reports
- Arsit Pamaranont
Esso Thailand (ESSO TB) - 3Q23: Resilient Quarter; Results Beat Expect...
ESSO reported a net profit of Bt4.6b for 3Q23, reversing from a loss of Bt1.3b in 2Q23 and a loss of Bt3.1b in 3Q22. Excluding an inventory gain of Bt2.7b, ESSO’s core profit rose by 84% yoy and 545% qoq to Bt2.5b, exceeding our estimate by 100% due to higher-than-expected market GRM. Despite a lower GRM outlook, we expect ESSO to maintain its core earnings at a breakeven level in 4Q23. We also expect profit to remain solid in 2024 with a dividend yield of 8.4%. Maintain BUY. Target price: Bt15....
- Arsit Pamaranont
- Kampon Akaravarinchai
- Kasemsun Koonnara
Thailand Daily - Wednesday, November 08, 2023
KEY HIGHLIGHTS Results AP Thailand (AP TB/BUY/Bt11.10/Target: Bt13.50) 3Q23: Earnings up 20% yoy and 10% qoq, in line with expectations. Esso Thailand (ESSO TB/BUY/Bt9.55/Target: Bt15.00) 3Q23: Resilient quarter, results beat expectations. Thai Union Group (TU TB/BUY/Bt14.10/Target: Bt17.40) 3Q23: Higher-than-expected core earnings; organic growth to resume in 2024.
- Arsit Pamaranont
- Damon Shen
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Jun Sian Tan
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Paula Ruth
- Philip Wong
- Tham Mun Hon
Regional Morning Notes - Wednesday, November 08, 2023
GREATER CHINA Economics Trade: Disappointing October exports likely a prelude to further weakness. Sector Property: Land markets remain weak, Shenzhen expresses firm support for Vanke. Update Prudential (2378 HK/BUY/HK$84.90/Target: HK$150.00): Strong NBP growth momentum sustained in 3Q23. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp344/Target: Rp440): Expect 9% yoy net profit growth in 2024 from improvement in stores’ productivity. Upgrade to BUY. MALAYSIA Results Fraser & Neave Holdin...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - November 2023
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: We add a mix of defensives and turnaround stocks − COSCO Shipping, CR Mixc, Great Wall Motor, Innovent, Link REIT and NetEase − to our BUY list. INDONESIA Strategy Alpha Picks: Outperformance Despite Negative Returns: Our picks: TLKM, BBNI, SMGR, NCKL, CTRA, MYOR, AKRA and CMRY. MALAYSIA Strategy Alpha Picks: Focusing On Domestic Winners: Our Alpha Picks underperformed the FBMKLCI in Oct 23. Nov 23 picks: BUY BURSA, EKOVEST, GENM, ...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601633 THAI BEVERAGE PUBLIC CO. LTD.
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
SE NIPPON INDOSARI CORPINDO
INRI SEA ADS
1801 INARI AMERTRON BHD
FEHT INNOVENT BIOLOGICS INC
PTTEP-R FAR EAST HOSPITALITY TRUST
SIE PTT EXPLORATION & PRODUCTION PCL NVDR
BAL SIA ENGINEERING CO LTD
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
9988 FOOD EMPIRE HOLDINGS LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9999 HK CIVMEC
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
CMRY BANK NEGARA INDONESIA PERSER
ADOOY PT CISARUA MOUNTAIN DAIRY TBK
SMGR PT ADARO ENERGY TBK
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
SUNWAY BHD
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - October 2023
GREATER CHINA Strategy Alpha Picks: October Conviction Calls: We expect further downside pressure, so we add SELLs on Henlius and Xpeng to the list, on top of BUYs on Anta, Lenovo, PICC P&C and SHKP. INDONESIA Strategy Alpha Picks: Potential Bull Market in 4Q23: Our picks: BBNI, SMGR, NCKL, MAPI, CTRA, MYOR, AKRA and CMRY. MALAYSIA Strategy Alpha Picks: A Handful Of Events To Capitalise On: Our Alpha Picks modestly outperformed the FBMKLCI in Sep 23. Oct 23 picks: BUY BURSA, HAPL, HUME, MAHB a...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MAPI MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 THAI BEVERAGE PUBLIC CO. LTD.
