reports
- Tanaporn Visaruthaphong
Bangkok Bank (BBL TB) - 1Q24: Results In Line; Unexpected Rise In Cred...
BBL reported 1Q24 earnings of Bt10.5b (+4% yoy, +19% qoq). The results were in line with our forecasts but below consensus estimates by 5.2%. The credit costs and NPL ratio rose unexpectedly. However, the loan loss coverage ratio remains high to cushion future uncertainties. NIM contracted as expected due to rising funding cost. Maintain HOLD. Target price: Bt155.00.
- Arsit Pamaranont
- Tanaporn Visaruthaphong
Thailand Daily - Friday, April 19, 2024
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt143.50/Target: Bt155.00) 1Q24: Results in line; unexpected rise in credit costs and NPL ratio. Update Bangchak Corporation (BCP TB/BUY/Bt43.75/Target: Bt52.00) Resilient SAF outlook prompts further earnings upgrade.
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Bella Lu Yifei
- Chong Lee Len
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, April 19, 2024
GREATER CHINA Sector Automobile: Weekly: PEV sales up 21% yoy/19% wow in the second week of April, in line. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Results Han’s Laser (002008 CH/HOLD/Rmb18.95/Target: Rm17.10): 4Q23: Misses expectations on operating expenses. Margin pressure may continue through 2024. Update Xtep International Holdings (1368 HK/BUY/HK$4.46/Target: HK$7.00): Expect double-digit% yoy growth in retail sell-through for 2Q24 and 2024. IN...
- Jonathan Koh
- Keith Wee Teck Keong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
ASEAN Banks – ASEAN Banks: Quarterly Update
OVERWEIGHT on Indonesia banks as they offer the highest earnings growth in 2024/25 and benefit from the recent rally in commodity prices. We like Singapore banks for their attractive dividend yields. Our top BUYs are DBS (Target: S$43.25), CIMB (Target: RM7.33), SCB X (Target: Bt130) and BMRI (Target: Rp7,900). We also like OCBC (Target: S$18.15), RHB (Target: RM6.18) and BBNI (Target: Rp6,300) as attractive yield plays.
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
TISCO TISCO FINANCIAL GROUP
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PBBANK PUBLIC BANK BERHAD
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABMB ALLIANCE BANK MALAYSIA BHD
ABANK AFFIN BANK BHD
TTB TMBTHANACHART BANK PCL
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
BIMB BANK ISLAM MALAYSIA BHD
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
MAYBANK MALAYAN BANKING BHD
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Jonathan Koh
- Ken Lee
- Leow Huey Chuen
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, January 19, 2024
GREATER CHINA Sector Automobile: Weekly: 2024 as a year of pullback as evidenced by ytd data. Maintain UNDERWEIGHT. Top SELLs: BYD, XPeng and Ganfeng Lithium. Renewable Energy: Solar: Awaiting catalyst for sustainable valuation recovery; the rise of N-type cell. Update Great Wall Motor (2333 HK/SELL/HK$9.18/Target: HK$9.00): Margin pressure bigger than expected; downgrade from BUY to HOLD. Cut target price from HK$13.50 to HK$9.00. Li Auto (2015 HK/SELL/HK$113.20/Target: HK$100.00): Double wham...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
TS0U OUE COMMERCIAL REAL ESTATE INVESTMENT TRUST
601633 GREAT WALL MOTOR CO. LTD. CLASS A
ERAA ERAJAYA SWASEMBADA
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
BAUTO BERMAZ AUTO BHD
ECW ECO WORLD DEVELOPMENT GROUP
GENP GENTING PLANTATIONS BHD
2015 LI AUTO INC
9896 MINISO GROUP HOLDING LTD
- Tanaporn Visaruthaphong
Bangkok Bank (BBL TB) - 4Q23: Results In Line; Healthier Asset Quality...
