reports
- Tanaporn Visaruthaphong
Amata Corporation (AMATA TB) - Expect Robust Revenue In 2H24
We are optimistic about AMATA’s revenue in 2H24 thanks to stronger land transfers and land sales on the back of robust demand and seasonality. Management has revealed that land sales for 2024 is projected to reach a minimum of 2,000 rai in Thailand and Vietnam. Given this, we anticipate total land sales for 2024 to improve 8% yoy. The company also has strong backlogs of Bt17b as of now. Due to these positive factors, we maintain BUY on AMATA. Target price: Bt30.00.
- Tanaporn Visaruthaphong
- Anas Fitri Bin Ahmad
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kong Ho Meng
- Paula Ruth
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, September 06, 2024
GREATER CHINA Sector Property Management: 1H24 results wrap-up: Moderate growth in 1H24; facing expansion pressure. INDONESIA Update Champ Resto Indonesia (ENAK IJ/BUY/Rp1,065/Target: Rp1,300): 2025 NPAT to grow 38% yoy; to expand three existing brands; maintain BUY. MALAYSIA Sector Oil & Gas: Petronas 1H24: Despite capex catch-up, volume growth is still slowing qoq. We fear more speed bumps ahead (MLNG outage will not look good for Petronas) while negotiating terms with Petros. Update IOI Cor...
- Tanaporn Visaruthaphong
Amata Corporation (AMATA TB) - 2Q24: Earnings Below Expectations; Posi...
AMATA posted a 2Q24 net profit of Bt231m (-26% yoy, -50% qoq), 18% and 13% below our and consensus’ expectations. The key earnings misses were due to lower-thanexpected gross margin and higher-than-expected SG&A-to-sales. 2Q24 revenue was robust, increasing both yoy and qoq. Despite lower-than-expected earnings, we expect the 2H24 earnings outlook to be better due to the seasonal effect and strong backlogs. Maintain BUY. Target price: Bt30.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, August 14, 2024
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt23.50/Target: Bt30.00) 2Q24: Earnings below expectations; positive earnings outlook in 2H24. AP Thailand (AP TB/BUY/Bt7.85/Target: Bt11.30) 2Q24: Results within expectations; expect 3Q24 earnings to improve qoq. Bangkok Expressway and Metro (BEM TB/BUY/Bt7.75/Target: Bt11.60) 2Q24: Earnings in line. Banpu PCL (BANPU TB/HOLD/Bt4.60/Target: Bt5.00) ...
LH LAND & HOUSES PUBLIC CO. LTD.
AMATA AMATA CORP
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
AP AP THAILAND
KCE KCE ELECTRONICS PUBLIC CO. LTD.
BANPU TB BANPU
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
CPALL-R CP ALL PCL NVDR
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Philip Wong
- Ringo Tang Chi Yu
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Wednesday, August 14, 2024
GREATER CHINA Economics Money Supply Weak demand for transactional funds and medium- to long-term loans. Results Foxconn Industrial Internet (601138 CH/BUY/Rmb20.78/Target: Rmb30.00) 2Q24: Solid progress in AI business; margin misses due to product mix changes. Sino Biopharmaceutical (1177 HK/BUY/HK$2.95/Target: HK$4.00) 1H24: Results beat; expects double-digit revenue and earnings growth in 2024. INDONESIA Update In...
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
558 UMS HOLDINGS LIMITED
01177 SINO BIOPHARMACEUTICAL LIMITED
AP AP THAILAND
SE SEA ADS
KCE KCE ELECTRONICS PUBLIC CO. LTD.
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
UMSH UMS HOLDINGS LTD
1706769D MR DIY
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MRDIY MR DIY GROUP M BHD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SE US SEA LIMITED
Z29 029 GROUP SE
- Tanaporn Visaruthaphong
Amata Corporation (AMATA TB) - 2Q24 Results Preview: Expect Earnings T...
