reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - Clearer Details On CFP Project Are To Be Known By ...
3Q25 core earnings are projected to decrease qoq and yoy, pressured by softer market GRM, maintenance shutdown of its key refinery unit as well as aromatics and lube base plants, and higher opex costs. Clearer details on the CFP project are to be known by this November. Given the gloomy outlook for 2H25, we maintain SELL on TOP (Target price: Bt30.00) and switch to OR, SCGP and IVL instead.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Ejann Hiew
- Gigi Cheuk
- Jonathan Koh
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Ming San Soong
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, August 19, 2025
GREATER CHINA Strategy Small-Mid Cap Monthly: Keeping an eye on JBM Healthcare’s upcoming marketing campaigns in 2H25. Results China Resources Building Materials Technology (1313 HK/BUY/HK$1.92/Target: HK$2.30): 1H25: In line; cement margins rebound, concrete delivers growth. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$37.06/Target: HK$50.00): 1H25: Results beat; increases revenue growth guidance to high double-digit. Sino Biopharmaceutical (1177 HK/BUY/HK$7.91/Target: HK$10.50): 1H25: R...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - 2Q25: Net Profit Boosted By Strong Market GRM
TOP reported a 2Q25 net profit of Bt6.5b, up both qoq and yoy, better than our and consensus estimates by 20% and 27% respectively, and driven by larger-than-expected extra items. Core earnings also improved qoq and yoy in 2Q25, supported by robust market GRM. Looking forward, core earnings in 3Q35 are projected to decrease qoq and yoy, pressured by softer market GRM and reduced refinery utilisation from maintenance shutdowns. Downgrade to SELL. Target price: Bt30.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Thursday, August 14, 2025
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt16.50/Target: Bt25.00) 2Q25: Earnings below expectations. AP Thailand (AP TB/BUY/Bt7.65/Target: Bt9.60) 2Q25: Earnings in line, optimistic 3Q25 outlook. Bangkok Commercial Asset Management (BAM TB/BUY/Bt8.40/Target: Bt10.00) 2Q25: Results in line with consensus; highest bottom line in the past 22 quarters. Bangkok Dusit Medical Services (BDMS TB/BUY...
PTT PTT PUBLIC COMPANY LIMITED
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
SPALI SUPALAI PCL
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
AP AP THAILAND
SPRC STAR PETROLEUM REFINING
BDMS-R BANGKOK DUSIT MEDICAL SERVICES PCL NVDR
KCE KCE ELECTRONICS PUBLIC CO. LTD.
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
BTG BETAGRO PUBLIC COMPANY LIMITED
BAM TB BANGKOK COMMERCIAL ASSET MANAGEMENT
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Philip Wong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Thursday, August 14, 2025
GREATER CHINA Economics Money Supply Credit demand remains weak, though money supply improved. Results Nexteer Automotive Group (1316 HK/BUY/HK$6.92/Target: HK$10.00) 1H25: Earnings beat estimates on margins. Upgrade from HOLD to BUY. Raise target price to HK$10.00 Tencent Holdings (700 HK/BUY/HK$586.00/Target: HK$736.00) 2Q25: Resilient results; unfolding AI monetisation in online games...
C09 CITY DEVELOPMENTS LIMITED
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
558 UMS HOLDINGS LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
00700 TENCENT HOLDINGS LTD.
CPALL TB CP ALL
UHU UNITED HAMPSHIRE US REIT
MRDIY MR DIY GROUP M BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
VST VSTECS BHD
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - Strong Market GIM To Support 2Q25 Net Profit Estim...
