ku
Regional Morning Notes - Monday, August 05, 2024
GREATER CHINA Update LINK REIT (823 HK/BUY/HK$33.55/Target: HK$42.76): Takeaways from visits to Hong Kong and Shenzhen malls near the border. INDONESIA Strategy Alpha Picks: Underperformance in Jul 24: Our picks are BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. Results Mayora Indah (MYOR IJ/HOLD/Rp2,470/Target: Rp2,500): 2Q24: Rising raw material costs impact gross margin. Telkom Indonesia (TLKM IJ/BUY/Rp2,850/Target: Rp4,200): 2Q24: 6% yoy growth in core profit; to improve cost effi...
PTT PTT PUBLIC COMPANY LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
MYOR MAYORA INDAH
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
FEHT FAR EAST HOSPITALITY TRUST
KTB-R KRUNG THAI BANK PCL NVDR
SMELT MALAYSIA SMELTING CORP BHD
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
- Arsit Pamaranont
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Keith Wee Teck Keong
- Leow Huey Chuen
- Paula Ruth
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, June 11, 2024
GREATER CHINA Economics Trade May exports grew 7.6%; imports moderated. Sector Property Property prices further drop after 17 May 24 policy combo; effective implementation of policies crucial for market stabilisation. INDONESIA Sector Telecommunications Pos...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
PTT PTT PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
IRPC IRPC PUBLIC CO. LTD.
ISAT INDOSAT
TOP THAI OIL PUBLIC CO. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
TOWR PT SARANA MENARA NUSANTARA TBK
AJBU KEPPEL DC REIT
SCC SIAM CEMENT PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PTG PTG ENERGY
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
BURSA BURSA MALAYSIA BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
OR PTT OIL & RETAIL BUSINESS PCL
EXCL XL AXIATA (EXCELCOMINDO)
688536 3PEAK INCORPORATED
BCOW 1895 BANCORP OF WISCONSIN INC
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
Z29 029 GROUP SE
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - Core Profits Will Continue To Be Driven By Upstream Bus...
We expect 2Q24 core profit to decline qoq as a result of weak downstream businesses following the lower GRM. PTT has not yet received a letter of clarification from the ERC for the second shortfall. Management expects the single pool gas policy will be finalised within 2Q24, and we anticipate an opportunity for a new ethane sales contract adjustment with PTTGC in 2H24. Maintain BUY. Target price: Bt39.00
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Llelleythan Tan Tan
- Ming San Soong
- Tanaporn Visaruthaphong
Regional Morning Notes: Friday, May 24, 2024
GREATER CHINA Results KE Holdings Inc (2423 HK/BUY/HK$49.45/Target: HK$55.00) 1Q24: Earnings beat; poised to capture solid recovery in 2Q24. Lenovo Group (992 HK/BUY/HK$11.32/Target: HK$13.50) 4QFY24: Solid results; AI PCs are just around the corner. NetEase (9999 HK/BUY/HK$141.50/Target: HK$180.00) 1Q24: Results in line; 2Q24 game growth could be better than feared. Xiaomi Corp (1810 HK/BUY/HK$18.94/Target: HK$23.80) ...
00823 LINK REAL ESTATE INVESTMENT TRUST
PTT PTT PUBLIC COMPANY LIMITED
4197 SIME DARBY BHD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
01810 XIAOMI CORP. CLASS B
INRI INARI AMERTRON BHD
GREATEC GREATECH TECHNOLOGY BHD
09999 NETEASE INC
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
02423 KE HOLDINGS INC.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 1Q24: Earnings In Line With Expectations
PTT reported 1Q24 net profit of Bt28.9b, down 12% qoq, in line with our and consensus expectations, with core profit increasing qoq due to the recovery in performance of the gas, E&P and P&R businesses. We expect 2Q24 core profit to decrease qoq due to lower GRM and a planned decrease in GSP production capacity. We remain cautious about potential risks stemming from PTT having to adhere to the government’s national service policy. Maintain BUY. Target price: Bt39.00
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, May 15, 2024
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt22.70/Target: Bt30.00) 1Q24: Results miss on lower gross margin. Bangkok Expressway and Metro (BEM TB/BUY/Bt8.20/Target: Bt11.60) 1Q24: Earnings in line; rail business maintains its positive gross margin. Berli Jucker (BJC TB/HOLD/Bt25.00/Target: Bt27.00) 1Q24: Results slightly missed expectations; lack of share price catalysts. Electricity Generating (EGCO TB/BUY/Bt112.00/Target: Bt150.00) ...