BBL reported 4Q23 earnings of Bt8.8b (+17% yoy, -22% qoq). The results were in line with our forecasts but below consensus estimates by 19%, driven by lower-thanexpected non-II from investment losses. The share price dropped 13% since the asset quality concerns in 3Q23. The concerns have since been priced in. BBL’s asset quality outlook is healthier now. We upgrade to BUY with a higher target price of Bt176.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily: Friday, January 19, 2024 [Results: BBL TB, Update: MAJ...
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/BUY/Bt145.00/Target: Bt176.00) 4Q23: Results in line; healthier asset quality outlook. Upgrade to BUY with a higher target price of Bt176.00. Update Major Cineplex (MAJOR TB/BUY/Bt14.50/Target: Bt18.00) 4Q23 results preview: Expect a stellar performance. PTT Global Chemical (PTTGC TB/HOLD/Bt35.25/Target: Bt38.00) 4Q23 results preview: Extraordinary items drive 4Q23 net profit up qoq.
- Jonathan Koh
- Keith Wee Teck Keong
- Posmarito Pakpahan
ASEAN Banks – ASEAN Banks: Quarterly Update
Interest rates have peaked and entered a downcycle. Indonesian banks are the biggest beneficiaries of lower interest rates and have the highest earnings growth in 2024 and 2025. Our top BUYs are OCBC (Target: S$16.85), CIMB (Target: RM6.65), SCB X (Target: Bt124) and BBNI (Target: Rp6,300). Yield plays, such as DBS (Target: S$41.65), RHB (Target: RM6.35), KTB (Target: Bt21.50) and BMRI (Target: Rp6,500), are attractive in an environment of lower bond yields.
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
TISCO TISCO FINANCIAL GROUP
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PBBANK PUBLIC BANK BERHAD
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABMB ALLIANCE BANK MALAYSIA BHD
ABANK AFFIN BANK BHD
TTB TMBTHANACHART BANK PCL
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
BIMB BANK ISLAM MALAYSIA BHD
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
MAYBANK MALAYAN BANKING BHD
- Kwanchai Atiphophai
Bangkok Bank (BBL TB) - 3Q23: Results Beat; Record-high NPL Formation ...
BBL reported better-than-expected 3Q23 results at Bt8.4b (+48% yoy, flat qoq). The results beat our and consensus estimates by 9% and 8% respectively, driven by higher net interest margin. However, loan growth fell short, non-interest income declined and high NPL formation was recorded. We believe the stock is trading at its fair value. Maintain HOLD. Target price: Bt164.00.
- Benjaphol Suthwanish
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
Thailand Daily - Friday, October 20, 2023
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt168.50/Target: Bt164.00) 3Q23: Results beat but a record high NPL formation signifies asset quality deterioration. Krung Thai Bank (KTB TB/HOLD/Bt19.30/Target: Bt21.50) 3Q23: Results above our forecasts; improving asset quality. Krungthai Card Plc (KTC TB/BUY/Bt45.75/Target: Bt51.00) 3Q23: Results above our forecasts but in line with consensus estimates. TMBThanachart Bank (TTB TB/HOLD/Bt1.74/Target: Bt1.72) 3Q23: Decent results. Update PTT G...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Kwanchai Atiphophai
- Ming San Soong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, October 20, 2023
GREATER CHINA Sector Internet: Solid domestic game grossing growth in summer; expect positive surprise from NetEase. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb182.70/Target: Rmb410.00): 3Q23: Results came as a mixed bag. Maintain BUY. Update Kuaishou (1024 HK/BUY/HK$56.05/Target: HK$100.00): 3Q23 results preview: Encouraging e-commerce and ad momentum despite weak seasonality. INDONESIA Results Bank Tabungan Pensiunan Nasional Syariah (BTPS IJ/HOLD/Rp1,700/Target: Rp1,810): 3Q23...
