reports
- Tanapon Cholkadidamrongkul
Berli Jucker (BJC TB) - Aggressive Growth Target
Company Update | Berli Jucker (BJC TB/BUY/Bt13.40/Target: Bt18.00) Management expects 2026 revenue to grow 4-6%, with gross margin improving by 20-40bp. If BJC achieves this target, it would imply a 5-9% upside to earnings. Energy price risk in 1Q26 should be limited, as lower soda ash costs support packaging margins while Big C can offset higher logistics costs through higher distribution income. Maintain BUY with a target price of Bt18.00.
- Tanapon Cholkadidamrongkul
Thailand Daily - Tuesday, March 10, 2026 [Update: BJC TB]
Top Stories Company Update | Berli Jucker (BJC TB/BUY/Bt13.40/Target: Bt18.00) Management expects 2026 revenue to grow 4-6%, with gross margin improving by 20-40bp. If BJC achieves this target, it would imply a 5-9% upside to earnings. Energy price risk in 1Q26 should be limited, as lower soda ash costs support packaging margins while Big C can offset higher logistics costs through higher distribution income. Maintain BUY with a target price of Bt18.00.
- Adrian Loh Tzum Yung
- Audrey Celia
- Bella Lu Yifei
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- Jieqi Liu
- Ken Lee
- Lester Siew
- Singapore Research Team
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, March 10, 2026
Greater China Economics | Inflation In February, China's headline CPI inflation rose to 1.3% yoy, driven by Chinese New Year effects, with food prices up 1.7% yoy. Core inflation climbed to 1.8% yoy, led by services inflation. PPI deflation eased to -0.9% yoy (better than the expected -1.1%), reflecting moderating producer goods price deflation amid rising commodity costs and government oversight. This trend should support positive CPI readings and help curb deflationary expectations. Sector Up...
- Tanapon Cholkadidamrongkul
Berli Jucker (BJC TB) - 4Q25: Results In Line; Non Retail Drives Perfo...
Company Results | Berli Jucker (BJC TB/BUY/Bt15.90/Target: Bt18.00) BJC’s earnings came in in line with our and consensus estimates at Bt1.3b, dropping 21% yoy. The earnings outlook in 1Q26 remains challenging as qtd SSSG has fallen 3.3% yoy. We expect 2Q26 to be a recovery point. Maintain BUY with a target price of Bt18.00.
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, February 25, 2026
Top Stories Company Results | Berli Jucker (BJC TB/BUY/Bt15.90/Target: Bt18.00) BJC’s earnings came in in line with our and consensus estimates at Bt1.3b, dropping 21% yoy. The earnings outlook in 1Q26 remains challenging as qtd SSSG has fallen 3.3% yoy. We expect 2Q26 to be a recovery point. Maintain BUY with a target price of Bt18.00. Company Results | COM7 (COM7 TB/BUY/Bt24.80/Target: Bt30.00) 4Q25 earnings were at Bt1.2b, increasing 17% yoy and 38% qoq, in line with our and consensus for...
- Adrian Loh Tzum Yung
- Audrey Celia
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jonathan Koh
- Kasemsun Koonnara
- Kong Ho Meng
- Lester Siew
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, February 25, 2026
Greater China Sector Update | Consumer The CNY consumption data exhibited accelerated growth momentum compared with the two Golden Weeks last year, which we view as early signs of a broader consumption recovery. We favour companies benefitting from: a) segments showing initial signals of recovery, such as restaurants; b) exposure to China’s structural consumption growth drivers, particularly in services and experiential consumption; c) potential policy tailwinds; and d) overseas growth. Our pref...
5681 PETRONAS DAGANGAN BHD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
COM7 COM7
SPALI SUPALAI PCL
3816 MISC BHD
UNVR PT UNILEVER INDONESIA TBK
TCAP THANACHART CAPITAL PCL
G13 GENTING SINGAPORE LIMITED
IOI IOI CORP BHD
MRDIY MR DIY GROUP M BHD
02192 MEDLIVE TECHNOLOGY CO LTD
CAREIT CENTURION ACCOMMODATION REIT (CAREIT SP)
- Benjaphol Suthwanish
Berli Jucker (BJC TB) - 4Q25 Results Preview: Strong Non-retail Perfor...
Company Update | Berli Jucker (BJC TB/BUY/Bt14.50/Target: Bt18.00) BJC’s non-retail businesses delivered strong performances, driven by margin improvement in all segments. Qtd SSSG has improved despite a high base in 1Q25. If the MMVN acquisition is completed, it will be accretive to 2026 earnings by 4%. Maintain BUY with a target price of Bt18.00. We expect fewer earnings downgrades in 2026.
