reports
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, April 25, 2025
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...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
KKP KIATNAKIN BANK
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
BN4 KEPPEL CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TCAP THANACHART CAPITAL PCL
MLT MAPLETREE LOGISTICS TRUST
MYEG MY EG SERVICES BHD
KTB KONTOOR BRANDS
EXCL XL AXIATA TBK PT
SCB SCB X PUBLIC COMPANY LIMITED
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Thanawat Thangchadakorn
TISCO Financial Group (TISCO TB) - 1Q25: Results In Line; Revises Down...
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.
- Benjaphol Suthwanish
- Thanawat Thangchadakorn
Thailand Daily - Friday, April 18, 2025
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.
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Lester Siew
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, March 25, 2025
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 ...
2488 ALLIANCE BANK MALAYSIA BHD.
1295 PUBLIC BANK BHD
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
3K1 KINGSOFT CORP. LTD.
TISCO TISCO FINANCIAL GROUP
X2S SINOPHARM GROUP CO. LTD. CLASS H
ERAA ERAJAYA SWASEMBADA
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
IOI IOI CORP BHD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
09988 ALIBABA GROUP HOLDING LTD.
1888 KINGBOARD LAMINATES HOLDINGS LTD
09888 BAIDU INC
123F 123FAHRSCHULE SE
BIMB BANK ISLAM MALAYSIA BHD
EPIC 1CM INC
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
HUIZ HUIZE HOLDING LIMITED
- Thanawat Thangchadakorn
TISCO Financial Group (TISCO TB) - 1Q25 Results Preview: Expect Credit...
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.
- Thanawat Thangchadakorn
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Guan An Tan
- Jack Lai Yuan Khai
- Jonathan Koh
- Roy Chen Chengzhi
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, March 13, 2025
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...
TISCO TISCO FINANCIAL GROUP
RAJA RUKUN RAHARJA
KBANK KASIKORNBANK PUBLIC CO. LTD.
6493 TTBIO
BBL BHP GROUP PLC
BAUTO BERMAZ AUTO BHD
KTB KONTOOR BRANDS
SCI SCI E&C
SCB SCB X PUBLIC COMPANY LIMITED
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
BCOW 1895 BANCORP OF WISCONSIN INC
AKA A.K.A. BRANDS HOLDINGS
Tisco Financial Group Plc: 1 director
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...
- Thanawat Thangchadakorn
TISCO Financial Group (TISCO TB) - 4Q24: Results In Line; 100-120bp Ju...
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.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, January 15, 2025
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.
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Jo Yee Ng
- Jonathan Koh
- Kitpon Praipaisarnkit
- Lester Siew
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, January 15, 2025
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 ...
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
TISCO TISCO FINANCIAL GROUP
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
TRUE TRUE CORP. PUBLIC CO. LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SPSB SP SETIA BHD
GENP GENTING PLANTATIONS BHD
TXG 10X GENOMICS INC CLASS A
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
UHU UNITED HAMPSHIRE US REIT
KMLY KIMLY LTD
SCGP SCG PACKAGING PCL
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BBYB BANK NEO COMMERCE
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
1787 SHANDONG GOLD MINING CO LTD
- Jonathan Koh
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, January 02, 2025
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...
KKP KIATNAKIN BANK
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
5225 IHH HEALTHCARE BHD.
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
544 CSE GLOBAL LTD.
7090 APEX HEALTHCARE
KTB KRUNG THAI BANK PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
TISCO TISCO FINANCIAL GROUP
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
00027 GALAXY ENTERTAINMENT GROUP LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
C61U CAPITALAND COMMERCIAL TRUST
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
599A SANDS CHINA LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
SATS SP SATS LTD.
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
AMOKD 3DX INDUSTRIES INC
CVL CIVMEC
TSVT 2SEVENTY BIO INC
SCB SCB X PUBLIC COMPANY LIMITED
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
AL2SI 2CRSI SA
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
0303 ALPHA IVF GROUP
- Arsit Pamaranont
- Chong Lee Len
- Colin Lee
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, October 24, 2024
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 (...
KKP KIATNAKIN BANK
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
IVL INDORAMA VENTURES PUBLIC CO. LTD.