ADRO KEPPEL CORPORATION LIMITED
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
ROTI PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
SE NIPPON INDOSARI CORPINDO
PTTEP-R SEA ADS
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
SMM BUMITAMA AGRI LTD
MYEG SEMBCORP MARINE LTD
MINT MY EG SERVICES BHD
BURSA MAPLETREE INDUSTRIAL TRUST
CPALL TB BURSA MALAYSIA BHD
GENM CP ALL
MAHB GENTING MALAYSIA BHD
2013 MALAYSIA AIRPORTS HLDGS BHD
6098 WEIMOB INC
HUME COUNTRY GARDEN SERVICES
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
HAPL GIORDANO INTERNATIONAL LTD
9988 HAP SENG PLANTATIONS HOLDINGS BHD
MPM ALIBABA (9988 HK)
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
9868 NGERN TID LOR PCL
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9961 CIVMEC
BBNI TRIP.COM GROUP LTD
CLAS BANK NEGARA INDONESIA PERSER
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - September 2023
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We focus on stocks with pricing power or sustainable margins against a weakening macro backdrop. Add Giordano, KE Holdings and Trip.com. INDONESIA Strategy Alpha Picks: Underperformance In Aug 23: Our picks: MYOR, BSDE, CTRA, HMSP, BBNI, SMGR and MAPI. MALAYSIA Strategy Alpha Picks: Warming Up For Better Months Ahead: Our Alpha Picks outperformed the FBMKLCI in Aug 23. Sep 23 picks: BUY BURSA, HAPL, HUME, MAHB, Mr DIY, My EG Servi...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MAPI MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 MITRA ADIPERKASA
Y92 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 THAI BEVERAGE PUBLIC CO. LTD.
BSDE KEPPEL CORPORATION LIMITED
ADRO PT BUMI SERPONG DAMAI TBK
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
599A CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC SANDS CHINA LTD.
ROTI PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
02669 NIPPON INDOSARI CORPINDO
2318 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
SE PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
YNS SEA ADS
PTTEP-R YINSON HOLDINGS BHD
HMSP PTT EXPLORATION & PRODUCTION PCL NVDR
VSI HM SAMPOERNA TBK PT
BAL V.S. INDUSTRY BERHAD
SMM BUMITAMA AGRI LTD
MYEG SEMBCORP MARINE LTD
MINT MY EG SERVICES BHD
BURSA MAPLETREE INDUSTRIAL TRUST
CPALL TB BURSA MALAYSIA BHD
CPN-R CP ALL
GENM CENTRAL PATTANA PCL NVDR
MAHB GENTING MALAYSIA BHD
RATCH MALAYSIA AIRPORTS HLDGS BHD
2013 RATCH GROUP PUBLIC CO. LTD.
6098 WEIMOB INC
HUME COUNTRY GARDEN SERVICES
SCB-R HUME INDUSTRIES BHD
709 SIAM COMMERCIAL BANK PCL NVDR
HAPL GIORDANO INTERNATIONAL LTD
9988 HAP SENG PLANTATIONS HOLDINGS BHD
BEKE ALIBABA (9988 HK)
MRDIY KE HOLDINGS INC
KEX MR DIY GROUP M BHD
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
9888 NGERN TID LOR PCL
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
9961 CIVMEC
BBNI TRIP.COM GROUP LTD
CLAS BANK NEGARA INDONESIA PERSER
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
DELFI NATIONGATE HOLDINGS BHD
LHN DELFI LTD
LHN LTD
- Arsit Pamaranont
Esso Thailand (ESSO TB) - Entering A New Chapter
The acquisition of ESSO by BCP should deliver scale advantage and long-term earnings growth for both companies. However, we expect ESSO to see short-term profitability uplift from higher run rate and lower opex. We revise up our 2024 earnings projection by 14%. Upgrade to BUY. Target price: Bt15.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Greater China Research Team
- Johnny Yum Chung Man
- Jonathan Koh
- Kate Luang
- Limartha Adhiputra
- Malaysia Research Team
- Sunny Chen
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, September 05, 2023
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We focus on stocks with pricing power or sustainable margins against a weakening macro backdrop. Add Giordano, KE Holdings and Trip.com. Small-Mid Cap Biweekly: Consumer discretionary 1H23 earnings growth outpaced the HSMI and HSSI. Highlights are Samsonite International and Huitongda Network. Sector Commodities: Weekly: Hopeful on demand recovery as we enter the peak consumption season. Results Venus Medtech (Hangzhou) Inc (2500 HK...
