reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 2026 Outlook Remains Challenging
Company Update | PTT (PTT TB/BUY/Bt30.50/Target: Bt38.00) Management believes that the outlook for 2026 remains challenging, given the expected slowdown in both global and Thailand GDP growth. On the positive side, the E&P, gas, and oil retail businesses will maintain solid momentum. We remain positive on PTT even though the utility model is still not clearly outlined, as it should enhance profitability of the gas business. In addition, the process of securing a strategic partner is progressin...
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, November 20, 2025
Top Stories Company Update | Origin Property (ORI TB/HOLD/Bt2.02/Target: Bt2.17) The tone during ORI’s analyst meeting was neutral. While there is an expected near-term uplift in 4Q25 earnings, ORI is expected to adopt a conservative operational approach throughout 2026. Management remains cautious about the residential market. We expect ORI to face ongoing challenges, and lacks new positive catalysts. Maintain HOLD. Target price: Bt2.17. Company Update | PTT (PTT TB/BUY/Bt30.50/Target: Bt38...
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Julia Pan Mengyao
- Kasemsun Koonnara
- Lester Siew
- Ming San Soong
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, November 20, 2025
Greater China Company Results | Kingsoft Corp (3888 HK/BUY/HK$30.72/Target: HK$44.00) Kingsoft’s 3Q25 results missed expectations. Revenue dropped 17% yoy to Rmb2.4b, 6% below consensus estimate. Gross margin shrank 4ppt yoy to 80.4%, in line with consensus expectation. Operating profit plunged 76% yoy to Rmb277m, while operating margin fell 28ppt yoy to 11%, dampened by subdued revenue growth. Net profit declined 49% yoy to Rmb213m, with net margin shrinking 5ppt yoy to 8.8%. Maintain BUY w...
OU8 CENTURION
PTT PTT PUBLIC COMPANY LIMITED
3K1 KINGSOFT CORP. LTD.
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
MYOR MAYORA INDAH
ICBP INDOFOOD CBP SUKSES MAKMUR T
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
01024 KUAISHOU TECHNOLOGY CLASS B
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ZETRIX MK ZETRIX AI (ZETRIX MK)
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 3Q25: Net Profit As Expected
Company Results | PTT (PTT TB/BUY/Bt30.25/Target: Bt38.00) PTT reported a net profit of Bt19.8b in 3Q25, down 8% qoq, in line with both our and consensus expectations. Core profit rose qoq, driven by lower pool gas costs, which led to a 5% qoq increase in the gas business’ EBITDA. However, we expect net profit to rebound in 4Q25, supported by stronger performances from PTTEP, OR, and the refinery business, along with an extra gain from Lotus Pharmaceutical. Maintain BUY. Target price: Bt38.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Thursday, November 13, 2025
Top Stories Company Results | CP All (CPALL TB/BUY/Bt48.50/Target: Bt65.00) We believe the market has been overly pessimistic. CPALL delivered the strongest performance among retail peers in 3Q25. We also see a 3% upside to our 2025 forecast. It reported an 18% yoy rise in 3Q25 net profit, driven by margin expansion and continued strength in the convenience store segment and other businesses. Maintain BUY with a target price of Bt65.00. Company Results | PTT (PTT TB/BUY/Bt30.25/Target: Bt38.0...
- Audrey Celia
- Benjaphol Suthwanish
- Chong Lee Len
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kai Jie Tang
- Kasemsun Koonnara
- Ming San Soong
- Philip Wong
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, November 13, 2025
Greater China Company Results | Tencent Music Entertainment Group (1698 HK/BUY/HK$84.65/Target: HK$105.00) TME delivered strong 3Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 20.6% yoy to Rmb8.5b, 3% above the street’s estimates. Non-GAAP operating profit jumped 25.2% yoy to Rmb3b, with operating margins edging up 1ppt yoy to 36%. Non-GAAP net profit rose 27.7% yoy to Rmb2.5b, beating consensus expectation by 7%, with net margins expanding 2ppt yoy to ...
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
FNH FRASER & NEAVE HOLDINGS BHD
CPALL TB CP ALL
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
FEH FOOD EMPIRE HOLDINGS LTD
VST VSTECS BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 3Q25 Net Profit Expected To Fall qoq But To Recover In ...
