reports
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Johnny Yum
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Sunny Chen
- Thailand Research Team
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, September 03, 2024
GREATER CHINA Results China Construction Bank (939 HK/BUY/HK$5.43/Target: HK$6.00): 2Q24: Earnings decline narrowed to 1.4% on strong trading income. China Merchants Bank. (3968 HK/BUY/HK$32.35/Target: HK$42.00): 1H24: Still waiting to thrive. China Tourism Group Duty Free (601888 CH/BUY/Rmb58.93/Target: Rmb83.40): 2Q24: Slight earnings miss; Hainan duty-free business under pressure; airport business recovery underway. Kingmed Diagnostics (603882 CH/BUY/Rmb25.66/Target: Rmb35.00): 1H24: Signific...
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - 2Q24: Weak 2Q24; Expect Significant Im...
BCP reported a 2Q24 net profit of Bt1.8b (+298% yoy, -25% qoq), in line with our estimate. Excluding inventory and other items, core profit was Bt32m. We believe BCP’s earnings will remain strong in 2H24. We think that the 23% ytd decline in the share price offers an opportunity to buy on weakness. We expect a 6.0% dividend yield for 2024. Maintain BUY. Target price: Bt45.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Friday, August 09, 2024
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt33.50/Target: Bt45.00) 2Q24: Weak 2Q24; expect significant improvement in 3Q24. Bangchak Sriracha (BSRC TB/BUY/Bt6.80/Target: Bt9.00) 2Q24: Weak results as expected. LPN Development (LPN TB/SELL/Bt2.98/Target: Bt2.40) 2Q24: Results below expectation; unexciting business outlook. Major Cineplex (MAJOR TB/BUY/Bt13.60/Target: Bt18.00) ...
MAJOR MAJOR CINEPLEX GROUP PCL
TOP THAI OIL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PTTGC-R PTT GLOBAL CHEMICAL (NVDR)
TOP-R THAI OIL (NVDR)
LPN LPN DEVELOPMENT PCL
PTTOR PTT OIL AND RETAIL
OR PTT OIL & RETAIL BUSINESS PCL
TIDLOR NGERN TID LOR PCL
ONEE THE ONE ENTERPRISE PCL
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jo Yee Ng
- Kampon Akaravarinchai
- Ken Lee
- Kong Ho Meng
- Paula Ruth
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Notes - Friday, August 09, 2024
GREATER CHINA Sector Automobile: Weekly: PV sales rebound by 17% yoy on increased subsidies. Maintain MARKET WEIGHT. Top BUYs: CATL and Desay SV. Top SELL: XPeng. Shipping and Ports: Freight rates peaked but forward decline is priced in. Maintain MARKET WEIGHT and upgraded CSH to BUY. Results Jonjee Hi-Tech Industrial & Commercial (600872 CH/BUY/Rmb19.80/Target: Rmb27.00): 2Q24: Results miss expectations; condiment business under pressure. Kweichow Moutai (600519 CH/BUY/Rmb1,430.69/Target: Rmb2,...
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - Expect Weak Operating Numbers Due To 2...
