reports
- Andrew Agita Buntoro
- Bella Lu Yifei
- Chong Lee Len
- Jonathan Koh
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, February 05, 2026
Greater China Company Results | Yum China Holdings, Inc (9987 HK/NOT RATED/HK$392.40) In 4Q25, YUMC’s total revenue reached US$2,823m, up 9% yoy. Total system sales grew 7% yoy, with a 3% increase in same-store sales. Operating profit rose 25% yoy to US$187m, with operating margin at 6.6% (+80bp). For 1Q26, management targets positive SSS. It aims to maintain flat yoy restaurant margin and operating profit margin on a high base. For 2026, it expects to open more than 1,900 net new stores, wi...
PTT PTT PUBLIC COMPANY LIMITED
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
YUMC YUM CHINA HOLDINGS INC.
FNH FRASER & NEAVE HOLDINGS BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
PONY PONY AI INC
GULF GULF ENERGY DEVELOPMENT PCL
EXCL XLSMART TELECOM SEJAHTERA
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - Expect Strong Earnings Recovery In 4Q2...
Company Update | Bangchak Corporation (BCP TB/BUY/Bt30.25/Target: Bt40.00) BCP is expected to deliver a strong earnings recovery in 4Q25, with a net profit of Bt2.0b, up sharply yoy and 83% qoq. Core profit is projected at Bt4.25b, driven by a recovery in GRM to around US$11.2/bbl and record-high refinery run rates. Despite inventory and hedging losses, underlying operations remain solid. For 2025, net profit is expected at Bt2.7b, with a core profit of Bt10.4b.
- Arsit Pamaranont
Thailand Daily - Monday, February 02, 2026
Top Stories Company Update | Bangchak Corporation (BCP TB/BUY/Bt30.25/Target: Bt40.00) BCP is expected to deliver a strong earnings recovery in 4Q25, with a net profit of Bt2.0b, up sharply yoy and 83% qoq. Core profit is projected at Bt4.25b, driven by a recovery in GRM to around US$11.2/bbl and record-high refinery run rates. Despite inventory and hedging losses, underlying operations remain solid. For 2025, net profit is expected at Bt2.7b, with a core profit of Bt10.4b. Company Update | ...
- Alden Gabriel Lam
- Arsit Pamaranont
- Bella Lu Yifei
- Benyamin Mikael
- Claire Wang Kelai
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, February 02, 2026
Greater China Economics | PMI January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterpri...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
002230 IFLYTEK CO. LTD. CLASS A
N2IU MAPLETREE COMMERCIAL TRUST
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
ICBP INDOFOOD CBP SUKSES MAKMUR T
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
RGL RECLAIMS GLOBAL
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - 3Q25: A Strong Recovery Quarter
Company Results | Bangchak Corporation (BCP TB/BUY/Bt29.00/Target: Bt40.00) BCP posted a strong 3Q25 rebound with a net profit of Bt1.1b and core profit of Bt3.2b, driven by higher GRM at US$7.4/bbl and run rate 90% (265kbd) after Sriracha’s unit restart. EBITDA surged to Bt10.3b, while marketing margin rose to Bt0.85/litre and BCPG gained from Laos hydro and new wind projects. Despite minor inventory losses, all segments improved. Outlook remains positive with firm GRM, VLCC terminal cost savin...
- Arsit Pamaranont
- Benjaphol Suthwanish
Thailand Daily - Friday, November 07, 2025
Top Stories Company Results | Bangchak Corporation (BCP TB/BUY/Bt29.00/Target: Bt40.00) BCP posted a strong 3Q25 rebound with a net profit of Bt1.1b and core profit of Bt3.2b, driven by higher GRM at US$7.4/bbl and run rate 90% (265kbd) after Sriracha’s unit restart. EBITDA surged to Bt10.3b, while marketing margin rose to Bt0.85/litre and BCPG gained from Laos hydro and new wind projects. Despite minor inventory losses, all segments improved. Outlook remains positive with firm GRM, VLCC termi...
