reports
- Anas Fitri Bin Ahmad
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Llelleythan Tan Tan
- Paula Ruth
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, September 12, 2024
GREATER CHINA Sector Hong Kong Property Results wrap-up for Hong Kong developers: Navigating the cycle. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,270/Target: Rp2,900) Fixed broadband ARPU might increase by 10% post-acquisition of ServeCo. MALAYSIA Sector Utilities A strong 2Q24 with companies coming in broadly within expe...
KKP KIATNAKIN BANK
00683 KERRY PROPERTIES LIMITED
2883 CHINA OILFIELD SERVICES LIMITED CLASS H
00016 SUN HUNG KAI PROPERTIES LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
C52 COMFORTDELGRO CORPORATION LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
5347 TENAGA NASIONAL BHD
01113 CK ASSET HOLDINGS LIMITED
MLK MALAKOFF CORP BHD
BAUTO BERMAZ AUTO BHD
GMB GAS MALAYSIA BHD
00017 NEW WORLD DEVELOPMENT CO. LTD.
EXCL XL AXIATA TBK PT
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
PEKAT PEKAT GROUP BHD
SAMAIDEN SAMAIDEN GROUP BHD
SVS SOLARVEST BIOENERGY INC
- Thanawat Thangchadakorn
Krung Thai Bank (KTB TB) - Maintaining Good Asset Quality Amid Upcomin...
We came away from last Friday’s analyst meeting with a neutral view. Management is maintaining 2024 financial targets. KTB guided that there will be an incoming loan demand from the government in 2H24 due to an acceleration in budget disbursement. The bank has limited loan exposure in one large corporate. KTB is confident that it can achieve its credit cost target even after taking into account this loan. We maintain BUY with a higher target price of Bt21.50.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Thanawat Thangchadakorn
Thailand Daily: Monday, August 05, 2024
KEY HIGHLIGHTS Update Banpu (BANPU TB/HOLD/Bt4.90/Target: Bt5.00) Expect 2Q24 net profit to drop qoq. BTS Group Holdings (BTS TB/HOLD/Bt4.06/Target: Bt4.47) Slightly negative on BTS’ transaction deal. Indorama Ventures (IVL TB/BUY/Bt19.30/Target: Bt22.50) 2Q24 results preview: Expect a huge loss, but earnings should bottom out in 2Q24. Upgrade to BUY. Krung Thai Bank (KTB TB/BUY/Bt17.80/Target: Bt21.50) Maintaining good asset quality a...
- Thanawat Thangchadakorn
Krung Thai Bank (KTB TB) - 2Q24: Results Exceed Expectations; Healthy ...
KTB reported 2Q24 net profit of Bt11.2b (+10% yoy, +1% qoq). The results were above our expectations by 7% and exceeded consensus estimates by 5%. The key to our positive surprise was a better-than-expected NII. NIM expansion was attributed to an increase in the proportion of retail segment loans and repayment from the corporate and government segments. The asset quality outlook is healthy. We maintain BUY with a target price of Bt20.50.
- Arsit Pamaranont
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, July 23, 2024
KEY HIGHLIGHTS Results Kasikorn Bank (KBANK TB/BUY/Bt128.00/Target: Bt162.00) 2Q24: Results in line; healthy asset quality maintained. Kiatnakin Phatra Bank (KKP TB/HOLD/Bt41.00/Target: Bt45.00) 2Q24: Negative surprise results; revises financial targets for 2024. Krung Thai Bank (KTB TB/BUY/Bt17.10/Target: Bt20.50) 2Q24: Results exceed expectations; healthy asset quality. Krungthai Card (KTC TB/BUY/Bt39.50/Target: Bt48.00) ...
KKP KIATNAKIN BANK
KTB KRUNG THAI BANK PUBLIC CO. LTD.
