reports
- Kampon Akaravarinchai
Berli Jucker (BJC TB) - 2Q24: Earnings Beat Consensus Estimates
BJC reported 2Q24 core earnings of Bt1,210m, down 7% yoy, but up 8.4% qoq. The earnings exceeded market forecasts by 13%. 2Q24 gross profit margin continued to improve yoy, but this was offset by higher SGA-to-sales and effective tax rate. We expect 2024 core profit to be flat yoy. However, this should be already be reflected in its share price. Maintain BUY. Target price: Bt27.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, August 14, 2024
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt23.50/Target: Bt30.00) 2Q24: Earnings below expectations; positive earnings outlook in 2H24. AP Thailand (AP TB/BUY/Bt7.85/Target: Bt11.30) 2Q24: Results within expectations; expect 3Q24 earnings to improve qoq. Bangkok Expressway and Metro (BEM TB/BUY/Bt7.75/Target: Bt11.60) 2Q24: Earnings in line. Banpu PCL (BANPU TB/HOLD/Bt4.60/Target: Bt5.00) ...
LH LAND & HOUSES PUBLIC CO. LTD.
AMATA AMATA CORP
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
AP AP THAILAND
KCE KCE ELECTRONICS PUBLIC CO. LTD.
BANPU TB BANPU
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
CPALL-R CP ALL PCL NVDR
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Jun Sian Tan
- Kampon Akaravarinchai
- Singapore Research Team
- Stevanus Juanda
Regional Morning Meeting Notes: Thursday, June 13, 2024
GREATER CHINA Sector Property – Hong Kong Landlords Robust trend of Northbound spending and weakened tourism arrivals during Dragon Boat Festival; rate cut and policy support are potential catalysts. INDONESIA Update Aspirasi Hidup Indonesia (ACES IJ/BUY/Rp850/Target: Rp1,200) Exploring options on its relationship with Ace Hardware America. MALAYSIA Initiate Coverage Pekat Group (PEKAT MK/BUY/RM0.86/Target: RM1.09) ...
BJC BERLI JUCKER PUBLIC CO. LTD.
00823 LINK REAL ESTATE INVESTMENT TRUST
COM7 COM7
ACES PT ACE HARDWARE INDONESIA TBK
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
CPALL TB CP ALL
Z29 029 GROUP SE
PEKAT PEKAT GROUP BHD
ATL SP ATLANTIC NAVIGATION HOLDINGS (ATL SP)
- Kampon Akaravarinchai
Berli Jucker (BJC TB) - 1Q24: Results Slightly Miss Expectations; Lack...
BJC reported 1Q24 core profit of Bt1,117m, down 12.7% yoy and 34.2% qoq. Although there was improvement in gross margin on a yoy basis, this was offset by higher interest expenses and effective tax. We foresee a lack of share price catalysts following the slow recovery in bottom line momentum. Downgrade to HOLD. Target price: Bt27.00.
- 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
- Kampon Akaravarinchai
Berli Jucker (BJC TB) - A Gradual Recovery Expected
Management expects BJC’s 2024 top-line to improve by 7-9% yoy and gross margin to grow by up to 100bp. However, we are conservative and maintain our 2024 earnings growth forecast of 11% yoy, based on a 4.6% top-line growth and a 30bp increase in gross margin. We are still positive on a 2024 earnings recovery on the back of a sales improvement and lower cost pressure. Maintain BUY. Target price: Bt32.00.
- Kampon Akaravarinchai
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kate Luang
- Leow Huey Chuen
- Limartha Adhiputra
- Malaysia Research Team
- Roy Chen Chengzhi
- Vincent Khoo Boo Aik
Regional Morning Notes - Tuesday, March 05, 2024
REGIONAL Sector Plantation: We cherry-pick efficient companies with good production growth to leverage good CPO prices to mitigate any unforeseen CPO price volatility. GREATER CHINA Strategy Small-Mid Cap Monthly: Eyeing near-term catalysts for humanoid robot plays. Initiate Coverage SF Holding (002352 CH/BUY/Rmb38.05/Target: Rmb46.00): China’s leading integrated logistics player; riding China’s growing domestic logistics demand while international expansion, its second growth curve, is also ta...