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Friday, November 7, 2025
Greater China Sector Update | Automobile The anti-involution policy boosted OEMs’ 3Q25 earnings by ending the price war. However, the industry disruptor BYD saw worsened liquidity due to sales slowdown and inventory pile-up. Auto part companies saw margin erosion in 3Q25 due to delayed impacts from the OEMs’ price war, but 4Q25 margin will stabilise. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Cut target price for Li Auto to HK$60.0. Raise target price for Weich...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
THAI THAI AIRWAYS INTERNATIONAL PCL
BH
G13 BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
GAM GENTING SINGAPORE LIMITED
OR GAMUDA BHD
06160 PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DEWA IJ BEIGENE LTD.
DARMA HENWA (DEWA IJ)
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - Earnings Recovery Gaining Momentum
Company Update | Bangchak Corporation (BCP TB/BUY/Bt30.25 /Target: Bt45.00) We expect BCP to post a strong recovery in 3Q25 with a net profit of Bt1.9b and a core profit of Bt3.8b (+437% yoy, +206% qoq), driven by a higher GRM of US$7.50/bbl, strong run rate (90%), and solid contributions from the renewable and marketing businesses. Momentum should continue into 4Q25, supported by rising diesel spreads and stable margins. Maintain BUY with a target price of Bt45.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily - Wednesday, October 29, 2025
Top Stories Company Results | Home Product Center (HMPRO TB/HOLD/Bt6.70/Target: Bt6.30) HMPRO’s results are in line. 3Q25 earnings declined both yoy and qoq, pressured by negative SSS, lower gross margin, and higher SG&A. 4Q25 SSS are expected to remain weak due to a high base. However, we expect SSSG to normalise in 2026 due to the low base in 2025. Maintain HOLD with a higher target price of Bt6.30. Company Results | Siam Global House (GLOBAL TB/BUY/Bt7.55/Target: Bt9.50) 3Q25 earnings rose...
- Alden Gabriel Lam
- Arsit Pamaranont
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Julia Pan Mengyao
- Lester Siew
- Ming San Soong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, September 29, 2025
Greater China Company Results | New World Development (17 HK/SELL/HK$7.84/Target: HK$6.90) In FY25, NWD reported a HK$16.3b loss and halted dividends but made progress in improving cash flow and debt structure. Short-term debt fell to HK$6.6b, or 4.5% of total debt. Debt reduction remains the priority for FY26, supported by the property sales target of HK$27b and lower capex. Management has no immediate plans for placement, rights issues or CB, but is open to considering various financing tools...
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - Positive Takeways From Investor Forum ...
Highlights • We attended the BCP Investor Forum 2025 and reaffirm our positive outlook. Strong contributions are expected from the refinery, renewable, and retail oil businesses in 2026-28. • We see no material risk from fabricated claims regarding political ties or funding sources of Alpha Chartered Energy, which holds a 27% stake. • BCP will propose a three-year continuous share buyback programme, implying that stock remains undervalued with limited downside. Maintain BUY. Target price: Bt...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Thailand Daily - Monday, September 29, 2025
Top Stories Sector Update | Oil and Gas PTT Group announced an asset monetisation plan, scheduled for completion by 4Q25-1Q26. A new subsidiary (New Sub) under PTT Tank will acquire TTT (Bt4.4b) and BTF (Bt4.8b) from PTTGC, while another associate (NewAsso) will execute lease-and-leaseback agreements with TOP. Proceeds from these deals will support deleveraging and balance sheet improvement for both TOP and PTTGC. While our stance on TOP and PTTGC remains neutral on these monetisation initiativ...
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - 2Q25: Net Loss As Expected But A Sharp...
BCP posted a net loss of Bt2.6b in 2Q25 due to a huge inventory loss and impairment loss. Excluding one-offs, core profit would have been positive at Bt1.3b (-29% qoq but +2,671% yoy). 1H25 core profit was Bt3.0b. We expect a higher core profit outlook in 2H25. BCP is currently trading at just 0.7x 2025F P/B and 7.6x 2025F PE with offering 3.8% dividend yield. Maintain BUY. Target price: Bt45.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Friday, August 08, 2025
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt34.00/Target: Bt45.00) 2Q25: Net loss as expected but a sharp rebound is likely in 2H25. Bangchak Sriracha (BSRC TB/BUY/Bt5.00/Target: Bt7.00) 2Q25: Huge inventory loss results in net loss in 2Q25. PTT Oil & Retail Business (OR TB/BUY/Bt12.90/Target: Bt20.00) 2Q25: Net profit in line with our forecast but 14% below consensus’. Upgrade to BUY. Tidlor Holdings (TIDLOR TB/HOLD/Bt18.30/Target: Bt20.00) 2...
