Greater China Sector Update | Automobile The escalating China-US trade tensions have triggered a dual crisis in chips and rare earth, potentially disrupting the global auto supply chain like that seen in 2021-22. China's auto sector sees short-term gains from domestic prioritisation but long-term risks. Chinese auto part companies may see a revenue loss in 4Q25 if the issue is not resolved in a month. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Sector Upda...
Company Results | TISCO Financial Group (TISCO TB/HOLD/Bt103.00/Target: Bt102.00) TISCO reported a net profit of Bt1.73b in 3Q25, up 5% yoy and 1% qoq. The results beat our expectations by 11% but are in line with consensus forecasts. Management guided for a limited increase in provision expenses. The bank has set aside a buffer to cover the mark-to-market losses on the equity’s price during the remaining period before liquidation. Maintain HOLD with a higher target price of Bt102.00.
Top Stories Sector Update | Electronics We expect the combined 3Q25 core profit of Thai electronic stocks under our coverage to decline 13% yoy, pressured by lower gross margins from baht appreciation, but to increase 18% qoq, supported by higher revenue and margin improvement. We upgrade the sector to MARKET WEIGHT with KCE as our top pick, as geopolitical uncertainty has eased; however, we expect the recovery to be gradual, as the sector will likely remain under pressure from the strong bah...
Greater China Sector Update | Property Jinling Residence’s strong sell-out highlights resilient end-user demand despite weaker investment sentiment, while major cities’ October data showed yoy declines in both new and secondary home sales. We maintain MARKET WEIGHT. We upgrade Kerry Properties to BUY after the recent correction, with an unchanged target price of HK$22.80. Company Update | Alibaba Group (9988 HK/BUY/HK$155.20/Target: HK$203.00) We expect solid 2QFY26 results, despite marg...
Greater China Sector Update | Property Property investment has declined since Jul 25 due to weak demand, LGFV financing controls, slow destocking and urban-redevelopment, and limited new loans. Sep 25 data showed a rebound in Tier 1 city home sales, led by Shanghai. Central government capital is needed. However, the existing policy stance points to a low possibility of direct injection by the central government. Maintain MARKET WEIGHT, with CR Land as our top pick. Indonesia Strategy | T...
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...
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