We expect AMATA to report 2Q24 earnings of Bt565m (+80% yoy, +22% qoq). Revenue from real estate should rise 40% yoy but drop 27% qoq. In 2Q24, AMATA completed 163 rai of land transfers (+92% yoy, +8% qoq). Although the number of land transfers rose yoy and qoq, industrial estate revenue should drop due to a poorer product mix. However, the sentiment of land pre-sales was very strong. The company gained 678 rai, skyrocketing 82% yoy and 109% qoq. Maintain BUY with a target price of Bt30.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily: Wednesday, July 31, 2024
KEY HIGHLIGHTS Results Home Product Center (HMPRO TB/BUY/Bt8.85/Target: Bt12.10) 2Q24: Earnings in line. PTT Exploration & Production (PTTEP TB/BUY/Bt147.00/Target: Bt200.00) 2Q24: Net profit better than our and consensus expectations. Update Amata Corporation (AMATA TB/BUY/Bt22.80/Target: Bt30.00) 2Q24 results preview: Expect earnings to increase yoy and qoq. Delta Electronics (DELTA TB/BUY/Bt92.75/Target: Bt115.00) Better clarity on r...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kate Luang
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Nurul Nazira Binti Abdullah
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, July 31, 2024
GREATER CHINA Results WuXi AppTec (2359 HK/SELL/HK$29.85/Target: HK$22.00) 1H24: Results below expectations; draft bill remains a key risk for growth. Small-mid Cap Highlights Plover Bay Technologies (1523 HK/BUY/HK$4.08/Target: HK$6.05) Takeaways from luncheon: Self-driven talents driving product upgrades. INDONESIA Results Cisarua Mountain Dairy (CMRY IJ/BUY/Rp5,475/Target: Rp5,800) 2Q24: NPAT up 28.1% yoy, ahead of consensus expectation. M...
AMATA AMATA CORP
V03 VENTURE CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
KREIT KEPPEL REIT
BURSA BURSA MALAYSIA BHD
SPSB SP SETIA BHD
AZTECH AZTECH GLOBAL LTD
CMRY WUXI APPTEC CO. LTD. CLASS H
8AZ PT CISARUA MOUNTAIN DAIRY TBK
DELTA DELTA ELECTRONICS
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Tanaporn Visaruthaphong
Amata Corporation (AMATA TB) - 1Q24: Results Miss On Lower Gross Margi...
AMATA posted 1Q24 net profit of Bt464m (-6% yoy, -32% qoq), coming in about 10% lower than our and consensus estimates. Key earnings misses were mainly due to lower-than-expected gross margin and share of profit from investment. Gross margin was squeezed by a poorer product mix of industrial estate business despite more land transfers. We are positive on AMATA’s outlook due to strong land demand from China and increase in demand from EV manufacturers. Maintain BUY. Target price: Bt30.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, May 15, 2024
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) ...
LH LAND & HOUSES PUBLIC CO. LTD.
PTT PTT PUBLIC COMPANY LIMITED
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
AMATA AMATA CORP
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
SPALI SUPALAI PCL
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
HANA HANA MICROELECTRONICS PCL
PTT-R PTT (NVDR)
MINT-R MINOR INTERNATIONAL PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
SVI SVI PCL
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Leow Huey Chuen
- Llelleythan Tan Tan
- Philip Wong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, May 15, 2024
INDONESIA Update Indofood Sukses Makmur (INDF IJ/BUY/Rp6,175/Target: Rp9,600): Steady growth at attractive valuation. Maintain BUY. MALAYSIA Sector Gloves: Tariff hike announced by US authorities on China’s medical-grade gloves beginning 2026 is poised to revitalise investors’ sentiment. Maintain OVERWEIGHT. Results Heineken Malaysia (HEIM MK/BUY/RM23.68/Target: RM29.20): 1Q24: Within expectations. Earnings saw a seasonal boom following the CNY celebrations. Maintain BUY with a higher target pr...
- Tanaporn Visaruthaphong
Amata Corporation (AMATA TB) - 1Q24 Results Preview: Earnings Up yoy B...
We expect AMATA to report 1Q24 earnings of Bt524m (+6% yoy, -23% qoq). Revenue from all businesses should total Bt2.2b (flat yoy, -30% qoq), chiefly impacted by the revenue of the real estate development business. This business is expected to be flat yoy but down yoy, riding on the number of land transfers. In terms of land sales, sentiment is still robust and the company has gained 311 rai this quarter. Maintain BUY. Target price: Bt30.00.