IRPC IRPC PUBLIC CO. LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
IRPC-R IRPC PUBLIC CO LTD NVDR
KTB-R KRUNG THAI BANK PCL NVDR
TGIF 1933 INDUSTRIES
KBANK-R KASIKORNBANK (NVDR)
TTB TMBTHANACHART BANK PCL
ASK ABACUS STORAGE KING
- Anas Fitri Bin Ahmad
- Greater China Research Team
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, July 03, 2024
GREATER CHINA Strategy Alpha Picks: July Conviction Call Adding ASMPT, Innovent, Poly Property Services, TAL Education and Trip.com to our BUY list; hedging with SELL call on BYD. Small/Mid Cap Highlights Crystal International (2232 HK/BUY/HK$3.95/Target: HK$4.76) 1Q24 preview: Expecting interim DPS to more than double. INDONESIA Strategy Alpha Picks: Outperformance In Jun 24 And 2Q24 Our picks are BMRI, BBRI, EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSM...
AEONTS AEON THANA SINSAP (THAILAND) PCL
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
ASM PACIFIC TECHNOLOGY LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
CTRA CIPUTRA DEVELOPMENT
KTB KRUNG THAI BANK PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
AJBU KEPPEL DC REIT
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
1211 BYD COMPANY LIMITED CLASS H
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SOP SARAWAK OIL PALMS BERHAD
FEHT FAR EAST HOSPITALITY TRUST
SIDO INDUSTRI JAMU DAN FARMASI SI
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
KIML KIM LOONG RESOURCES BHD
MINT MAPLETREE INDUSTRIAL TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
CPALL TB CP ALL
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
GENP GENTING PLANTATIONS BHD
01801 INNOVENT BIOLOGICS INC.
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
UHU UNITED HAMPSHIRE US REIT
6049 POLY PROPERTY SERVICES CO LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
6AM ALCOMET
KORE KEPPEL PACIFIC OAK US REIT
CK CH. KARNCHANG PUBLIC CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
DCREIT DIGITAL CORE REIT
EXCL XL AXIATA TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
SDG SD GUTHRIE BHD
ASPL ASPIRATIONAL CONSUMER LIFESTYLE CORPORATION
- Tanaporn Visaruthaphong
Krung Thai Bank (KTB TB) - 1Q24: Positive Results Surprise, More Posit...
KTB reported 1Q24 net profit of Bt11.1b (+10% yoy, +81% qoq). The results are above our and consensus estimates by 7% and 6% respectively. The key positive surprise for 1Q24 earnings was a significant qoq drop in provision expenses. We are more positive on KTB’s asset quality as KTB intends to maintain a high coverage ratio for economic uncertainties, including closely focusing on and continuing to improve asset quality. Upgrade to BUY. Target price: Bt19.00.
- Tanaporn Visaruthaphong
Thailand Daily - Monday, April 22, 2024
KEY HIGHLIGHTS Results Kiatnakin Phatra Bank (KKP TB/HOLD/Bt51.25/Target: Bt55.00) 1Q24: Surprising results; a significant qoq drop in provisioning. Krung Thai Bank (KTB TB/BUY/Bt16.00/Target: Bt19.00) 1Q24: Positive results surprise, more positive on asset quality outlook. Upgrade to BUY with a higher target price of Bt19.00. Krungthai Card (KTC TB/HOLD/Bt42.75/Target: Bt48.00) 1Q24: Results in line with consensus estimate. SCB X (SCB TB/BUY/Bt103.00/Target: Bt128.00) ...
- Jonathan Koh
- Keith Wee Teck Keong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
ASEAN Banks – ASEAN Banks: Quarterly Update
OVERWEIGHT on Indonesia banks as they offer the highest earnings growth in 2024/25 and benefit from the recent rally in commodity prices. We like Singapore banks for their attractive dividend yields. Our top BUYs are DBS (Target: S$43.25), CIMB (Target: RM7.33), SCB X (Target: Bt130) and BMRI (Target: Rp7,900). We also like OCBC (Target: S$18.15), RHB (Target: RM6.18) and BBNI (Target: Rp6,300) as attractive yield plays.
