reports
- Arsit Pamaranont
IRPC (IRPC TB) - 1Q24 Preview: Still Facing Headwinds
After recent discussions with IRPC's IR team regarding the company’s 1Q24 results, it appears that IRPC is still facing headwinds from weaker demand in the petrochemical business. We maintain the view that earnings recovery will be delayed to 2H24. Maintain HOLD. Target price: Bt2.10.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, April 24, 2024
KEY HIGHLIGHTS Results SCGP (SCGP TB/BUY/Bt33.25/Target: Bt38.00) 1Q24: Better-than-expected net profit. Update IRPC (IRPC TB/HOLD/Bt1.93/Target: Bt2.10) 1Q24 preview: Still facing headwinds. WHA Corporation (WHA TB/BUY/Bt4.66/Target: Bt6.00) 1Q24 results preview: Robust earnings expected.
- Anas Fitri Bin Ahmad
- Arsit Pamaranont
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, April 24, 2024
GREATER CHINA Strategy China And Hong Kong Property A comparison between H-REITs and C-REITs. Results China Tourism Group Duty Free (601888 CH/BUY/Rmb71.72/Target: Rmb106.20) 1Q24: Core profit grew 0.2% yoy; inventories improving; expect further gross margin expansion. iFlytek (002230 CH/HOLD/Rmb41.97/Target: Rmb40.00) FY23 and 1Q24: Earnings missed; dividend of Rmb1.00 for every 10 shares. Jonjee Hi-Tech Industrial & C...
002230 IFLYTEK CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
BBCA PT BANK CENTRAL ASIA TBK
NANO NANOCO GROUP
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
KREIT KEPPEL REIT
SCI SCI E&C
WHA TB WHA CORP PCL
SCGP SCG PACKAGING PCL
AZTECH AZTECH GLOBAL LTD
- Arsit Pamaranont
IRPC (IRPC TB) - 4Q23: A Huge Loss As Expected
IRPC booked a significant net loss of Bt3.4b in 4Q23 due to huge inventory and hedging losses of Bt2.0b. Excluding extra items, IRPC’s 4Q23 core loss would have been Bt1.4b due to weaker GIM. Both core and net losses are in line with our estimates. We expect IRPC’s earnings to remain under pressure in 1Q24. Hence, we suggest investors wait for a more attractive entry point. Maintain HOLD. Target price: Bt2.10.
- Benjaphol Suthwanish
- Damon Shen
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jonathan Koh
- Kitpon Praipaisarnkit
- Leow Huey Chuen
- Nurul Nazira Binti Abdullah
Regional Morning Notes - Wednesday, February 14, 2024
GREATER CHINA Update LINK REIT (823 HK/BUY/HK$38.30/Target: HK$50.70): Acquiring remaining 50% stake in Qibao Vanke Plaza at bargain price. MALAYSIA Sector Plantation: MPOB Jan 24: Malaysia’s palm oil inventory came in below market expectations due to stronger-than-expected exports and strong domestic disappearance. Update Sunway (SWB MK/BUY/RM2.72/Target: RM3.01): Inclusion in KLCI Index soon? SINGAPORE Results Mapletree Pan Asia Commercial Trust (MPACT SP/BUY/S$1.39/Target: S$1.86): 3QFY24...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
Thailand Daily - Wednesday, February 14, 2024
KEY HIGHLIGHTS Results IRPC (IRPC TB/HOLD/Bt1.97/Target: Bt2.10) 4Q23: A huge loss as expected. KCE Electronics (KCE TB/HOLD/Bt45.00/Target: Bt47.00) 4Q23: Weaker-than-expected results. PTT Oil & Retail Business (OR TB/HOLD/Bt18.80/Target: Bt20.00) 4Q23: Marketing margin decreased pressure on operating results.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Keith Wee Teck Keong
- Kong Ho Meng
- Posmarito Pakpahan
- Sunny Chen
Regional Morning Notes - Monday, January 29, 2024
GREATER CHINA Sector IT Hardware: Better visibility for specification upgrade trend. Maintain OVERWEIGHT. Update CSPC Pharmaceutical Group (1093 HK/BUY/HK$5.99/Target: HK$7.80): Optimising allocation of assets to unlock market value and support business development. INDONESIA Results Bank Central Asia (BBCA IJ/BUY/Rp9,350/Target: Rp10,400): 4Q23: Strong loan growth and higher opex. MALAYSIA Update Bursa Malaysia (BURSA MK/BUY/RM7.35/Target: RM8.05): We expect a favourable re-rating for Bursa...
