reports
- Kitpon Praipaisarnkit
Delta Electronics (DELTA TB) - 1Q23: Earnings Missed Our Expectations;...
DELTA reported 1Q23 net profit of Bt3.6b (+30% yoy, -14% qoq). The results are 8% below our estimates by 6% and 11% below consensus estimates. Earnings missed our estimates on lower-than-expected gross margin. We expect the lacklustre performance to continue in 2Q23 due to the weak semiconductor industry hurt by the economic condition. Maintain SELL. Target price: Bt660.00.
- Kitpon Praipaisarnkit
- Kwanchai Atiphophai
- Waritthorn Kaewmuang
Thailand Daily -Thursday, April 27, 2023
KEY HIGHLIGHTS Sector Banking 1Q23 results wrap-up: Results beat on investment gains; selective BUY on banks that are still laggards. Results Delta Electronics (DELTA TB/SELL/Bt888.00/Target: Bt660.00) 1Q23: Earnings missed our expectations; weak outlook not over yet. Update Bangkok Chain Hospital (BCH TB/BUY/Bt21.70/Target: Bt24.00) Expect 1Q23 net profit to be flat; positive earnings outlook for 2023.
- Kitpon Praipaisarnkit
Delta Electronics (DELTA TB) - Earnings Up yoy But Still Down qoq
We expect 1Q23 earnings to improve yoy from a low base, but decline qoq due to softer revenue and lower gross margin. Revenue should rise yoy but drop qoq due to seasonal effects. We maintain a neutral view on DELTA’s outlook in 1H23 from the impact of low demand and currency fluctuation. In terms of valuation, we maintain SELL on DELTA with a target price of Bt660.00 as we believe the valuation of DELTA is too high and not justified.
- Kitpon Praipaisarnkit
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Llelleythan Tan Tan
- Stevanus Juanda
Regional Morning Notes - Monday, April 10, 2023
INDONESIA Sector Technology: Share compensation expenses should decline going forward. MALAYSIA Sector Oil & Gas: Cost inflation is an increasing risk to the sector’s execution. However, there are pockets of opportunities from stocks such as MMHE, Dialog and Yinson. SINGAPORE Update Thai Beverage (THBEV SP/BUY/S$0.655/Target: S$0.78): Tourism recovery on track. THAILAND Update Delta Electronics (DELTA TB/SELL/Bt1,142.00/Target: Bt660.00): Earnings up yoy but still down qoq.
5218 SAPURA ENERGY BHD
DELTA DELTA ELECTRONICS (THAILAND) PUBLIC CO. LTD.
Y92 THAI BEVERAGE PUBLIC CO. LTD.
5243 VELESTO ENERGY
UZMA UZMA BHD
MISC MISC BHD
YNS YINSON HOLDINGS BHD
BAB BUMI ARMADA BERHAD
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
DLUM DELEUM BERHAD
BUKA BUKALAPAK.COM PT TBK
GOTO GOJEK TOKOPEDIA TBK PT
- Kitpon Praipaisarnkit
Delta Electronics (DELTA TB) - 4Q22: Results In Line, Up yoy But Flat ...
DELTA posted 4Q22 net profit of Bt4.2b, up 100% yoy but flat qoq. The results were in line with our forecast, but above consensus estimates by 8%. Looking ahead to 2023, we believe earnings would see an improvement, but would be slower compared with 2022 earnings growth. Maintain SELL. Target price: Bt660.00.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, February 16, 2023
KEY HIGHLIGHTS Results Delta Electronics (DELTA TB/SELL/Bt904.00/Target: Bt660.00) 4Q22: Results in line, up yoy but flat qoq. PTT Oil & Retail Business (OR TB/BUY/Bt22.70/Target: Bt33.00) 4Q22: Disappointing results, but expect earnings recovery in 1Q23. Update Thai Oil (TOP TB/HOLD/Bt56.50/Target: Bt51.00) Expect 1Q23 earnings to recover qoq, but business outlook to remain weak.