- Kampon Akaravarinchai
Berli Jucker (BJC TB) - 4Q23: Results In Line; Discount To Peers Too D...
BJC’s 4Q23 net profit came in at Bt1,638m, flat yoy but up 136% qoq. The yoy improvement was mainly due to higher gross margins from all businesses, but this was offset by higher SGA-to-sales and interest expenses. We expect 2024’s earnings to grow 11% yoy. Currently, BJC is trading at 19.8x 2024F PE, which is equivalent to -2SD to its PE mean. Maintain BUY. Target price: Bt32.00.
- Arsit Pamaranont
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
Thailand Daily - Friday, February 23, 2024
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt43.50/Target: Bt52.00) 4Q23: Darkest before the dawn. Berli Jucker (BJC TB/BUY/Bt26.25/Target: Bt32.00) 4Q23: Results in line; discount to peers too deep. Major Cineplex (MAJOR TB/BUY/Bt14.00/Target: Bt17.00) 4Q23: Earnings beat expectations; impressive outlook ahead.
- Arsit Pamaranont
- Bella Lu Yifei
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Leow Huey Chuen
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, February 23, 2024
GREATER CHINA Sector Automobile: Weekly: BYD’s price cuts trigger a new round of price war between EVs and ICE-cars. Maintain UNDERWEIGHT. Top SELLs: BYD, XPeng and Li Auto. Top BUY: CATL. Results Hysan Development (14 HK/BUY/HK$13.80/Target: HK$17.99): 2023: In-line results with lower DPS; higher growth visibility of retail in 2024. Lenovo Group (992 HK/BUY/HK$8.84/Target: HK$10.50): 3QFY24: Solid results; recovery in FY25 could be slower than expected. Trip.com (9961 HK/BUY/HK$331.40/Target: H...
BCP THE BANGCHAK PETROLEUM PCL
MAJOR MAJOR CINEPLEX GROUP PCL
G13 GENTING SINGAPORE
00992 LENOVO GROUP LIMITED
V03 VENTURE CORPORATION LIMITED
F34 WILMAR INTERNATIONAL LIMITED
00014 HYSAN DEVELOPMENT CO. LTD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
AXIATA AXIATA GROUP BERHAD
PENT PENTAMASTER CORP BHD
SIDO INDUSTRI JAMU DAN FARMASI SI
SDPL SIME DARBY PLANTATION BHD
IFAST IFAST CORP LTD
09961 CTRIP.COM INTERNATIONAL
- Adrian Loh Tzum Yung
- Jonathan Koh
- Jun Sian Tan
- Kampon Akaravarinchai
- Posmarito Pakpahan
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, January 30, 2024
GREATER CHINA Sector Commodities: Weekly: US 4Q23 GDP trounces expectations; weak copper demand caps gain. INDONESIA Results Bank Negara Indonesia (BBNI IJ/BUY/Rp5,575/Target: Rp6,300): 4Q23: Improving asset quality, loan growth to accelerate in 2024. MALAYSIA Update IJM Corporation (IJM MK/HOLD/RM2.22/Target: RM2.13): Earnings outlook remains robust on brighter replenishment outlook, improved traffic and throughput, as well as higher property sales. Maintain HOLD with a higher target price...
- Kampon Akaravarinchai
Berli Jucker (BJC TB) - 4Q23 Results Preview: Too Cheap To Be True; Up...
We expect BJC’s 4Q23 net profit to be flat yoy as the impressive gross margin improvement was offset by higher SGA-to-sales and interest expenses. However, EBIT is expected to grow 8.6% yoy in 4Q23. 2024 earnings are expected to improve 9% yoy. We are more positive on BJC given the current discount of -2SD to its five-year PE mean. Upgrade to BUY. Target price: Bt31.00.