- Tanaporn Visaruthaphong
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Desmond Chong Chee Wai
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Jun Sian Tan
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, April 29, 2024
GREATER CHINA Results China Longyuan Power (916 HK/BUY/HK$5.72/Target: HK$6.40): 1Q24: Below expectations; low wind speed weighed on performance. COSCO SHIPPING Ports (1199 HK/BUY/HK$4.62/Target: HK$6.75): 1Q24: Results in line; steady performance in a seasonally slow quarter with headwinds. Dian Diagnostics (300244 CH/BUY/Rmb14.13/Target: Rmb18.50): 1Q24: ICL revenue growth satisfactory; esoteric testing and self-developed product segments remain 2024’s key growth drivers. Foshan Haitian Flavou...
AMATA AMATA CORP
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
MINT MAPLETREE INDUSTRIAL TRUST
1199 COSCO SHIPPING PORTS LIMITED
IFAST IFAST CORP LTD
PDD PINDUODUO PDD US
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CLI CAPITALAND INVESTMENT LTD
AIRPORT MALAYSIA AIRPORTS HOLDINGS BHD
300244 DIAN DIAGNOSTICS GROUP CO
- Adrian Loh Tzum Yung
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Kate Luang
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Monday, March 25, 2024
GREATER CHINA Results Longfor (960 HK/BUY/HK$10.18/Target: HK$12.71): 2023: Better earnings mix and debt structure; continues to optimise development model in 2024. Meituan (3690 HK/HOLD/HK$88.25/Target: HK$80.00): 4Q23: In line; margins pressured by lacklustre AOV and competition in in-store business. Orient Overseas (International) (316 HK/HOLD/HK$99.70/Target: HK$107.70): 2023: Results missed on margin pressure; share price more fairly valued after a sharp 16.7% decline post results. Upgrade ...
AMATA AMATA CORP
T13 LONGFOR GROUP HOLDINGS LTD.
RLF ORIENT OVERSEAS (INTERNATIONAL) LIMITED
ORI1 FIRST REAL ESTATE INVESTMENT TRUST
AW9U VSTECS
5162 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2318 MEITUAN CLASS B
03690 YINSON HOLDINGS BHD
YNS RH PETROGAS
RHP SUN HUNG KAI & CO LTD
- Tanaporn Visaruthaphong
Amata Corporation (AMATA TB) - Expect A Promising Outlook After 1Q24
In 2024, management is guiding for flat land sales yoy. For 1Q24, land sales should be less than 1Q23 due to slow payment from customers. Nevertheless, the outlook after 1Q24 is promising. We still like AMATA and expect earnings to continuously grow due to strong demand, which could support land transfers this year. Maintain BUY. Target price: Bt30.00.
- Tanaporn Visaruthaphong
- Tanaporn Visaruthaphong
Amata Corporation (AMATA TB) -4Q23: Earnings Above Estimates; Remain P...
AMATA posted 4Q23 net profit of Bt683m (-13% yoy, +12% qoq), coming in 46% and 30% above our and consensus estimates. Key earnings beats were due to lower-thanexpected SG&A-to-sales and higher-than-expected share of profit from investments in associates. We remain positive on AMATA’s outlook in 2024 due to continuing demand from China in many industries. Maintain BUY. Target price: Bt30.00.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Jun Sian Tan
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Leow Huey Chuen
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, March 01, 2024
GREATER CHINA Sector Automobile: Weekly: PEV market share rebounds; price war heats up. Maintain UNDERWEIGHT. Top SELLs: XPeng. Top BUY: CATL, Tuopu and Desay SV. Results Budweiser APAC (1876 HK/BUY/HK$12.68/Target: HK$19.50): 2023: Results miss; mixed signals from the results. Hong Kong Exchanges and Clearing (388 HK/HOLD/HK$242.80/Target: HK$262.00): 4Q23: Passable results. Maintain HOLD. NetEase (9999 HK/BUY/HK$176.20/Target: HK$202.00): 4Q23: Earnings miss; upcoming blockbusters in 2024. New...
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
1023 CIMB GROUP HOLDINGS BHD
UNTR PT UNITED TRACTORS TBK
00388 HONG KONG EXCHANGES & CLEARING LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
AMATA AMATA CORP
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
AP4 RIVERSTONE HOLDINGS
CPN-R CENTRAL PATTANA PCL NVDR
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
01876 BUDWEISER BREWING CO. APAC LTD.
TDC TIME DOTCOM BHD
09999 NETEASE INC
00017 NEW WORLD DEVELOPMENT CO. LTD.
CK CH. KARNCHANG PUBLIC CO LTD
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