reports
- Arsit Pamaranont
IRPC (IRPC TB) - Expect Earnings To Turn Positive But With Limited Ups...
Company Update | IRPC (IRPC TB/HOLD/Bt1.19/Target: Bt1.20) IRPC’s 4Q25 earnings are expected to show a clear operational turnaround, with a core profit of Bt1.3b, supported by a stronger market GIM of US$11.5/bbl, above breakeven, and a healthy refinery run rate of around 93%. Strong diesel and jet fuel demand should continue to underpin margins. However, a sizeable inventory loss of around Bt2.3b from weaker oil prices is likely to result in a net loss of Bt587m. We maintain HOLD with a target ...
- 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
IRPC (IRPC TB) - 3Q25: Improving Operations; Return To Net Profit
Company Results | IRPC (IRPC TB/HOLD/Bt1.02/Target: Bt1.20) IRPC’s 3Q25 performance turnaround to a net profit of Bt340m stemmed from better GRM and inventory gains offset by petrochemical weakness. 9M25 loss narrowed yoy to Bt2.2b from a core loss of Bt3.2b. We expect core earnings to turn positive in 4Q25 but we foresee potential huge inventory losses to reflect weaker oil prices in 4Q25.
- Arsit Pamaranont
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
Thailand Daily - Wednesday, November 05, 2025
Top Stories Company Results | IRPC (IRPC TB/HOLD/Bt1.02/Target: Bt1.20) IRPC’s 3Q25 performance turnaround to a net profit of Bt340m stemmed from better GRM and inventory gains offset by petrochemical weakness. 9M25 loss narrowed yoy to Bt2.2b from a core loss of Bt3.2b. We expect core earnings to turn positive in 4Q25 but we foresee potential huge inventory losses to reflect weaker oil prices in 4Q25. Company Update | CH. Karnchang (CK TB/BUY/Bt14.40/Target: Bt20.20) We expect CK’s 3Q25 ear...
- Andrew Agita Buntoro
- Arsit Pamaranont
- Audrey Celia
- Chong Lee Len
- Jonathan Koh
- Kasemsun Koonnara
- Kong Ho Meng
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, November 05, 2025
Greater China Company Results | COSCO SHIPPING Holdings (1919 HK/HOLD/HK$13.67/Target: HK$14.54) CSH’s 3Q25 net profit fell 55% yoy to Rmb9.5b but beat expectations on resilient freight rates and higher volumes. The recent rebound in freight indices and suspension of US-China port fees should support 4Q25 earnings. While oversupply risks remain in 2026, accelerated scrapping could ease pressure. Its strong net cash position (63% of market cap) should allow CSH to navigate the downcycle with ...
CK CH. KARNCHANG PCL
IRPC IRPC PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
NETLINK NETLINK NBN TRUST
WPRTS WESTPORTS HOLDINGS BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
KORE KEPPEL PACIFIC OAK US REIT
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Arsit Pamaranont
IRPC (IRPC TB) - Better Profit Expected In 3Q25
Company Update | IRPC (IRPC TB/HOLD/Bt1.09/Target: Bt1.20) While we expect 3Q25 to mark a turning point for IRPC with positive earnings and stronger GIM, we think its valuation limits near-term upside. Core recovery momentum and asset monetisation progress remain the key triggers heading into 2026. Downgrade to HOLD with a target price of Bt1.20.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, October 22, 2025
Top Stories Company Results | Bangkok Bank (BBL TB/HOLD/Bt155.50/Target: Bt170.00) BBL posted a 3Q25 net profit of Bt13.8b, +11% yoy and +17% qoq. The results beat our and consensus expectations by 40% and 27%, respectively. The loan portfolio contracted 3.2% in 9M25. Meanwhile, an investment gain boosted bottom line, beating expectations in 3Q25. We should see the NPL reduction pattern continuing in 4Q25, in line with the guidance. Maintain HOLD with a higher target price of Bt170.00. Compan...
