ERW reported net profit of Bt417m and core earnings of Bt285m (+21% yoy, +33% qoq) in 1Q24, which is in line with our forecast but above consensus’. The results were attributed to the ability to raise the average room rate (+10% yoy, +6% qoq) due to a rise in demand from the high number of international arrivals in 1Q24. We expect Chinese tourists to remain as a key earnings driver in 2024. Maintain BUY. Target price: Bt6.50.
KEY HIGHLIGHTS Results CH Karnchang (CK TB/BUY/Bt21.60/Target: Bt26.50) 1Q24: Better-than-expected results. Srisawad Corp (SAWAD TB/HOLD/Bt39.00/Target: Bt43.00) 1Q24: Results in line; credit cost improves qoq and NPL continues to increase. Update KCE Electronics (KCE TB/BUY/Bt40.50/Target: Bt49.00) Enhanced revenue prospects for the rest of the year; upgrade to BUY. The Erawan Group (ERW TB/BUY/Bt4.82/Target: Bt6.50) Strong core earnings in 1Q24; i...
GREATER CHINA Results Alibaba Group (9988 HK/BUY/HK$82.65/Target: HK$98.00): 4QFY24: Rewarding dividend payout; reigniting cloud revenue growth in 2H24. Galaxy Entertainment Group (27 HK/BUY/HK$36.80/Target: HK$51.00): 1Q24: Results within expectations; launch of smart gaming tables in Jul 24. Miniso (MNSO US/NOT RATED/US$24.15): 1Q24: 20-25% revenue guidance for 2Q24; raises TOP TOY store opening target for 2024. Tencent Holdings (700 HK/BUY/HK$381.80/Target: HK$454.00): 1Q24: Strong earnings b...
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. INDONESIA Strategy Alpha Picks: Slight Outperformance In A Bear Market: Our picks are BSDE, TLKM, ACES, BBTN, CMRY, SIDO, JSMR and AKRA. MALAYSIA Strategy Alpha Picks: Well-Positioned For 1Q Results Season: Our April picks again beat the KLCI. May 24 picks: GENM, Inari, Mah Sing, MrDIY, MYEG, Press Meta...
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...
We expect ERW to report a net profit of Bt272m (+14% yoy, +27% qoq) in 1Q24 supported by a robust average room rate growth (+10% yoy, +6% qoq). Earnings would surpass the pre-COVID-19 level, contributed by strong international arrivals in the past quarter. We are optimistic on 2Q24 as hotels in Japan have all started their operation prior to the high season. Maintain BUY. Target price: Bt6.50.
KEY HIGHLIGHTS Sector Property Expect poor results in 1Q24; recovery starting from 2Q24 onwards. Upgrade to MARKET WEIGHT. Food & Beverage More selective buy after share price rally. Update The Erawan Group (ERW TB/BUY/Bt4.82/Target: Bt6.50) Expect earnings in 1Q24 to beat 1Q19 earnings.
Our Alpha Picks outperformed compared the market (+0.9% vs -0.7%) in Apr 24. In Apr 24, the global market focused on earnings results. The SET index slightly decreased by 0.7% in Apr 24. For May 24, our picks are ADVANC, BSRC, BTG, CPALL, CPF, ERW, MAJOR, TFG, TIDLOR and TU.
A director at The Erawan Group Public Co Ltd sold 366,700 shares at 4.780THB and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. INDONESIA Strategy Alpha Picks: Outperformance In Mar 24 and 1Q24: Our picks are ACES, BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, and AKRA. MALAYSIA Strategy Alpha Picks: Expanding The Variety Of Events Bets: Our Alpha Picks trounced the KLCI in Mar 24. Apr 24 picks: GENM, Inari, Mah Sing, MrDIY, MY...
ERW is expected to deliver a strong performance in 1Q24 with the inflow of international arrivals in the high season. In addition to the increasing number of tourists, ERW’s hotel statistics have been consistently vigorous in the past quarters. On top of the promising tourism outlook, ERW can expect a few more positives such as the high season in Japan in 2Q24 and the interest rate downtrend. Maintain BUY. Target price: Bt6.50.
GREATER CHINA Sector Aviation Airlines: Expecting a turnaround in profitability in 2024 with moderate international travel recovery. Maintain MARKET WEIGHT. Results China Longyuan Power (916 HK/BUY/HK$5.48/Target: HK$6.50) 2023: Below expectations; slower-than-expected pace of capacity expansion. China Overseas Land & Investment (688 HK/BUY/HK$11.26/Target: HK$19.42) 2023: Results beat expectations; watching for stabilisation of profitability in 2024. China Resources Gas (1193 HK/BUY/HK$24.9...
Earnings in 4Q23 were quite weak. Stock under our coverage reported aggregate net profit of Bt678.997m in 2023 (vs our estimate of Bt730.176m), declining 9.5% yoy. The poor earnings were pressured by energy, petrochemical and consumer staples (food), while positive earnings were seen in retail and healthcare. Given the strong international tourists arrival driven by Chinese tourists, we see the services sector (tourism and healthcare) maintaining its momentum.
GREATER CHINA Strategy Alpha Picks: March Conviction Call: Adding CMB, COLI, CR Beer, Kuaishou and TUL to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Significant Outperformance In Feb 24: Our picks are BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Focusing On Earnings Momentum: Our Alpha Picks underperformed the KLCI in Feb 24 (-0.9% vs 2.5%). Mar 24 picks significantly feature companies with good earnings momentum. SINGAPORE...
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. INDONESIA Strategy Alpha Picks: Outperformance in Jan 24: Our picks are EXCL, MAPI, BMRI, JSMR, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Eyes Also On Results Season Winners: Our Alpha Picks performance again trounced the KLCI in Jan 24 (+9.6% vs +4.0%). Feb 24 pic...
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We add the potential beneficiaries of the upcoming CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy reduction. INDONESIA Strategy Alpha Picks: Underperformance in 4Q23 and 2023: Our picks are MAPI, BMRI, JSMR, TLKM, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Domestic Event Winners: Our Alpha Picks outperformed the KLCI in Dec 23. Jan 24 pick...
GREATER CHINA Strategy Alpha Picks: December Conviction Calls: We add a mix of turnaround stocks and beneficiaries of policy support to our BUY list − CSPC, HKEX, Lenovo, Longfor, Pinduoduo and Sunny Optical. INDONESIA Strategy Alpha Picks: Underperformance With A 3.7% Return: Our picks are GOTO, BMRI, JSMR, TLKM, BBNI, NCKL, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Still Focusing On Domestic Winners: Our Alpha Picks trounced the FBMKLCI in Nov 23, mostly thanks to Hume’s run-up. De...
ERW posted a 3Q23 net profit of Bt148m (+1,387% yoy, +5% qoq) while core profit was Bt153m (+1,126% yoy, +26% qoq). The results surpassed our estimates but are in line with market projections. RevPar remained robust (+37% yoy, +5% qoq, 17% above pre- COVID-19 levels), driven by all hotel segments in the portfolio. Maintain BUY. Target price: Bt6.50.
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt23.30/Target: Bt30.00) 3Q23: Earnings below estimates; remain positive on outlook ahead. BTS Group Holdings (BTS TB/HOLD/Bt7.30/Target: Bt7.00) 2QFY24: Turnaround in profit from associates and one-off items, still lower than expected. Electricity Generating (EGCO TB/BUY/Bt127.00/Target: Bt200.00) 3Q23: A strong quarter as expected. Indorama Ventures (IVL TB/BUY/Bt24.00/Target: Bt30.00) 3Q23: Better growth profile at discounted valuati...
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