We expect BCP to post 57% yoy and 86% qoq weaker core profit of Bt480m in 2Q24. Including inventory impact, BCP is likely to post a net profit of around Bt1.9b in 2Q24 (up 304% yoy but down 24% qoq). However, we believe earnings will return to normal in 2H24, backed by a strong utilisation rate after resuming operations at Phra Khanong and the peak season for the renewable business. Maintain BUY. Target price: Bt45.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
Thailand Daily: Wednesday, July 24, 2024
KEY HIGHLIGHTS Results SCGP (SCGP TB/BUY/Bt28.50/Target: Bt41.00) 2Q24: Core profit within expectations. Update Bangchak Corporation (BCP TB/BUY/Bt41.25/Target: Bt45.00) 2Q24 preview: Expect weak operating numbers due to 27 days of scheduled maintenance. Bangchak Sriracha (BSRC TB/BUY/Bt8.70/Target: Bt10.00) 2Q24 preview: Earnings still in the black.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Paula Ruth
- Sunny Chen
Regional Morning Notes - Wednesday, July 24, 2024
GREATER CHINA Initiate Coverage CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb24.40/Target: Rmb33.00): Transforming into a drug innovator with over 200% earnings CAGR in 2024-26. INDONESIA Update Dayamitra Telekomunikasi (MTEL IJ/BUY/Rp690/Target: Rp810): Expect 52% yoy growth in 2024 fibre optic revenue; exploring non-terrestrial network technology’s potential; maintain BUY. MALAYSIA Update Top Glove (TOPG MK/BUY/RM1.24/Target: RM1.45): Against a backdrop of favourable tailwinds, we hav...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Keith Wee Teck Keong
- Leow Huey Chuen
- Paula Ruth
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, June 11, 2024
GREATER CHINA Economics Trade May exports grew 7.6%; imports moderated. Sector Property Property prices further drop after 17 May 24 policy combo; effective implementation of policies crucial for market stabilisation. INDONESIA Sector Telecommunications Pos...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
PTT PTT PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
IRPC IRPC PUBLIC CO. LTD.
ISAT INDOSAT
TOP THAI OIL PUBLIC CO. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
TOWR PT SARANA MENARA NUSANTARA TBK
AJBU KEPPEL DC REIT
SCC SIAM CEMENT PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PTG PTG ENERGY
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
BURSA BURSA MALAYSIA BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
OR PTT OIL & RETAIL BUSINESS PCL
EXCL XL AXIATA (EXCELCOMINDO)
688536 3PEAK INCORPORATED
BCOW 1895 BANCORP OF WISCONSIN INC
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
Z29 029 GROUP SE
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - 1Q24: Results Beat Expectations; Attra...
BCP reported a 1Q24 net profit of Bt2.4b (-11% yoy) from a net loss of Bt1.0b in 4Q23. Stripping out inventory impact, BCP’s core profit will jump 17% yoy and 90% qoq to Bt3.5b, 22% ahead of our estimate. The 1Q24 results account for 27% of our full-year forecast. BCP is a laggard play among Thai refinery stocks with a strong earnings outlook in 2024 and a 5.1% dividend yield. Maintain BUY. Target price: Bt52.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Friday, 10 May, 2024
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt41.25/Target: Bt52.00) 1Q24: Results beat expectations; attractive long-term growth outlook. GFPT Plc. (GFPT TB/BUY/Bt12.60/Target: Bt14.40) 1Q24: Strong yoy earnings growth. LPN Development (LPN TB/SELL/Bt3.48/Target: Bt2.40) 1Q24: Results beat expectations but remain below the desired level. Major Cineplex (MAJOR TB/BUY/Bt14.80/Target: Bt18.00) ...
- Arsit Pamaranont
Bangchak Petroleum (BCP TB) - Expect Strong Earnings Turnaround
We expect BCP to post a net profit of around Bt2.4b in 1Q24 (a reverse from a huge net loss of Bt1.0b in 4Q23) and core profit of Bt2.8b (+109%qoq), accounting for 22% of our full-year forecast and 28% of Bloomberg consensus. In terms of share price performance, BCP is still a laggard in the Thai refinery sector with its share price dropping 1% ytd compared with BSRC (+6% ytd) and Thai Oil (TOP, +4% ytd). Maintain BUY. Target price: Bt52.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, April 30, 2024
KEY HIGHLIGHTS Update Bangchak Petroleum (BCP TB/BUY/Bt42.50/Target: Bt52.00) 1Q24 Preview: Expect strong earnings turnaround. Bangchak Sriracha (BSRC TB/BUY/Bt9.05/Target: Bt15.00) 1Q24 results preview: In the black. CENTRAL PATTANA (CPN TB/BUY/Bt62.00/Target: Bt83.00) Expect earnings to increase 26% yoy and 3% qoq in 1Q24. Delta Electronics (DELTA TB/HOLD/Bt70.00/Target: Bt63.00) Earnings to improve after 1Q24; upgrade to HOLD. ...