- Arsit Pamaranont
Esso Thailand (ESSO TB) - On The Path To Margin Recovery With Limited ...
We are still positive on ESSO’s earnings outlook in 3Q23. We think GRM will remain strong until 4Q23. We believe the acquisition from BCP is likely to be finalised soon with a purchase price of around Bt9.6-9.8/share, which implies both limited upside and downside from ESSO’s current price. Maintain HOLD. Target price: Bt9.80.
- Anas Fitri Bin Ahmad
- Ariel Poh Yun Li
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Greater China Research Team
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Leow Huey Chuen
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Sunny Chen
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, August 25, 2023
GREATER CHINA Results AAC Technologies (2018 HK/HOLD/ HK$15.56/ Target: HK$14.50): 1H23: Margins deteriorated further; better visibility of recovery in 2H23. AIA Group (1299 HK/BUY/ HK$69.95/Target: HK$95.00): 1H23: VONB in line; margin slumps a concern. Aier Eye Hospital Group (300015 CH/BUY/Rmb18.02/Target: Rmb26.00): 1H23: Satisfactory results; strong demand to further boost revenue growth. China Construction Bank (939 HK/BUY/HK$4.11/Target: HK$6.30): 1H23: Earnings continue to thrive despite...
ESSO ESSO (THAILAND)
01299 AIA GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
A2XN AAC TECHNOLOGIES HOLDINGS INC.
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
ERAA ERAJAYA SWASEMBADA
TSI EMPERADOR
KLK KUALA LUMPUR KEPONG BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
3690 MEITUAN DIANPING 3690 HK
UMWH UMW HOLDINGS BHD
2269 WUXI BIOLOGICS CAYMAN INC
9999 HK NETEASE INC
- Arsit Pamaranont
Esso Thailand (ESSO TB) - 2Q23: Weak Results
ESSO reported a net loss of Bt1.6b in 2Q23 from a gain of Bt824m in 1Q23, due to an inventory loss of Bt1.6b. Excluding inventory loss, ESSO’s core profit was Bt382m, down 93% yoy and 86% qoq, in line with expectations. ESSO’s 1H23 core profit came in at Bt3.1b, down 50% yoy and accounting for 72% of our 2023F forecasts. We believe the share price has limited upside in the short term, based on indicative purchase price from BCP. Downgrade to HOLD. Target price: Bt9.80.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Friday, August 11, 2023
KEY HIGHLIGHTS Results Esso Thailand (ESSO TB/HOLD/Bt9.30/Target: Bt9.80) 2Q23: Weak results. GFPT (GFPT TB/BUY/Bt11.90/Target: Bt15.00) 2Q23: Better-than-expected results. Earnings to still be better than peers’. PTT (PTT TB/BUY/Bt35.75/Target: Bt41.00) 2Q23: Net profit within expectations. WHA Corporation (WHA TB/HOLD/Bt4.88/Target: Bt5.20) 2Q23: Impressive results beating our forecasts. Update Asset World Corporation (AWC TB/HOLD/Bt4.36/Target: Bt5.30) 2Q23: Earnings missed due to high...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - August 2023
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: We expect further supportive policies to be rolled out and are adding potential beneficiaries like Baidu, COPH, CR Beer, CR Land, Ping An Insurance and Sands China to our BUY list. INDONESIA Strategy Alpha Picks: Again, An Outperformance In Jul 23: Our picks: MYOR, BSDE, CTRA, HMSP, BBNI, SMGR, MAPI; short ADRO. MALAYSIA Strategy Alpha Picks: Warming Up For Better Months Ahead: Our Alpha Picks underperformed the FBMKLCI in Jul 23. Au...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
ESSO ESSO (THAILAND)
002594 BYD COMPANY LIMITED CLASS A
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
601633 GREAT WALL MOTOR CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SE SEA ADS
YNS YINSON HOLDINGS BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
HMSP HM SAMPOERNA TBK PT
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
RFMD RAFFLES MEDICAL GROUP LTD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
6098 COUNTRY GARDEN SERVICES
SCB-R SIAM COMMERCIAL BANK PCL NVDR
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
9988 ALIBABA (9988 HK)
1199 COSCO SHIPPING PORTS LIMITED
BEKE KE HOLDINGS INC
MRDIY MR DIY GROUP M BHD
KEX KERRY EXPRESS (THAILAND)
OR PTT OIL & RETAIL BUSINESS PCL
1024 KUAISHOU TECHNOLOGY
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9888 BAIDU INC
BUKA BUKALAPAK.COM PT TBK
2015 LI AUTO INC
CVL CIVMEC
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
ADOOY PT ADARO ENERGY TBK
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
DELFI DELFI LTD
LHN LHN LTD
- Arsit Pamaranont
Esso Thailand (ESSO TB) - 4Q22: Weak Results Due To Inventory Loss Aga...
