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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...

Kasemsun Koonnara
  • Kasemsun Koonnara

Quality Houses (QH TB) - 1Q24: Results Below Expectations

QH reported a net profit of Bt490m in 1Q24, down 17% yoy and 19% qoq, missing both our and consensus forecasts. The rental business showed a solid performance due to increased tourism, while the residential business struggled. A new low-rise project, Casa Ville Thepharak-Thanasit, valued at Bt2.5b, is expected to boost presales in 2Q24. Maintain HOLD. Target price: Bt2.37.

Arsit Pamaranont ... (+4)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Kasemsun Koonnara
  • Tanaporn Visaruthaphong

Thailand Daily - Thursday, May 09, 2024

KEY HIGHLIGHTS Results Bangchak Sriracha (BSRC TB/BUY/Bt9.00/Target: Bt15.00)    1Q24: Solid results, in line with our expectations. IRPC (IRPC TB/HOLD/Bt1.93/Target: Bt2.10)                                                                1Q24: Weak results as expected PTT Oil & Retail Business (OR TB/HOLD/Bt18.50/Target: Bt20.00)      1Q24: Net profit within expectations. Quality Houses (QH TB/HOLD/Bt2.16/Target: Bt2.37)                   1Q24: Results below expectations. Star Petroleum Refinin...

Bella Lu Yifei ... (+17)
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Greater China Research Team
  • Jacquelyn Yow Hui Li
  • Johnny Yum
  • Jonathan Koh
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Kate Luang
  • Ken Lee
  • Kong Ho Meng
  • Leow Huey Chuen
  • Limartha Adhiputra
  • Malaysia Research Team
  • Posmarito Pakpahan
  • Singapore Research Team
  • Vincent Khoo Boo Aik

Regional Morning Meeting Notes: Friday, May 03, 2024

GREATER CHINA Strategy Alpha Picks: May Conviction Call Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. Small-Mid Cap Monthly Reiterate BUY on Crystal International. Sector Automobile Weekly: EV sales pick up; take...

TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002142 BANK OF NINGBO CO. LTD. CLASS A
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AKRA PT AKR CORPORINDO TBK
AALI ASTRA AGRO LESTARI
6963 V.S. INDUSTRY
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
QH QUALITY HOUSES
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
AP4 RIVERSTONE HOLDINGS
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
AP AP THAILAND
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
G13 GENTING SINGAPORE LIMITED
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
SIDO INDUSTRI JAMU DAN FARMASI SI
SCGB SUNWAY CONSTRUCTION GROUP BH
MYEG MY EG SERVICES BHD
WPRTS WESTPORTS HOLDINGS BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
PSH PRUKSA HOLDING PCL
RGB RGB INTERNATIONAL BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
869 PLAYMATES TOYS LIMITED
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
BTG BETAGRO PUBLIC COMPANY LIMITED
GENTMK GENTING BERHAD
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