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - 1Q25: Soft Results, But Better Than Ex...
BCP posted a net profit of Bt2.1b for 1Q25, up from Bt17m in 4Q24 but down 13% yoy. Core profit dropped 3% qoq and 51% yoy to Bt1.75b, 13% above our estimate. BCP is currently trading at just 0.7x 2025F P/B and 7.6x 2025F PE, well below its historical average, while offering an attractive 3.8% dividend yield. The upcoming earnings recovery, BSRC delisting, and strong contribution from BCPG are key re-rating catalysts. Maintain BUY. Target price: Bt45.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, May 14, 2025
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt38.00/Target: Bt45.00) 1Q25: Soft results, but better than expected; likely to see a strong rebound in 2Q25. COM7 (COM7 TB/BUY/Bt21.20/Target: Bt29.50) 1Q25: Better-than-expected earnings. CP ALL (CPALL TB/BUY/Bt51.50/Target: Bt79.00) 1Q25: Stronger-than-expected earnings. GFPT Plc. (GFPT TB/BUY/Bt9.80/Target: Bt13.40) ...
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - 1Q25 Results Preview: Expect A Soft Qu...
We expect BCP to report a net profit of Bt2.2b for 1Q25. Excluding extra items, core profit could fall 55% yoy and 14% qoq to Bt1.6b. However, we still like BCP due to the expected earnings recovery from 2Q25 onwards, supported by its restructuring plan to acquire BSRC. Maintain BUY. Target price: Bt45.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
Thailand Daily - Wednesday, April 30, 2025
KEY HIGHLIGHTS Results Home Product Center (HMPRO TB/HOLD/Bt8.25/Target: Bt10.00) 1Q25: Flattish yoy earnings momentum. Update Bangchak Corporation (BCP TB/BUY/Bt35.50/Target: Bt45.00) 1Q25 results preview: Expect a soft quarter, but remain positive on the long-term outlook. Bangchak Sriracha (BSRC TB/BUY/Bt5.35/Target: Bt7.00) 1Q25 results preview: Expect slim core and net profits. SCG Packaging (SCGP TB/HOLD/Bt14.00/Target: Bt13.20) 2Q25 net profit expected to contin...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Kong Ho Meng
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Regional Morning Notes - Wednesday, April 30, 2025
GREATER CHINA Results China Construction Bank (939 HK/HOLD/HK$6.79/Target: HK$7.00): 1Q25: Earnings miss due to weaker NIM and fee income; tariff risk is limited. Downgrade to HOLD. China Longyuan Power (916 HK/HOLD/HK$6.10/Target: HK$6.60): 1Q25: In line; cautious outlook amid rising curtailment rates and upcoming policy shift. China Merchants Bank (3968 HK/BUY/HK$44.50/Target: HK$49.00): 1Q25: Earnings down 2.1% yoy on weaker trading gains. Estun Automation (002747 CH/SELL/Rmb19.17/Target: Rmb...
BCP THE BANGCHAK PETROLEUM PCL
FCT FRASERS CENTREPOINT TRUST
BRPT PT BARITO PACIFIC TBK
F34 WILMAR INTERNATIONAL LIMITED
ESSO ESSO (THAILAND)
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
5243 VELESTO ENERGY
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
333 MIDEA GROUP
2747 ESTUN AUTOMATION
MPM MARCO POLO MARINE LTD
SCGP SCG PACKAGING PCL
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Stevanus Juanda
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, February 21, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales rebound wow but remain low due to wait-and-see sentiment. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay. Renewable Energy: Solar energy equipment: Policy-driven installation rush to support prices; milder module shipment growth in 2025. Results Alibaba Group (9988 HK/BUY/HK$120.90/Target: HK$150.00): 3QFY25: CMR beat; all-in AI; capex in next three years to exceed that of the past decade. Lenovo Group (992 HK/BUY/HK...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00992 LENOVO GROUP LIMITED
F34 WILMAR INTERNATIONAL LIMITED
GFPT GFPT
7153 KOSSAN RUBBER INDUSTRIES BHD.
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
AMM AMMB HOLDINGS BHD
09999 NETEASE INC
OXMU PRIME US REIT
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
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