reports
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Jonathan Koh
- Kampon Akaravarinchai
- Ken Lee
- Malaysia Research Team
- Posmarito Pakpahan
Regional Morning Meeting Notes: Thursday, September 26, 2024
GREATER CHINA Sector Automobile Weekly: PV sales down 4.8% yoy, missing estimates. Maintain MARKET WEIGHT. Top BUYs: CATL, Desay SV, and Geely. Top SELL: GAC. INDONESIA Update Bank Central Asia (BBCA IJ/BUY/Rp10,850/Target: Rp12,000) Strong loan growth continues; asset quality remains solid. MALAYSIA Update SD Guthrie (SDG MK/HOLD/RM4.88/Target: RM4.75) Plantatio...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
BBCA PT BANK CENTRAL ASIA TBK
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
ONEM 1LIFE HEALTHCARE
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Z29 029 GROUP SE
02015 LI AUTO INC
BTG BETAGRO PUBLIC COMPANY LIMITED
600699 JOYSON ELECTRONICS CORP
SDG SD GUTHRIE BHD
- Kampon Akaravarinchai
GFPT Plc. (GFPT TB) - 2Q24: Better-than-expected Results; Expect A Les...
GFPT reported a net profit of Bt583m for 2Q24, up 67% yoy and 25% qoq, exceeding than our and market expectations by 11% and 9% respectively. The strong 2Q24 earnings were due to a higher gross profit margin and share of profit. Looking forward, we expect less exciting earnings momentum in 2H24 as we expect 3Q24 earnings to decline qoq but improve yoy. Maintain BUY. Target price: Bt15.40.
- 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
GFPT Plc. (GFPT TB) - 1Q24: Strong Yoy Earnings Growth
GFPT reported strong 1Q24 core earnings of Bt441m, up 86% yoy and 9% qoq, higher than our and market forecasts by 6-9%. The key drivers were from higher export volume, gross margin and share of profit. For 2Q24, we expect to see continuous yoy earnings growth on the back of better gross margin and share of profit. Maintain BUY. Target price: Bt14.40.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Friday, 10 May, 2024
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt41.25/Target: Bt52.00) 1Q24: Results beat expectations; attractive long-term growth outlook. GFPT Plc. (GFPT TB/BUY/Bt12.60/Target: Bt14.40) 1Q24: Strong yoy earnings growth. LPN Development (LPN TB/SELL/Bt3.48/Target: Bt2.40) 1Q24: Results beat expectations but remain below the desired level. Major Cineplex (MAJOR TB/BUY/Bt14.80/Target: Bt18.00) ...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Limartha Adhiputra
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, May 03, 2024
GREATER CHINA Strategy Alpha Picks: May Conviction Call Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. Small-Mid Cap Monthly Reiterate BUY on Crystal International. Sector Automobile Weekly: EV sales pick up; take...
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002142 BANK OF NINGBO CO. LTD. CLASS A
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AKRA PT AKR CORPORINDO TBK
AALI ASTRA AGRO LESTARI
6963 V.S. INDUSTRY
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
QH QUALITY HOUSES
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
AP4 RIVERSTONE HOLDINGS
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
AP AP THAILAND
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
G13 GENTING SINGAPORE LIMITED
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
SIDO INDUSTRI JAMU DAN FARMASI SI
SCGB SUNWAY CONSTRUCTION GROUP BH
MYEG MY EG SERVICES BHD
WPRTS WESTPORTS HOLDINGS BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
PSH PRUKSA HOLDING PCL
RGB RGB INTERNATIONAL BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
869 PLAYMATES TOYS LIMITED
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
BTG BETAGRO PUBLIC COMPANY LIMITED
GENTMK GENTING BERHAD
- Kampon Akaravarinchai
GFPT (GFPT TB) - 4Q23: Better-than-expected Results; Resilient Momentu...
GFPT’s 4Q23 net profit increased 27% qoq, exceeding our and market estimates by 12% and 8% respectively. The key drivers were gross margin improvement and a higher share of profit. We still expect 1Q24 earnings momentum to be resilient on the back of strong chicken export orders and a recovery in chicken carcass prices. We expect GFPT to deliver a slight yoy growth in 2024 from a high base. Maintain BUY. Target price: Bt14.40.