- Kampon Akaravarinchai
- Kampon Akaravarinchai
Berli Jucker (BJC TB) - 3Q23: Lower-than-expected Earnings; Weak 4Q23 ...
BJC’s 3Q23 net profit fell 25.6% yoy and 42.7% qoq, pressured by higher SGA-to-sales and other expenses. We expect 4Q23 earnings to continue declining on a yoy basis. To reflect a weaker-than-expected outlook, we cut BJC’s 2023-24 earnings by 25.2% and 17.4% respectively. BJC’s 2023 earnings are expected to decrease 15% yoy. Downgrade to HOLD. Target price: Bt31.50.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, November 09, 2023
KEY HIGHLIGHTS Results Asset World Corporation (AWC TB/BUY/Bt3.56/Target: Bt5.30) 3Q23: Good long-term investment; upgrade to BUY. Bangchak Corporation PCL (BCP TB/BUY/Bt40.75/Target: Bt52.00) 3Q23: Record-high net profit. Berli Jucker (BJC TB/HOLD/Bt29.75/Target: Bt31.50) 3Q23: Lower-than-expected earnings; weak 4Q23 earnings momentum. Downgrade to HOLD. IRPC (IRPC TB/HOLD/Bt2.02/Target: Bt2.50) 3Q23: Results largely in line but earnings outlook still under pressure PTT Global Chemical (P...
BCP THE BANGCHAK PETROLEUM PCL
IRPC IRPC PUBLIC CO. LTD.
TOP THAI OIL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
IRPC-R IRPC PUBLIC CO LTD NVDR
PTTGC-R PTT GLOBAL CHEMICAL (NVDR)
TOP-R THAI OIL (NVDR)
KCE KCE ELECTRONICS PUBLIC CO. LTD.
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, November 09, 2023
GREATER CHINA Results KE Holdings Inc (2423 HK/BUY/HK$39.40/Target: HK$58.00): 3Q23: Earnings beat; poised for meaningful recovery in 4Q23. LINK REIT (823 HK/BUY/HK$38.40/Target: HK$50.70): 1HFY24: Results in line; ready for unit buyback. INDONESIA Sector Banking: Acceleration in government spending to support earnings in 4Q23. MALAYSIA Results Malaysia Marine and Heavy Engineering Holdings (MMHE MK/BUY/RM0.49/Target: RM0.65): 3Q23: Another lumpy provision recognised, but inevitably means MMHE...
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
TOP THAI OIL PUBLIC CO. LTD.
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
C6L SINGAPORE AIRLINES LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
KCE KCE ELECTRONICS PUBLIC CO. LTD.
HLBANK HONG LEONG BANK BHD
BEKE KE HOLDINGS INC
MZH NANOFILM TECHNOLOGIES INTERNATIONAL
STM SEATRIUM LTD
- Kampon Akaravarinchai
Berli Jucker (BJC TB) - 2Q23: Results In Line; Better YOY Earnings Gro...
BJC’s 2Q23 earnings came in at Bt1.2b, flattish both yoy and qoq and in line with our expectations. The key positive factors were the better top-line and gross margin, but these were offset by higher SGA-to-sales. We still maintain our 2023 earnings forecast as we expect BJC to deliver higher yoy earnings growth in 2H23 following the improvement in profitability. Maintain BUY. Target price: Bt43.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, August 10, 2023
KEY HIGHLIGHTS Results Bangchak Petroleum PCL (BCP TB/HOLD/Bt39.25/Target: Bt44.00) 2Q23: Results within expectations. Berli Jucker (BJC TB/BUY/Bt35.00/Target: Bt43.00) 2Q23: Results in line; better yoy earnings growth expected in 2H23. IRPC (IRPC TB/HOLD/Bt2.42/Target: Bt2.50) 2Q23: Results largely in line with expected positive outlook. PTT Oil & Retail Business (OR TB/BUY/Bt20.90/Target: Bt29.00) 2Q23: Net profit in line with expectations. Star Petroleum Refining (SPRC TB/HOLD/Bt8.85/T...
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