reports
- Chris Hoare
- 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.
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
MTN (Buy, TP: ZAR190, +60%) MTN Rwanda – Q1 25: Still mixed but MT gu...
MTN Rwanda has reported a somewhat mixed set of Q1 numbers. On the one hand, service revenue trends slowed, impacted by strong competition. On the other hand, EBITDA growth is back into positive territory and low capex spend this quarter translated into solid OpFCF
- Benjaphol Suthwanish
- Greater China Research Team
- Guan An Tan
- Johnny Yum
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Roy Chen Chengzhi
- Thailand Research Team
Regional Morning Meeting Notes: Tuesday, May 06, 2025
GREATER CHINA Strategy Alpha Picks: May Conviction Calls Add Alibaba, Innovent, Shuanghuan, Trip.com to our BUY list. Take profit on JBM Healthcare and CR Land. Sector Aviation Airlines: 1Q25 results below expectations. Weak fuel prices to support full-year performance. Maintain UNDERWEIGHT. INDONESIA Strategy 1Q25 Results Recap ...
BJC BERLI JUCKER PUBLIC CO. LTD.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
1023 CIMB GROUP HOLDINGS BHD
ERW ERAWAN GROUP
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
AD2 AIR CHINA LIMITED CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
01810 XIAOMI CORP. CLASS B
MTC MUANGTHAI CAPITAL PCL
RATCH RATCH GROUP PUBLIC CO. LTD.
01801 INNOVENT BIOLOGICS INC.
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
TIDLOR NGERN TID LOR PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
- Chris Hoare
- Jo Yee Ng
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, April 09, 2025
GREATER CHINA Sector Internet Navigating headwinds and uncovering opportunities upon tariff pressures. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp348/Target: Rp480) Iphone 16 series to be available in 2Q25. Maintain BUY. MALAYSIA Update Matrix Concepts Holdings (MCH MK/BUY/RM1.27/Target: RM1.66) We view the RPT deal as fair and strategic as the acquisition allows Matrix to see faster ro...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
1295 PUBLIC BANK BHD
3K1 KINGSOFT CORP. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
BCH BANGKOK CHAIN HOSPITAL PCL
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
RATCH RATCH GROUP PUBLIC CO. LTD.
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
TIDLOR NGERN TID LOR PCL
MCH MATRIX CONCEPTS HOLDINGS BHD
09888 BAIDU INC
1024 BEIJING KUAISHOU TECHNOLOGY CO LTD
09961 CTRIP.COM INTERNATIONAL
- Kitpon Praipaisarnkit
Advanced Info Service (ADVANC TB) - Expect Strong 1Q25 Earnings On Rev...
ADVANC's 1Q25 net profit is projected to rise 14% yoy and 4% qoq to Bt9.76b, mainly on the back of revenue improvement and cost reduction. We estimate 1Q25 revenue at Bt55.4b (+4% yoy, -2% qoq), supported by the mobile and FBB businesses. EBITDA margin should be strong due to the high base of SG&A in 4Q24 brought about by increased performance-based staff costs, the impact of TTTBB consolidation, and provisions for obsolete assets. Maintain BUY with a higher target price of Bt330.00.
- Kitpon Praipaisarnkit
- Thailand Research Team
Thailand Daily- Wednesday, April 02, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Selective Buy On Individual Stocks We maintain our cautiously optimistic view on the Thai equities market in Apr 25. We decide to take profit on TFG and cut losses on CPALL and MAJOR. We also add ADVANC, BJC, and PTTEP. Update Advanced Info Service (ADVANC TB/BUY/Bt281.00/Target: Bt330.00) Expect strong 1Q25 earnings on revenue improvement and cost reduction.