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, February 21, 2024
KEY HIGHLIGHTS Results AP Thailand (AP TB/BUY/Bt10.90/Target: Bt13.50) 4Q23: Results in line; targets to grow presales and revenue in 2024 despite challenges. GFPT (GFPT TB/BUY/Bt11.70/Target: Bt14.40) 4Q23: Better-than-expected results; resilient momentum in 1Q24. Muangthai Capital (MTC TB/HOLD/Bt43.50/Target: Bt40.00) 4Q23: Earnings beat market expectation. Supalai (SPALI TB/BUY/Bt19.80/Target: Bt24.20) 4Q23: Results exceed expectation, expect to see a recovery in 2024
- Adrian Loh Tzum Yung
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Jun Sian Tan
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Leow Huey Chuen
- Ming San Soong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Wednesday, February 21, 2024
GREATER CHINA Sector Property: A closer look at China’s property market: Takeaways from project visits in Shenzhen/Guangzhou/Shanghai/Suzhou. Update Meituan (3690 HK/HOLD/HK$72.75/Target: HK$70.00): 4Q23 results preview: Pressured margins given persisting headwinds and competition. Downgrade to HOLD. INDONESIA Sector Banking: Loan growth to support earnings growth in 2024. MALAYSIA Results CelcomDigi (CDB MK/HOLD/RM4.37/Target: RM4.50): 2023: Above our expectations but in line with street est...
- Kampon Akaravarinchai
GFPT Plc. (GFPT TB) - 3Q23: Slightly Lower-than-expected Results
GFPT reported 3Q23 net profit of Bt318m, down 53% yoy and 8.6% qoq. The key pressures were mainly from lower gross margin and share of profit. However, GFPT is expected to deliver a qoq earnings improvement following better chicken exports and lower raw material costs. Although we expect 2023 earnings to decline 36%, we expect a 5.3% yoy improvement in 2024. Maintain BUY. Target price: Bt15.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Monday, November 13, 2023
KEY HIGHLIGHTS Results Banpu PCL (BANPU TB/HOLD/Bt7.70/Target: Bt8.00) 3Q23: Net profit rebounds qoq. BEC World PCL (BEC TB/HOLD/Bt5.80/Target: Bt5.50) 3Q23: Earnings far below estimates; dim outlook to persist going forward. Central Plaza Hotel (CENTEL TB/BUY/Bt45.00/Target: Bt52.00) 3Q23: Another disappointing set of results, but should have bottomed out. COM7 (COM7 TB/BUY/Bt26.00/Target: Bt32.50) 3Q23: Lower-than-expected 3Q23 results. Expect yoy improvement in 4Q23. CP ALL (CPALL TB/B...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Kochakorn Sutaruksanon
- Leow Huey Chuen
- Llelleythan Tan Tan
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, August 11, 2023
GREATER CHINA Sector Automobile: Weekly: EV sales up 38% yoy and 9% mom in 1-6 August, in line with estimates. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Results Alibaba Group (9988 HK/BUY/HK$94.30/Target: HK$133.00): 1QFY24: Strong beat on all levels after restructuring. Hysan Development (14 HK/BUY/HK$17.56/Target: HK$26.18): 1H23: Results distorted by AEI; competitiveness of retail portfolio enhanced. INDONESIA Results United Tractors (UNTR IJ/HOLD/Rp27,600/Target: Rp28,000):2Q23...
PTT PTT PUBLIC COMPANY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
GFPT GFPT
C52 COMFORTDELGRO CORPORATION LIMITED
PENT PENTAMASTER CORP BHD
14 HYSAN DEVELOPMENT CO LTD
PROP PROPNEX LTD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
WHA TB WHA CORP PCL
SENTRAL SENTRAL REIT
- Kampon Akaravarinchai
GFPT (GFPT TB) - 2Q23: Better-than-expected Results; Earnings To Still...
GFPT posted 2Q23 core profit of Bt334m, down 31% yoy, but improving 41% qoq — better than our and consensus estimates. The qoq earnings improvement was from higher sales, gross margin, and share of profit. Although 3Q23 earnings will be softer than expected, we still prefer GFPT over peers. We still maintain our 2023-24 earnings forecast. Maintain BUY. Target price: Bt15.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Friday, August 11, 2023
KEY HIGHLIGHTS Results Esso Thailand (ESSO TB/HOLD/Bt9.30/Target: Bt9.80) 2Q23: Weak results. GFPT (GFPT TB/BUY/Bt11.90/Target: Bt15.00) 2Q23: Better-than-expected results. Earnings to still be better than peers’. PTT (PTT TB/BUY/Bt35.75/Target: Bt41.00) 2Q23: Net profit within expectations. WHA Corporation (WHA TB/HOLD/Bt4.88/Target: Bt5.20) 2Q23: Impressive results beating our forecasts. Update Asset World Corporation (AWC TB/HOLD/Bt4.36/Target: Bt5.30) 2Q23: Earnings missed due to high...
