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Audrey Celia ... (+15)
  • Audrey Celia
  • Damon Shen
  • Desmond Chong Chee Wai
  • Ejann Hiew
  • Heidi Mo Jinghui
  • Jieqi Liu
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Malaysia Research Team
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Suryaputra Wijaksana
  • Thailand Research Team
  • Vincent Khoo Boo Aik
  • Willinoy Sitorus

Regional Morning Meeting Notes: Tuesday, December 02, 2025

Greater China Sector Update | China Property Demand stayed weak in Nov 25, with new-home sales in 28 cities down 42% yoy and second hand home prices in most cities falling. Land auctions in Shanghai and Hangzhou cooled, with most plots near reserve prices. We maintain UNDERWEIGHT on China property, with CR Land as our top pick for its consistent earnings outperformance. Sector Update | Macau Gaming Macau’s Nov 25 GGR reached MOP 21.1b, down 12% mom but up 14% yoy, and recovering to 92% o...

Arsit Pamaranont
  • Arsit Pamaranont

Indorama Ventures (IVL TB) - 3Q25: Results In Line With Our Expectatio...

Company Results | Indorama Ventures (IVL/BUY/Bt17.6/Target: Bt27.00) IVL reported 3Q25 core profit of Bt177m and a net loss of Bt818m, both in line with expectations. Core EBITDA fell 15% qoq and 35% yoy to US$279m, pressured by weaker PET spreads and scheduled PO/MTBE maintenance. We see a gradual recovery starting from 4Q25 and stronger 2026 earnings on spread improvement, tariff benefits, and lower energy costs, targeting EBITDA ~US$1.4b. The planned IPOs of Indovinya (IOD) and Indovida (Pack...

Arsit Pamaranont ... (+4)
  • Arsit Pamaranont
  • Kasemsun Koonnara
  • Tanapon Cholkadidamrongkul
  • Thanawat Thangchadakorn

Thailand Daily - Wednesday, November 12, 2025

Top Stories Company Results | Betagro (BTG TB/BUY/Bt16.70/Target: Bt20.00) Betagro’s 3Q25 core profit was reported at Bt1,180m (up 14% yoy, but down 54% qoq). The key pressure on 3Q25 earnings qoq was a lower gross margin due to softer swine prices. We observe an upward trend in domestic swine prices in Nov 25 and expect the trend to continue into 1H26. Upgrade to BUY with a higher target price of Bt20.00. Company Results | CP Axtra (CPAXT TB/BUY/Bt20.00/Target: Bt24.00) 3Q25 earnings are we...

Arsit Pamaranont
  • Arsit Pamaranont

Indorama Ventures (IVL TB) - Core Profit Expected To Be Positive

Company Update | Company Name (IVL TB/BUY/Bt18.50/Target: Bt27.00) IVL’s 3Q25 core profit is expected at Bt105m, outperforming market expectations of a core loss, driven by lower energy costs, steady utilisation, and higher MEG contribution. Net loss (~Bt1.0b) remains due to inventory and hedging losses. 4Q25 should see gradual recovery from stronger PET spreads and US tariff support. Looking ahead, 2026 core profit (~Bt8.5b) is projected on full tariff benefits, spread recovery, cost efficien...

Arsit Pamaranont ... (+3)
  • Arsit Pamaranont
  • Tanapon Cholkadidamrongkul
  • Thailand Research Team

Thailand Daily - Tuesday, November 04, 2025

Top Stories Strategy | Alpha Picks: Leaning Towards Overseas Earnings Base Our portfolio returns underperformed the market by -2.8%, which moved up by 2.8% in October. We have a cautious outlook for the Thai equity market in November due to the low earnings season particularly among domestically driven sectors. This month, we decide to drop BCH and BDMS due to the lack of catalysts and add SCGP and MINT to our portfolio. Company Results | Thai Union Group (TU TB/HOLD/Bt12.90/Target: Bt13.20) ...

Alden Gabriel Lam ... (+20)
  • Alden Gabriel Lam
  • Andrew Agita Buntoro
  • Arsit Pamaranont
  • Benyamin Mikael
  • Carol Dou Xiao Qin
  • Desmond Chong Chee Wai
  • Greater China Research Team
  • Heidi Mo Jinghui
  • Jonathan Koh
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Lester Siew
  • Malaysia Research Team
  • Singapore Research Team
  • Sunny Chen
  • Suryaputra Wijaksana
  • Tanapon Cholkadidamrongkul
  • Thailand Research Team
  • Vincent Khoo Boo Aik
  • Willinoy Sitorus

Regional Morning Meeting Notes: Tuesday, November 04, 2025

Greater China Strategy | Alpha Picks: November Conviction Calls HSI and MSCI China fell 3.5%/4.0% mom in October, dragged by renewed US-China trade tensions and lack of fresh policy signals from the 4th Plenum. We remain constructive in the medium term but expect further consolidation as uncertainties persist. The best performer among our picks was SELL-rated Li Auto (+21.4% mom). For November, we rotate into oversold names with near-term upside: add AIA, LINK REIT, NAURA, Pinduoduo, PICC P&...

