reports
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, October 30, 2025
Greater China Company Results | Foxconn Industrial Internet (601138 CH/BUY/Rmb80.80/Target: Rmb89.50) FII registered a stellar quarter, with net profit beating our and consensus estimates on stronger-than-expected margins. Top-line lagged our expectations, likely due to differences in product mix, and also the reason behind margins remaining elevated despite the product ramp-up of the lower-margin GB200 NVL72 racks. With the recent checks continuing to point towards a much stronger-than-expected...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
5243 VELESTO ENERGY
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
0763 ZTE CORPORATION CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
HMN ASCOTT RESIDENCE TRUST
BMRI BANK MANDIRI
600699 JOYSON ELECTRONICS CORP
- Thanawat Thangchadakorn
Bangkok Bank (BBL TB) - Maintaining 2025 Financial Year Targets And Pa...
Company Update | Bangkok Bank (BBL TB/HOLD/Bt157.50/Target: Bt170.00) We came away from BBL’s analyst meeting with a slightly positive view. BBL remains positive on the longer-term economic outlook. It maintains its 2025 GDP forecast of 1.5-2.0% and also forecasts 1.5-2.0% for 2026. The bank expects a single policy rate cut to 1.25% in Dec 25. In addition, it is maintaining its 2025 financial year targets. Maintain HOLD. Target price: Bt170.00.
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily: Thursday, October 30, 2025
Top Stories Company Results | Siam Cement (SCC TB/BUY/Bt207.00/Target: Bt290.00) SCC reported a net loss of Bt669m in 3Q25, larger than both our and the consensus forecasts, mainly due to substantial inventory losses. The weak 3Q25 performance reflected seasonal factors and continued softness in olefins spreads. However, we expect earnings to return to a profit in 4Q25, supported by stronger performance from the cement and packaging businesses. Maintain BUY. Target price: Bt290.00. Company U...
- Adrian Loh Tzum Yung
- Andrew Agita Buntoro
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Ken Lee
- Malaysia Research Team
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, October 24, 2025
Greater China Sector Update | Automobile The escalating China-US trade tensions have triggered a dual crisis in chips and rare earth, potentially disrupting the global auto supply chain like that seen in 2021-22. China's auto sector sees short-term gains from domestic prioritisation but long-term risks. Chinese auto part companies may see a revenue loss in 4Q25 if the issue is not resolved in a month. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Sector Upda...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
TISCO TISCO FINANCIAL GROUP
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
T TELEKOM MALAYSIA BHD
ECW ECO WORLD DEVELOPMENT GROUP
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
02232 CRYSTAL INTERNATIONAL GROUP
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
00017 NEW WORLD DEVELOPMENT CO. LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
SCB SCB X PUBLIC COMPANY LIMITED
Z29 029 GROUP SE
02015 LI AUTO INC
300244 DIAN DIAGNOSTICS GROUP CO
600699 JOYSON ELECTRONICS CORP
- Thanawat Thangchadakorn
Bangkok Bank (BBL TB) - 3Q25: Results Beat; Investment Gain Boosts Bot...
Company Results | Bangkok Bank (BBL TB/HOLD/Bt155.50/Target: Bt170.00) BBL posted a 3Q25 net profit of Bt13.8b, +11% yoy and +17% qoq. The results beat our and consensus expectations by 40% and 27%, respectively. The loan portfolio contracted 3.2% in 9M25. Meanwhile, an investment gain boosted bottom line, beating expectations in 3Q25. We should see the NPL reduction pattern continuing in 4Q25, in line with the guidance. Maintain HOLD with a higher target price of Bt170.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, October 22, 2025
Top Stories Company Results | Bangkok Bank (BBL TB/HOLD/Bt155.50/Target: Bt170.00) BBL posted a 3Q25 net profit of Bt13.8b, +11% yoy and +17% qoq. The results beat our and consensus expectations by 40% and 27%, respectively. The loan portfolio contracted 3.2% in 9M25. Meanwhile, an investment gain boosted bottom line, beating expectations in 3Q25. We should see the NPL reduction pattern continuing in 4Q25, in line with the guidance. Maintain HOLD with a higher target price of Bt170.00. Compan...
- Chong Lee Len
- Jonathan Koh
- Kenny Yong Hui Lim
- Malaysia Research Team
- Posmarito Pakpahan
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, October 22, 2025
Greater China Company Update | PICC P&C (2328 HK/BUY/HK$19.04/Target: HK$22.20) PICC P&C issued a positive profit alert, expecting its net profit to surge 40-60% in 9M25, attributed to a significant increase in underwriting profit and strong investment gains amid the stock market rally. We forecast continued CoR improvement in 4Q25, supported by the implementation of non-auto commission reforms effective from 1 Nov 25. We lift our 2025 earnings estimates by 8.9% to factor in the 3Q25 positiv...