- Kampon Akaravarinchai
- Kwanchai Atiphophai
Thailand Strategy - El Nino − The Good And The Bad
The presence of El Nino has already been confirmed. However, we need to monitor its severity during 4Q23. In the case of a moderate to strong El Nino, the key beneficiaries will be upstream agriculture plays and some midstream agri-food producers who can pass on their costs to customers. The losers would be companies with limited ability to pass on costs and the ones that focus on low-end customers, such as energy drink producers and some consumer finance plays. Top picks: CPALL, BJC, and GFPT.
- Kampon Akaravarinchai
GFPT (GFPT TB) - Most Resilient Earnings Among Thai Farm Operators
We expect GFPT’s 2Q23 core earnings to increase 11% qoq on higher export volume and ASPs. We have revised up our 2023-24 earnings by 11.6% and 10.7% to reflect higher-than-expected chicken prices and a new primary plant in 2H23. Although 2023 earnings are expected to drop 40.8% yoy, we expect an 11.2% yoy increase in 2024. Maintain BUY. Target price: Bt15.00.
- Jacquelyn Yow Hui Li
- Kampon Akaravarinchai
- Leow Huey Chuen
Thailand Daily - Wednesday, June 21, 2023
KEY HIGHLIGHTS Sector Regional Plantation Thailand, the third-largest CPO-producing country, is adding planting area by converting land used for other crops. The dry weather in 1Q23 is affecting production in 2H23. Update GFPT (GFPT TB/BUY/Bt12.40/Target: Bt15.00) Most resilient earnings among Thai farm operators.
- Carol Dou Xiao Qin
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Leow Huey Chuen
- Malaysia Research Team
- Roy Chen Chengzhi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Notes - Wednesday, June 21, 2023
REGIONAL Sector Plantation: Thailand, the third-largest CPO-producing country, is adding planting area by converting land used for other crops. The dry weather in 1Q23 is affecting production in 2H23. GREATER CHINA Sector Aviation: Airlines: Expecting strong summer peak travel; equity-raisings still an overhang. Maintain UNDERWEIGHT. Internet: 618 shopping gala – Price war reignited amid tempered consumption. Update WuXi Biologics (Cayman) (2269 HK/SELL/HK$38.75/Target: HK$30.00): Expect slow r...
- Kampon Akaravarinchai
GFPT (GFPT TB) - 1Q23: Earnings Drop; Weaker-than-expected 1H23 Earnin...
GFPT reported 1Q23 earnings of Bt237m, down by 45.3% yoy and 47.5% qoq. The key pressures were from lower profitability and share of profit. We cut 2023-24 earnings forecast by 34% and 24%, respectively to reflect weaker-than-expected gross margin outlook. However, we expect improvement in 2H23 earnings momentum. Maintain BUY. Target price: Bt13.20.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Friday, May 12, 2023
KEY HIGHLIGHTS Results Bangkok Chain Hospital (BCH TB/SELL/Bt18.80/Target: Bt17.30) 1Q23: A shocking earnings surprise to the downside on slumped margins. Downgrade to SELL Bangkok Dusit Medical Services (BDMS TB/BUY/Bt29.75/Target: Bt33.00) 1Q23: Earnings hit a new record high on robust revenue and margins. Upgrade to BUY. Bangkok Expressway and Metro (BEM TB/HOLD/Bt9.05/Target: Bt9.80) 1Q23: Earnings beat on lower-than-expected expenditure. GFPT (GFPT TB/BUY/Bt11.20/Target: Bt13.20) 1Q2...
PTT PTT PUBLIC COMPANY LIMITED
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
GFPT GFPT
BCH BANGKOK CHAIN HOSPITAL PCL
SPRC STAR PETROLEUM REFINING
BDMS-R BANGKOK DUSIT MEDICAL SERVICES PCL NVDR
PTT-R PTT (NVDR)
WHA TB WHA CORP PCL
SVI SVI PCL
ONEE THE ONE ENTERPRISE PCL
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