A director at Tisco Financial Group Plc bought 30,000 shares at 97.500THB and the significance rating of the trade was 72/100. 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...
GREATER CHINA Sector Dairy: Slowing demand to weigh on valuations in the near term. Downgrade to MARKET WEIGHT. Switch top pick to Yili. Online Travel Agencies: Strong travel demand visibility into 2024. Server: Edge AI penetration and enterprise investment to accelerate adoption of GenAI. Initiate Coverage Foxconn Industrial Internet (601138 CH/BUY/Rmb12.72/Target: Rmb18.90): Server ODM giant to remain a key winner of the gen ai investment trend. INDONESIA Update Bank Tabungan Negara (BBTN IJ/...
TISCO posted results of Bt1,782m in 4Q23 (-1% yoy and -5% qoq). The results were below our and consensus estimates by 7% and 4%, respectively. We revise TISCO’s 2024-25 earnings projections down by 4% and 3% respectively due to accelerating funding costs and higher credit costs. Management reiterated the normalisation of LLC ratio to pre-COVID-19 levels. Maintain HOLD with a lower target price of Bt94.00.
Interest rates have peaked and entered a downcycle. Indonesian banks are the biggest beneficiaries of lower interest rates and have the highest earnings growth in 2024 and 2025. Our top BUYs are OCBC (Target: S$16.85), CIMB (Target: RM6.65), SCB X (Target: Bt124) and BBNI (Target: Rp6,300). Yield plays, such as DBS (Target: S$41.65), RHB (Target: RM6.35), KTB (Target: Bt21.50) and BMRI (Target: Rp6,500), are attractive in an environment of lower bond yields.
TISCO posted a net profit of Bt1,874m in 3Q23 (+6% yoy, +1% qoq). The results were 7% above our forecasts but in line with consensus. However, we revise TISCO’s 2024-25F earnings projections down by 6.7% and 12.6% respectively due to normalisation in funding and credit costs. We maintain HOLD on TISCO with a lower target price of Bt97.00.
KEY HIGHLIGHTS Results TISCO Financial Group (TISCO TB/HOLD/Bt100.00/Target: Bt97.00) 3Q23: Decent results; several headwinds ahead. Asian Gems Corporate Highlights Home Product Center (HMPRO TB/BUY/Bt12.20/Target: Bt17.00) Better long-term outlook but under pressure in the short term.
GREATER CHINA Economics Inflation: Sep 23 CPI inflation lower on moderating food inflation. Money Supply: Further improvement necessary to entrench economic recovery. Trade: Trade on the mend in Sep 23; less pressure on the renminbi. Update China Overseas Property Holdings Page 5 (2669 HK/BUY/HK$6.45/Target: HK$9.83): Acquisition of construction supervision subsidiary from 830 HK brings both risks and opportunities. JD.com (9618 HK/BUY/HK$117.70/Target: HK$183.00): Negative impact on top-line gr...
GREATER CHINA Sector Automobile: Weekly: Passenger EV retail sales up 40% yoy/9% mom, beating estimates. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Healthcare: Easing pressure from anti-corruption campaign, long-term growth outlook remains intact. Update Link REIT (823 HK/BUY/HK$37.30/Target: HK$50.70): Key DPU drivers remain intact; yield at historical high. INDONESIA Initiate Coverage Cisarua Mountain Dairy (CMRY IJ/BUY/Rp3,890/Target: Rp4,800): Product innovations and sales force...
We expect TISCO to post 3Q23 net profit of Bt1,752m (flat yoy, -6% qoq). The delinquency rate for the banking sector continues to deteriorate from unfavourable economic conditions. Thanks to TISCO’s robust loan loss reserves, the bank should be able to keep its credit cost low. Valuation-wise, we believe the upside gains from price appreciation are limited as it trades close to the fair price. Maintain HOLD. Target price: Bt106.00.