KTB KRUNG THAI BANK PUBLIC CO. LTD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
4197 SIME DARBY BHD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
5271 PECCA GROUP
BAUTO BERMAZ AUTO BHD
SCB SCB X PUBLIC COMPANY LIMITED
PECCA MK PECCA GROUP BHD
- Damon Shen
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Malaysia Research Team
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, September 23, 2025
Greater China Sector Update | Property Property investment has declined since Jul 25 due to weak demand, LGFV financing controls, slow destocking and urban-redevelopment, and limited new loans. Sep 25 data showed a rebound in Tier 1 city home sales, led by Shanghai. Central government capital is needed. However, the existing policy stance points to a low possibility of direct injection by the central government. Maintain MARKET WEIGHT, with CR Land as our top pick. Indonesia Strategy | T...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
4197 SIME DARBY BHD.
TISCO TISCO FINANCIAL GROUP
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
INKP PT INDAH KIAT PULP & PAPER TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
VSI V.S. INDUSTRY BERHAD
BAUTO BERMAZ AUTO BHD
KTB KONTOOR BRANDS
BBNI BANK NEGARA INDONESIA PERSER
SCB SCB X PUBLIC COMPANY LIMITED
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
HRUM HARUM ENERGY TBK PT
PECCA MK PECCA GROUP BHD
NTTDCR SP NTT DC REIT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
BNASTRA BINASTRA (BNASTRA MK)
- Thanawat Thangchadakorn
Bangkok Bank (BBL TB) - Maintains 2025 Financial Year Targets But Lowe...
We came away from BBL’s analyst meeting with a neutral view. Management maintains its 2025 financial year targets but acknowledges that credit cost might exceed and end the year roughly in line with last year. Management clarified that the bank has no intention to realise debt securities to manage the bottom line. The realisation came from trading decisions. Maintain HOLD. Target price: Bt154.00
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Thursday, July 24, 2025
KEY HIGHLIGHTS Sector Banking 2Q25: Results beat; investment income lifts the bottom line above forecasts. Update Bangkok Bank (BBL TB/HOLD/Bt147.50/Target: Bt154.00) Maintain 2025 financial year targets but revise 2025 GDP forecast downward. Kiatnakin Phatra Bank (KKP TB/HOLD/Bt52.75/Target: Bt50.00) Revise 2025 targets; credit costs expected to decline. WHA Corporation (WHA TB/BUY/Bt3.48/Target: Bt4.80) 2Q25 results preview: Expect softer net profit momentum.
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Benyamin Mikael
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, July 24, 2025
Results ASMPT (522 HK/BUY/HK$63.20/Target: HK$92.40): 2Q25: Results largely in line. Solid bookings beat as mainstream tools recover; AP tools progressing well in logic and at HBM clients. Update Prudential (2378 HK/BUY/HK$98.10/Target: HK$128.00): 1H25 results preview: Expecting solid NBP growth and focusing on capital management. INDONESIA Small/Mid Cap Highlights Medco Energi Internasional (MEDC IJ/NOT RATED/Rp1,260): Disciplined strategy and portfolio diversification. MALAYSIA Update CIMB ...
PRU PRUDENTIAL PLC
ASM PACIFIC TECHNOLOGY LIMITED
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
MEDC PT MEDCO ENERGI INTERNASIONAL TBK
5243 VELESTO ENERGY
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
WHA TB WHA CORP PCL
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
8AZ AZTECH GLOBAL LTD
- Thanawat Thangchadakorn
Bangkok Bank (BBL TB) - 2Q25: Results Beat Expectations, But NPL Ratio...
BBL reported 2Q25 earnings of Bt11.8b (flat yoy, -6% qoq). The results beat our and consensus expectations by 16% and 7% respectively. Provision expenses rose 18% qoq in 2Q25. The investment gain came from the realised gain on debt securities measured at FVOCI, amounting to Bt3.35b, which helped the bottom line beat consensus estimate. Maintain HOLD with a target price of Bt154.00.
- Kitpon Praipaisarnkit
- Thanawat Thangchadakorn
- Alden Gabriel Lam
- Bella Lu Yifei
- Benyamin Mikael
- Jo Yee Ng
- Jonathan Koh
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, July 18, 2025
GREATER CHINA Sector Automobile Weekly: PV sales growth slows to 0.8% yoy. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Update Sun Hung Kai & Co (86 HK/BUY/HK$3.47/Target: HK$5.86) 1H25 Preview: Positive market sentiment improves asset valuations. INDONESIA Small/Mid Cap Highlights Rukun Raharja (RAJA IJ/NOT RATED/Rp2,590) Building the future o...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
RAJA RUKUN RAHARJA
EGH EUREKA GROUP HOLDINGS
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
HANA HANA MICROELECTRONICS PCL
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
KCE KCE ELECTRONICS PUBLIC CO. LTD.
