reports
- 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
- Arsit Pamaranont
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Kate Luang
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Malaysia Research Team
- Tanaporn Visaruthaphong
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Tuesday, December 03, 2024
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....
MAJOR MAJOR CINEPLEX GROUP PCL
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
PTT PTT PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
N2IU MAPLETREE COMMERCIAL TRUST
IVL INDORAMA VENTURES PUBLIC CO. LTD.
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TRUE TRUE CORP. PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
03690 MEITUAN CLASS B
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
HLBK HONG LEONG BANK BERHAD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
2199 REGINA MIRACLE INTERNATIONAL
RGB RGB INTERNATIONAL BHD
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
WHA TB WHA CORP PCL
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA (EXCELCOMINDO)
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
AL2SI 2CRSI SA
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
PEKAT PEKAT GROUP BHD
BRMI BOAT ROCKER MEDIA INC.
- Arsit Pamaranont
IRPC (IRPC TB) - 3Q24: In The Red Again
IRPC booked a huge net loss of Bt4.9b in 3Q24, in line with our and market expectations. Excluding a huge inventory loss of Bt5.0b, IRPC would have posted a core loss of Bt1.4b. 9M24 core loss totalled Bt3.2b. We expect IRPC’s core performance to have bottomed out in 3Q24 while share price has consolidated by 36% ytd, with current share price trading at a historical low of 0.36x 2024F P/B. Maintain BUY. Target price: Bt1.70.
- Arsit Pamaranont
- Kampon Akaravarinchai
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