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
TISCO TISCO FINANCIAL GROUP
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PBBANK PUBLIC BANK BERHAD
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABMB ALLIANCE BANK MALAYSIA BHD
ABANK AFFIN BANK BHD
TTB TMBTHANACHART BANK PCL
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
BIMB BANK ISLAM MALAYSIA BHD
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
MAYBANK MALAYAN BANKING BHD
- Jonathan Koh
- Keith Wee Teck Keong
- Posmarito Pakpahan
ASEAN Banks – ASEAN Banks: Quarterly Update
Interest rates have peaked and entered a downcycle. Indonesian banks are the biggest beneficiaries of lower interest rates and have the highest earnings growth in 2024 and 2025. Our top BUYs are OCBC (Target: S$16.85), CIMB (Target: RM6.65), SCB X (Target: Bt124) and BBNI (Target: Rp6,300). Yield plays, such as DBS (Target: S$41.65), RHB (Target: RM6.35), KTB (Target: Bt21.50) and BMRI (Target: Rp6,500), are attractive in an environment of lower bond yields.
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
TISCO TISCO FINANCIAL GROUP
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PBBANK PUBLIC BANK BERHAD
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABMB ALLIANCE BANK MALAYSIA BHD
ABANK AFFIN BANK BHD
TTB TMBTHANACHART BANK PCL
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
BIMB BANK ISLAM MALAYSIA BHD
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
MAYBANK MALAYAN BANKING BHD
- Benjaphol Suthwanish
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
Thailand Daily - Friday, October 20, 2023
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt168.50/Target: Bt164.00) 3Q23: Results beat but a record high NPL formation signifies asset quality deterioration. Krung Thai Bank (KTB TB/HOLD/Bt19.30/Target: Bt21.50) 3Q23: Results above our forecasts; improving asset quality. Krungthai Card Plc (KTC TB/BUY/Bt45.75/Target: Bt51.00) 3Q23: Results above our forecasts but in line with consensus estimates. TMBThanachart Bank (TTB TB/HOLD/Bt1.74/Target: Bt1.72) 3Q23: Decent results. Update PTT G...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Kwanchai Atiphophai
- Ming San Soong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, October 20, 2023
GREATER CHINA Sector Internet: Solid domestic game grossing growth in summer; expect positive surprise from NetEase. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb182.70/Target: Rmb410.00): 3Q23: Results came as a mixed bag. Maintain BUY. Update Kuaishou (1024 HK/BUY/HK$56.05/Target: HK$100.00): 3Q23 results preview: Encouraging e-commerce and ad momentum despite weak seasonality. INDONESIA Results Bank Tabungan Pensiunan Nasional Syariah (BTPS IJ/HOLD/Rp1,700/Target: Rp1,810): 3Q23...
- Kwanchai Atiphophai
Krung Thai Bank (KTB TB) - 2Q23: Results Beat Our Forecasts With An Im...
KTB reported 2Q23 net profit of Bt10.2b (+22% yoy, +1% qoq). The results beat our forecasts by 11% but were in line with consensus forecasts. The key drivers for 2Q23 earnings were mainly from net interest income (primarily in loans). Meanwhile, KTB could control asset quality efficiently with a decline in the NPL ratio and a qoq reduction in provision expenses. Maintain HOLD. Target price: Bt21.50.
- Kwanchai Atiphophai
Thailand Daily - Monday, July 24, 2023
KEY HIGHLIGHTS Results Kasikorn Bank (KBANK TB/HOLD/Bt129.00/Target: Bt145.00) 2Q23: Results in line, but weaker asset quality outlook ahead; downgrade to HOLD. Kiatnakin Phatra Bank (KKP TB/BUY/Bt60.50/Target: Bt78.00) 2Q23: Results below our and consensus expectations. Krung Thai Bank (KTB TB/HOLD/Bt20.20/Target: Bt21.50) 2Q23: Results beat our forecasts with an improvement in asset quality. Krungthai Card Plc (KTC TB/HOLD/Bt46.00/Target: Bt51.00) 2Q23: Results below our forecasts but in...