We forecast TOP’s 2Q25 net profit at Bt5.4b, up qoq, supported by strong market GIM and sizeable one-time gains that should more than offset inventory losses. However, core profit in 3Q25 is projected to decline both qoq and yoy, due to a weaker market GRM and reduced refinery utilisation. In the near term, GRM softness and lingering uncertainty around the unfinished CFP project remain key headwinds. Maintain HOLD. Target price: Bt27.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Alden Gabriel Lam
- Benjaphol Suthwanish
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kong Ho Meng
- Lester Siew
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, July 17, 2025
GREATER CHINA Update Xtep International Holdings (1368 HK/BUY/HK$5.34/Target: HK$8.00) Confident in achieving full-year targets; Saucony on track to reach mid-term goal. INDONESIA Small/Mid Cap Highlights Bank KB Bukopin (BBKP IJ/NOT RATED/Rp60) Turnaround hinges on CoF reduction. MALAYSIA Update Kuala Lumpur Kepong (KLK MK/HOLD/RM20.46/Target: RM20.50) We expect 3QFY25 results to come in flat qoq, supported by firmer plantation output and lower forex ...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - CFP Project Is Still An Overhang
TOP is moving forward with the CFP project and expects to appoint a new main contractor by end-3Q25. In the short term, the CFP project remains a potential overhang for the share price, alongside an upcoming credit rating review scheduled for Aug 25. However, management has outlined plans to mitigate the risk of a rating downgrade. Looking ahead, refining margins remain robust but could be tempered by weak spreads in aromatics. Maintain HOLD. Target price: Bt27.00.
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, May 19, 2025
GREATER CHINA Update Foxconn Industrial Internet (601138 CH/BUY/Rmb19.22/Target: Rmb25.30) 2Q25 guidance in line; GB200/GB300 smooth production ramp as the key driver for 2025-26. Maintain BUY. INDONESIA Strategy JCI rallies from global tailwinds Market rebound gains momentum amid global tailwinds and rate cut hopes. MALAYSIA Results Maxis (MAXIS MK/BUY/RM3.76/Target: RM4.20) 1Q25: Strong set of results; earnings d...
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
PLANB PLAN B MEDIA
BMRI PT BANK MANDIRI (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
BCH BANGKOK CHAIN HOSPITAL PCL
MAXIS MAXIS BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BRIS BANK BRISYARIAH TBK
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - 1Q25: Net Profit In Line With Our Expectations
TOP reported a 1Q25 net profit of Bt3.5b, up 27% qoq. This is in line with our forecast and 7% above the consensus estimate. The earnings were supported by a stock gain of Bt1.1b, which helped offset the impact of a weaker market GRM. However, core profit declined both qoq and yoy, reflecting the drop in market GIM. Looking ahead, core profit in 2Q25 is expected to decline qoq. Our core profit forecast for 2025 remains unchanged. Maintain HOLD. Target price: Bt27.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thailand Research Team
Thailand Daily - Tuesday, May 13, 2025
KEY HIGHLIGHTS Strategy US-China Negotiations Progress in Geneva, Switzerland. Positive sign for trade negotiations from US and China. Results Banpu (BANPU TB/HOLD/Bt4.90/Target: Bt4.80) 1Q25: Net loss narrows qoq. Indorama Ventures (IVL TB/BUY/Bt20.40/Target: Bt24.00) 1Q25: Weak quarter, but recovery in sight. Thai Oil (TOP TB/HOLD/Bt27.25/Target: Bt27.00) 1Q25: Net profit in line with our expectations. Update Asset World...
