TISCO posted a net profit of Bt1.64b for 2Q25 (-6% yoy, flat qoq). The results beat our expectation by 8% but are in line with consensus forecasts. Management guides an NIM improvement in 2H25. The impact from the "You Fight We Help" measure should be mostly reflected in 2Q25's interest income. Maintain HOLD. Target price: Bt96.00
KEY HIGHLIGHTS Results TISCO Financial Group (TISCO TB/HOLD/Bt99.00/Target: Bt96.00) 2Q25: Results in line with consensus; impact from "You Fight We Help" measure should be mostly reflected. Update Bangkok Dusit Medical Services (BDMS TB/BUY/Bt20.60/Target: Bt32.00) Expect mild 2Q25 earnings growth. SCGP (SCGP TB/BUY/Bt17.30/Target: Bt21.00) 2Q25 net profit expected to recover qoq, with 2H25 net profit likely to surpass 1H25.
GREATER CHINA Economics Economic Activity Resilient 1H25 growth of 5.3% yoy belies rising downside pressure. Sector Healthcare Weekly: Gaining strength on robust earnings outlook and pipeline growth. Maintain OVERWEIGHT. Property Property sales and prices weakened further in J...
GREATER CHINA Sector Healthcare Entering a new phase of accelerated growth. Upgrade to OVERWEIGHT. Internet 618 Festival – Evolving consumer trends and continued focus on value for money. Small/Mid Cap Highlights JBM Healthcare (2161 HK/BUY/HK$2.85/Target: HK$3.31) Takeaways from luncheon. INDONESIA Update Kalbe Farma (KL...
We expect TISCO to post a net profit of Bt1,527m for 2Q25 (-13% yoy, -7% qoq). According to management guidance, we expect to see a jump in credit cost by 35bp qoq to 101bp in 2Q25. We believe that the new regulations will not have any significant impact on TISCO's hire-purchase and leasing businesses as it is currently regulated by BOT. Maintain HOLD. Target price: Bt94.00.
GREATER CHINA Economics Money Supply: Credit demand stays weak. Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$413.60/Target: HK$470.00): More listings, enhanced liquidity and high turnover to drive further upside. Reiterate BUY. INDONESIA Update Bank Central Asia (BBCA IJ/BUY/Rp9,025/Target: Rp10,500): Steady growth with a focus on efficiency and risk discipline. MALAYSIA Update TIME dotCom (TDC MK/BUY/RM5.22/Target: RM6.00): TIME to deliver sustainable growth over peers on the back o...
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.72/Target: Rmb17.80) 2024: Satisfactory results; expects strong recovery in 2025. Upgrade to BUY. Ningbo Tuopu Group Co (601689 CH/BUY/Rmb50.96/Target: Rmb83.00) 4Q24: Earnings up 38.5% yoy, in line. Maintain BUY with target price unchanged at Rmb83.00. TAL Educational Group (TAL US/BUY/US$9.36/Target: US$14.00) 4QFY25: Earnings miss amid ramped-up investments in AI-powered learning. INDONESIA Sector Telecommun...
TISCO posted a net profit of Bt1,643m for 1Q25 (-5% yoy, -4% qoq). The results are in line with our and consensus estimates. Management reiterated a strict and cautious lending policy due to many future uncertainties and the worsening economic outlook. Positively, TISCO revised down its 2025 credit cost target to around 100bp, compared with the previous guidance of 100-120bp. The expected policy rate cuts will be the catalyst for the bank. Maintain HOLD. Target price: Bt94.00.
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt146.50/Target: Bt154.00) 1Q25: Results beat expectations; investment gain boosted the bottom line. TISCO Financial Group (TISCO TB/HOLD/Bt100.00/Target: Bt94.00) 1Q25: Results in line; revises down 2025 credit cost target to 100bp. Update Bumrungrad Hospital (BH TB/BUY/Bt168.00/Target: Bt232.00) Expect weak 1Q25 earnings due to margin pressure.
GREATER CHINA Sector Internet Monetisation potential and trends of AI agent from the launch of Manus AI. Results CMOC (3993 HK/BUY/HK$6.72/Target: HK$8.70) 2024: Above expectations; copper output up 55% yoy to 650,161 tonnes. COSCO SHIPPING Holdings (1919 HK/BUY/HK$12.58/Target: HK$11.62) 2024: Results in line; more volatile business environment in 2025 but limited valuation ...
We expect TISCO to post a net profit of Bt1,571m in 1Q25 (-9% yoy, -8% qoq) while its loan portfolio is anticipated to be flat qoq. Credit costs should rise qoq, in line with the company’s guidance. A guarantee for pickup truck loans will incur minimal benefits as TISCO will prioritise good asset quality by continuing to lend to good-profile clients. We expect some dilution effect from the dividend payment (XD date: 25 Apr 25). Maintain HOLD with an unchanged target price of Bt94.00.
GREATER CHINA Results Cathay Pacific Airways (293 HK/HOLD/HK$10.90/Target: HK$11.20) 2024: Results slightly miss our forecast but a solid beat of consensus estimates. Yields to moderate further in 2025. Maintain HOLD. INDONESIA Small/Mid Cap Highlights Rukun Raharja (RAJA IJ/NOT RATED/Rp2,260) Leveraging stability in oil & gas business. MALAYSIA Results Bermaz Auto (BAUTO MK/HOLD/RM1.04/Target: RM1.00) 9MFY25: Results below e...
A director at Tisco Financial Group Plc bought 25,000 shares at 99.000THB and the significance rating of the trade was 50/100. 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 y...
TISCO posted a net profit of Bt1,706m for 4Q24 (-4% yoy, flat qoq). The results are in line with our and consensus estimates. TISCO said funding costs have peaked and should see a gradual decrease. We expect to see a wider NIM in 2025. Management guided for a jump in credit cost to 100-120bp in 2025, which is higher than the previous guidance of 100bp. Maintain HOLD. Target price: Bt94.00.
KEY HIGHLIGHTS Results TISCO Financial Group (TISCO TB/HOLD/Bt98.75/Target: Bt94.00) 4Q24: Results in line; 100-120bp jump in credit cost guided. Update SCGP (SCGP TB/HOLD/Bt17.7/Target: Bt19.00) Weak 4Q24 net profit expected; positive sign from Fajar. True Corporation (TRUE TB/BUY/Bt11.70/Target: Bt14.50) Robust core profit expected in 4Q24.
GREATER CHINA Economics Money Supply Positive signs despite weak credit demand. Sector Baijiu Industry remains under pressure; conservative tone toward 2025; channel healthiness and price stability the key focuses. Downgrade the baijiu sector to UNDERWEIGHT. Metals and Mining ...
GREATER CHINA Economics PMI A strong rebound for non-manufacturing PMI. Sector Macau Gaming Dec 24 GGR below expectations; expect 2025 GGR to recover to 82% of 2019’s level. INDONESIA Update Mitra Keluarga Karyasehat (MIKA IJ/BUY/Rp2,540/Target: Rp3,300) Expect a double-digit earnings growth in 2025 MALAYSIA Sector Heal...
GREATER CHINA Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$314.80/Target: HK$364.00) 3Q24: Risk-and-reward is more balanced. Upgrade to BUY. Han’s Laser (002008 CH/HOLD/Rmb24.42/Target: Rmb22.70) 3Q24: Net profit misses, but visibility of recovery improving. Downgrade to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$62.15/Target: US$85.00) 1QFY25: In line; moderated growth outlook in 2QFY25 on low seasonality. Update Xtep International Holdings (...
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