GREATER CHINA Strategy Alpha Picks: October Conviction Calls: Adding CATL, Geely and Plover Bay to our BUY list. INDONESIA Strategy Alpha Picks: Defensive Stance Worked In Sep 24: Our picks are ASII, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: A Variety of Event Drivers: Our Alpha Picks outperforms as hoped. Oct 24 picks: EcoWorld, Gamuda, Lagenda, MYEG, Pekat, RGB, RHB Bank, Sime Darby, VSI and Yinson. SINGAPORE Strategy Alpha Picks: Outperforming ...
GREATER CHINA Economics Inflation Deflationary pressures rising. Sector Construction Building on the positive development of macroeconomic policies in 2H24-2025. Internet 2Q24 results wrap-up: Overall earnings beat; 2H24 outlook remains promising. INDONESIA Small...
GREATER CHINA Results Anhui Conch Cement (914 HK/BUY/HK$16.46/Target: HK$19.50) 1H24: Below expectations; exploring opportunities in overseas markets. CR Mixc (1209 HK/BUY/HK$23.25/Target: HK$33.70) 1H24: Results in line with surprise from special dividend. Haidilao International Holding (6862 HK/BUY/HK$12.34/Target: HK$19.60) 1H24: Core net profit up 13% yoy. Accelerated store opening pace in 2H24; dividend payout expected to remain at reasonable leve...
EGCO’s 2Q24 net profit dropped 5%yoy and 16% qoq to Bt1.4b. Excluding one-off items, EGCO would have posted a core profit of Bt1.8b, down 31% yoy but up 14% qoq, in line with our and market estimates. We still like EGCO for its cheap valuation and long-term growth prospects. Maintain BUY. Target: Bt150.00.
KEY HIGHLIGHTS Results Central Pattana (CPN TB/BUY/Bt54.25/Target: Bt83.00) 2Q24: Strong results; expect 2024 earnings to hit a new record high. Electricity Generating PCL (EGCO TB/BUY/Bt99.50/Target: Bt150.00) 2Q24: Results in line, optimistic on 2H24. Star Petroleum Refining (SPRC TB/BUY/Bt7.05/Target: Bt9.50) 2Q24: Results below estimates but bottom out. Upgrade to BUY. Update Airports of Thailand (AOT TB/BUY/Bt58.25/Target: Bt7...
Summary Banpu PCL - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Banpu PCL (Banpu) carries out the exploration, investment, development, and production of thermal and coking coal. It develops, operates, and invests in coal-fired power projects and carries out the productio...
EGCO reported net profit of Bt1.7b in 4Q23 (1Q23: Bt2.0b gain; 4Q23: Bt14.2b loss). Excluding one-off items, EGCO would have posted a core profit of Bt1.6b (+4% yoy, +32% qoq), in line with our and market estimates. We still like EGCO for its cheap valuation and long-term growth prospects. Maintain BUY. Target: Bt150.00.
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) ...
Earnings in 4Q23 were quite weak. Stock under our coverage reported aggregate net profit of Bt678.997m in 2023 (vs our estimate of Bt730.176m), declining 9.5% yoy. The poor earnings were pressured by energy, petrochemical and consumer staples (food), while positive earnings were seen in retail and healthcare. Given the strong international tourists arrival driven by Chinese tourists, we see the services sector (tourism and healthcare) maintaining its momentum.
GREATER CHINA Strategy Alpha Picks: March Conviction Call: Adding CMB, COLI, CR Beer, Kuaishou and TUL to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Significant Outperformance In Feb 24: Our picks are BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Focusing On Earnings Momentum: Our Alpha Picks underperformed the KLCI in Feb 24 (-0.9% vs 2.5%). Mar 24 picks significantly feature companies with good earnings momentum. SINGAPORE...
EGCO reported a huge net loss of Bt14.2b in 4Q23 due to a huge impairment charge of Bt7.6b and a Bt9.1b loss from the restructuring plan for the financial indebtedness and holding structure in Yunlin. Excluding forex gains and extra items, EGCO would have posted core profit of Bt1.2b (-17% yoy, -64% qoq), in line with our and market estimates. 2023 core profit fell 26% yoy to Bt8.7b. However, we still like EGCO for its cheap valuation and long-term growth prospects. Maintain BUY. Target: Bt150.0...
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt22.50/Target: Bt30.00) 4Q23: Earnings above estimates; remain positive on outlook ahead. Central Pattana (CPN TB/BUY/Bt64.75/Target: Bt83.00) 4Q23: Results in line, 2023 earnings hit a new record high. CH Karnchang (CK TB/BUY/Bt23.30/Target: Bt26.50) 4Q23: Earnings increased 39% yoy but decreased 76% qoq. Electricity Generating (EGCO TB/BUY/Bt130.00/Target: Bt150.00) 4Q23: Hurt by huge impairment. Origin Property (ORI TB/BUY/Bt7.60/Tar...
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. INDONESIA Strategy Alpha Picks: Outperformance in Jan 24: Our picks are EXCL, MAPI, BMRI, JSMR, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Eyes Also On Results Season Winners: Our Alpha Picks performance again trounced the KLCI in Jan 24 (+9.6% vs +4.0%). Feb 24 pic...
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We add the potential beneficiaries of the upcoming CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy reduction. INDONESIA Strategy Alpha Picks: Underperformance in 4Q23 and 2023: Our picks are MAPI, BMRI, JSMR, TLKM, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Domestic Event Winners: Our Alpha Picks outperformed the KLCI in Dec 23. Jan 24 pick...
GREATER CHINA Strategy Alpha Picks: December Conviction Calls: We add a mix of turnaround stocks and beneficiaries of policy support to our BUY list − CSPC, HKEX, Lenovo, Longfor, Pinduoduo and Sunny Optical. INDONESIA Strategy Alpha Picks: Underperformance With A 3.7% Return: Our picks are GOTO, BMRI, JSMR, TLKM, BBNI, NCKL, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Still Focusing On Domestic Winners: Our Alpha Picks trounced the FBMKLCI in Nov 23, mostly thanks to Hume’s run-up. De...
EGCO reported a strong net profit of Bt2.3b in 1Q23, jumping 3% qoq and showing a significant improvement from the loss of Bt392m in 3Q22. Excluding forex gains and extra items of Bt1.0b, EGCO would have posted a strong core profit of Bt3.3b, rising 13% yoy and 26% qoq. Both core profit and net profit were in line with our estimate. 9M23 core profit fell 27% yoy to Bt7.5b, accounting for 81% of our full-year forecast. We still like EGCO for its long-term outlook. Maintain BUY. Target: Bt200.00.
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt23.30/Target: Bt30.00) 3Q23: Earnings below estimates; remain positive on outlook ahead. BTS Group Holdings (BTS TB/HOLD/Bt7.30/Target: Bt7.00) 2QFY24: Turnaround in profit from associates and one-off items, still lower than expected. Electricity Generating (EGCO TB/BUY/Bt127.00/Target: Bt200.00) 3Q23: A strong quarter as expected. Indorama Ventures (IVL TB/BUY/Bt24.00/Target: Bt30.00) 3Q23: Better growth profile at discounted valuati...
We see an opportunity to accumulate EGCO following a substantial 29% decline in its share price ytd due to concerns on its earnings outlook, higher interest rates and adverse effects of a significant foreign exchange loss. However, we believe share price has already factored in these negative developments. Furthermore, our positive perspective on EGCO has been reinforced by our visit to the XPCL hydro power plant. Maintain BUY. Target price: Bt200.00.
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