- Arsit Pamaranont
IRPC (IRPC TB) - 2Q25 Results: Losses Were Expected; Better Outlook In...
IRPC reported a net loss of Bt2.1b in 2Q25 due to a huge inventory loss of Bt2.5b and impairment loss of Bt157m. Excluding non-recurring items, IRPC posted a slim core loss of Bt113m. Both core and net losses were broadly in line with our and market expectations. We expect a better earnings outlook in 3Q25 while share price is trading at a historical low of 0.30x 2026F P/B. Maintain BUY. Target price: Bt1.20.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
Thailand Daily - Thursday, August 07, 2025
KEY HIGHLIGHTS Results Advanced Info Service (ADVANC TB/BUY/Bt296.00/Target: Bt340.00) 2Q25: Results in line with our and consensus estimates. IRPC (IRPC TB/BUY/Bt1.02/Target: Bt1.20) 2Q25 Results: Losses were expected; better outlook in 3Q25. SVI (SVI TB/HOLD/Bt6.10/Target: Bt6.00) 2Q25: Earnings were weak and below our and market expectations Update CH Karnchang (...
- Arsit Pamaranont
IRPC (IRPC TB) - 2Q25 Preview: Weak Performance Expected, Though Share...
We expect IRPC to post a core loss of Bt361m and a net loss of Bt2.2b in 2Q25. Despite expecting short-term losses, we maintain BUY on IRPC. The stock has underperformed peers (-27% ytd) and is trading at a historical low of just 0.3x P/B, well below its long-term average and peer group. We believe this is a compelling accumulation opportunity. Target price: Bt1.10.
- Arsit Pamaranont
- Thanawat Thangchadakorn
Thailand Daily: Tuesday, July 22, 2025
KEY HIGHLIGHTS Results Kasikorn Bank (KBANK TB/BUY/Bt160.00/Target: Bt185.00) 2Q25: Results in line with market forecasts; provision expenses increased qoq. Kiatnakin Phatra Bank (KKP TB/HOLD/Bt48.00/Target: Bt50.00) 2Q25: Results beat expectations; provisions declined yoy and qoq. Krung Thai Bank (KTB TB/HOLD/Bt21.40/Target: Bt24.00) 2Q25: Results beat; investment gains boosted a strong bottom line. SCB X (SCB TB/HOLD/Bt121.00/Target: Bt134.00) 2Q25: Results beat; investment and trading incom...
- Arsit Pamaranont
IRPC (IRPC TB) - 1Q25: Net Loss Deepens On Lower Margins, But Downside...
IRPC reported a net loss of Bt1.2b in 1Q25 mainly due to lower GIM in 1Q25 with a loss on investment of Bt933m from UCHA due to its business restructuring in 1Q25. Excluding non-recurring items, IRPC’s core loss was Bt1.7b. Both core and net losses were in line with market expectations. We believe IRPC’s share price has already priced in the bad news. IRPC is trading at a historical low of 0.30x 2025F P/B. Maintain BUY. Target price: Bt1.10.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Friday, May 09, 2025
KEY HIGHLIGHTS Sector Construction 1Q25 results preview: CK and STECON set to rebound. Results IRPC (IRPC TB/BUY/Bt0.94/Target: Bt1.10) 1Q25: Net loss deepens on lower margins, but share price already reflects bad news. LPN Development (LPN TB/SELL/Bt2.06/Target: Bt1.50) 1Q25: Results slightly beat expectation, but recovery remains...
- Arsit Pamaranont
IRPC (IRPC TB) - 4Q24: Net Profit Still In The Red, But Share Price Re...