- Kwanchai Atiphophai
Bangkok Bank (BBL TB) - 2Q23: Results Beat On Non-Core Earnings
BBL posted a better-than-expected 2Q23 net profit of Bt11.3b, up 62% yoy and 12% qoq. The results exceeded our and consensus expectations by 23% and 11% respectively. However, the positive surprise was mainly due to unexpected gains from investment assets. While BBL’s share price has exceeded its pre-COVID-19 level, the bank’s current dividend yield is much lower than its pre-COVID-19 level. Maintain HOLD. Target price increased to Bt164.00.
- Kasemsun Koonnara
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
Thailand Daily - Friday, July 21, 2023
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt164.00/Target: Bt164.00) 2Q23: Results beat on non-core earnings. Update Supalai (SPALI TB/BUY/Bt21.40/Target: Bt25.80) Expect 2Q23 earnings to decrease 25% yoy but increase 45% qoq. WHA Corporation (WHA TB/HOLD/Bt4.94/Target: Bt5.20) 2Q23 results preview: Anticipate exceptional performance; decelerated growth ahead. Downgrade to HOLD.
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Kwanchai Atiphophai
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, July 21, 2023
GREATER CHINA Sector Automobile: Weekly: Passenger EV sales up 53% wow in the second week of July. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Internet: Riding on the favourable industry backdrop. INDONESIA Update Champ Resto Indonesia (ENAK IJ/BUY/Rp1,340/Target: Rp1,710): Earnings to jump 32% yoy in 2023; beneficiary of post-pandemic recovery. MALAYSIA Update UMW Holdings (UMWH MK/HOLD/RM3.97/Target: RM4.10) ;Visible outlook, but to remain cautious. SINGAPORE Sector Technology: E...
- Celine Yuan Xinlin
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Keith Wee Teck Keong
- Kwanchai Atiphophai
- Singapore Research Team
- Tham Mun Hon
Regional Morning Notes - Monday, July 03, 2023
GREATER CHINA Economics PMI: Manufacturing PMI meets expectations, domestic demand improves. Strategy Fundamentals Of Property Sector Weakened; HMF Benefits Property Management Sector INDONESIA Strategy Alpha Picks: Slight Outperformance In Jun 23: Our picks are BSDE, CTRA, HMSP, BBNI, BMRI, BUKA, SMGR, KLBF and MAPI. MALAYSIA Sector Banking: May 23 loans growth improved; 2023 loans growth is still expected to moderate. Attractive valuation is offset by pedestrian growth. SINGAPORE Strategy ...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
1295 PUBLIC BANK BHD
TISCO TISCO FINANCIAL GROUP
1155 MALAYAN BANKING BHD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
8769 ADVANTAGE RISK MANAGEMENT CO. LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABMB ALLIANCE BANK MALAYSIA BHD
ABANK AFFIN BANK BHD
6098 COUNTRY GARDEN SERVICES
6049 POLY PROPERTY SERVICES CO LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLCT CAPITALAND CHINA TRUST
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
TTB TMBTHANACHART BANK PCL
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
BIMB BANK ISLAM MALAYSIA BHD
EREIT ESR-LOGOS REIT
- Adrian Loh Tzum Yung
- Ariel Poh Yun Li
- Benjaphol Suthwanish
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Kochakorn Sutaruksanon
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
- Zhifeng Shen
Regional Morning Notes - Friday, April 21, 2023
GREATER CHINA Sector Automobile: 2023 Shanghai Auto Show – The prelude to the endgame of ICE cars. Maintain UNDERWEIGHT. Top picks: BYD, CATL and Ganfeng. Results Zhejiang Shuanghuan Driveline Co (002472 CH/BUY/Rmb23.98/Target: Rmb33.00): 1Q23: Results in line; strong growth momentum from EV, robots and overseas. Update Baidu Inc (9888 HK/BUY/HK$126.40/Target: HK$187.00): 1Q23 results will be solid; ERNIE Bot as the key market focus. Li Ning Company (2331 HK/BUY/HK$57.40/Target: HK$72.60): Retai...
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