ESSO reported a net loss of Bt1.6b in 4Q22, narrowing from a loss of Bt3.1b in 3Q22, due to an inventory loss of Bt3.7b. ESSO’s 4Q22 core profit came in at Bt7.6b, from a core loss of Bt1.9b in 2021. We believe the share price has limited downside based on the indicative purchase price from BCP. The potential strong earnings recovery in 1Q23 is another key driver for the share price in the short term. Upgrade to BUY. Target price: Bt12.50.
- Arsit Pamaranont
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Monday, February 27, 2023
KEY HIGHLIGHTS Results BEC World (BEC TB/HOLD/Bt9.30/Target: Bt10.00) 4Q22: Earnings above estimates but still soft. Chularat Hospital (CHG TB/SELL/Bt3.78/Target: Bt3.60) 4Q22: Results miss. COM7 (COM7 TB/BUY/Bt31.00/Target: Bt42.00) 4Q22 earnings in line; strong growth momentum in 1Q23. Energy Absolute (EA TB/BUY/Bt77.00/Target: Bt100.00) 4Q22: Results beat our expectations. Esso Thailand (ESSO TB/BUY/Bt8.85/Target: Bt12.50) 4Q22: Weak results due to inventory loss again. Indorama Ventur...
- Arsit Pamaranont
Esso Thailand (ESSO TB) - 3Q22: Results Below Our Estimates Due To A H...
ESSO’s 3Q22 net loss was above expectation with a loss of Bt3.1b vs our estimate of only Bt1.1b. The earnings disappointment was due to a huge inventory loss of Bt4.5b (vs estimate of Bt1.9b). Although we expect earnings recovery in 4Q22, we believe share price upside is limited. Maintain HOLD. Target price: Bt12.50.
- Arsit Pamaranont
- Chaiwat Arsirawichai
- Kampon Akaravarinchai
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Friday, November 11, 2022
KEY HIGHLIGHTS Results Bumrungrad Hospital (BH TB/HOLD/Bt233.00/Target: Bt225.00) 3Q22: A second consecutive quarter of all-time high earnings. Central Pattana (CPN TB/BUY/Bt68.75/Target: Bt80.00) 3Q22: Continues to recover despite the low season Esso Thailand (ESSO TB/HOLD/Bt13.60/Target: Bt12.50) 3Q22: Results below our estimates due to a huge inventory loss. GFPT (GFPT TB/HOLD/Bt13.90/Target: Bt15.80) 3Q22: Stronger-than-expected 3Q22 earnings but the outlook is still unattractive. Indo...
PTT PTT PUBLIC COMPANY LIMITED
QH QUALITY HOUSES
ESSO ESSO (THAILAND)
IVL INDORAMA VENTURES PUBLIC CO. LTD.
GFPT GFPT
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
PTT-R PTT (NVDR)
IVL-R INDORAMA VENTURES PCL (NVDR)
MTC MUANGTHAI CAPITAL PCL
CPN-R CENTRAL PATTANA PCL NVDR
KEX KERRY EXPRESS (THAILAND)
- Arsit Pamaranont
Esso Thailand (ESSO TB) - Long-term Positive On Tightening Supply With...
Although investors are aware of possibly weak results in 3Q22, we believe ESSO’s earnings should turn positive in 4Q22. The company is also a key beneficiary of refinery plant shutdowns in Thailand in 4Q22. However, we think share price upside is still limited. We recommend switching to SPRC. Maintain HOLD. Target price: Bt12.50.
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