SWB SUNWAY BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
SVI SVI PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
DELTA DELTA ELECTRONICS
Z29 029 GROUP SE
86 SUN HUNG KAI & CO LTD
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kate Luang
- Lester Siew
- Ming San Soong
- Sunny Chen
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, June 19, 2025
GREATER CHINA Sector Healthcare Entering a new phase of accelerated growth. Upgrade to OVERWEIGHT. Internet 618 Festival – Evolving consumer trends and continued focus on value for money. Small/Mid Cap Highlights JBM Healthcare (2161 HK/BUY/HK$2.85/Target: HK$3.31) Takeaways from luncheon. INDONESIA Update Kalbe Farma (KL...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
4731 SCIENTEX
X2S SINOPHARM GROUP CO. LTD. CLASS H
SCI SCI ELECTRIC
PDD PINDUODUO INC. SPONSORED ADR CLASS A
3933 THE UNITED LABORATORIES INTE
KLK KUALA LUMPUR KEPONG BHD
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
RSTON RIVERSTONE HOLDINGS LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
2269 WUXI BIOLOGICS (CAYMAN) INC.
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
SCB WUXI APPTEC CO. LTD. CLASS H
300765 SCB X PUBLIC COMPANY LIMITED
02161 CSPC INNOVATION PHARMACEUTICAL CO L
300244 JBM (HEALTHCARE) LTD
TTB DIAN DIAGNOSTICS GROUP CO
TOTAL BRAIN LTD
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, April 25, 2025
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.72/Target: Rmb17.80) 2024: Satisfactory results; expects strong recovery in 2025. Upgrade to BUY. Ningbo Tuopu Group Co (601689 CH/BUY/Rmb50.96/Target: Rmb83.00) 4Q24: Earnings up 38.5% yoy, in line. Maintain BUY with target price unchanged at Rmb83.00. TAL Educational Group (TAL US/BUY/US$9.36/Target: US$14.00) 4QFY25: Earnings miss amid ramped-up investments in AI-powered learning. INDONESIA Sector Telecommun...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
KKP KIATNAKIN BANK
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
BN4 KEPPEL CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TCAP THANACHART CAPITAL PCL
MLT MAPLETREE LOGISTICS TRUST
MYEG MY EG SERVICES BHD
KTB KONTOOR BRANDS
EXCL XL AXIATA TBK PT
SCB SCB X PUBLIC COMPANY LIMITED
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Thanawat Thangchadakorn
Bangkok Bank (BBL TB) - 1Q25: Results Beat Expectations; Investment Ga...
BBL reported 1Q25 earnings of Bt12.6b (+20% yoy, +21% qoq). The results beat our and consensus expectations by 11%. Provision expenses rose 19% qoq in 1Q25. The investment gain had come from the realised gain of the debt securities measured at FVOCI. According to UOB Economist Thailand, we forecast the policy rate will be 1.50% at the end of 2025. Therefore, we cut 2025-27 earnings to reflect the lower lending yield and NIM. Maintain HOLD with a lower target price of Bt154.00.
- Benjaphol Suthwanish
- Thanawat Thangchadakorn
Thailand Daily - Friday, April 18, 2025
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt146.50/Target: Bt154.00) 1Q25: Results beat expectations; investment gain boosted the bottom line. TISCO Financial Group (TISCO TB/HOLD/Bt100.00/Target: Bt94.00) 1Q25: Results in line; revises down 2025 credit cost target to 100bp. Update Bumrungrad Hospital (BH TB/BUY/Bt168.00/Target: Bt232.00) Expect weak 1Q25 earnings due to margin pressure.
- Thanawat Thangchadakorn
Bangkok Bank (BBL TB) - 2025 Financial Targets Similar To 2024's
We came away from BBL’s analyst meeting with a neutral view. Management has provided targets for 2025, which are quite similar to that of 2024, with the exception of loan growth and NIM. BBL’s CEO stated that the bank is considering improving the dividend payment. We will wait for the actual dividend announcement, which should be soon. BBL is also considering a stock buyback, but this will not happen in the near term. Maintain HOLD with a target price of Bt170.00.
- Kampon Akaravarinchai
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, February 19, 2025
KEY HIGHLIGHTS Results Muangthai Capital (MTC TB/BUY/Bt47.25/Target: Bt64.00) 4Q24: Earnings in line; a significant qoq reduction in credit cost. Update Bangkok Bank (BBL TB/HOLD/Bt154.00/Target: Bt170.00) 2025 financial targets similar to 2024’s. Thai Union Group (TU TB/BUY/Bt12.00/Target: Bt15.00) Flat yoy earnings growth for 2025 due to higher tax expenses.
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