reports
- 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
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Paula Ruth
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, August 30, 2024
GREATER CHINA Results BYD Electronic (285 HK/BUY/HK$27.65/Target: HK$42.50) 1H24: Results missed on margins. Expect peak season to bolster profitability in 2H24. China Feihe (6186 HK/BUY/HK$4.04/Target: HK$5.22) 1H24: Steady profit growth; accelerated revenue expansion in 2H24. China Longyuan Power (916 HK/HOLD/HK$6.16/Target: HK$6.10) 1H24: Below expectations; power generation dragged by low wind speed. ...
ORI ORIGIN PROPERTY
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
QH QUALITY HOUSES
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
SPALI SUPALAI PCL
5347 TENAGA NASIONAL BHD
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
AP AP THAILAND
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
2333 GREAT WALL MOTOR CO. LTD. CLASS H
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
2877 CHINA SHINEWAY PHARMACEUTICA
GENM GENTING MALAYSIA BHD
PSH PRUKSA HOLDING PCL
6186 CHINA FEIHE LTD
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Kasemsun Koonnara
Land and Houses (LH TB) - 2Q24: Results Below Expectations, Residentia...
LH reported a net profit of Bt1.0b for 2Q24 (-30% yoy, -17% qoq), below our estimates and consensus forecasts. In 3Q24, earnings are expected to be pressured by competition. Earnings are then expected to rebound in 4Q24, underpinned by numerous projects to be launched and the divestment of an asset. We cut 2024-26 earnings by 23-32%. LH’s residential business remains vulnerable and still lacks new catalysts. Downgrade to HOLD. Target price: Bt6.00.
- 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
Land and House Public CoLtd: 1 director
A director at Land and House Public CoLtd bought 1,000,000 shares at 6.700THB and the significance rating of the trade was 78/100. 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) - 1Q24: Results Below Expectations, Looking Ah...
LH posted a net profit of Bt1,231m in 1Q24 (-9% yoy, -65% qoq), below our and consensus expectations. The lower results were affected by decreased transfers and gross margin. The performance in 2Q24 is expected to be unexciting, but there are plans for project launches and divestment of assets that might improve the residential business in 2H24. Maintain BUY. Target price: Bt9.00.
- 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
- 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
- Kasemsun Koonnara
Land and Houses (LH TB) - 4Q23: Results Slightly Above Our Estimates
LH's net profit in 4Q23 was Bt3.5b (+75% yoy, +195% qoq) due to extra gains from selling hotels. While LH's residential business outlook is challenging, we anticipate that core earnings will recover by 2024. We recommend trading BUY as it has an undemanding valuation and an upcoming dividend. Target price: Bt9.00.
- 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...
- Kasemsun Koonnara
Land and Houses (LH TB) - Expect A Recovery From A Low Base Amid Chall...
In 2024, LH plans to launch 11 projects worth Bt30.2b and targets presales of Bt31b, up 35% yoy. We expect earnings to recover in 2024 from a low base. However, we are still cautious about our forecast amid many challenges. 4Q23 earnings are expected to be outstanding, driven by gains from selling hotels. In addition, the company offers a dividend yield of about 7%. We maintain BUY on LH. Target price: Bt9.00.
- Kasemsun Koonnara
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Jun Sian Tan
- Kasemsun Koonnara
- Limartha Adhiputra
- Wei Xiang Ku
Regional Morning Notes - Wednesday, January 17, 2024
GREATER CHINA Sector Property: Marginal improvement in secondary market seen in Jan 24; Budget speech to be a focus in near term. INDONESIA Update Summarecon Agung (SMRA IJ/BUY/Rp590/Target: Rp800): Capitalising VAT incentives to drive 2024 marketing sales growth. MALAYSIA Sector Construction: Promising sector backed by stronger replenishment prospects, ramp-up of progress billing and margin improvements. Upgrade to OVERWEIGHT. Update Hume Industries (HUME MK/BUY/RM2.61/Target: RM3.03): Rollo...
- Kasemsun Koonnara
Land and Houses (LH TB) - Expect Earnings To Recover In 4Q23
We expect a significant boost in 4Q23 presales, driven by increased stock of highdemand projects and the launch of a new condo. We expect a recovery in 4Q23 earnings due to expected higher performance in the core businesses as well as extra gains. We cut 2023-25 earnings forecasts by 16-23% to reflect weak presales and the low backlog level. However, its share price has already priced in these negative factors. Maintain BUY. Target price decreased to Bt9.00.
- 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...
- Carol Dou Xiao Qin
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Stevanus Juanda
- Sunny Chen
Regional Morning Notes - Monday, November 13, 2023
GREATER CHINA Sector Healthcare: A brighter outlook in 2024. INDONESIA Results Indofood CBP (ICBP IJ/BUY/Rp10,575/Target: Rp14,800): 3Q23: In line with expectations. THAILAND Results COM7 (COM7 TB/BUY/Bt26.00/Target: Bt32.50): 3Q23: Lower-than-expected 3Q23 results; expect yoy improvement in 4Q23. CP ALL (CPALL TB/BUY/Bt55.75/Target: Bt76.00): 3Q23: Strong earnings improvement. Energy Absolute (EA TB/BUY/Bt44.25/Target: Bt81.00): 3Q23: Core profit increased yoy but decreased qoq; OCF saw an im...
- Kasemsun Koonnara
Land and Houses (LH TB) - A More Interesting Recovery In 2H23
Following project launches in high-demand areas, we expect a recovery in 3Q23 presales and continued improvement in 4Q23. The new condo would be a highlight and would boost presales in 4Q23. Earnings are expected to be a quarterly peak in 4Q23, driven by its core business. The extra gain will limit downside risks in transfers. LH’s valuation is undemanding. Maintain BUY. Target price: Bt11.10.
- Kasemsun Koonnara
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jo Yee Ng
- John Cheong Ming Chern
- Kasemsun Koonnara
- Roy Chen Chengzhi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes - Monday, September 18, 2023
GREATER CHINA Economics Economic Activity: August data mostly beat expectations, property FAI remains a drag. Sector Aviation: Airlines Aug 23 operation data: Pax load recovery behind our projections; overcapacity issue remains. Maintain UNDERWEIGHT on Chinese airlines. Update Yum China (9987 HK/NOT-RATED/HK$452.00): More positive outlook: Accelerated store openings and a strategy to focus on growth. INDONESIA Update Nippon Indosari Corpindo (ROTI IJ/BUY/Rp1,370/Target: Rp1,600): Expect qoq sal...
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