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Kasemsun Koonnara
  • Kasemsun Koonnara

Quality Houses (QH TB) - 2Q25: Results Below Expectations, Down yoy An...

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.

Benjaphol Suthwanish ... (+4)
  • Benjaphol Suthwanish
  • Kasemsun Koonnara
  • Tanaporn Visaruthaphong
  • Thanawat Thangchadakorn

Thailand Daily - Wednesday, August 13, 2025

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...

Adrian Loh Tzum Yung ... (+16)
  • Adrian Loh Tzum Yung
  • Benjaphol Suthwanish
  • Ejann Hiew
  • Heidi Mo Jinghui
  • Jack Lai Yuan Khai
  • Jo Yee Ng
  • John Cheong Ming Chern
  • Julia Pan Mengyao
  • Kasemsun Koonnara
  • Lester Siew
  • Ming San Soong
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Tanapon Cholkadidamrongkul
  • Tanaporn Visaruthaphong

Regional Morning Meeting Notes: Wednesday, August 13, 2025

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) ...

Benjaphol Suthwanish ... (+13)
  • Benjaphol Suthwanish
  • Benyamin Mikael
  • Claire Wang Kelai
  • Damon Shen
  • Desmond Chong Chee Wai
  • Jieqi Liu
  • Kasemsun Koonnara
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Roy Chen Chengzhi
  • Thailand Research Team
  • Tham Mun Hon
  • Wei Xiang Ku

Regional Morning Meeting Notes: Tuesday, June 17, 2025

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 ...

Kasemsun Koonnara
  • Kasemsun Koonnara

Quality Houses (QH TB) - Expect 2Q25 Earnings to Improve qoq; But Outl...

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.

Benjaphol Suthwanish ... (+3)
  • Benjaphol Suthwanish
  • Kasemsun Koonnara
  • Tanaporn Visaruthaphong

Thailand Daily - Thursday, May 22, 2025

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.

Bella Lu Yifei ... (+14)
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Heidi Mo Jinghui
  • Jo Yee Ng
  • John Cheong Ming Chern
  • Julia Pan Mengyao
  • Kasemsun Koonnara
  • Keith Wee Teck Keong
  • Ken Lee
  • Ming San Soong
  • Philip Wong
  • Posmarito Pakpahan
  • Tanaporn Visaruthaphong
  • Willinoy Sitorus

Regional Morning Meeting Notes: Thursday, May 22, 2025

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...

Anas Fitri Bin Ahmad ... (+19)
  • Anas Fitri Bin Ahmad
  • Benyamin Mikael
  • Carol Dou Xiao Qin
  • Desmond Chong Chee Wai
  • Ejann Hiew
  • Gigi Cheuk
  • Heidi Mo Jinghui
  • Julia Pan Mengyao
  • Kasemsun Koonnara
  • Kate Luang
  • Keith Wee Teck Keong
  • Llelleythan Tan Tan
  • Malaysia Research Team
  • Ming San Soong
  • Roy Chen Chengzhi
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Sunny Chen
  • Vincent Khoo Boo Aik

Regional Morning Meeting Notes: Monday, March 24, 2025

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) ...

Anas Fitri Bin Ahmad ... (+14)
  • Anas Fitri Bin Ahmad
  • Benyamin Mikael
  • Chong Lee Len
  • Damon Shen
  • Ejann Hiew
  • Gigi Cheuk
  • Heidi Mo Jinghui
  • Jieqi Liu
  • John Cheong Ming Chern
  • Kasemsun Koonnara
  • Kate Luang
  • Lester Siew
  • Shirley Wang Xueyi
  • Stella Guo Yuting

Regional Morning Meeting Notes: Tuesday, March 11, 2025

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) ...

Kasemsun Koonnara
  • Kasemsun Koonnara

Quality Houses (QH TB) - 4Q24: Below Expectations, Decreasing yoy And ...

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.

Arsit Pamaranont ... (+4)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Kampon Akaravarinchai
  • Kasemsun Koonnara

Thailand Daily - Wednesday, February 26, 2025

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...

Arsit Pamaranont ... (+10)
  • 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...

Kasemsun Koonnara
  • Kasemsun Koonnara

Quality Houses (QH TB) - 3Q24: In Line With Expectations

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.

Benjaphol Suthwanish ... (+5)
  • Benjaphol Suthwanish
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Tanaporn Visaruthaphong
  • Thailand Research Team

Thailand Daily - Thursday, November 07, 2024

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...

Kasemsun Koonnara
  • Kasemsun Koonnara

Thailand Property - The SETPROP has increased rapidly during the past ...

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.

Anas Fitri Bin Ahmad ... (+9)
  • Anas Fitri Bin Ahmad
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • Kasemsun Koonnara
  • Keith Wee Teck Keong
  • Malaysia Research Team
  • Posmarito Pakpahan
  • Tham Mun Hon

Regional Morning Meeting Notes: Wednesday, September 11, 2024

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 ...

Bella Lu Yifei ... (+17)
  • Bella Lu Yifei
  • Carol Dou Xiao Qin
  • Chong Lee Len
  • Desmond Chong Chee Wai
  • Jack Goh Tooan Orng
  • Johnny Yum Chung Man
  • Kasemsun Koonnara
  • Keith Wee Teck Keong
  • Ken Lee
  • Kenny Yong Hui Lim
  • Llelleythan Tan Tan
  • Paula Ruth
  • Ringo Tang Chi Yu
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Sunny Chen
  • Ziv Ang Sze Champ

Regional Morning Meeting Notes: Friday, August 30, 2024

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. ...

Kasemsun Koonnara
  • Kasemsun Koonnara

Quality Houses (QH TB) - 2Q24: Earnings Exceed Our Expectation; Core B...

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.

Arsit Pamaranont ... (+4)
  • Arsit Pamaranont
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Thanawat Thangchadakorn

Thailand Daily - Wednesday, August 07, 2024

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.

Adrian Loh Tzum Yung ... (+15)
  • Adrian Loh Tzum Yung
  • Arsit Pamaranont
  • Chong Lee Len
  • Damon Shen
  • Heidi Mo Jinghui
  • Jack Goh Tooan Orng
  • Jieqi Liu
  • John Cheong Ming Chern
  • Jonathan Koh
  • Julia Pan Mengyao
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Ming San Soong
  • Stevanus Juanda
  • Thanawat Thangchadakorn

Regional Morning Notes - Wednesday, August 07, 2024

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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