- Benjaphol Suthwanish
- Hazmy Hazin
- Heidi Mo Jinghui
- Jo Yee Ng
- Julia Pan Mengyao
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Limartha Adhiputra
- Zhifeng Shen
Regional Morning Notes - Thursday, February 16, 2023
GREATER CHINA Sector Internet: Online games buoyed by resumption of NPPA new game approval. Sportswear: Upbeat on improving fundamentals. INDONESIA Update Summarecon Agung (SMRA IJ/BUY/Rp590/Target: Rp900): Expecting solid net profit growth in 2023. MALAYSIA Results MISC (MISC MK/BUY/RM7.33/Target: RM8.60): 2022: Profit beat expectations. EBITDA generation will be driven by near-term strong outlook from petroleum, and long-term earnings boost from FPSO Mero-3. Update Kerjaya Prospek Group (KPG...
- Kitpon Praipaisarnkit
Delta Electronics (DELTA TB) - Expect Firm yoy 4Q22 Earnings
We expect DELTA to display 4Q22 earnings of Bt4.2b (+100% yoy, +2% qoq), mainly buoyed by solid revenue from many products and higher gross margin. Looking ahead, we expect to see earnings growth of 8% yoy in 2023. Nonetheless, we maintain SELL on DELTA with a higher target price of Bt660.00. We believe the valuation is too expensive compared with its peers.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Friday, January 13, 2023
KEY HIGHLIGHTS Update Bangchak Corporation (BCP TB/BUY/Bt31.75/Target: Bt37.00) ESSO acquisition is value accretive. Upgrade to BUY. Delta Electronics (DELTA TB/SELL/Bt850.00/Target: Bt660.00) Expect firm yoy 4Q22 earnings. Land and Houses (LH TB/BUY/Bt9.80/Target: Bt11.50) Low-rise transfers and rental income would underpin revenue growth.
- Arsit Pamaranont
- Jessie Guo Yuting
- Keith Wee Teck Keong
- Ken Lee
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Sabrina Soh
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, January 13, 2023
GREATER CHINA Economics Inflation: Disinflationary pressures easing. Sector Automobile: Weekly: Exports emerging as a new growth driver for China’s EV industry. Maintain UNDERWEIGHT. Top picks: CATL, Desay SV, FYG and Xusheng. Banking: Prefer retail-focused banks given China’s reopening. Gas Distribution: Clearer visibility on demand recovery; dollar margin recovery on track. INDONESIA Sector Banking: Solid fundamentals; maintain OVERWEIGHT. MALAYSIA Update Public Bank (PBK MK/BUY/RM4.31/Targe...
- Chaiwat Arsirawichai
Delta Electronics (DELTA TB) - Positive On Outlook Ahead
The tone at DELTA’s analyst meeting was optimistic. Earnings in 4Q22 and 2023 are likely to continue to be strong. Revenue should improve as well due to strong demand of many products. Gross margin is expected to remain at a strong level due to the expectation of Baht depreciation and product mix. Despite having a positive view on DELTA, we still recommend SELL due to overvaluation with a target price of Bt430.00.
- Chaiwat Arsirawichai
Thailand Daily - Thursday, October 27, 2022
KEY HIGHLIGHTS Results Siam Cement (SCC TB/HOLD/Bt327.00/Target: Bt296.00) 3Q22: Weak core earnings in line with our estimate, due to weak earnings performance of all business units. Update Delta Electronics (DELTA TB/SELL/Bt666.00/Target: Bt430.00) Positive on outlook ahead.
- Chaiwat Arsirawichai
Delta Electronics (DELTA TB) - 3Q22: Impressive Earnings
DELTA reported an impressive 3Q22 net profit of Bt4.1b (+244% yoy, -4% qoq). The results are 8% above our estimate and 12% above consensus’. Earnings beat our estimates on higher-than-expected revenue and lower-than-expected SG&A-to sales. Although we foresee strong earnings momentum from DELTA, we still recommend selling the stock as we believe it is overvalued. Maintain SELL. Target price: Bt430.00.
- Chaiwat Arsirawichai
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, October 26, 2022
KEY HIGHLIGHTS Results Delta Electronics (DELTA TB/SELL/Bt626.00/Target: Bt430.00) 3Q22: Impressive earnings. Home Product Centre (HMPRO TB/BUY/Bt14.20/Target: Bt18.00) 3Q22: Slightly better-than-expected results. Positive on earnings growth outlook. PTT Exploration & Production (PTTEP TB/BUY/Bt172.50/Target: Bt195.00) 3Q22: Net profit beat our and consensus estimates on the one-off tax benefits from its Malaysian assets and other tax adjustments. SCG Packaging (SCGP TB/BUY/Bt52.75/Target: B...
