QH posted a weak net profit of Bt334m for 2Q25, down 46% yoy and 17% qoq, which was below expectations. The results were mainly pressured by lower gross margin and equity income. Although QH plans to launch new projects in 2H25, the outlook remains challenging due to economic conditions and intensified competition. We have revised down our earnings forecasts for 2025-26 by 15% and 9% respectively. Maintain HOLD. Target price: Bt1.30.
KEY HIGHLIGHTS Results Asset World Corporation (AWC TB/BUY/Bt2.34/Target: Bt3.30) 2Q25: Weaker core earnings as expected. Quality Houses (QH TB/HOLD/Bt1.45/Target: Bt1.30) 2Q25: Results below expectation, down yoy and qoq. Thai Foods Group (TFG TB/BUY/Bt5.25/Target: Bt7.20) 2Q25: All-time high earnings. Thanachart Capital (TCAP TB/HOLD/Bt49.25/Target: Bt50.00) 2Q25: Earnings beat; dividend income boo...
GREATER CHINA Results Galaxy Entertainment Group (27 HK/BUY/HK$40.18/Target: HK$45.00) 2Q25: Normalised EBITDA up 7% qoq; expects reinvestment efficiency to optimise. Increased dividend payout to remain sustainable. Kweichow Moutai (600519 CH/BUY/Rmb1,437.04/Target: Rmb1,722.00) 2Q25: On track to achieve full-year target; expect wholesale price pressure to persist into 2H25. Tencent Music Entertainment Group (1698 HK/BUY/HK$88.30/Target: HK$105.00) ...
GREATER CHINA Economics Economic Activity Mixed bag for May. Sector Property Property market weakens further in May 25, with diverging city-tier performance. INDONESIA Initiate Coverage Bumi Resources Minerals (BRMS IJ/BUY/Rp454/Target: Rp610) Soaring to new heights; initiate coverage with BUY. MALAYSIA Update Press Metal ...
Presales momentum remains challenging amid multiple headwinds. QH’s 2Q25 earnings are expected to improve qoq due to the backlog of the Q1 Sukhumvit project. However, the residential business outlook remains unexciting as we remain cautious about the market conditions. In addition, management is maintaining its conservative strategy for inventory liquidation. Maintain HOLD. Target price: Bt1.51.
KEY HIGHLIGHTS Update Origin Property (ORI TB/HOLD/Bt1.74/Target: Bt1.90) Expect 2Q25 to improve qoq; remain cautious about business outlook. PTT (PTT TB/BUY/Bt30.75/Target: Bt37.00) Adapting business strategies to navigate volatility. Quality Houses (QH TB/HOLD/Bt1.45/Target: Bt1.51) Expect 2Q25 earnings to improve qoq, but outlook remains challenging.
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$86.10/Target: HK$91.00) 1Q25: Solid earnings beat, fuelled by AI cloud growth and monetisation visibility. XPeng Inc (9868 HK/BUY/HK$77.55/Target: HK$150.00) 1Q25: Results beat expectations. Maintain BUY with a target price of HK$150.00. INDONESIA Strategy Indonesia’s State Budget Position As Of Apr 25 Surplus returns, mom improvement in revenue collections, spen...
GREATER CHINA Results COSCO SHIPPING Ports (1199 HK/BUY/HK$4.78/Target: HK$5.90) 2024: Core earnings in line; expect low single digit throughput growth in 2025. CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb37.00/Target: Rmb50.00) 2024: Smooth progress in R&D promises bright long-term outlook. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$20.10/Target:HK$29.00) 2024: Results beat; strong growth momentum continues. Meituan (3690 HK/BUY/HK$167.60/Target: HK$216.00) ...
GREATER CHINA Initiate Coverage JBM Healthcare (2161 HK/BUY/HK$1.82/Target: HK$2.42) Revitalising iconic pharma heritage brands. Results Wharf Real Estate Investment Co (1997 HK/BUY/HK$20.55/Target: HK$23.10) 2024: Underlying net profit met expectation; lower finance costs being key driver of profits amid top-line uncertainties. Update Jiumaojiu International Holdings (9922 HK/HOLD/HK$3.08/Target: HK$3.00) ...
QH posted a disappointing performance, with a net profit of Bt467m in 4Q24, down 23% yoy and 19% qoq, below our expectation. QH announced a dividend payment for its 2H24 operations, offering a yield of about 5.0%. Business outlook for 2025 continues to face market headwinds from both the low-rise and high-rise segments. The attractive dividend yield is expected to be key factor underpinning the share price. Maintain HOLD. Target price: Bt1.70.