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jonathan Koh
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Llelleythan Tan Tan
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Notes - Tuesday, May 13, 2025
GREATER CHINA Strategy China And Hong Kong Property: Channel check of Shanghai’s primary residential market; closer look at Hong Kong properties’ rental yields. MALAYSIA Results Westports Holdings (WPRTS MK/HOLD/RM4.53/Target: RM4.40): 1Q25: Results in line. WPRTS believes global acclimation towards tariff impact will rebalance trades; maintaining its 0-5% volume growth expectation. SINGAPORE Sector Banking: 1Q25 round-up: First-order direct impact assessed to be manageable. Upgrade to OVERWE...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) -1Q25 Net Profit Expected To Increase qoq
We estimate TOP’s 1Q25 net profit at Bt3.5b, up 25% qoq but down 41% yoy. The quarterly increase will be primarily driven by a significant stock gain, which will more than offset the decline in market GRM. However, core profit should decline both qoq and yoy, reflecting a weaker market GIM. 2Q25 core profit is expected to remain flat qoq. We keep our core profit forecast for 2025 unchanged. Maintain HOLD. Target price: Bt27.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, April 24, 2025
KEY HIGHLIGHTS Update Betagro (BTG TB/BUY/Bt21.40/Target: Bt28.50) Strong 1Q25 earnings momentum on a qoq basis. Major Cineplex (MAJOR TB/HOLD/Bt10.30/Target: Bt10.00) 1Q25 earnings likely to disappoint. Downgrade to HOLD. Thai Oil (TOP TB/HOLD/Bt24.70/Target: Bt27.00) 1Q25 net profit expected to increase qoq. WHA Corporation (WHA TB/BUY/Bt2.90/Target: Bt4.80) 1Q25 results preview: Expect strong ear...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, April 24, 2025
GREATER CHINA Results Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb17.19/Target: Rmb39.60) 1Q25: Earnings beat on revenue; raise target price from Rmb18.00 to Rmb39.60. Upgrade to BUY. New Oriental Education & Technology Group (EDU US/BUY/US$43.38/Target: US$60.00) 3QFY25: Earnings miss; subdued top-line but solid margin outlook in 4QFY25. Ping An Healthcare and Technology Company (1833 HK/BUY/HK$7.15/Target:HK$11.00) 1Q25: Results beat; maintains double-digit revenue growth target for...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
TOP THAI OIL PUBLIC CO. LTD.
INCO VALE INDONESIA
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
KREIT KEPPEL REIT
IGBREIT IGB REAL ESTATE INVESTMENT T
0763 ZTE CORPORATION CLASS H
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
WHA TB WHA CORP PCL
PEKAT PEKAT GROUP BHD
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - CFP Project Details Expected To Be Clearer From 2Q...
TOP’s management expects the CFP project details to be clearer from 2Q25, particularly the source of additional investment approved at the shareholders' meeting on 21 Feb 25. They remain confident that a capital increase will not be necessary. The CFP project is expected to achieve full COD in 3Q28 while the performance bond will be recognised in 1Q25. Oil prices and GRM continue to face pressure due to weak demand. Maintain HOLD. Target price: Bt27.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, February 25, 2025
KEY HIGHLIGHTS Results COM7 (COM7 TB/BUY/Bt21.60/Target: Bt29.00) 4Q24: Better-than-expected earnings. Upgrade to BUY. KCE Electronics (KCE TB/BUY/Bt20.60/Target: Bt28.00) 4Q24: Results below estimates. Update Major Cineplex (MAJOR TB/BUY/Bt13.10/Target: Bt16.00) Thai film industry is experiencing positive momentum. Thai Oil (TOP TB/HOLD/Bt25.25/Target: Bt27.00) CFP ...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Philip Wong
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, February 25, 2025
GREATER CHINA Sector Property Channel checks and observations of Shenzhen and Shanghai primary markets. INDONESIA Strategy Danantara – Who Could Benefit Beneficiaries: PGEO, ANTM, TINS, BMRI, BBNI, BBRI and TLKM. We have an end-25 target of 7,500 for the JCI. MALAYSIA Results 99 Speed Mart Retail (99SMART MK/BUY/RM2.14/Target: RM2.60) 4Q24: Delivers on earnings...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
CC3 STARHUB LTD
ANTM PT ANEKA TAMBANG TBK
01109 CHINA RESOURCES LAND LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
TOP THAI OIL PUBLIC CO. LTD.
4197 SIME DARBY BHD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
KCE KCE ELECTRONICS PUBLIC CO. LTD.
RFMD RAFFLES MEDICAL GROUP LTD
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
CTOS CTOS DIGITAL BHD
BBNI BANK NEGARA INDONESIA PERSER
PGEO PERTAMINA GEOTHERMAL ENERGY
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
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