KTC KRUNGTHAI CARD PCL
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
558 UMS HOLDINGS LIMITED
GFPT GFPT
C6L SINGAPORE AIRLINES LTD.
5347 TENAGA NASIONAL BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
VSI V.S. INDUSTRY BERHAD
PREIT PARKWAYLIFE REAL ESTATE
BURSA MAPLETREE INDUSTRIAL TRUST
PEP BURSA MALAYSIA BHD
RATCH PPB GROUP BERHAD
2633 RATCH GROUP PUBLIC CO. LTD.
HCM JACOBSON PHARMA CORP LTD
AIS HUTCHISON CHINA MEDITECH LIMITED
RSTON ADVANCED INFO SYSTEMS
FEH RIVERSTONE HOLDINGS LTD
UHU FOOD EMPIRE HOLDINGS LTD
FRKN UNITED HAMPSHIRE US REIT
MPM FRENCKEN GROUP LTD
CSSC MARCO POLO MARINE LTD
CRPU CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT SASSEUR REIT (S CHIP)
SCGP CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP SCG PACKAGING PCL
2269 LENDLEASE GLOBAL COMMERCIAL REIT
OXMU WUXI BIOLOGICS (CAYMAN) INC.
HMN PRIME US REIT
CLCT ASCOTT RESIDENCE TRUST
KORE CAPITALAND CHINA TRUST
OR KEPPEL PACIFIC OAK US REIT
MXNU PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
CLAR ELITE COMMERCIAL REIT MGNT PTE LTD
DCRU CAPITALAND ASCENDAS REIT
MTEL IJ DIGITAL CORE REIT MANAGEMENT PTE. LTD.
02161 PT DAYAMITRA TELEKOMUNIKASI
02015 JBM (HEALTHCARE) LTD
0303 LI AUTO INC
LAGENDA ALPHA IVF GROUP
SDG LAGENDA PROPERTIES BHD
BRMS IJ SD GUTHRIE BHD
AADI IJ BUMI RESOURCES MINERALS
002371 CH ADARO ANDALAN INDONESIA
ASL SP NAURA TECHNOLOGY GROUP CO LTD
ASL MARINE (ASL SP)
Arsit Pamaranont
  • Arsit Pamaranont

Indorama Ventures (IVL TB) - Strong Beneficiary Of US Reciprocal Tarif...

Highlights • We see a positive earnings impact from the new US reciprocal tariffs, effective 8 Sep 25, on PET. We are estimating an EBITDA contribution of US$50m per year, reflecting 40% of IVL’s total capacity in the US. • We continue to expect a sharp earnings recovery in 3Q-4Q25, with quarterly net profit likely to exceed Bt2.0b, supported by healthy spreads in PET, higher production volumes and incremental earnings from Essel Propack. • Maintain BUY with a target price of Bt27.00.

Arsit Pamaranont
  • Arsit Pamaranont

Thailand Daily - Thursday, September 11, 2025

Top Stories Company Updates | Indorama Ventures (IVL TB/BUY/Bt22.10/Target: Bt27.00) IVL is set to benefit strongly from US reciprocal tariffs on PET, effective 8 Sep 25, adding an estimated US$50m EBITDA annually. Lower TTF-linked gas costs further support margins. We expect net profit above Bt2.0b/quarter in 2H25, aided by tariff gains, higher volumes, and Essel Propack contribution. Additional upside stems from land sales and asset monetisation. Maintain BUY with a target price of Bt27.00,...

Arsit Pamaranont ... (+6)
  • Arsit Pamaranont
  • Chong Lee Len
  • Claire Wang Kelai
  • Heidi Mo Jinghui
  • Posmarito Pakpahan
  • Tham Mun Hon

Regional Morning Meeting Notes: Thursday, September 11, 2025

Greater China Economics | Inflation China’s August CPI returned to deflation at -0.4% yoy (-0.4ppt), below consensus, led by a sharper fall in food prices (-4.3% yoy) which includes a 16.1% yoy drop in pork prices. In contrast, core CPI rose to a ytd high of 0.9% (+0.1ppt), underpinned by services inflation. PPI deflation eased to -2.9% yoy (+0.7ppt), reflecting upstream stabilisation in mining and raw materials. The CPI-PPI divergence underscores fragile consumer demand. Broader policy supp...