- Arsit Pamaranont
IRPC (IRPC TB) - 4Q23 Results Preview: Weak Earnings Momentum To Conti...
We expect IRPC’s 4Q23 results to come in weaker than our initial expectations due to lower-than-expected GIM figures with a sizeable inventory loss. We foresee a core loss of Bt1.4b and net loss of Bt3.2b in 4Q23. However, we think its current share price has already priced in the weak earnings outlook. Maintain HOLD. Target price: Bt2.10.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Oil & Gas - Seasonal demand drives GRM recovery.
We hold an optimistic outlook on the rebound of GRM and anticipate limited downside of crude oil prices. The oil & gas sector is an appealing investment opportunity, particularly in the refinery business, where we expect a return to core profit levels in 1Q24, despite maintaining a pessimistic stance on the petrochemical sector due to the ongoing supply increase. In the oil & gas sector, we prefer PTTEP, Thai Oil, and BSRC. Maintain MARKET WEIGHT.
IRPC IRPC PUBLIC CO. LTD.
TOP THAI OIL PUBLIC CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
SCC SIAM CEMENT PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
SPRC STAR PETROLEUM REFINING
BCPN BANCO COMERCIAL PORTUGUES S/A
OR PTT OIL & RETAIL BUSINESS PCL
ME 23ANDME HLDG CO
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
EPIC 1CM INC
Z29 029 GROUP SE
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
IRPC IRPC PUBLIC CO. LTD.
TOP THAI OIL PUBLIC CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
SCC SIAM CEMENT PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
SPRC STAR PETROLEUM REFINING
BCPN BANCO COMERCIAL PORTUGUES S/A
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
TXG 10X GENOMICS INC CLASS A
OR PTT OIL & RETAIL BUSINESS PCL
ME 23ANDME HLDG CO
BCOW 1895 BANCORP OF WISCONSIN INC
EPIC 1CM INC
Z29 029 GROUP SE
- Arsit Pamaranont
IRPC (IRPC TB) - 3Q23: Results Largely In Line But Earnings Outlook St...
IRPC reported a huge net profit of Bt2.4b in 3Q23, from a loss of Bt2.5b in 3Q22 and a loss of Bt2.2b in 2Q23. Excluding one-off items, IRPC’s core loss was Bt317m. Both core and net profit were in line with our estimates. 9M23 core loss came in at Bt110m from a core profit of Bt3.8b in 9M22. Going forward, we are still concerned over IRPC’s earnings outlook reflecting weaker petrochemical spread and GRM outlook. Maintain HOLD. Target price: Bt2.50.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, November 09, 2023
KEY HIGHLIGHTS Results Asset World Corporation (AWC TB/BUY/Bt3.56/Target: Bt5.30) 3Q23: Good long-term investment; upgrade to BUY. Bangchak Corporation PCL (BCP TB/BUY/Bt40.75/Target: Bt52.00) 3Q23: Record-high net profit. Berli Jucker (BJC TB/HOLD/Bt29.75/Target: Bt31.50) 3Q23: Lower-than-expected earnings; weak 4Q23 earnings momentum. Downgrade to HOLD. IRPC (IRPC TB/HOLD/Bt2.02/Target: Bt2.50) 3Q23: Results largely in line but earnings outlook still under pressure PTT Global Chemical (P...
BCP THE BANGCHAK PETROLEUM PCL
IRPC IRPC PUBLIC CO. LTD.
TOP THAI OIL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
IRPC-R IRPC PUBLIC CO LTD NVDR
PTTGC-R PTT GLOBAL CHEMICAL (NVDR)
TOP-R THAI OIL (NVDR)
KCE KCE ELECTRONICS PUBLIC CO. LTD.
