reports
- Kampon Akaravarinchai
Bangkok Expressway And Metro (BEM TB) - Defensive Play With Steady Gro...
BEM reported a continuous yoy earnings growth in 3Q24 on the back of stronger Blue Line railway ridership. Looking forward to 2025, we expect the Blue Line to continue to be a key driver of BEM’s earnings momentum. For the Double Deck project, management guided that it should be finalised by 1Q25, following a delay from 2H24. Maintain BUY. Target price: Bt10.60.
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Benyamin Mikael
- Chong Lee Len
- Colin Lee
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Roy Chen Chengzhi
Regional Morning Meeting Notes: Tuesday, November 19, 2024
GREATER CHINA Results Xiaomi Corp (1810 HK/BUY/HK$28.80/Target: HK$33.50) 3Q24: Beat across the board; expect sustained growth across all key segments. Maintain BUY and raise target price to HK$33.50. INDONESIA Update Indo Tambangraya Megah (ITMG IJ/SELL/Rp26,850/Target: Rp25,100) Expect profit to decline by 12% yoy in 2025, fuelled by lower ASP. MALAYSIA Results CelcomDigi (CDB MK/BUY/RM3.37/Target: RM4.50) 9M24: In line; stock offers 5% yiel...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Posmarito Pakpahan
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Singapore Research Team
- Sunny Chen
- Tanaporn Visaruthaphong
- Thailand Research Team
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, August 26, 2024
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb9.96/Target: Rmb12.50) 1H24: Results lower than expected; striving for growth amid weak economic conditions. ENN Energy Holdings (2688 HK/HOLD/HK$53.50/Target: HK$58.40) 1H24: Below expectations; earnings dragged by sluggish new installation and absence of LNG trading gain. Hysan Development (14 HK/BUY/HK$11.36/Target: HK$15.41) 1H24 Interim results remains stable yoy; retail portfolio being ...
XGH ENN ENERGY HOLDINGS LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
00014 HYSAN DEVELOPMENT CO. LTD.
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
01585 YADEA GROUP HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
MISC MISC BHD
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
BST BERJAYA SPORTS TOTO BHD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
338 WEICHAI POWER
OR PTT OIL & RETAIL BUSINESS PCL
CK CH. KARNCHANG PUBLIC CO LTD
BBNI BANK NEGARA INDONESIA PERSER
Z29 029 GROUP SE
LNGFOR LONGFOR GROUP
- Kampon Akaravarinchai
Bangkok Expressway and Metro (BEM TB) - 2Q24: Earnings In Line
BEM reported a net profit of Bt1,003m for 2Q24, up 11% yoy and 18% qoq, driven by a higher top-line growth. 2Q24 net profit is in line with our and market expectations. We maintain our 2024-25 net profit forecasts at Bt3,719m and Bt4,270m, up 7% yoy and 15% yoy respectively from the continuing growth in MRT Blueline ridership. Maintain BUY. Target price: Bt11.60.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, August 14, 2024
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt23.50/Target: Bt30.00) 2Q24: Earnings below expectations; positive earnings outlook in 2H24. AP Thailand (AP TB/BUY/Bt7.85/Target: Bt11.30) 2Q24: Results within expectations; expect 3Q24 earnings to improve qoq. Bangkok Expressway and Metro (BEM TB/BUY/Bt7.75/Target: Bt11.60) 2Q24: Earnings in line. Banpu PCL (BANPU TB/HOLD/Bt4.60/Target: Bt5.00) ...
LH LAND & HOUSES PUBLIC CO. LTD.
AMATA AMATA CORP
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
AP AP THAILAND
KCE KCE ELECTRONICS PUBLIC CO. LTD.
BANPU TB BANPU
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
CPALL-R CP ALL PCL NVDR
- Kampon Akaravarinchai
Bangkok Expressway and Metro (BEM TB) - 1Q24: Earnings In Line; Rail B...