LH LAND & HOUSES PUBLIC CO. LTD.
PTT PTT PUBLIC COMPANY LIMITED
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
AMATA AMATA CORP
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
SPALI SUPALAI PCL
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
HANA HANA MICROELECTRONICS PCL
PTT-R PTT (NVDR)
MINT-R MINOR INTERNATIONAL PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
SVI SVI PCL
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Leow Huey Chuen
- Llelleythan Tan Tan
- Philip Wong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, May 15, 2024
INDONESIA Update Indofood Sukses Makmur (INDF IJ/BUY/Rp6,175/Target: Rp9,600): Steady growth at attractive valuation. Maintain BUY. MALAYSIA Sector Gloves: Tariff hike announced by US authorities on China’s medical-grade gloves beginning 2026 is poised to revitalise investors’ sentiment. Maintain OVERWEIGHT. Results Heineken Malaysia (HEIM MK/BUY/RM23.68/Target: RM29.20): 1Q24: Within expectations. Earnings saw a seasonal boom following the CNY celebrations. Maintain BUY with a higher target pr...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 1Q24 Results Preview: Net Profit Expected To Drop 15% q...
We expect PTT to report a 1Q24 net profit of Bt27.9b, down 15% qoq and flat yoy. However, core profit is expected to grow both qoq and yoy, driven by profits from the gas business and enhanced profits from subsidiaries and affiliates. Despite negative factors stemming from the ERC's announcement of a new LNG tariff and supply margin rate adjustment, along with the restoration of the second shortfall, we have maintained our core profit forecast for 2024. Maintain BUY. Target price: Bt39.00
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, May 08, 2024
KEY HIGHLIGHTS Results AP Thailand (AP TB/BUY/Bt10.70/Target: Bt13.50) 1Q24: Earnings down by 32% yoy and 24% qoq, in line with expectations. Ngern Tid Lor (TIDLOR TB/BUY/Bt21.70/Target: Bt30.00) 1Q24: Results beat forecasts; an improvement in credit costs. Muangthai Capital (MTC TB/BUY/Bt45.25/Target: Bt54.00) 1Q24: Earnings in line with market expectations; peaking of credit cost and Update Airports of Thailand (AOT TB/BUY/Bt65.75/Target: Bt75.00) On a path to recovery after the high s...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Kasemsun Koonnara
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, May 08, 2024
GREATER CHINA Sector Healthcare: From surviving to thriving. Hong Kong Property: Expect normalised primary transactions and continued weakness of retail sales in May; watch for possible policy support. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$83.35/Target: HK$99.60): Optimistic on order growth in 2024; margin expansion a key driver. INDONESIA Results Kalbe Farma (KLBF IJ/HOLD/Rp1,445/Target: Rp1,500): 1Q24: Excellent SG&A management results in double-digit NPAT growth. Mitra...
PTT PTT PUBLIC COMPANY LIMITED
KLBF PT KALBE FARMA TBK
MAPI MITRA ADIPERKASA
AP AP THAILAND
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
CTOS CTOS DIGITAL BHD
- Bella Lu Yifei
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Malaysia Research Team
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, February 16, 2024
GREATER CHINA Sector Automobile: Weekly: A snow debunks the myth of EVs. Maintain UNDERWEIGHT on China’s auto sector. Top SELLs: BYD, XPeng and Li Auto. Top BUY: CATL. INDONESIA Results XL Axiata (EXCL IJ/BUY/Rp2,310/Target: Rp2,700): 4Q23: Net profit rose 103% yoy; maintain BUY. MALAYSIA Sector Gaming: The Malaysian gaming sector has performed well ytd, but undervalued financial matrixes and solid fundamentals still offer good capital upside. Maintain OVERWEIGHT. Results Malaysia Smelting C...
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