reports
- Tanapon Cholkadidamrongkul
Thai Union Group (TU TB) - 3Q25 Results Preview: Uncertainties In Pric...
Highlights • We expect TU to report a core profit at Bt1,131m, down 25% yoy, and 10% qoq. • TU’s top-line is expected to increase 8% yoy and 4% qoq, supported improvements in almost all of its businesses. However, this could be offset by forex. • US price adjustments are expected in 4Q25, with branded ambient volumes likely to be most affected, which could pressure export volume growth. • Maintain HOLD, with a higher target price of Bt13.20.
- Tanapon Cholkadidamrongkul
- Thailand Research Team
Thailand Daily - Thursday, October 02, 2025
Top Stories Strategy | Alpha Picks: Stay Defensive Amid Soft Economy And Low Earnings Season Our portfolio returns stood at +3.3%, outperforming the market which rose 3.0% in September. This month, we are cautious on Thai equities due to: a) low earnings season, b) impact from US tariffs, and c) market profit-taking. We stay defensive and decide to take profit on CPN and ERW to lock in profits and avoid volatility from the low earnings season in 3Q25. Company Update | Thai Union Group (TU TB/...
- Audrey Celia
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, October 2, 2025
Greater China Economics | Continued Improvement In Manufacturing PMI September’s manufacturing PMI rose to 49.8 (+0.4pt mom), beating expectations, with the output index increasing to 51.9 (+1.1pt mom). Non-manufacturing PMI edged down to 50.0 (-0.3pt mom), as the services sub-index slipped to 50.1 (-0.4pt mom) and construction remained subdued at 49.3 (+0.2pt mom). Enterprise PMI by size showed encouraging signs of a broadening recovery, with large enterprises remaining in expansion at 51.0 an...
- Kampon Akaravarinchai
- Tanapon Cholkadidamrongkul
Thai Union Group (TU TB) - Uncertainties Remain In The Near Future
TU reported a 1Q25 core profit of Bt634m, down 27% yoy and 45% qoq, pressured by a softened top-line and higher SGA-to-sales momentum. The company has revised down its financial guidance for 2025. We maintain our forecast of a 16% yoy drop in its 2025 earnings. We still foresee uncertainties for TU in the near future, which will be an overhang on TU’s share price. Maintain HOLD. Target price: Bt10.40.
- 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...
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jonathan Koh
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Llelleythan Tan Tan
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Notes - Tuesday, May 13, 2025
GREATER CHINA Strategy China And Hong Kong Property: Channel check of Shanghai’s primary residential market; closer look at Hong Kong properties’ rental yields. MALAYSIA Results Westports Holdings (WPRTS MK/HOLD/RM4.53/Target: RM4.40): 1Q25: Results in line. WPRTS believes global acclimation towards tariff impact will rebalance trades; maintaining its 0-5% volume growth expectation. SINGAPORE Sector Banking: 1Q25 round-up: First-order direct impact assessed to be manageable. Upgrade to OVERWE...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Kampon Akaravarinchai
Thai Union Group (TU TB) - Flat yoy Earnings Growth For 2025 Due To Hi...
We expect TU’s earnings growth for 2025 to be flat yoy following the higher tax expenses and additional consulting fee costs. However, we expect its share price to have already factored in these negative news as TU is currently trading at -1SD to its five-year PE mean. Also, we expect limited downside to consensus earnings forecasts for 2025. Maintain BUY. Target price: Bt15.00.
- Kampon Akaravarinchai
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, February 19, 2025
KEY HIGHLIGHTS Results Muangthai Capital (MTC TB/BUY/Bt47.25/Target: Bt64.00) 4Q24: Earnings in line; a significant qoq reduction in credit cost. Update Bangkok Bank (BBL TB/HOLD/Bt154.00/Target: Bt170.00) 2025 financial targets similar to 2024’s. Thai Union Group (TU TB/BUY/Bt12.00/Target: Bt15.00) Flat yoy earnings growth for 2025 due to higher tax expenses.
- Benyamin Mikael
- Chong Lee Len
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ming San Soong
- Singapore Research Team
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, February 19, 2025
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$90.20/Target: HK$93.00): 4Q24: Solid earnings beat and strong AI cloud revenue growth outlook in 2025. Hysan Development (14 HK/BUY/HK$12.58/Target: HK$14.19): 2024: Positive growth in rental income supported stable DPS. INDONESIA Update Bumi Serpong Damai (BSDE IJ/BUY/Rp1,035/Target: Rp1,440): Expect continuation of all-time high marketing sales in 2025 (+10% yoy). MALAYSIA Results Hartalega Holdings (HART MK/BUY/RM2.61/Target: RM3.14): 3QFY25:...
- Kampon Akaravarinchai
Thai Union Group (TU TB) - Less Exciting Earnings Momentum, But Expec...