BEM reported 1Q24 earnings of Bt847m, up 13% yoy and flat qoq. The key driver yoy was improvement in the rail business in both top-line and gross margin. We expect 2024-25 earnings of Bt4.7b and Bt4.3b, up 7% yoy and 15% yoy, respectively. BEM is still our top pick in the mass transit business and land transport sector. Maintain BUY. Target price: Bt11.60.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, May 15, 2024
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt22.70/Target: Bt30.00) 1Q24: Results miss on lower gross margin. Bangkok Expressway and Metro (BEM TB/BUY/Bt8.20/Target: Bt11.60) 1Q24: Earnings in line; rail business maintains its positive gross margin. Berli Jucker (BJC TB/HOLD/Bt25.00/Target: Bt27.00) 1Q24: Results slightly missed expectations; lack of share price catalysts. Electricity Generating (EGCO TB/BUY/Bt112.00/Target: Bt150.00) ...
LH LAND & HOUSES PUBLIC CO. LTD.
PTT PTT PUBLIC COMPANY LIMITED
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
AMATA AMATA CORP
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
SPALI SUPALAI PCL
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
HANA HANA MICROELECTRONICS PCL
PTT-R PTT (NVDR)
MINT-R MINOR INTERNATIONAL PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
SVI SVI PCL
- Kampon Akaravarinchai
Bangkok Expressway and Metro (BEM TB) - 4Q23: Earnings Beat, Double De...
BEM reported a net profit of Bt858m in 4Q23, contributed by improved gross margin from the railway and commercial development businesses. The qoq growth is partially offset by the absence of dividend income and dimmed margin in other segments. We included Double Deck upside in our valuation and maintain BUY with a target price of Bt11.60.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Jun Sian Tan
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, February 29, 2024
GREATER CHINA Economics 2024/25 Budget: Tough Balancing Act. Sector Property: Government removes all cooling measures on Hong Kong property; upgrade sector to MARKET WEIGHT. Results Baidu Inc (9888 HK/BUY/HK$106.60/Target: HK$128.00): 4Q23: Solid earnings growth; all eyes on AI-powered ads and Ernie Bot in 2024. Galaxy Entertainment Group (27 HK/BUY/HK$42.05/Target: HK$56.00): 4Q23: Market share shrank within expectations; expanding share in 2024. Sun Hung Kai Properties (16 HK/BUY/HK$78.00 /Tar...
1295 PUBLIC BANK BHD
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
COM7 COM7
00027 GALAXY ENTERTAINMENT GROUP LIMITED
1155 MALAYAN BANKING BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
IJM IJM CORP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
968 XINYI SOLAR HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
TIDLOR NGERN TID LOR PCL
09888 BAIDU INC
AVIA AVIA AVIAN TBK PT
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, February 29, 2024
KEY HIGHLIGHTS Results Bangkok Expressway and Metro (BEM TB/BUY/Bt8.10/Target: Bt11.60) 4Q23: Earnings beat, Double Deck lined up in 2024. Central Plaza Hotel (CENTEL TB/HOLD/Bt44.50/Target: Bt46.00) 4Q23: Earnings in line with our forecast and better than consensus’. Charoen Pokphand Foods (CPF TB/BUY/Bt19.00/Target: Bt22.00) 4Q23: Softer-than-expected earnings; strong turnaround in 2024. Land and Houses (LH TB/BUY/Bt7.55/Target: Bt9.00) 4Q23: Results slightly above our estimates. Ngern T...
- Kampon Akaravarinchai
Bangkok Expressway and Metro (BEM TB) - Strong yoy Earnings Growth Exp...
We expect BEM to report a solid 4Q23 yoy earnings growth on the back of better railway business from an increase in average daily ridership during the Red Cross Fair. We expect its 2023-24 earnings to achieve a strong yoy growth of 39% and 10% respectively. A recent correction in share price poses an attractive accumulation opportunity. Maintain BUY. Target price: Bt9.60.
- Kampon Akaravarinchai
- Greater China Research Team
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Leow Huey Chuen
- Llelleythan Tan Tan
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
Regional Morning Notes - Thursday, January 11, 2024
GREATER CHINA Sector Catering: Pick Haidilao in the near term on better operating leverage. Maintain UNDERWEIGHT. Update Alibaba Group (9988 HK/BUY/HK$69.75/Target: HK$102.00): 3QFY24 preview: Improving GMV and advertising growth bolstered by ad-tech upgrade initiatives. China Merchants Bank Co (3968 HK/BUY/HK$25.80/Target: HK$40.00): When the going gets tough, the tough get going. INDONESIA Update Nippon Indosari Corpindo (ROTI IJ/BUY/Rp1,160/Target: Rp1,300): Soft 4Q23 but stronger 2024 perfo...