- Celine Yuan Xinlin
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Keith Wee Teck Keong
- Kwanchai Atiphophai
- Singapore Research Team
- Tham Mun Hon
Regional Morning Notes - Monday, July 03, 2023
GREATER CHINA Economics PMI: Manufacturing PMI meets expectations, domestic demand improves. Strategy Fundamentals Of Property Sector Weakened; HMF Benefits Property Management Sector INDONESIA Strategy Alpha Picks: Slight Outperformance In Jun 23: Our picks are BSDE, CTRA, HMSP, BBNI, BMRI, BUKA, SMGR, KLBF and MAPI. MALAYSIA Sector Banking: May 23 loans growth improved; 2023 loans growth is still expected to moderate. Attractive valuation is offset by pedestrian growth. SINGAPORE Strategy ...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
1295 PUBLIC BANK BHD
TISCO TISCO FINANCIAL GROUP
1155 MALAYAN BANKING BHD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
8769 ADVANTAGE RISK MANAGEMENT CO. LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABMB ALLIANCE BANK MALAYSIA BHD
ABANK AFFIN BANK BHD
6098 COUNTRY GARDEN SERVICES
6049 POLY PROPERTY SERVICES CO LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLCT CAPITALAND CHINA TRUST
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
TTB TMBTHANACHART BANK PCL
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
BIMB BANK ISLAM MALAYSIA BHD
EREIT ESR-LOGOS REIT
- Kwanchai Atiphophai
Krung Thai Bank (KTB TB) - 1Q23: Results Beat Our And Consensus Expect...
KTB reported 1Q23 net profit of Bt10.0b (+14.6% yoy, 24.1% qoq). The results beat our estimate by 32% and consensus estimate by 15%, resulting from a better-than-expected net gain on financial instruments measured at fair value through profit and loss and net gain on investments. As a result, 1Q23 earnings beat market expectation due to higher non-interest income. Upgrade to BUY. Target price: Bt19.40.
- Kwanchai Atiphophai
- Waritthorn Kaewmuang
Thailand Daily - Thursday, April 20, 2023
KEY HIGHLIGHTS Results Krung Thai Bank (KTB TB/BUY/Bt16.70/Target: Bt19.40) 1Q23: Results beat our and consensus expectations. Upgrade to BUY. TISCO Financial Group (TISCO TB/HOLD/Bt101.50/Target: Bt106.00) 1Q23: Results in line. TMBThanachart Bank (TTB TB/BUY/Bt1.42/Target: Bt1.63) 1Q23: Solid performance; upgrade to BUY. Update VGI Public Company (VGI TB/BUY/Bt4.02/Target: Bt4.60) To post mild loss in 4QFY23, moderate growth outlook for FY24. Upgrade To BUY.
- Kwanchai Atiphophai
- Waritthorn Kaewmuang
- Kwanchai Atiphophai
Krung Thai Bank (KTB TB) - 1Q23 Earnings Preview: Expect Earnings To D...
We expect KTB to post a 1Q23 net profit of around Bt7.6b (-13% yoy, -6% qoq). The bank is adopting a more aggressive business strategy, pursuing high-risk/high-return loans. As a result, we expect credit costs for 1Q23 and 2023 to increase yoy. On a positive note, we expect KTB’s 2023 NIM to improve yoy. Share price declined 3.5% due to the turmoil at SVB and CS. However, we believe the downside risk to Thai banks and KTB is limited. Maintain BUY. Target price: Bt19.40.
- Kwanchai Atiphophai
Thailand Daily - Monday, January 23, 2023
KEY HIGHLIGHTS Results Kasikorn Bank (KBANK TB/HOLD/Bt144.50/Target: Bt161.00) 4Q22: results were far below our expectations; Downgrade to HOLD. Krung Thai Bank (KTB TB/BUY/Bt17.10/Target: Bt19.40) Robust 4Q22 results. SCB X Pcl (SCB TB/BUY/Bt108.50/Target: Bt138.00) 4Q22: results miss on extraordinary opex; 2023 earnings outlook remains strong.
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