reports
- 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
- 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
- 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....
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.
- Arsit Pamaranont
Indorama Ventures (IVL TB) - 3Q24: Beating Estimates With Positive Cha...
IVL delivered stronger earnings growth in 3Q24 with net profit up 670% yoy to Bt1.5b and core profit of Bt3.0b, up 678% yoy and 145% qoq, beating our and market estimates. IVL’s 9M24 core profit rose 44% yoy to Bt5.5b. Following the analyst meeting, we reaffirm our positive outlook on IVL in 4Q24-2025 with an expected 114% yoy growth in core profit in 2025. Maintain BUY. Target price: Bt32.00.
- Arsit Pamaranont
- Kampon Akaravarinchai
Thailand Daily - Tuesday, November 12, 2024
KEY HIGHLIGHTS Results Indorama Ventures (IVL TB/BUY/Bt25.75/Target: Bt32.00) 3Q24: Beating estimates with positive changes. Major Cineplex (MAJOR TB/BUY/Bt14.10/Target: Bt19.00) 3Q24: Better-than-expected earnings; 2025 earnings to reach pre-COVID-19 levels.
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Arsit Pamaranont
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Malaysia Research Team
- Roy Chen Chengzhi
- Stevanus Juanda
- Wei Xiang Ku
Regional Morning Notes - Tuesday, November 12, 2024
GREATER CHINA Sector Property: Channel checks and observations of Shanghai primary market. INDONESIA Update Astra International (ASII IJ/BUY/Rp4,970/Target: Rp6,000): Should be able to cope with intense competition. MALAYSIA Sector Plantation: MPOB’s Oct 24 data showed a slow inventory rebuild due to higher exports and declining production. Results CTOS Digital (CTOS MK/BUY/RM1.14/Target: RM1.51): 3Q24: Results within expectations. While management has revised its internal guidance for 2025, w...
- Arsit Pamaranont
Indorama Ventures (IVL TB) - 3Q24 Results Preview: Positive Operating ...
IVL will report its 3Q24 results on 11 November. With more positive management guidance on the company’s operating efficiency and asset optimisation programme, we see increasing upside potential for consensus earnings estimate after the company releases its 3Q24 results. We further raise our earnings estimate and increase target price to Bt32.00. Maintain BUY.
- Arsit Pamaranont
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Thursday, October 24, 2024
KEY HIGHLIGHTS Sector Banking 3Q24: Results within market expectation; credit costs improve as expected. Update Indorama Ventures (IVL TB/BUY/Bt25.00/Target: Bt32.00) 3Q24 results preview: Positive operating outlook WHA Corporation (WHA TB/BUY/Bt5.65/Target: Bt6.50) 3Q24 results preview: Earnings should increase yoy on improved margins, but decline qoq due to w...
- 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
- Arsit Pamaranont
Indorama Ventures (IVL TB) - 2Q24: A Huge Loss As Expected, But Earnin...
IVL announced its 2Q24 results with a net loss of Bt23.0b as expected, impacted by a huge impairment and expense provision of Bt25.0b. Excluding one-offs, core profit was Bt1.2b (-62% yoy and -1% qoq), slightly below our and market estimates. We expect core profit to continue recovering in 2H24. Maintain BUY. Target price: Bt22.50.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, August 13, 2024
KEY HIGHLIGHTS Results BEC World PCL (BEC TB/BUY/Bt3.56/Target: Bt4.20) 2Q24: Clearer earnings visibility ahead; upgrade to BUY Betagro (BTG TB/BUY/Bt22.60/Target: Bt26.50) 2Q24: Bottom line turns to profit. Indorama Ventures (IVL TB/BUY/Bt17.80/Target: Bt22.50) 2Q24: A huge loss as expected, but earnings should have bottomed out. PTT (PTT TB/BUY/Bt33.25/Target: Bt37.00) ...
PTT PTT PUBLIC COMPANY LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
BEC BEC WORLD PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTT-R PTT (NVDR)
IVL-R INDORAMA VENTURES PCL (NVDR)
MINT-R MINOR INTERNATIONAL PCL NVDR
MTC MUANGTHAI CAPITAL PCL
WHA TB WHA CORP PCL
TIDLOR NGERN TID LOR PCL
SVI SVI PCL
BTG BETAGRO PUBLIC COMPANY LIMITED
- Arsit Pamaranont
Indorama Ventures (IVL TB) - 2Q24 Results Preview: Expect A Huge Loss ...