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
- Arsit Pamaranont
IRPC (IRPC TB) - 2Q23: Results Largely In Line With Expected Positive ...
IRPC reported net loss of Bt2.2b in 2Q23 (1Q23: Bt301m profit, 2Q22: Bt3.8b profit). Excluding one-off items, IRPC’s core loss was Bt900m, a turnaround from profit of Bt1.1b in 1Q23 and Bt5.6b in 2Q22. Both core and net profit were in line with our estimates. Despite IRPC's earnings likely being at their lowest point, we believe concerns over the recovery of the petrochemical business will continue exerting downward pressure on IRPC's stock price. Maintain HOLD. Target price: Bt2.50.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, August 10, 2023
KEY HIGHLIGHTS Results Bangchak Petroleum PCL (BCP TB/HOLD/Bt39.25/Target: Bt44.00) 2Q23: Results within expectations. Berli Jucker (BJC TB/BUY/Bt35.00/Target: Bt43.00) 2Q23: Results in line; better yoy earnings growth expected in 2H23. IRPC (IRPC TB/HOLD/Bt2.42/Target: Bt2.50) 2Q23: Results largely in line with expected positive outlook. PTT Oil & Retail Business (OR TB/BUY/Bt20.90/Target: Bt29.00) 2Q23: Net profit in line with expectations. Star Petroleum Refining (SPRC TB/HOLD/Bt8.85/T...
- Arsit Pamaranont
IRPC (IRPC TB) - 2Q23 Results Preview: Profit May Be Weaker Than Earli...
After recent discussions with IRPC's IR team regarding the company’s 2Q23 results, it appears that 2Q23 results may come in weaker than our initial expectations due to lower-than-expected GIM figures. We still maintain the view that short-term challenges will persist due to earnings recovery being delayed to 2H23, but we think the weaker earnings in 2Q23 have already been priced in. Maintain HOLD. Target price: Bt2.20.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, July 26, 2023
KEY HIGHLIGHTS Results Home Product Center (HMPRO TB/BUY/Bt14.00/Target: Bt17.00) 2Q23: Results in line. Short-term pain, long-term gain. SCGP (SCGP TB/BUY/Bt40.00/Target: Bt59.00) 2Q23: Net profit in line; maintains positive view on 2H23 core profit. Update IRPC (IRPC TB/HOLD/Bt2.34/Target: Bt2.20) 2Q23 results preview: Profit may be weaker than earlier estimate.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Damon Shen
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Leow Huey Chuen
- Nurul Nazira Binti Abdullah
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, July 26, 2023
REGIONAL Sector Plantation: Upgrade to OVERWEIGHT and revise up CPO price assumption for 2024 to RM4,200/tonne. GREATER CHINA Sector Property: Politburo softens tone on property sector, calling for adjustment to policies. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb226.35 /Target: Rmb410.00): 2Q23: Earnings up 63% yoy and 11% qoq, beating estimates. Maintain BUY. Raise target price from Rmb390.00 to Rmb410.00. Update Ping An Insurance Group (2318 HK/BUY/HK$52.30/Target: HK$70.45):...
- Arsit Pamaranont
IRPC (IRPC TB) - Facing Challenges From Supply Pressure
We downgrade IRPC to HOLD with a revised target price of Bt2.20. Like its peers, we maintain the view that short-term challenges will persist due to delayed earnings recovery to 2H23 reflecting supply pressure in 2023. We cut our net profit forecast for 2023 by 23% to Bt3.2b. Target price: Bt2.20.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, June 29, 2023
KEY HIGHLIGHTS Sector Oil & Gas Concerns regarding China’s petrochemical demand in 2H23; downgrade to MARKET WEIGHT. Update Indorama Ventures (IVL TB/BUY/Bt32.50/Target: Bt37.00) Key positives from Brazil site visit. IRPC (IRPC TB/HOLD/Bt2.22/Target: Bt2.20) Facing challenges from supply pressure. Downgrade to HOLD. Star Petroleum Refining (SPRC TB/HOLD/Bt8.15/Target: Bt9.00) 2Q23 results preview: Stock price exhibiting weakness; earnings visibility remains low. Downgrade to HOLD.
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