UNVR PT UNILEVER INDONESIA TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
MLT MAPLETREE LOGISTICS TRUST
KPG KERJAYA PROSPEK GROUP BHD
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
WHA TB WHA CORP PCL
SCB SCB X PUBLIC COMPANY LIMITED
AL2SI 2CRSI SA
Z29 029 GROUP SE
- Thanawat Thangchadakorn
TISCO Financial Group (TISCO TB) - 3Q24: Results In Line; Expect Credi...
TISCO posted a net profit of Bt1,713m for 3Q24 (-9% yoy, -2% qoq). The results are in line with our and consensus estimates. Management indicated that the cost of funds has reached its peak and NIM stabilised qoq in 3Q24. Management reiterated that the bank’s credit cost will normalise to 100bp in 2025. Meanwhile, the bank would gradually reduce the LLC ratio to no less than 140%. We maintain HOLD with an unchanged target price of Bt98.00.
- Thanawat Thangchadakorn
- Chong Lee Len
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Paula Ruth
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, October 16, 2024
GREATER CHINA Update JD.com (9618 HK/BUY/HK$160.40/Target: HK$197.00): 3Q24 results preview: Promising outlook; benefitting from trade-in programme. INDONESIA Update Indosat (ISAT IJ/BUY/Rp2,490/Target: Rp3,100): Core earnings could jump 33% yoy in 2024; launches GPU Service for AI Computing. Maintain BUY. MALAYSIA Update Deleum (DLUM MK/HOLD/RM1.55/Target: RM1.70): Most of the share price outperformance is linked to P&M’s re-rating; we still see minor trading upside for upcoming MCM contracts...
- Adrian Loh Tzum Yung
- Damon Shen
- Desmond Chong Chee Wai
- Jack Lai Yuan Khai
- Jieqi Liu
- Kenny Yong Hui Lim
- Philip Wong
- Stevanus Juanda
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, September 25, 2024
GREATER CHINA Strategy PBOC Turns On The Tap The PBOC announced a series of easing measures on Tuesday. INDONESIA Update Astra International (ASII IJ/BUY/Rp5,275/Target: Rp5,800) About 70% of car and motorcycle sales to benefit from rate cut. Upgrade to BUY. MALAYSIA Results MyNews Holdings (MNHB MK/SELL/RM0.60/Target: RM0.52) 3QFY24: Results improved sequentially but disappointed consensus expectations. Valuations...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
TISCO TISCO FINANCIAL GROUP
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
ASII PT ASTRA INTERNATIONAL TBK
6493 TTBIO
VSI V.S. INDUSTRY BERHAD
MNHB MYNEWS HOLDINGS BHD
KTB KONTOOR BRANDS
SCI SCI E&C
TSVT 2SEVENTY BIO INC
DFI DFI RETAIL GROUP HOLDINGS LIMITED
Z29 029 GROUP SE
- Thanawat Thangchadakorn
TISCO Financial Group (TISCO TB) - 3Q24 Results Preview: Expect A Slig...
We expect TISCO to post a net profit of Bt1,720m in 3Q24 (-8% yoy, -2% qoq) while loan portfolio contracted 1.5% ytd. However, we expect TISCO to have a more relaxed lending policy in 2H24 due to the better economic outlook. Also, we anticipate a slight improvement in asset quality in 2H24 due to the acceleration of government disbursement and the result of government stimulus. We maintain HOLD with a higher target price of Bt98.00.
- Thanawat Thangchadakorn
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Colin Lee
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Ken Lee
- Nurul Nazira Binti Abdullah
- Posmarito Pakpahan
- Thanawat Thangchadakorn
Regional Morning Notes - Friday, September 20, 2024
GREATER CHINA Sector Automobile: Weekly: Show me the cash. Maintain MARKET WEIGHT. Top BUYs: CATL, Desay SV, and Geely. Top SELL: GAC. IT Hardware: Takeaways from recent company visits; maintain OVERWEIGHT. INDONESIA Sector Banking: Rate cuts to ease pressure in CoF. Buy BBNI, BBCA and BBTN. MALAYSIA Sector Automobile: MAA Aug 24 TIV: Falls slightly due to the lower performance in both passenger and commercial vehicles. Results EcoWorld Development (ECW MK/BUY/RM1.74/Target: RM2.10): 3QFY24: R...
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