Arsit Pamaranont
  • Arsit Pamaranont

Indorama Ventures (IVL TB) - 2Q25: Earnings Recover As Expected

IVL reported a narrower net loss of Bt521m in 2Q25 from a loss of Bt1.3b in 1Q25 and a huge loss of Bt23.0b in 2Q24. However, core profit turned positive at Bt595m, vs a loss of Bt975m in 1Q25, in line with our estimate. We see signs of earnings recovery taking shape in 2H25 and beyond, with upside from potential asset monetisation. Maintain BUY. Target price: Bt27.00.

Arsit Pamaranont ... (+6)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Kasemsun Koonnara
  • Kitpon Praipaisarnkit
  • Tanapon Cholkadidamrongkul
  • Thanawat Thangchadakorn

Thailand Daily - Friday, August 15, 2025

KEY HIGHLIGHTS Results COM7 (COM7 TB/BUY/Bt24.50/Target: Bt29.50) 2Q25: Better-than-expected earnings. Electricity Generating (EGCO TB/BUY/Bt113.00/Target: Bt125.00) 2Q25: Results beat expectations, with yield remaining impressive. GFPT (GFPT TB/BUY/Bt10.10/Target: Bt15.50) 2Q25: Earnings beat expectations on solid profitability. Hana Microelectronics (HANA TB/HOLD/Bt22.60/Target: Bt20.00) ...

Arsit Pamaranont
  • Arsit Pamaranont

Indorama Ventures (IVL TB) - Gearing Up For A Stronger 2H25

We see signs of earnings recovery taking shape in 2H25 and beyond. Following a huge loss in 1Q25, we believe the worst is behind IVL. Improvement across key product chains, accelerated cost transformation, and upside from potential asset monetisation position IVL for a re-rating. Maintain BUY. Target price: Bt27.00.

Arsit Pamaranont ... (+5)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Kitpon Praipaisarnkit
  • Tanapon Cholkadidamrongkul
  • Thanawat Thangchadakorn

Thailand Daily - Wednesday, August 06, 2025

KEY HIGHLIGHTS Sector Retail Staple retailers remain resilient amid economic uncertainty. Results Muangthai Capital (MTC TB/BUY/Bt38.50/Target: Bt52.00) 2Q25: Earnings in line; robust asset quality outlook. True Corporation (TRUE TB/BUY/Bt11.90/Target: Bt15.70) 2Q25: Results in line with our estimates but below consensus. Update Indorama Ventures (IVL TB/BUY/Bt22.40/Target: Bt27.00) 2Q25 Preview: Gearing up for a stronger 2H25 SCGP (SCGP TB/BUY/Bt18.10/Target...

Chong Lee Len ... (+15)
  • Chong Lee Len
  • Claire Wang Kelai
  • Desmond Chong Chee Wai
  • Ejann Hiew
  • John Cheong Ming Chern
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Malaysia Research Team
  • Paula Ruth
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Tanapon Cholkadidamrongkul
  • Thailand Research Team
  • Tham Mun Hon
  • Vincent Khoo Boo Aik

Regional Morning Meeting Notes: Wednesday, July 02, 2025

GREATER CHINA Economics PMI Modest recovery with construction rebound. Sector Macau Gaming Jun 25 GGR beat consensus by 9%; GGR has regained momentum in recent months. INDONESIA Small/Mid Cap Highlights MAP Aktif Adiperkasa (MAPA IJ/NOT RATED/Rp700) Expanding active lifestyle retail business; 1Q25 NPAT up 21% yoy. MAL...

Thailand Research Team
  • Thailand Research Team

THAILAND STRATEGY – 1Q25 Results Review

In 1Q25, earnings under our coverage are at Bt201.14b (-0.1% yoy, +46.2% qoq). The qoq increase was due to seasonality. The banking, telecommunications and consumer staples sectors reported remarkable results. For 2025 we reduce earnings growth by 3.8%, but opportunities remain in domestic and external plays. Overall, we lower 2025F EPS to Bt80 from Bt94and our SET target to 1,280 (from 1,500 in 1Q25) based on 16.0x forward PE. Top picks are ADVANC, RATCH, BCH, IVL, PTTGC.