- Ariel Poh Yun Li
- Chaiwat Arsirawichai
- Desmond Chong Chee Wai
- Hazmy Hazin
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kwanchai Atiphophai
- Leow Huey Chuen
- Philip Wong
- Selvi Ocktaviani
Regional Morning Notes - Wednesday, July 27, 2022
GREATER CHINA Sector Industrial Automation: New orders growth split among different products. INDONESIA Initiate Coverage Champ Resto Indonesia (ENAK IJ/BUY/Rp1,650/Target: Rp1,900): Profit turnaround in 2022 and exciting EPS growth in 2023. Update Triputra Agro Persada (TAPG IJ/BUY/Rp685 /Target: Rp1,125): Maintain BUY on the back of its higher-than-peers’ CPO ASP and resilient sale volumes. MALAYSIA Sector Property: Weak macro environment continues to cloud the gloomy sector’s outlook amid t...
DELTA DELTA ELECTRONICS (THAILAND) PUBLIC CO. LTD.
KREIT KEPPEL REIT
GTB GLOBETRONICS TECHNOLOGY BHD
MINT MAPLETREE INDUSTRIAL TRUST
KRI KOSSAN RUBBER INDUSTRIES
SCGP SCG PACKAGING PCL
CTOS CTOS DIGITAL BHD
TAPG TRIPUTRA AGRO PERSADA PT
ENAK CHAMP RESTO INDONESIA TBK
- Chaiwat Arsirawichai
Delta Electronics (DELTA TB) - 2Q22: Results Beat Our And Market Estim...
Delta reported 2Q22 net profit of Bt4.3b (+158% yoy, +53% qoq). The results are 57% above our estimate and 69% above consensus’. Earnings came in above our estimates thanks to higher-than-expected revenue and gross profit margin. We revise our 2022 and 2023 earnings forecasts up by 22% and 18% respectively. However, we see many ambiguous situations that could pressure DELTA’s share price in 2H22. Maintain HOLD with a higher target price of Bt372.00.
- Chaiwat Arsirawichai
- Kampon Akaravarinchai
- Kwanchai Atiphophai
Thailand Daily - Wednesday, July 27, 2022
KEY HIGHLIGHTS Sector Banking 2Q22 results wrap-up: Earnings beat on lower credit cost; NIM is rising. Results Delta Electronics (DELTA TB/HOLD/Bt368.00/Target: Bt372.00) 2Q22: Results beat our and market estimates. Home Product Center (HMPRO TB/BUY/Bt13.50/Target: Bt16.00) 2Q22: Good performance; expect to see earnings recovery in 2H22. SCG Packaging (SCGP TB/BUY/Bt51.75/Target: Bt61.00) 2Q22: Posted better qoq earnings, in line with our and market estimates.
- Peerawat Dentananan
Delta Electronics (DELTA TB) - 1Q22: Earnings Beat Our And Market Esti...
Delta reported 1Q22 net profit of Bt2.7b (+54% yoy, +29% qoq). The results were 22% above our estimate and 21% above consensus’. Earnings were above our estimates mainly due to insurance compensation income from the flooding. Looking ahead, we are more optimistic on DELTA’s outlook. Hence, we revise up 2022-23 earnings forecasts by 17% and 3% respectively and expect earnings to improve 55% yoy in 2022. Maintain BUY with a higher target price of Bt460.00.
- Chaiwat Arsirawichai
- Peerawat Dentananan
Thailand Daily - Wednesday, April 27, 2022
KEY HIGHLIGHTS Results Delta Electronics (DELTA TB/BUY/Bt378.00/Target: Bt460.00) 1Q22: Earnings beat our and market estimates. Home Product Center (HMPRO TB/BUY/Bt15.20/Target: Bt18.00) 1Q22: Positive results, in line with our expectation. SCG Packaging (SCGP TB/BUY/Bt56.50/Target: Bt69.00) 1Q22: Results beat our estimate on better-than-expected cost control; high coal cost should be manageable. Update Central Pattana (CPN TB/BUY/Bt61.50/Target: Bt71.00) 1Q22 results preview: Recovery cont...
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