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thailand Research Team
Regional Morning Notes - Wednesday, April 02, 2025
GREATER CHINA Sector Macau Gaming: Mar 25 GGR slightly above expectations. MALAYSIA Results Yinson Holdings (YNS MK/BUY/RM2.20/Target: RM3.15): FY25: FPSO income misses expectations against the lower income base as per its inaugural Enterprise Reporting, and higher-than-expected financing costs. Update IJM Corporation (IJM MK/BUY/RM2.10/Target: RM3.00): Prospects remain resilient with a robust pipeline of infrastructure and industrial contract flows. Maintain BUY and target price of RM3.00. SI...
- Chris Hoare
- Chris Hoare
- Chris Hoare
Indian Telcos Q3 FY25 review: Sustained margin expansion from July’s ...
Trends continued to benefit from last July’s tariff hike with sustained margin expansion across all three operators. Capex intensity is expected to moderate further for Bharti as network build decelerates, whereas VIL would accelerate its spending on the back of its 5G launch in March. India’s FWA development remains promising, with potential positive implications on EM Telcos
- Chris Hoare
EM FWA-Watch S-Curve continuing to accelerate in India, with implicat...
Indian FWA net adds continue to accelerate and reached roughly c. 2.1m in the December quarter. India is probably therefore now accounting for around 50% of global shipments. We continue to think this is a critical development, and likely to drive an S-curve of adoption in Global EM.
- Kitpon Praipaisarnkit
Advanced Info Service (ADVANC TB) - 4Q24: Results In Line With Our For...
ADVANC’s 4Q24 net profit of Bt9.3b is in line with our forecast but exceeds consensus by 5%. Net profit grew strongly (+32% yoy, +5% qoq), driven by higher revenue, improved gross margin and a lower SG&A-to-sales. The ARPU trend continued to rise qoq due to seasonal effects. 2024 full-year earnings totalled Bt35.0b (+32% yoy). We expect ADVANC’s earnings growth to continue in 2025. Maintain BUY with a target price of Bt330.00.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Monday, February 10, 2025
KEY HIGHLIGHTS Results Advanced Info Service (ADVANC TB/BUY/Bt280.00/Target: Bt330.00) 4Q24: Results in line with our forecast but above consensus. Ngern Tid Lor (TIDLOR TB/BUY/Bt17.40/Target: Bt22.00) 4Q24: Results in line; impressive recovery momentum. SVI (SVI TB/BUY/Bt6.90/Target: Bt8.00) 4Q24: Earnings improve qoq and yoy, above expectations. Update Banpu (BANPU TB/HOLD/Bt4.74/Target: Bt5.00...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Jonathan Koh
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Posmarito Pakpahan
- Sunny Chen
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Notes - Monday, February 10
GREATER CHINA Economics Inflation Seasonal demand lifted downstream inflation. Update Innovent Biologics (1801 HK/BUY/HK$36.25/Target: HK$52.00) Expects significant expansion in 2025; targeting revenue of Rmb20b in 2027. INDONESIA Results Bank Syariah Indonesia (BRIS IJ/BUY/Rp3,020/Target: Rp3,450) 2024: Net profit up 22%, above expectations; upgrade earnings forecasts. MALAYSIA...
5681 PETRONAS DAGANGAN BHD.
5218 SAPURA ENERGY BHD
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
3816 MISC BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
5243 VELESTO ENERGY
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
BAB BUMI ARMADA BERHAD
DLG DIALOG GROUP BHD
DLUM DELEUM BERHAD
01801 INNOVENT BIOLOGICS INC.
TIDLOR NGERN TID LOR PCL
BRIS BANK BRISYARIAH TBK
CLAR CAPITALAND ASCENDAS REIT
- Chris Hoare
Indian Telcos & Towers News reports that the Indian government may vo...
Indian press is reporting that the Indian government is planning to cut AGR liabilities for the industry by around INR 1 trn (c. $12bn), by cutting 50% of interest and 100% of penalties and interest on penalties relating to the AGR fines. Implication would be a c. INR 520bn (US$ 6.2bn) reduction in liabilities for Vodafone IDEA and around INR 380bn (US $4.5bn) for Bharti.
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