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.
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...
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.
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) ...
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.
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...
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...
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...
BCP posted a 4Q24 net profit of Bt17m. Excluding extraordinary items, BCP’s core profit could surge 153% qoq to Bt1.8b, 13% above our estimate. BCP’s 2024 core profit fell 38% yoy to Bt6.1b due to lower GRM in 2024. We believe BCP’s profit will outperform peers’ in 1Q25 due to higher diesel production proportion with lower crude premiums. BCP announced a tender offer for the remaining 18.3% stake in BSRC with completion expected in Nov 25. Maintain BUY. Target price: Bt45.00.
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt36.50/Target: Bt45.00) 4Q24: Above expectations; earnings projected to outperform peers’ in 2025. Bangchak Sriracha (BSRC TB/BUY/Bt4.94/Target: Bt8.00) 4Q24: Results in line with expectations. GFPT (GFPT TB/BUY/Bt9.15/Target: Bt13.00) 4Q24: Earnings miss expectations; deep discount valuation. True Corporation (TRUE TB/BUY/Bt12.80/Target: Bt14.50) 4Q24: Results below our...
We expect BCP to report a net profit of Bt220m for 4Q24. Excluding extra items, core profit could jump 124% qoq to Bt1.6b. We like BCP for its strong earnings outlook in 2025. We foresee opportunities to accumulate the stock. Maintain BUY. Target price: Bt45.00
GREATER CHINA Strategy Small-Mid Cap Monthly: Countdown to Plover Bay’s 2024 results: Eyeing final dividend and 2025 outlook. Sector Automobile: Weekly: OEMs post upbeat January sales. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao and Desay. Update Aier Eye Hospital Group (300015 CH/HOLD/Rmb12.71/Target: Rmb13.80): Expecting slower growth amid weaker demand, yet outperforming peers. Downgrade to HOLD. INDONESIA Results XL Axiata (EXCL IJ/BUY/Rp2,290/Target: Rp3,300): 4Q24: NPAT jumps 93%...
GREATER CHINA Strategy Alpha Picks: December Conviction Calls Add Desay, Meituan, Mengniu, Tencent, and Trip.com to our BUY list. Take profit from CATL. Update CR Mixc Lifestyle (1209 HK/BUY/HK$29.20/Target: HK$32.15) Takeaways from reverse roadshow in Shenzhen. China Resources Land (1109 HK/BUY/HK$23.25/Target:HK$32.40) Takeaways from reverse roadshow in Shenzhen. Small/Mid Cap Highlights Regina Miracle (2199 HK/Not Rated/HK$2....
BCP’s 3Q24 net loss was Bt2.1b (3Q23: gains Bt11.1b; 2Q24: gains Bt1.8b) due to an inventory loss of Bt5.1b. Excluding extra items, core profit was Bt711m, down 81% yoy but up 2,122% qoq. Both core profit and net loss were in line with our estimates. We think the 22% ytd decline in the share price offers an opportunity to buy on weakness. BCP now trades at only 4.6x 2025F PE with potential to provide a 5.6% dividend yield for 2025. Maintain BUY. Target price: Bt45.00.
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt33.00/Target: Bt45.00) 3Q24: Earnings hurt by weaker GIM and inventory loss Bangchak Sriracha (BSRC TB/BUY/Bt7.10/Target: Bt9.00) 3Q24: Results better than expected. Berli Jucker (BJC TB/BUY/Bt23.40/Target: Bt28.00) 3Q24: Earnings in line; expect 4Q24 EBIT to continue to improve yoy. Bumrungrad Hospital (BH TB/BUY/Bt262.00/Target: Bt303.00) 3Q24: Di...
GREATER CHINA Economics Trade Surprising beat on exports. Sector Automobile Weekly: Trump’s tariff to reshape China automobile supply chain. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao Glass and Desay SV. Results Galaxy Entertainment Group (27 HK/BUY/HK$36.35/Target: HK$46.00) 3Q24: EBITDA decline due to higher reinvestmen...
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...
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.
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) ...
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