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Chong Lee Len
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, April 30, 2024
GREATER CHINA Results China Merchants Bank (3968 HK/BUY/HK$34.95/Target: HK$44.00) 1Q24: Earnings miss on muted fee income and higher cost-to-income ratio. China Resources Building Materials Tech (1313 HK/BUY/HK$1.34/Target: HK$1.83) 1Q24: Mixed bag of results; regaining cement market share. Foxconn Industrial Internet (601138 CH/BUY/Rmb24.52/Target: Rmb29.10) 1Q24: Margins miss likely due to product mix, AI business remains robust. Haier Smart Home (6690 HK/BUY/HK$27.10/Target: ...
600690 HAIER SMART HOME CO. LTD. CLASS A
2308 DELTA ELECTRONICS INC.
F34 WILMAR INTERNATIONAL LIMITED
01299 AIA GROUP LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ROTI NIPPON INDOSARI CORPINDO
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
SIDO INDUSTRI JAMU DAN FARMASI SI
333 MIDEA GROUP
NESZ NESTLE (MALAYSIA) BERHAD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
OR PTT OIL & RETAIL BUSINESS PCL
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
524412 AAREY DRUGS & PHARMACEUTICALS LTD
IOIPG IOI PROPERTIES GROUP BHD
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - Resilient SAF Outlook Prompts Further ...
With a more positive guidance on SAF outlook from management, we see rising upside risk to consensus earnings estimates for 2025. We revise up our 2025 earnings forecast by 8%. Our 2025 earnings forecast is still above consensus forecasts by 49%. In terms of share price performance, BCP is still a laggard in the Thai refinery sector with its share price having dropped 1% ytd compared with BSRC (+11% ytd), Star Petroleum (SPRC, +1% ytd) and Thai Oil (TOP, +7% ytd). Maintain BUY. Target price: Bt5...
- Arsit Pamaranont
- Tanaporn Visaruthaphong
Thailand Daily - Friday, April 19, 2024
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt143.50/Target: Bt155.00) 1Q24: Results in line; unexpected rise in credit costs and NPL ratio. Update Bangchak Corporation (BCP TB/BUY/Bt43.75/Target: Bt52.00) Resilient SAF outlook prompts further earnings upgrade.
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Bella Lu Yifei
- Chong Lee Len
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, April 19, 2024
GREATER CHINA Sector Automobile: Weekly: PEV sales up 21% yoy/19% wow in the second week of April, in line. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Results Han’s Laser (002008 CH/HOLD/Rmb18.95/Target: Rm17.10): 4Q23: Misses expectations on operating expenses. Margin pressure may continue through 2024. Update Xtep International Holdings (1368 HK/BUY/HK$4.46/Target: HK$7.00): Expect double-digit% yoy growth in retail sell-through for 2Q24 and 2024. IN...
- Anas Fitri Bin Ahmad
- Arsit Pamaranont
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jo Yee Ng
- Julia Pan Mengyao
- Jun Sian Tan
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Notes - Thursday, March 21, 2024
GREATER CHINA Results Geely Auto (175 HK/BUY/HK$8.83/Target: HK$11.00): 2023: Results beat on margins again; upgrade to BUY. Raise target price from HK$6.50 to HK$11.00. Innovent Biologics (1801 HK/BUY/HK$39.35/Target: HK$60.00): 2023: Results beat; well positioned for sustainable growth in 2024. Kuaishou (1024 HK/BUY/HK$52.25/Target: HK$85.00): 4Q23: Resilient earnings beat; strong ad monetisation momentum continues. Li Ning (2331 HK/HOLD/HK$21.45/Target: HK$19.60): 2023: Results miss; remain c...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
PRU PRUDENTIAL PLC
02331 LI NING COMPANY LIMITED
7113 TOP GLOVE CORPORATION BHD.
TME TENCENT MUSIC
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
PDD PINDUODUO PDD US
EXCL XL AXIATA TBK PT
LHN LHN LTD
AIRPORT MALAYSIA AIRPORTS HOLDINGS BHD
- Arsit Pamaranont
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.