Company Update | PTT (PTT TB/BUY/Bt30.50/Target: Bt38.00) We expect PTT’s 3Q25 net profit at Bt19.5b, down 9% qoq, mainly due to lower EBITDA from the gas business following seasonal sales declines and the maintenance shutdown of GSP Unit 5. In addition, profit contributions from subsidiaries and affiliates also fell qoq. However, we expect net profit to rebound in 4Q25, supported by stronger performances from PTTEP, OR, and the refinery business, along with an extra gain from Lotus Pharmaceut...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily - Thursday, November 06, 2025
Top Stories Company Update | Asset World Corporation (AWC TB/BUY/Bt2.10/Target: Bt3.30) AWC is expected to post a 3Q25 core profit of Bt272m (-0.7% yoy, +49.1% qoq) and revenue of Bt3.96b (+5.2% yoy), driven by strong retail performance from the Jurassic World launch, which boosted Asiatique’s occupancy to 85% and lifted commercial revenue by 22% yoy. Hotel revenue was flat yoy but improved qoq. 4Q25 outlook is promising with strong bookings upcountry and signs of Chinese tourist recovery. Mai...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Ejann Hiew
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Lester Siew
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, November 06, 2025
Greater China Company Results | ECARX Holdings Inc (ECX US /BUY/ US$2.22/Target: US$3.40) ECARX’s 3Q25 earnings make a turnaround, with net profit of US$0.9m in 3Q25, marking its first-ever quarterly profitability. Going forward, we believe ECARX's earnings will be driven by sales volume growth and product mix optimisation. We maintain our forecast of a net loss of US$49m for 2025 and a turnaround to a net profit of US$36m and US$100m for 2026 and 2027, based on a 27% revenue CAGR. Maintain ...
PTT PTT PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
KLBF PT KALBE FARMA TBK
BCH BANGKOK CHAIN HOSPITAL PCL
SIE SIA ENGINEERING CO LTD
MSGB MAH SING GROUP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
UEMS UEM SUNRISE BHD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
MCH MATRIX CONCEPTS HOLDINGS BHD
ECX ECARX HOLDINGS INC
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
SDG SD GUTHRIE BHD
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - New Cabinet Reshuffle Positive For PTT
We expect the cabinet reshuffle to have a positive impact on PTT, particularly in relation to: a) the restructuring of GSP costs, and b) gaining direct expertise in the oil and retail business. These factors further enhance the investment appeal of PTT, as its share price remains a laggard, while also offering an attractive dividend yield. We expect an interim dividend of Bt0.75/share. Maintain BUY. Target price: Bt37.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Monday, September 08, 2025
Company Updates | PTT (PTT TB/BUY/Bt31.5/Target: Bt37.00) We expect the cabinet reshuffle to have a positive impact on PTT, particularly in relation to: a) the restructuring of GSP costs, and b) gaining direct expertise in the oil and retail business. These factors further enhance the investment appeal of PTT, as its share price remains a laggard, while also offering an attractive dividend yield. We expect an interim dividend of Bt0.75/share. Ma...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Johnny Yum Chung Man
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, September 08, 2025
Greater China Initiation Coverage | Metasurface Technologies Holdings (8637 HK/BUY/HK1.48/Target: HK2.90) Metasurface is set to benefit from robust investment in the semi supply chain. As chip fabrication grows in complexity, more time is required to fabricate wafers and more wafer fabrication equipment is needed. Aerospace engineering is set to drive long-term growth as airline capacity continues to face shortages, forcing airlines to rely on their existing fleets and bo...
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
PTT PTT PUBLIC COMPANY LIMITED
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
DLG DIALOG GROUP BHD
RFMD RAFFLES MEDICAL GROUP LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
WDH WATERDROP INC
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
STM SEATRIUM LTD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
8637 HK METASURFACE TECHNOLOGIES HOLDINGS LTD (8637 HK)
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - Remains Financially Robust With A Healthy Dividend
We maintain a positive view on PTT, citing its strong financial position, sufficient to support the flagship PTT Group’s position during a period when the P&R business remains highly exposed to weak demand and oversupply. We expect an interim dividend of Bt0.75/share. Maintain BUY. Target price: Bt37.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, August 21, 2025
KEY HIGHLIGHTS Update CH Karnchang (CK TB/BUY/Bt14.40/Target: Bt20.20) Optimistic on core operations; upside expected in 2H25 earnings. Origin Property (ORI TB/HOLD/Bt2.28/Target: Bt1.90) Backlog and asset disposals to underpin 2H25 earnings. PTT (PTT TB/BUY/Bt32.00/Target: Bt37.00) Remains financially robust with a healthy dividend.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Sunny Chen
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, August 21, 2025
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$87.25/Target: HK$88.00): 2Q25: Earnings missed expectations; release of next-gen Ernie bot in 2H25. Crystal International (2232 HK/BUY/HK$6.08/Target: HK$7.07): 1H25: Continuous margin expansion; strong order visibility into 3Q26. Fuyao Glass Industry Group (3606 HK/BUY/HK$67.50/Target: HK$85.00): 2Q25: Core earnings beat estimates by 8%. Maintain BUY. Raise target price from HK$68.00 to HK$85.00. Hong Kong Exchanges and Clearing (388 HK/BUY/HK$44...