- Benjaphol Suthwanish
- Chong Lee Len
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kate Luang
- Kochakorn Sutaruksanon
- Leow Huey Chuen
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Notes - Tuesday, November 14, 2023
GREATER CHINA Economics Money Supply: A little less to cheer. Strategy Small-Mid Cap Biweekly: Riding on the wave of AI PC; Thunder Software Technology is a beneficiary. Sector Internet: 3Q23 results preview: Solid e-commerce ad growth to drive sector growth; potential positive surprise from online game grossing. Internet: Muted growth acceleration from 11.11 campaign. Update Xtep International Holdings (1368 HK/BUY/HK$6.43/Target: HK$9.50): Revenue guidance revised down yet sales target maintai...
FR FIRST INDUSTRIAL REALTY TRUST INC.
G13 GENTING SINGAPORE
PTT PTT PUBLIC COMPANY LIMITED
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
MAXIS MAXIS BHD
1368 XTEP INTERNATIONAL HOLDINGS
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Kampon Akaravarinchai
Bangkok Expressway and Metro (BEM TB) - 3Q23: Solid Earnings As Expect...
BEM posted a strong net profit of Bt970m in 3Q23, up 12.5% yoy and 7.7% qoq. The results are in line with our and market expectations, thanks to a stronger performance from expressway and railway, as well as lower-than-expected SG&A-to-sales. Although the commercial development business contributed lower margin, this was offset by dividend income from TTW. Maintain BUY. Target price: Bt9.60.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, November 14, 2023
KEY HIGHLIGHTS Results Bangkok Expressway and Metro (BEM TB/BUY/Bt7.90/Target: Bt9.60) 3Q23: Solid earnings as expected, but lacking growth from Bt20 policy. PTT (PTT TB/BUY/Bt33.00/Target: Bt41.00) 3Q23: Net profit in line with our expectations. Update Central Plaza Hotel (CENTEL TB/HOLD/Bt44.00/Target: Bt46.00) 4Q23 earnings likely to be less exciting. Downgrade to HOLD. Major Cineplex (MAJOR TB/BUY/Bt16.00/Target: Bt18.00) Stellar outlook to continue in 4Q23. PTT Global Chemical (PTTGC T...
- Kwanchai Atiphophai
Bangkok Expressway and Metro (BEM TB) - Strong Earnings Projected For ...
BEM is expected to announce 3.9% earnings growth in 3Q23 due to a recovery in travel demand in the railway business and a minor reduction of electricity expenses. We expect a continuous qoq growth in 4Q23. We have excluded possible upside from MRT Orange line and uncertainties around the Supreme Court’s final decision. Maintain BUY. Target price: Bt9.60.
- Kampon Akaravarinchai
- Kochakorn Sutaruksanon
- Carol Dou Xiao Qin
- Damon Shen
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Julia Pan Mengyao
- Jun Sian Tan
- Kampon Akaravarinchai
- Kochakorn Sutaruksanon
- Leow Huey Chuen
- Limartha Adhiputra
- Llelleythan Tan Tan
- Ming San Soong
- Sunny Chen
Regional Morning Notes - Wednesday, October 11, 2023
GREATER CHINA Sector Property: Property sales during National Day holiday weaker than expected; awaiting more stimuli in 4Q23 to restore confidence. Update Alibaba Group (9988 HK/BUY/HK$82.10/Target: HK$120.00): 2QFY24 preview: Eyes on Taobao-Tmall’s focus strategy; near-term growth to be spurred by Double 11. Asian Gems Corporate Highlights CSPC Pharmaceutical Group (1093 HK/BUY/HK$5.52/Target: HK$8.00): Innovative product launches to support double-digit revenue growth from 2024. INDONESIA As...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
MAHB MALAYSIA AIRPORTS HLDGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
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