KEY HIGHLIGHTS Results CP ALL (CPALL TB/BUY/Bt49.25/Target: Bt66.00) 4Q24: Better-than-expected earnings. Home Product Center (HMPRO TB/HOLD/Bt8.15/Target: Bt10.00) 4Q24: Results in line. Quality Houses (QH TB/HOLD/Bt1.61/Target: Bt1.70) 4Q24: Below expectations, decreasing yoy and qoq. Ratchaburi Group (RATCH TB/BUY/Bt27.00/Target: Bt40.00) 4Q24: Results below expectations, but bo...
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...
QH posted a 3Q24 net profit of Bt573m, down 10% yoy and 8% qoq, in line with our expectations. Revenue from the low-rise segment saw a decrease, while condo transfers underpinned QH’s revenue in the quarter. Meanwhile, hotel operations experience a slowdown due to renovations. Looking ahead, we expect an unexciting outlook as the residential segment faces ongoing challenges. Maintain HOLD. Target price: Bt1.82.
KEY HIGHLIGHTS Strategy Impact from Trump’s Policies Foresee a robust outlook for the industrial estate and electronics sectors due to the US-China trade war. Our top picks are AMATA, BANPU, DELTA, STGT and WHA. Results PTT Global Chemical (PTTGC TB/HOLD/Bt26.25/Target: Bt24.50) 3Q24: Net loss of Bt19.3b due to huge impairment loss. Quality Houses (QH TB/HOLD/Bt1.85/Target: Bt1.82) 3Q24: In l...
The SETPROP index outperformed the SET index, gaining 15% vs the latter’s 10% increase. However, we maintain a cautious view on the residential market, with conditions expected to remain unchanged in 2H24. High interest rates and tightening banking policies continue to pose challenges to the sector. We recommend a selective BUY − AP. Maintain MARKET WEIGHT on the sector.
GREATER CHINA Economics Trade Exports rebounded in August but outlook remains challenging. Sector IT Hardware Maintain preference for the more defensive AI-device plays as uncertainty remains high. Maintain OVERWEIGHT. INDONESIA Update Bank Mandiri (BMRI IJ/HOLD/Rp7,250/Target: Rp7,760) 7M24: Strong ...
GREATER CHINA Results BYD Electronic (285 HK/BUY/HK$27.65/Target: HK$42.50) 1H24: Results missed on margins. Expect peak season to bolster profitability in 2H24. China Feihe (6186 HK/BUY/HK$4.04/Target: HK$5.22) 1H24: Steady profit growth; accelerated revenue expansion in 2H24. China Longyuan Power (916 HK/HOLD/HK$6.16/Target: HK$6.10) 1H24: Below expectations; power generation dragged by low wind speed. ...
QH posted a net profit of Bt620m in 2Q24 (-7% yoy, +27% qoq), exceeding our expectation by 7%. Despite a qoq recovery due to increased transfers, earnings still decreased from the previous year. Meanwhile, gross margin decelerated considerably due to stiff competition. 3Q24 earnings are expected to weaken due to the low backlog. The residential business remains challenging. Maintain HOLD. Target price: Bt1.82.
KEY HIGHLIGHTS Results IRPC (IRPC TB/BUY/Bt1.35/Target: Bt1.90) 2Q24: Still in the red. Muangthai Capital (MTC TB/BUY/Bt40.50/Target: Bt56.00) 2Q24: Earnings in line; credit cost and NPL ratio continued to be lower. Quality Houses (QH TB/HOLD/Bt1.66/Target: Bt1.82) 2Q24: Earnings exceed our expectation; core business remains challenging. Update Home Product Center (HMPRO TB/BUY/Bt8.20/Target: Bt12.10) More challenging outlook but share price trading at a deep discount.
GREATER CHINA Sector Internet: Strategic revamp to revitalise e-commerce GMV growth. Results Wharf Real Estate Investment Co (1997 HK/BUY/HK$20.10/Target: HK$28.30): 1H24: Underlying net profit up 2% on positive retail rental growth and lower funding cost; awaiting cyclical factors to improve. INDONESIA Results United Tractors (UNTR IJ/SELL/Rp24,150/Target: Rp20,000): 2Q24: Continued weakness; in line with consensus estimates. MALAYSIA Sector Utilities: Government likely to award short-term PP...
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