ORI ORIGIN PROPERTY
PTT PTT PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
3K1 KINGSOFT CORP. LTD.
ERAA ERAJAYA SWASEMBADA
DLG DIALOG GROUP BHD
SPSB SP SETIA BHD
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
2269 WUXI BIOLOGICS (CAYMAN) INC.
09888 BAIDU INC
2232 CRYSTAL INTERNATIONAL GROUP LTD
DFG DEZIGN FORMAT
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 2Q25: Net Profit In Line With Expectations
PTT reported a qoq and yoy decrease in net profit for 2Q25, in line with our and consensus expectations, due to lower profits from the gas business and weaker profits from subsidiaries and affiliates. 1H25 core earnings accounted for 50% of our 2025 net profit forecast. Looking forward, 3Q25 core earnings is expected to be flat qoq, but with significant extra gains. We expect an interim dividend of Bt0.75/share. Maintain BUY. Target price: Bt37.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Thursday, August 14, 2025
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt16.50/Target: Bt25.00) 2Q25: Earnings below expectations. AP Thailand (AP TB/BUY/Bt7.65/Target: Bt9.60) 2Q25: Earnings in line, optimistic 3Q25 outlook. Bangkok Commercial Asset Management (BAM TB/BUY/Bt8.40/Target: Bt10.00) 2Q25: Results in line with consensus; highest bottom line in the past 22 quarters. Bangkok Dusit Medical Services (BDMS TB/BUY...
PTT PTT PUBLIC COMPANY LIMITED
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
SPALI SUPALAI PCL
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
AP AP THAILAND
SPRC STAR PETROLEUM REFINING
BDMS-R BANGKOK DUSIT MEDICAL SERVICES PCL NVDR
KCE KCE ELECTRONICS PUBLIC CO. LTD.
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
BTG BETAGRO PUBLIC COMPANY LIMITED
BAM TB BANGKOK COMMERCIAL ASSET MANAGEMENT
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 2Q25 Net Profit Expected To Decline Both qoq And yoy
We expect PTT's 2Q25 net profit to decline both qoq and yoy, due to reduced contributions from subsidiaries and affiliates, reflecting lower crude oil prices and weakening marketing margins. Gas business EBITDA remained stable qoq. Looking ahead, core earnings for 3Q25 are expected to remain flat qoq. We continue to view PTT as a dividend stock, with an expected interim dividend of Bt0.75/share. Maintain BUY. Target price: Bt37.00.
- Thailand Research Team
Thailand Daily - Monday, August 04 , 2025
KEY HIGHLIGHTS Strategy Alpha Picks: A More Cautious Market Outlook We have a cautious outlook for the Thai equities market in August. We decide to take profit on SCGP, add GFPT to our portfolio, and replace TIDLOR with KTC. Results Minor International (MINT TB/BUY/Bt25.00/Target: Bt38.00) 2Q25: Strong results in line with expectations. Update Asset World Corporation (AWC TB/BUY/Bt2.10/Target: Bt3.30) 2Q25 earnings expected to weaken due to decline in Chinese guest arrivals. PTT (PTT TB/BUY/Bt...
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum
- Jonathan Koh
- Kate Luang
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Llelleythan Tan Tan
- Malaysia Research Team
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Thailand Research Team
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, August 4, 2025
GREATER CHINA Sector Macau Gaming: Jul 25 GGR beat consensus by 5%, hitting post-pandemic high; raise full-year GGR forecast to 7% yoy growth. Results Xinyi Solar Holdings (968 HK/BUY/HK$3.09/Target: HK$3.60): 1H25: Results in line. Policy boost and supply discipline drive re-rating potential; upgrade to BUY. Update Plover Bay Technologies (1523 HK/BUY/HK$6.91/Target: HK$7.83): Takeaways from luncheon: Growing the Peplink ecosystem. INDONESIA Strategy Alpha Picks: Underperformance In July: Our ...
N2IU MAPLETREE COMMERCIAL TRUST
0968 XINYI SOLAR HOLDINGS LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
MINT-R MINOR INTERNATIONAL PCL NVDR
INRI INARI AMERTRON BHD
NETLINK NETLINK NBN TRUST
WPRTS WESTPORTS HOLDINGS BHD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
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