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily - Thursday, January 29, 2026
Top Stories Company Results | Siam Cement (SCC TB/BUY/Bt216.00/Target: Bt250.00) SCC reported a net loss of Bt3.69b in 4Q25, with losses increasing both qoq and yoy, mainly due to impairment losses and stock losses. Core earnings in 4Q25 also turned to a loss, driven by larger losses in the petrochemical business. SCC announced a 2H25 dividend of Bt2.50/share. We expect core earnings to recover qoq in 1Q26, supported by the cement and packaging businesses. Maintain BUY. Target price: Bt250.00. ...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Benjaphol Suthwanish
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Posmarito Pakpahan
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, January 29, 2026
Greater China Company Results | New Oriental Education (EDU US/BUY/US$58.95/Target: US$68.00) EDU delivered a solid 2QFY26 results beat. Revenue grew 15% yoy to US$1,191m, 3% higher than our and consensus estimates. Non-GAAP net profit came in at US$73m, beating our and consensus estimates by 27-30% due to ongoing prudent cost control, while net margin expanded 2ppt yoy to 6% for 2QFY26. EDU expects 3QFY26 revenue to grow at an intact 11-14% yoy to US$1,313.2m-1,348.7m, in line with consensus fo...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SCGB SUNWAY CONSTRUCTION GROUP BH
SCC-R SIAM CEMENT (NVDR)
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
HLA HONG LEONG ASIA LTD
BBCA BANK CENTRAL ASIA
CMMT CAPITALAND MALAYSIA TRUST
- Tanapon Cholkadidamrongkul
Berli Jucker (BJC TB) - Poised To Become A Leader In Vietnam
Company Update | Berli Jucker (BJC TB/BUY/Bt14.50/Target: Bt18.00) We are more positive on the MMVN acquisition. Management expects the transaction to generate synergy value of Bt370m-500m over 2026-28. MMVN provisioning in 4Q25 will not impact BJC’s shareholder equity. Management plans to divest non-performing assets, with the proceeds to be fully used for debt repayment. Maintain BUY with a lower target price of Bt18.00 (previously Bt24.00).
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thailand Research Team
Thailand Daily - Monday, January 26, 2026
Top Stories Strategy | Quantitative Screening: Searching For Cash Flow Generators We screened the SET100 Index for companies generating free cash flow yields above 10%, while also exhibiting relatively high or comparable FCF-to-enterprise value ratios. We view stocks with strong cash flow generation and inexpensive valuations as compelling, as high FCF yields and low leverage support potential share price re-rating through higher dividends, share buybacks, and funding flexibility for M&A. Our t...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Meeting Notes: Monday, January 26, 2026
Greater China Sector Update | Hong Kong Property Stronger local discretionary consumption supported positive growth in Hong Kong retail sales in 2H25, while the decline in visitors’ per capita spend moderated. Office rents remained under pressure but showed early signs of stabilisation. Maintain MARKET WEIGHT on Hong Kong landlords. Link REIT remains our top pick despite a lower DPU forecast. We fine-tune Wharf REIC’s earnings and maintain BUY, while upgrading Hysan’s earnings and target price b...
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Julia Pan Mengyao
- Kai Jie Tang
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, December 03, 2025
Greater China Sector Update | Consumer We met investors in Thailand and Malaysia during our marketing trip from 24-28 Nov 25. Overall investor interest in the China consumer sector is improving. The most frequently discussed segments and names include Miniso, Shenzhou, Anta, consumer staples (including dairy, beer and baijiu), as well as some new consumption names such as Pop Mart (non-rated) and Laopu Gold (non-rated). Our preferred stocks include: Galaxy, Midea, Miniso, Shenzhou and Sands ...
BJC BERLI JUCKER PUBLIC CO. LTD.