We expect TU to report a core profit of Bt1,231m for 4Q24, up 4.5% yoy but down 18.5% qoq. We cut our 2024-25 earnings forecasts by 4.6% and 13% respectively, as earnings should be pressured by a higher effective tax rate. Although we expect 2025 earnings to increase slightly by 2.6% yoy, we foresee an 8% yoy increase in EBIT and expect limited downside to consensus earnings. Maintain BUY. Target price: Bt15.50.
- Kampon Akaravarinchai
- Colin Lee
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Paula Ruth
- Roy Chen Chengzhi
Regional Morning Meeting Notes: Thursday, January 16, 2025
GREATER CHINA Update China Merchants Bank (3968 HK/BUY/HK$41.20/Target: HK$49.00) 4Q24 preliminary results: Every cloud has a silver lining. Lenovo Group (992 HK/BUY/HK$9.18/Target: HK$12.00) Management expects IDG business’ growth to accelerate in 2025-26. Maintain BUY. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp384/Target: Rp480) New cooperation with XPENG and HONOR; maintain BUY. MALAYSIA Update Gamuda (GAM MK/BUY/RM...
Thai Union Group Public Company Limited: 2 directors
Two Directors at Thai Union Group Public Company Limited bought/sold 14,100,000 shares at between 12.900THB and 13.500THB. The significance rating of the trade was 68/100. 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 al...
- Kampon Akaravarinchai
Thai Union Group (TU TB) - 3Q24: Earnings In Line With Our And Market...
TU report 3Q24 core profit of Bt1,511m, flat yoy and qoq, and in line with our and market expectations. The better EBT was offset by higher tax expenses after the divestment of Red Lobster. We expect a slight qoq increase in 4Q24 earnings. We are still cautious on the potential overhang of the Red Lobster lawsuit case. Maintain BUY. Target price: Bt18.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thailand Research Team
Thailand Daily - Thursday, November 07, 2024
KEY HIGHLIGHTS Strategy Impact from Trump’s Policies Foresee a robust outlook for the industrial estate and electronics sectors due to the US-China trade war. Our top picks are AMATA, BANPU, DELTA, STGT and WHA. Results PTT Global Chemical (PTTGC TB/HOLD/Bt26.25/Target: Bt24.50) 3Q24: Net loss of Bt19.3b due to huge impairment loss. Quality Houses (QH TB/HOLD/Bt1.85/Target: Bt1.82) 3Q24: In l...
- MarketLine Department
Hagoromo Foods Corp - Company Profile and SWOT Analysis
Summary Hagoromo Foods Corp - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Hagoromo Foods Corporation (Hagoromo) is a manufacturer and marketer of food products. The company's major products include canned tuna, canned fruits, pasta, sauces, and prepared foods. Hagoromo al...
- Kampon Akaravarinchai
Thai Union Group (TU TB) - Effective Long-term Strategies To Improve M...
We are positive on TU’s new culinary plant which would allow the company to offer a wider range of products and improve its manufacturing standard. This aligns with TU’s plan to focus more on high-margin and value-added products. However, the value-added business remains a relatively small contributor to TU’s operations in the short term. Maintain BUY. Target price: Bt18.00.
- Kampon Akaravarinchai
- Thanawat Thangchadakorn
Thailand Daily - Monday, October 21, 2024
KEY HIGHLIGHTS Results Kiatnakin Phatra Bank (KKP TB/HOLD/Bt52.50/Target: Bt54.00) 3Q24: Results a huge positive surprise; a large reduction in credit cost. Krungthai Card (KTC TB/BUY/Bt48.50/Target: Bt60.00) 3Q24: Results in line; credit cost and NPL ratio down qoq. TMBThanachart Bank (TTB TB/BUY/Bt1.83/Target: Bt2.16) 3Q24: Results in line; lower credit cost qoq. Upgrade to BUY. Update Thai Union Group (TU TB/BUY/Bt14.80/Targ...
- Bella Lu Yifei
- Benyamin Mikael
- Desmond Chong Chee Wai
- Greater China Research Team
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, October 21, 2024
GREATER CHINA Economics Economic Activity 3Q24 GDP growth slows to 4.6% yoy, but September shows stabilisation. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb249.89/Target: Rmb350.00) 3Q24: Earnings in line. Maintain BUY. Target price: Rmb350.00. Fuyao Glass Industry Group (3606 HK/BUY/HK$56.60/Target: HK$68.00) 3Q24: Core earnings spike 53.5% yoy, in line with estimates. Maintain BUY. Target price: HK$68...
KTC KRUNGTHAI CARD PCL
KKP KIATNAKIN BANK
CTRA CIPUTRA DEVELOPMENT
1295 PUBLIC BANK BHD
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
RGB RGB INTERNATIONAL BHD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
00020 SENSETIME GROUP INC
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
PEKAT PEKAT GROUP BHD
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