reports
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Roy Chen Chengzhi
- Thailand Research Team
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, June 17, 2025
GREATER CHINA Economics Economic Activity Mixed bag for May. Sector Property Property market weakens further in May 25, with diverging city-tier performance. INDONESIA Initiate Coverage Bumi Resources Minerals (BRMS IJ/BUY/Rp454/Target: Rp610) Soaring to new heights; initiate coverage with BUY. MALAYSIA Update Press Metal ...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
QH QUALITY HOUSES
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
SPALI SUPALAI PCL
C6L SINGAPORE AIRLINES LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
AP AP THAILAND
CHG CHULARAT HOSPITAL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
PSH PRUKSA HOLDING PCL
BRMS IJ BUMI RESOURCES MINERALS
- Kasemsun Koonnara
Land and Houses (LH TB) - Maintains Cautious Outlook Amid Housing Dema...
LH posted a net profit of Bt837m in 1Q25, down 32% yoy and 68% qoq, as earnings were mainly weighed down by softened presales. Presales momentum continues to face multiple headwinds, including delayed purchasing decisions from homebuyers in the high-income segment. Despite gains from asset divestments, we remain cautious on the residential business and maintain a conservative view on LH’s earnings outlook. Maintain HOLD. Target price: Bt4.40.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Friday, May 16, 2025
KEY HIGHLIGHTS Results CH Karnchang (CK TB/BUY/Bt14.00/Target: Bt20.20) 1Q25: Earnings improve yoy and qoq, beating expectations. Stecon Group (STECON TB/BUY/Bt7.00/Target: Bt9.00) 1Q25: Exceeded expectations; outlook remains positive. Update Airports of Thailand (AOT TB/HOLD/Bt35.00/Target: Bt39.00) Concerns on earnings miss have been alleviated. Central Plaza Hotel (CENTEL TB/BUY/Bt21.30/Target: Bt29.00) A challenging 2Q25 awaits. Charoen Po...
- Kasemsun Koonnara
Land and Houses (LH TB) - To Fully Launch A New Mixed-use Project; Res...
LH plans to fully launch Grande Centre Point Lumphini, a new mixed-use project, on 1 Apr 25. The hotel is expected to achieve 40% occupancy by year-end, contributing to a stable rental revenue outlook in 2025. However, the residential business is expected to face challenges, driven by market conditions, intensified competition, and a shrinking backlog, despite the easing of LTV ratios. Maintain HOLD with a target price of Bt5.20.
- Kasemsun Koonnara
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Wednesday, March 26, 2025
GREATER CHINA Results BYD Company (1211 HK/BUY/HK$389.20/Target: HK$510.00) 4Q24: Earnings up 73% yoy, beating our estimates on margins. Maintain BUY. Raise target price from HK$410.00 to HK$510.00. BYD Electronic (285 HK/BUY/HK$42.45/Target: HK$47.70) 2H24: Earnings miss on margins; future growth will be driven by automotive and AI. Maintain BUY. Kuaishou (1024 HK/BUY/HK$56.80/Target: HK$75.00) 4Q24: Results in line with...
LH LAND & HOUSES PUBLIC CO. LTD.
00823 LINK REAL ESTATE INVESTMENT TRUST
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
M3I MINTH GROUP LIMITED
1211 BYD COMPANY LIMITED CLASS H
AXIATA AXIATA GROUP BERHAD
3933 THE UNITED LABORATORIES INTE
MSGB MAH SING GROUP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
UEMS UEM SUNRISE BHD
TGIF 1933 INDUSTRIES
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
MCH MATRIX CONCEPTS HOLDINGS BHD
01024 KUAISHOU TECHNOLOGY CLASS B
123F 123FAHRSCHULE SE
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, March 24, 2025
GREATER CHINA Results COSCO SHIPPING Ports (1199 HK/BUY/HK$4.78/Target: HK$5.90) 2024: Core earnings in line; expect low single digit throughput growth in 2025. CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb37.00/Target: Rmb50.00) 2024: Smooth progress in R&D promises bright long-term outlook. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$20.10/Target:HK$29.00) 2024: Results beat; strong growth momentum continues. Meituan (3690 HK/BUY/HK$167.60/Target: HK$216.00) ...
ORI ORIGIN PROPERTY
QH QUALITY HOUSES
AALB AALBERTS N.V.
4197 SIME DARBY BHD.
VST HOLDINGS LTD.
SPALI SUPALAI PCL
CPN CENTRAL PATTANA PUBLIC CO. LTD.