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
JPFA JAPFA COMFEED INDONESIA
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
BURSA BURSA MALAYSIA BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
1368 XTEP INTERNATIONAL HOLDINGS
RSTON RIVERSTONE HOLDINGS LTD
CRC CENTRAL RETAIL CORP
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
HEAL MEDIKALOKA HERMINA
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
09618 JD.COM INC. CLASS A
MNSO MINISO GROUP HOLDING ADS (N SHARES)
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
DOHOME DOHOME PCL
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
09961 CTRIP.COM INTERNATIONAL
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
CPAXT CP AXTRA PUBLIC COMPANY LIMITED
KOPI MK ORIENTAL KOPI HOLDINGS BHD
BRMS IJ BUMI RESOURCES MINERALS
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HERE US HERE GROUP (HERE US)
- Tanapon Cholkadidamrongkul
Berli Jucker (BJC TB) - New JV Will Enhance Logistics Operations
Company Update | Berli Jucker (BJC TB/BUY/Bt17.20/Target: Bt 24.00) The new JV between BJL and DHL is expected to enhance BJC’s logistics operations. For 2025, management guided for top-line to be flat yoy and a 15-20bps yoy expansion in gross margin, mainly driven by the non-retail segment. Maintain BUY with a target price of Bt24.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, November 18, 2025
Top Stories Company Update | Berli Jucker (BJC TB/BUY/Bt17.20/Target: Bt 24.00) The new JV between BJL and DHL is expected to enhance BJC’s logistics operations. For 2025, management guided for top-line to be flat yoy and a 15-20bps yoy expansion in gross margin, mainly driven by the non-retail segment. Maintain BUY with a target price of Bt24.00. Company Update | Central Plaza Hotel (CENTEL TB/BUY/Bt31.25/Target: Bt37.00) The tone during CENTEL’s analyst meeting was positive, supported by t...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Ejann Hiew
- Gigi Cheuk
- John Cheong Ming Chern
- Joyce Chu
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, November 18, 2025
Greater China Company Results | Geely Auto (175 HK/BUY/HK$17.20/Target: HK$42.00 Geely’s 3Q25 results meet expectations with GAAP net profit/core net profit growing 58%/19% yoy and 6%/24% qoq to Rmb3.82b/Rmb3.96b respectively. Earnings growth will be driven by a strong product cycle, optimisation of sales mix, penetration into overseas markets, and consolidation of its brand portfolios. We maintain our 2025-27 earnings estimates. Maintain BUY with an unchanged target price of HK$42.00 pegged...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
1295 PUBLIC BANK BHD
TOP THAI OIL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
CENTEL CENTRAL PLAZA HOTEL
YUMC YUM CHINA HOLDINGS INC.
FRKN FRENCKEN GROUP LTD
CDB CELCOMDIGI BHD
02161 JBM (HEALTHCARE) LTD
09868 XPENG INC
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
TIDLOR TIDLOR HOLDINGS PCL
- Tanapon Cholkadidamrongkul
Berli Jucker (BJC TB) - 3Q25: Results In Line; Non-retail Business Pla...
Company Results | Berli Jucker (BJC TB/BUY/Bt18.80/Target: Bt24.00) 3Q25 net profit declined yoy, in line with our estimate. The key drag remained the weak performance of the modern retail business. Earnings momentum in 4Q25 will continue to be driven by BJC’s non-retail businesses, supported by improving trends in the packaging and consumer segments, while the modern retail business is expected to gradually recover. Maintain BUY with a target price of Bt24.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, November 11, 2025
Top Stories Company Results | Berli Jucker (BJC TB/BUY/Bt18.80/Target: Bt24.00) 3Q25 net profit declined yoy, in line with our estimate. The key drag remained the weak performance of the modern retail business. Earnings momentum in 4Q25 will continue to be driven by BJC’s non-retail businesses, supported by improving trends in the packaging and consumer segments, while the modern retail business is expected to gradually recover. Maintain BUY with a target price of Bt24.00. Company Results | P...
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Gigi Cheuk
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Joyce Chu
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Lester Siew
- Ming San Soong
- Philip Wong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, November 11, 2025
Greater China Strategy | Small/Mid Cap Monthly – BUY JBM Healthcare On Recent Price Corrections We attribute JBM’s recent price correction to the absence of positive profit alert for 1HFY26, which disappointed the market. We believe the market overreacted, given: a) a relatively high base in 1HFY25, following a 112% EPS CAGR in 1HFY22-1HFY25; b) solid 1HFY26 performance, backed by robust volume growth of its iconic products and gross margin expansion; and c) undemanding valuations of 10.0x FY26F...
- Tanapon Cholkadidamrongkul
Berli Jucker (BJC TB) - 3Q25 Results Preview: Better Earnings Momentum
Company Update | Berli Jucker (BJC TB/BUY/Bt19.70/Target: Bt24.00) BJC’s SSSG is showing signs of improvement as the high-base effect has faded. 3Q25 earnings are expected to decline yoy but momentum has improved from 2Q25. Maintain BUY with a higher target price of Bt24.00 (from Bt22.00). We roll over target price to 2026F PE of 20x.
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