IVL will report its 2Q24 results on 8 August. We expect its performance to be hurt by a huge impairment of US$660m-680m, which will result in IVL posting a record net loss of Bt22.3b in 2Q24. However, we expect investors to be more willing to buy on expectations of a fundamental recovery in 2025. Upgrade to BUY. Target price: Bt22.50.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Thanawat Thangchadakorn
Thailand Daily: Monday, August 05, 2024
KEY HIGHLIGHTS Update Banpu (BANPU TB/HOLD/Bt4.90/Target: Bt5.00) Expect 2Q24 net profit to drop qoq. BTS Group Holdings (BTS TB/HOLD/Bt4.06/Target: Bt4.47) Slightly negative on BTS’ transaction deal. Indorama Ventures (IVL TB/BUY/Bt19.30/Target: Bt22.50) 2Q24 results preview: Expect a huge loss, but earnings should bottom out in 2Q24. Upgrade to BUY. Krung Thai Bank (KTB TB/BUY/Bt17.80/Target: Bt21.50) Maintaining good asset quality a...
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Benjaphol Suthwanish
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Malaysia Research Team
- Paula Ruth
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Wei Xiang Ku
Regional Morning Notes - Monday, August 05, 2024
GREATER CHINA Update LINK REIT (823 HK/BUY/HK$33.55/Target: HK$42.76): Takeaways from visits to Hong Kong and Shenzhen malls near the border. INDONESIA Strategy Alpha Picks: Underperformance in Jul 24: Our picks are BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. Results Mayora Indah (MYOR IJ/HOLD/Rp2,470/Target: Rp2,500): 2Q24: Rising raw material costs impact gross margin. Telkom Indonesia (TLKM IJ/BUY/Rp2,850/Target: Rp4,200): 2Q24: 6% yoy growth in core profit; to improve cost effi...
PTT PTT PUBLIC COMPANY LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
MYOR MAYORA INDAH
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
FEHT FAR EAST HOSPITALITY TRUST
KTB-R KRUNG THAI BANK PCL NVDR
SMELT MALAYSIA SMELTING CORP BHD
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
- Arsit Pamaranont
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Keith Wee Teck Keong
- Leow Huey Chuen
- Paula Ruth
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, June 11, 2024
GREATER CHINA Economics Trade May exports grew 7.6%; imports moderated. Sector Property Property prices further drop after 17 May 24 policy combo; effective implementation of policies crucial for market stabilisation. INDONESIA Sector Telecommunications Pos...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
PTT PTT PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
IRPC IRPC PUBLIC CO. LTD.
ISAT INDOSAT
TOP THAI OIL PUBLIC CO. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
TOWR PT SARANA MENARA NUSANTARA TBK
AJBU KEPPEL DC REIT
SCC SIAM CEMENT PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PTG PTG ENERGY
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
BURSA BURSA MALAYSIA BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
OR PTT OIL & RETAIL BUSINESS PCL
EXCL XL AXIATA (EXCELCOMINDO)
688536 3PEAK INCORPORATED
BCOW 1895 BANCORP OF WISCONSIN INC
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
Z29 029 GROUP SE
- Arsit Pamaranont
Indorama Ventures (IVL TB) - 1Q24: Bottom-line Growth Improves
IVL’s 1Q24 results show the first signs of a turnaround with net profit of Bt1.1b for the quarter, up 11% yoy and turning around from a loss of Bt12.4b in 4Q23. Excluding oneoffs, core profit was Bt1.2b, down 41% yoy but reversing from a loss of Bt1.5b in 4Q23. We expect core profit to continue recovering in 2Q24 but we believe the market is still concerned about further impairments. Maintain HOLD. Target price: Bt22.50.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Monday, May 13, 2024
KEY HIGHLIGHTS Results Banpu PCL (BANPU TB/HOLD/Bt5.45/Target: Bt5.00) 1Q24: Operating results turn to a profit. BEC World PCL (BEC TB/HOLD/Bt4.64/Target: Bt5.30) 1Q24: Earnings surge yoy and qoq. Betagro PCL (BTG TB/BUY/Bt23.50/Target: Bt27.00) 1Q24: Earnings improve strongly qoq. CP ALL (CPALL TB/BUY/Bt59.00/Target: Bt84.00) 1Q24: Impressive e...
- Arsit Pamaranont
- Ceilica Su Rui
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Leow Huey Chuen
- Paula Ruth
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Monday, May 13, 2024
GREATER CHINA Economics Inflation: PPI decline narrows as global commodity prices head higher. Money Supply: Weak credit demand hampering policy transmission. Sector Shipping and Ports: Prefer ports over container shipping for better risk-reward. Downgrade CSH to HOLD and OOIL to SELL after recent share price surge; switch to CSP and CMP. Update Xiaomi Corp (1810 HK/BUY/HK$19.40/Target: HK$22.80): 1Q24 Results Preview: Expect another beat driven by AIoT business. INDONESIA Results Erajaya Swas...
- Arsit Pamaranont
Indorama Ventures (IVL TB) - Neutral Tone After Capital Markets Day
We have a neutral view after attending IVL’s Capital Markets Day. Although we expect IVL’s long-term growth to remain intact, we believe there will be increasing investor concerns about a possible asset impairment in Europe in 2024 due to weak economics there. Maintain HOLD. Target price: Bt22.50.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.