AP AP THAILAND
03690 MEITUAN CLASS B
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
BAUTO BERMAZ AUTO BHD
TGIF 1933 INDUSTRIES
2013 WEIMOB INC
PSH PRUKSA HOLDING PCL
1199 COSCO SHIPPING PORTS LIMITED
HLA HONG LEONG ASIA LTD
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
0303 ALPHA IVF GROUP
PECCA MK PECCA GROUP BHD
PGASIJ PERUSAHAAN GAS (PGN)
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Chong Lee Len
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kasemsun Koonnara
- Kate Luang
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Meeting Notes: Tuesday, March 11, 2025
GREATER CHINA Initiate Coverage JBM Healthcare (2161 HK/BUY/HK$1.82/Target: HK$2.42) Revitalising iconic pharma heritage brands. Results Wharf Real Estate Investment Co (1997 HK/BUY/HK$20.55/Target: HK$23.10) 2024: Underlying net profit met expectation; lower finance costs being key driver of profits amid top-line uncertainties. Update Jiumaojiu International Holdings (9922 HK/HOLD/HK$3.08/Target: HK$3.00) ...
ORI ORIGIN PROPERTY
QH QUALITY HOUSES
P34 DELFI
SPALI SUPALAI PCL
AP AP THAILAND
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
LPN LPN DEVELOPMENT PCL
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
PSH PRUKSA HOLDING PCL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
02161 JBM (HEALTHCARE) LTD
Z29 029 GROUP SE
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
HRUM HARUM ENERGY TBK PT
APEO ABRDN PRIVATE EQUITY OPPORTUNITIES
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Thursday, February 27, 2025
KEY HIGHLIGHTS Results Betagro (BTG TB/BUY/Bt18.50/Target: Bt24.20) 4Q24: Earnings in line; expect stronger 1Q25 earnings. Bangkok Dusit Medical Services (BDMS TB/BUY/Bt26.50/Target: Bt33.00) 4Q24: Robust quarterly earnings; in line. Land and Houses (LH TB/HOLD/Bt4.54/Target: Bt5.20) 4Q24: One-off items underpinned performance; residential business remains weak. Srisawad Corporation (SAWAD TB/HOLD/Bt40.50/Target: Bt38.00) 4Q24: Results mis...
- Kasemsun Koonnara
Land and Houses (LH TB) - 4Q24: One-off Items Underpinned Performance;...
LH reported a net profit of Bt2.6b in 4Q24 (-26% yoy, +299% qoq), exceeding our estimate but in line with consensus’. Excluding one-off items, normalised profit declined yoy and qoq, reflecting weak operations in the residential business. LH announced a dividend payment for 4Q24 operations, offering a 3.7% yield. We remain cautious on LH’s business outlook. Maintain HOLD. Target price: Bt5.20.
- Arsit Pamaranont
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, February 11, 2025
GREATER CHINA Sector Internet Growth potential and AI development trends following emergence of DeepSeek. Property Policy implementation and development remain the key focus and catalyst. INDONESIA Strategy Catching A Falling Knife Or Opportunity To Buy? We Say Buy Our picks are BBCA, BBTN, CMRY, ICBP, KLBF, CTRA, AMRT, PGEO, TL...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
AMATA AMATA CORP
IRPC IRPC PUBLIC CO. LTD.
ISAT INDOSAT
QH QUALITY HOUSES
3K1 KINGSOFT CORP. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
AMRT SUMBER ALFARIA TRIJAYA TBK PT
SPALI SUPALAI PCL
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
LPN LPN DEVELOPMENT PCL
PSH PRUKSA HOLDING PCL
09988 ALIBABA GROUP HOLDING LTD.
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PGEO PERTAMINA GEOTHERMAL ENERGY
Z29 029 GROUP SE
- Kasemsun Koonnara
Land and Houses (LH TB) - Challenging Targets For 2025 Amid Headwinds
LH announced conservative project launches for 2025 while aiming for double-digit growth in presales and transfers. Although the company remains optimistic, we believe its targets are challenging amid multiple headwinds, particularly with intensifying competition in the low-rise segment. We revised our forecasts for 2025-26 down by 8- 11%. Maintain HOLD on LH with a target price of Bt5.40.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily - Thursday, January 23, 2025
KEY HIGHLIGHTS Update IRPC (IRPC TB/BUY/Bt1.18/Target: Bt1.50) 4Q24 results preview: Expecting a net loss again. Land and Houses (LH TB/HOLD/Bt4.90/Target: Bt5.40) Challenging targets for 2025 amid headwinds. Star Petroleum Refining (SPRC TB/BUY/Bt5.65/Target: Bt9.00) 4Q24 results preview: Positive earnings guidance with cheap valuation. The Erawan Group (ERW TB/BUY/Bt3.28/Target: Bt4.60) 4Q24 results preview: Expect an outstanding quarter
- Arsit Pamaranont
- Benjaphol Suthwanish
- Colin Lee
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Notes - Thursday, January 23, 2025
GREATER CHINA Strategy China Property And China Property Management: Property market marginally cools down before CNY; 2024 earnings preview on COLI/CR Land/COPH. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$57.65 /Target: HK$96.30): Faster-than-expected revenue growth in 2H24 with milder margin expansion. Sunny Optical (2382 HK/BUY/HK$69.85/Target: HK$85.00): Smartphone and automobile businesses to support growth in 2025. Maintain BUY. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp...