IRPC booked a huge net loss of Bt1.1b in 4Q24. Excluding extra-items, IRPC would have posted a core profit of Bt123m, turning around from a loss of Bt1.4b in 3Q34. IRPC’s 2024 core loss totalled Bt3.9b, compared with a loss of Bt2.8b in 2023. Both core and net profit were in line with our estimates. We believe IRPC’s share price has already priced in the bad news as it has consolidated by 13% ytd. IRPC is trading at a historical low of 0.30x 2025F P/B. Maintain BUY. Target price: Bt1.25.
- Arsit Pamaranont
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, February 11, 2025
KEY HIGHLIGHTS Sector Property Disappointing 4Q24 results expected; outlook for 2025 remains uncertain. Results IRPC (IRPC TB/BUY/Bt1.03/Target: Bt1.25) 4Q24: Net profit still in the red, but share price reflects bad news. Update Amata Corporation (AMATA TB/BUY/Bt23.90/Target: Bt35.00) 4Q24 results preview: Expect skyrocketing earnings and record-high...
- Arsit Pamaranont
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, February 11, 2025
GREATER CHINA Sector Internet Growth potential and AI development trends following emergence of DeepSeek. Property Policy implementation and development remain the key focus and catalyst. INDONESIA Strategy Catching A Falling Knife Or Opportunity To Buy? We Say Buy Our picks are BBCA, BBTN, CMRY, ICBP, KLBF, CTRA, AMRT, PGEO, TL...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
AMATA AMATA CORP
IRPC IRPC PUBLIC CO. LTD.
ISAT INDOSAT
QH QUALITY HOUSES
3K1 KINGSOFT CORP. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
AMRT SUMBER ALFARIA TRIJAYA TBK PT
SPALI SUPALAI PCL
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
LPN LPN DEVELOPMENT PCL
PSH PRUKSA HOLDING PCL
09988 ALIBABA GROUP HOLDING LTD.
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PGEO PERTAMINA GEOTHERMAL ENERGY
Z29 029 GROUP SE
- Arsit Pamaranont
IRPC (IRPC TB) - 4Q24 Results Preview: Expecting A Net Loss Again
Following recent discussions with IRPC's management regarding the company’s 4Q24 results, we now expect IRPC to post a core loss of Bt350m and net loss of Bt994m in 4Q24. The core loss in 4Q24 would bring IRPC’s core loss to a record low of Bt4.0b for the 2024 earnings period. However, we believe its current share price already reflects the bad news. Maintain BUY. Target price: Bt1.50.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily - Thursday, January 23, 2025
KEY HIGHLIGHTS Update IRPC (IRPC TB/BUY/Bt1.18/Target: Bt1.50) 4Q24 results preview: Expecting a net loss again. Land and Houses (LH TB/HOLD/Bt4.90/Target: Bt5.40) Challenging targets for 2025 amid headwinds. Star Petroleum Refining (SPRC TB/BUY/Bt5.65/Target: Bt9.00) 4Q24 results preview: Positive earnings guidance with cheap valuation. The Erawan Group (ERW TB/BUY/Bt3.28/Target: Bt4.60) 4Q24 results preview: Expect an outstanding quarter
- Arsit Pamaranont
- Benjaphol Suthwanish
- Colin Lee
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Notes - Thursday, January 23, 2025
GREATER CHINA Strategy China Property And China Property Management: Property market marginally cools down before CNY; 2024 earnings preview on COLI/CR Land/COPH. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$57.65 /Target: HK$96.30): Faster-than-expected revenue growth in 2H24 with milder margin expansion. Sunny Optical (2382 HK/BUY/HK$69.85/Target: HK$85.00): Smartphone and automobile businesses to support growth in 2025. Maintain BUY. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp...
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
LH LAND & HOUSES PUBLIC CO. LTD.
IRPC IRPC PUBLIC CO. LTD.
ERW ERAWAN GROUP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
SPRC STAR PETROLEUM REFINING
MLT MAPLETREE LOGISTICS TRUST
EXCL XL AXIATA TBK PT
KOPI MK ORIENTAL KOPI HOLDINGS BHD
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