Arsit Pamaranont
  • Arsit Pamaranont

Indorama Ventures (IVL TB) - 1Q25: Weak Quarter, But Recovery In Sight

IVL reported an adjusted net loss of Bt975m, reversing from profits of Bt701m in 4Q24 and Bt2.27b in 1Q24. Following the analyst meeting, we reaffirm our positive outlook on IVL in 2025. IVL is a classic recovery play with a strong balance sheet, disciplined capital strategy and exposure to global petrochemical demand recovery. At current levels, risk-reward is attractive enough to buy IVL. Maintain BUY. Target price: Bt24.00.

Arsit Pamaranont ... (+6)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Kampon Akaravarinchai
  • Tanapon Cholkadidamrongkul
  • Tanaporn Visaruthaphong
  • Thailand Research Team

Thailand Daily - Tuesday, May 13, 2025

KEY HIGHLIGHTS Strategy US-China Negotiations Progress in Geneva, Switzerland. Positive sign for trade negotiations from US and China. Results Banpu (BANPU TB/HOLD/Bt4.90/Target: Bt4.80) 1Q25: Net loss narrows qoq. Indorama Ventures (IVL TB/BUY/Bt20.40/Target: Bt24.00) 1Q25: Weak quarter, but recovery in sight. Thai Oil (TOP TB/HOLD/Bt27.25/Target: Bt27.00) 1Q25: Net profit in line with our expectations. Update Asset World...

Arsit Pamaranont
  • Arsit Pamaranont

Indorama Ventures (IVL TB) - 4Q24: Weak Results But Negative Priced I...

IVL reported a net profit of Bt1.0b in 4Q24, a significant yoy improvement from a loss of Bt12.4b in 4Q23 but down 27% qoq compared with 3Q24. Excluding one-offs, core profit was Bt713, down 76% qoq but turning from a loss of Bt777m in 4Q23. IVL’s 2024 core profit rose 4% yoy to Bt6.1b. Following the analyst meeting, we reaffirm our positive outlook on IVL in 2025 with expect 67% yoy growth in core profit. Maintain BUY. Target price: Bt30.00.

Arsit Pamaranont ... (+5)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Kitpon Praipaisarnkit

tHAILAND Daily: Friday, February 28, 2025

Results Amata Corporation (AMATA TB/BUY/Bt23.90/Target: Bt35.00) 4Q24: Net income misses expectations but still robust yoy and qoq. AP Thailand (AP TB/BUY/Bt8.70/Target: Bt11.30) 4Q24: Earnings in line; aggressive strategy for 2025. Bumrungrad Hospital (BH TB/BUY/Bt183.50/Target: Bt232.00) 4Q24: Strong 4Q24 earnings attributable to tax benefit. Hana Microelectronics (HANA TB/HOLD/Bt20.10/Target: Bt22.00) 4Q24: Net loss from high impairment. Indorama Ventures (IVL TB/BUY/Bt19.30/Target: Bt30.00)...

Arsit Pamaranont ... (+17)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Damon Shen
  • Desmond Chong Chee Wai
  • Gigi Cheuk
  • Greater China Research Team
  • Jieqi Liu
  • Johnny Yum
  • Jonathan Koh
  • Kate Luang
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Llelleythan Tan Tan
  • Malaysia Research Team
  • Tanaporn Visaruthaphong
  • Thailand Research Team
  • Vincent Khoo Boo Aik

Regional Morning Meeting Notes: Tuesday, December 03, 2024

GREATER CHINA Strategy Alpha Picks: December Conviction Calls Add Desay, Meituan, Mengniu, Tencent, and Trip.com to our BUY list. Take profit from CATL. Update CR Mixc Lifestyle (1209 HK/BUY/HK$29.20/Target: HK$32.15) Takeaways from reverse roadshow in Shenzhen. China Resources Land (1109 HK/BUY/HK$23.25/Target:HK$32.40) Takeaways from reverse roadshow in Shenzhen. Small/Mid Cap Highlights Regina Miracle (2199 HK/Not Rated/HK$2....

BCP THE BANGCHAK PETROLEUM PCL
MAJOR MAJOR CINEPLEX GROUP PCL
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
PTT PTT PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
N2IU MAPLETREE COMMERCIAL TRUST
IVL INDORAMA VENTURES PUBLIC CO. LTD.
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TRUE TRUE CORP. PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
03690 MEITUAN CLASS B
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
HLBK HONG LEONG BANK BERHAD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
2199 REGINA MIRACLE INTERNATIONAL
RGB RGB INTERNATIONAL BHD
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
WHA TB WHA CORP PCL
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA (EXCELCOMINDO)
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
AL2SI 2CRSI SA
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
PEKAT PEKAT GROUP BHD
BRMI BOAT ROCKER MEDIA INC.
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