TISCO posted 2Q23 net profit of Bt1,854m (+0.3% yoy, +3.4% qoq). The results were in line with our and consensus expectations. TISCO’s 1H23 earnings accounted for 50% of our 2023 forecast. We like the company’s strategy of yield improvement and solid asset quality. However, the upside gains from capital appreciation are limited. Maintain HOLD. Target price: Bt106.00.
GREATER CHINA Economics Trade: Impacted by global manufacturing weakness. Sector Automobile: Weekly: China PV sales dropped 7% yoy/2% mom during 1-9 July, missing estimates. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Healthcare: Underpenetrated ICL market in China; leading leading players to deliver steady growth in non-COVID-19-related revenue. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/HOLD/Rp1,080/Target: Rp1,100): Lacklustre NPAT growth potential in 2023 and 2024; trading...
KEY HIGHLIGHTS Strategy El Nino − The Good And The Bad Eyes on the El Nino conditions in 4Q23. Results TISCO Financial Group (TISCO TB/HOLD/Bt96.00/Target: Bt106.00) 2Q23: Decent results, but the upside gains are limited; maintain HOLD. Update Thai Oil (TOP TB/BUY/Bt45.25/Target: Bt53.00) We expect 2Q23 net profit to experience a seasonal decline. Upgrade to BUY.
GREATER CHINA Economics PMI: Manufacturing PMI meets expectations, domestic demand improves. Strategy Fundamentals Of Property Sector Weakened; HMF Benefits Property Management Sector INDONESIA Strategy Alpha Picks: Slight Outperformance In Jun 23: Our picks are BSDE, CTRA, HMSP, BBNI, BMRI, BUKA, SMGR, KLBF and MAPI. MALAYSIA Sector Banking: May 23 loans growth improved; 2023 loans growth is still expected to moderate. Attractive valuation is offset by pedestrian growth. SINGAPORE Strategy ...
We expect TISCO to post flat yoy and qoq earnings growth at Bt1,773m in 2Q23. The market is concerned over asset quality deterioration, especially in auto-HP. However, based on our channel check, the number of repossessed cars remains under control. Incidentally, the bank’s NIM for 2Q23 and the rest of 2023 should continue to decline, dragged by rising funding costs. Maintain HOLD. Target price: Bt106.00.
TISCO posted a 1Q23 net profit of Bt1,793m (-0.2% yoy, -0.8% qoq). The results were in line with our and consensus expectations. While we believe TISCO’s strategy of expanding high-yield loans, coupled with its ample excess loan loss reserves, should be enough to offset the adverse impacts from rising funding costs, the earnings growth for 2023 is marginal. Maintain HOLD. Target price: Bt106.00.
KEY HIGHLIGHTS Results Krung Thai Bank (KTB TB/BUY/Bt16.70/Target: Bt19.40) 1Q23: Results beat our and consensus expectations. Upgrade to BUY. TISCO Financial Group (TISCO TB/HOLD/Bt101.50/Target: Bt106.00) 1Q23: Results in line. TMBThanachart Bank (TTB TB/BUY/Bt1.42/Target: Bt1.63) 1Q23: Solid performance; upgrade to BUY. Update VGI Public Company (VGI TB/BUY/Bt4.02/Target: Bt4.60) To post mild loss in 4QFY23, moderate growth outlook for FY24. Upgrade To BUY.
GREATER CHINA Sector IT Hardware: Sector reaches a trough but meaningful recovery may take more time. Maintain MARKET WEIGHT. MALAYSIA Update GHL SYSTEMS (GHLS MK/BUY/RM0.83/Target: RM1.00): Reiterate BUY on the back of tourist spending and higher growth of non-cash transactions in ASEAN countries. SINGAPORE Results Keppel REIT (KREIT SP/BUY/S$0.895/Target: S$1.12): 1Q23: Resiliency from home base Singapore. THAILAND Results Krung Thai Bank (KTB TB/BUY/Bt16.70/Target: Bt19.40): 1Q23: Results ...
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