reports
- 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
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - 4Q24: Net Profit Rebounds qoq
TOP reported a stronger-than-expected 4Q24 net profit. However, core profit aligned with our expectation, with the earnings rebound primarily driven by a recovery in market GRM. Despite this, overall 2024 net profit declined 49% yoy. Concerns over the CFP will continue to pressure TOP’s share price recovery. Additionally, TOP plans to hold an EGM on 21 Feb 25 to seek approval for more investment in the CFP. Maintain HOLD. Target price: Bt27.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Monday, February 17, 2025
KEY HIGHLIGHTS Results Delta Electronics (DELTA TB/SELL/Bt113.00/Target: Bt99.00) 4Q24: Huge earnings miss on lower GPM and higher SG&A-to-sales. Downgrade to SELL. I-TAIL Corporation (ITC TB/BUY/Bt18.00/Target: Bt23.00) 4Q24: Undemanding valuation with high dividend yield. Upgrade to BUY. Thai Oil (TOP TB/HOLD/Bt24.60/Target: Bt27.00) 4Q24: Net profit rebounds qoq. Update Airports of Thailand (AOT TB/HOLD/Bt47.00/Target: Bt52.00) Uncertainty aris...
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Monday, February 17, 2025
GREATER CHINA Economics Money Supply: Liquidity growth edges lower. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/Rp3,860/Target: Rp4,500): 15.0% net profit cut in 2025 on higher credit cost and lower loan growth. MALAYSIA Update Gas Malaysia (GMB MK/HOLD/RM4.23/Target: RM4.40): Expect a strong 4Q24 finish. Share price is close to our fair value; downgrade to HOLD. The stock offers a 6% dividend yield. SINGAPORE Results Civmec (CIVMEC SP/HOLD/S$0.895/Target:S$0.98): 1HFY25: Results belo...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - 4Q24 Net Profit Expected To Recover Qoq
We expect a 4Q24 net profit of Bt2.3b, with qoq recovery driven by improved GRM and no stock loss like in 3Q24. However, we expect 1Q25 core profit to decline qoq due to lower GRM and weaker aromatics spread. Concerns over the CFP will continue to pressure TOP’s share price recovery. Additionally, TOP plans to hold an EGM on 21 Feb 25 to seek approval for more investment in the CFP. Maintain HOLD. Target price: Bt27.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, January 17, 2025
GREATER CHINA Sector Automobile Weekly: PV sales down 10% yoy but up 8.5% wow; EVs gain on subsidy rollout. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao and Desay. Healthcare The challenging but rewarding journey of globalisation amid rising geopolitical risks. Internet ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
D05 DBS GROUP HOLDINGS LTD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
UNTR PT UNITED TRACTORS TBK
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
TOP THAI OIL PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
EGH EUREKA GROUP HOLDINGS
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
AXIATA AXIATA GROUP BERHAD
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
WPRTS WESTPORTS HOLDINGS BHD
HCM HUTCHISON CHINA MEDITECH LIMITED
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
TGIF 1933 INDUSTRIES
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
6049 POLY PROPERTY SERVICES CO LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09999 NETEASE INC
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300765 CSPC INNOVATION PHARMACEUTICAL CO L
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - Announces Additional Investment In CFP And Postpon...
TOP's board of directors has approved an increase of the investment cost of US$1.78b in the CFP which has been delayed to 3Q28. An EGM is scheduled on 21 February to seek shareholder approval for the increased investment. We expect the higher investment cost to raise total costs by US$1.00/bbl. However, we hold a negative view due to persistent uncertainties surrounding the project. Maintain HOLD with a lower target price of Bt27.00.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Johnny Yum
- Jonathan Koh
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
Regional Morning Notes - Monday, January 06, 2025
GREATER CHINA Sector Shipping And Ports: Expect 2025 to be a volatile year, with several geopolitical and industrial events posing key uncertainties. Maintain MARKET WEIGHT. BUY CSP, CMP and OOIL. INDONESIA Strategy 2024 JCI Return Analysis: Our top picks are ASII, BMRI, BBNI, BRIS, CMRY, KLBF, SMRA, ACES and GOTO. We have an end-25 target of 8,200 for the JCI. MALAYSIA Strategy 1H25 Strategy: The FBMKLCI should again deliver energising returns in 2025, charged up mainly by domestic liquidity ...
Thai Oil Plc: 1 director
A director at Thai Oil Plc bought 40,000 shares at 27.375THB 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 two years clearly ...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - Overhang From The CFP Project Remains; Expected To...
TOP provided updates on the CFP project. TOP is evaluating the effects of expected expense increases and the delay in the commercial run of the CFP project. However, TOP does not foresee any impairments or the need for a capital increase due to these. We cut the CFP project from our projections until there is more clarity, anticipated in early-25. Thus, we lower our 2025-26 net profit estimates by 20% and 28%, respectively. Downgrade HOLD with a new target price of Bt42.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Friday, November 15, 2024
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt23.50/Target: Bt35.00) 3Q24: Net income missed expectations but still skyrocketed yoy and qoq. Bangkok Chain Hospital (BCH TB/BUY/Bt16.10/Target: Bt20.00) 3Q24: Mild growth. Central Pattana (CPN TB/BUY/Bt60.00/Target: Bt84.00) 3Q24: Results in line; well-positioned to close 2024 with a new record high. Central Plaza Hotel (CENTEL TB/SELL/Bt33.00/Target: Bt47.00) 3Q24: Better-than-expect...
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
COM7 COM7
CENTEL CENTRAL PLAZA HOTEL
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
SPRC STAR PETROLEUM REFINING
RATCH RATCH GROUP PUBLIC CO. LTD.
PSH PRUKSA HOLDING PCL
WHA TB WHA CORP PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Sunny Chen
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, November 15, 2024
GREATER CHINA Sector Automobile: Weekly: PV sales dip wow while PEV market share increases. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao Glass and Desay SV. Results Alibaba Health Information Technology (241 HK/BUY/HK$4.04/Target: HK$5.00): 1HFY25: Results in line; expect strong earnings growth momentum in FY25-26. Geely Auto (175 HK/BUY/HK$13.90/Target: HK$23.00): 3Q24: Core earnings up 81% yoy and 29% qoq, beating estimates. Maintain BUY. Raise target price from HK$21.50 to HK$23.00. J...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
CPN-R CENTRAL PATTANA PCL NVDR
MRDIY MR DIY GROUP M BHD
09999 NETEASE INC
09618 JD.COM INC. CLASS A
HUME HUME CEMENT INDUSTRIES BHD
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Jonathan Koh
- Ken Lee
- Kong Ho Meng
- Paula Ruth
- Philip Wong
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Notes - Monday, November 11, 2024
GREATER CHINA Economics Inflation: Deflationary pressure persists, particularly for upstream pricing. Results ECARX (ECX US/BUY/US$1.84/Target: US$3.40): 3Q24: Revenue beat despite price competition. Maintain BUY. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp438/Target: Rp480): Unclear outlook for 2025; regulatory risk to key brand products. Downgrade to HOLD. MALAYSIA Results 99 Speed Mart Retail (99SMART MK/BUY/RM2.32/Target: RM2.60): 3Q24: Delivers on earnings as it is on the cusp of ...
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ERAA ERAJAYA SWASEMBADA
TCAP THANACHART CAPITAL PCL
SATS SP SATS LTD.
MAXIS MAXIS BHD
WPRTS WESTPORTS HOLDINGS BHD
WHA TB WHA CORP PCL
ECX ECARX HOLDINGS INC
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
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