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
LH LAND & HOUSES PUBLIC CO. LTD.
IRPC IRPC PUBLIC CO. LTD.
ERW ERAWAN GROUP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
SPRC STAR PETROLEUM REFINING
MLT MAPLETREE LOGISTICS TRUST
EXCL XL AXIATA TBK PT
KOPI MK ORIENTAL KOPI HOLDINGS BHD
Land and House Public CoLtd: 1 director
A director at Land and House Public CoLtd bought 1,000,000 shares at 4.700THB and the significance rating of the trade was 53/100. 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 all the company's directors over the last t...
- Kasemsun Koonnara
Land and Houses (LH TB) - Extra Gains To Boost Bottom Line In 4Q24; Re...
We expect extra gains from asset divestment to drive 4Q24 earnings growth, marking the quarterly peak for the year. While 4Q24 presales may improve from a low base, the residential segment remains under pressure due to a low backlog and weak gross margins. Concerns also linger over dividend payment capacity amid cash flow management and vulnerable performances. Maintain HOLD with a target price of Bt6.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Monday, November 18, 2024
KEY HIGHLIGHTS Update Banpu (BANPU TB/HOLD/Bt5.60/Target: Bt5.10) Supply issues are resolved in the short term, but the long term needs to be monitored closely. Land and Houses (LH TB/HOLD/Bt5.25/Target: Bt6.00) Extra gains to boost bottom line in 4Q24; the residential segment’s outlook remains challenging. PTT Global Chemical (PTTGC TB/HOLD/Bt24.10/Target: Bt24.50) 4Q24 performance recovers, but net loss remains. The Erawa...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Lester Siew
- Ming San Soong
- Roy Chen Chengzhi
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, November 18, 2024
GREATER CHINA Economics Economic Activity Mainly stable except for weakness in real estate. Results Alibaba Group (9988 HK/BUY/HK$87.20/Target: HK$130.00) 2QFY25: Seeking high quality growth and gradual monetisation. CSPC Pharmaceutical Group (1093 HK/HOLD/HK$5.13/Target: HK$5.50) 9M24: Disappointing results; targets positive revenue growth in 2025. JD Logistics, Inc (2618 HK/BUY/HK$14.16/Target: HK$22...
ADCB ABU DHABI COMMERCIAL BANK
00992 LENOVO GROUP LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
ERW ERAWAN GROUP
7153 KOSSAN RUBBER INDUSTRIES BHD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
BANPU TB BANPU
1093 CSPC PHARMACEUTICAL GROUP LTD
09988 ALIBABA GROUP HOLDING LTD.
OXMU PRIME US REIT
02618 JD LOGISTICS INC
GOTO GOJEK TOKOPEDIA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
- Kasemsun Koonnara
Thailand Property - The SETPROP has increased rapidly during the past ...
The SETPROP index outperformed the SET index, gaining 15% vs the latter’s 10% increase. However, we maintain a cautious view on the residential market, with conditions expected to remain unchanged in 2H24. High interest rates and tightening banking policies continue to pose challenges to the sector. We recommend a selective BUY − AP. Maintain MARKET WEIGHT on the sector.
- Anas Fitri Bin Ahmad
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Malaysia Research Team
- Posmarito Pakpahan
- Tham Mun Hon
Regional Morning Meeting Notes: Wednesday, September 11, 2024
GREATER CHINA Economics Trade Exports rebounded in August but outlook remains challenging. Sector IT Hardware Maintain preference for the more defensive AI-device plays as uncertainty remains high. Maintain OVERWEIGHT. INDONESIA Update Bank Mandiri (BMRI IJ/HOLD/Rp7,250/Target: Rp7,760) 7M24: Strong ...
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
SPALI SUPALAI PCL
1155 MALAYAN BANKING BHD.
BMRI PT BANK MANDIRI (PERSERO) TBK
AP AP THAILAND
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
RHBBANK RHB BANK BHD
SOP SARAWAK OIL PALMS BERHAD
HLFG HONG LEONG FINANCIAL GROUP
KIML KIM LOONG RESOURCES BHD
LPN LPN DEVELOPMENT PCL
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
AMM AMMB HOLDINGS BHD
ABMB ALLIANCE BANK MALAYSIA BHD
HLBANK HONG LEONG BANK BHD
0763 ZTE CORPORATION CLASS H
GENP GENTING PLANTATIONS BHD
ABANK AFFIN BANK BHD
PSH PRUKSA HOLDING PCL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
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