reports
- Kasemsun Koonnara
CH. Karnchang (CK TB) - Solid Core Operations, But Lacking New Catalys...
Company Update | CH. Karnchang (CK TB/BUY/Bt12.30/Target: Bt17.70) The tone during CK’s analyst meeting was neutral. The company’s core operations remain solid, but it lacks new positive catalysts in the short to mid-term. New order signings are expected to be delayed until 2026 due to the political timeline. Given the undemanding valuation, we maintain BUY with a target price of Bt17.70.
- Kasemsun Koonnara
Thailand Daily - Monday, November 24, 2025
Top Stories Company Update | CH. Karnchang (CK TB/BUY/Bt12.30/Target: Bt17.70) The tone during CK’s analyst meeting was neutral. The company’s core operations remain solid, but it lacks new positive catalysts in the short to mid-term. New order signings are expected to be delayed until 2026 due to the political timeline. Given the undemanding valuation, we maintain BUY with a target price of Bt17.70.
- Andrew Agita Buntoro
- Chong Lee Len
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, November 24, 2025
Greater China Company Results | Miniso (MNSO US/BUY/US$19.57/Target: US$26.80) Miniso's 3Q25 revenue rose 28% yoy, reaching the high end of its guidance, while adjusted operating profit grew 15% yoy. Miniso brand’s SSSG improved sequentially in both domestic market and overseas markets. For 4Q25, SSS in both domestic and US markets are expected to reach low teens. Revenue is expected to grow 25-30% yoy, and adjusted operating profit should grow by double digits yoy, with the yoy decline in adjus...
- Kasemsun Koonnara
CH. Karnchang (CK) - 3Q25: Earnings Driven By One-off Items
Company Results | CH. Karnchang (CK/BUY/Bt12.90/Target: Bt20.20) CK posted a net profit of Bt1.74b in 3Q25 (+73% yoy, +102% qoq), mainly supported by a one-off gain from the sale of shares in LPCL. Core operations also remained solid, with both revenue and gross margin showing strength. However, the company still lacks new catalysts in terms of order flow, and the road-collapse overhang continues to weigh on sentiment. CK is trading at an undemanding valuation. Maintain BUY. Target price: Bt20.2...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Monday, November 17, 2025
Top Stories Company Results | Central Pattana (CPN TB/BUY/Bt50.25/Target: Bt73.10) CPN reported a net profit of Bt5.4b in 3Q25 (+31.5% yoy, +26% qoq), supported by one-off items. Core earnings were strong as expected, improving both yoy and qoq. We anticipate the resilient core operational performance continuing into 4Q25. We are optimistic about CPN, given its resilient performance and positive business outlook with expansion plans. Maintain BUY. Target price: Bt73.10. Company Update | Char...
- Kasemsun Koonnara
CH Karnchang (CK TB) - 3Q25 Earnings Expected To Rise yoy And qoq
Company Update | CH. Karnchang (CK TB/BUY/Bt14.40/Target: Bt20.20) We expect CK’s 3Q25 earnings to increase both yoy and qoq, driven by one-off gains, while core operations should remain solid with stable revenue and margins, supported by seasonal strength in equity income. However, 4Q25 is likely to be a softer quarter due to seasonality. In addition, potential additional expenses related to the road collapse could weigh on sentiment in the near term. Overall, we maintain our Trading BUY reco...
- Arsit Pamaranont
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
Thailand Daily - Wednesday, November 05, 2025
Top Stories Company Results | IRPC (IRPC TB/HOLD/Bt1.02/Target: Bt1.20) IRPC’s 3Q25 performance turnaround to a net profit of Bt340m stemmed from better GRM and inventory gains offset by petrochemical weakness. 9M25 loss narrowed yoy to Bt2.2b from a core loss of Bt3.2b. We expect core earnings to turn positive in 4Q25 but we foresee potential huge inventory losses to reflect weaker oil prices in 4Q25. Company Update | CH. Karnchang (CK TB/BUY/Bt14.40/Target: Bt20.20) We expect CK’s 3Q25 ear...
- Andrew Agita Buntoro
- Arsit Pamaranont
- Audrey Celia
- Chong Lee Len
- Jonathan Koh
- Kasemsun Koonnara
- Kong Ho Meng
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, November 05, 2025
Greater China Company Results | COSCO SHIPPING Holdings (1919 HK/HOLD/HK$13.67/Target: HK$14.54) CSH’s 3Q25 net profit fell 55% yoy to Rmb9.5b but beat expectations on resilient freight rates and higher volumes. The recent rebound in freight indices and suspension of US-China port fees should support 4Q25 earnings. While oversupply risks remain in 2026, accelerated scrapping could ease pressure. Its strong net cash position (63% of market cap) should allow CSH to navigate the downcycle with ...
CK CH. KARNCHANG PCL
IRPC IRPC PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
NETLINK NETLINK NBN TRUST
WPRTS WESTPORTS HOLDINGS BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
KORE KEPPEL PACIFIC OAK US REIT
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Kasemsun Koonnara
CH Karnchang (CK TB) - Optimistic On Core Operations; Upside Expected ...
Despite no new orders being signed, we remain optimistic about CK’s core business in 2H25, supported by a solid backlog and healthy gross margin. We also foresee upside risk to our earnings forecast from the sale of shares in LPCL during 2H25. Moreover, CK is trading at an undemanding valuation. Maintain BUY. Target price: Bt20.20.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, August 21, 2025
KEY HIGHLIGHTS Update CH Karnchang (CK TB/BUY/Bt14.40/Target: Bt20.20) Optimistic on core operations; upside expected in 2H25 earnings. Origin Property (ORI TB/HOLD/Bt2.28/Target: Bt1.90) Backlog and asset disposals to underpin 2H25 earnings. PTT (PTT TB/BUY/Bt32.00/Target: Bt37.00) Remains financially robust with a healthy dividend.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Sunny Chen
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, August 21, 2025
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$87.25/Target: HK$88.00): 2Q25: Earnings missed expectations; release of next-gen Ernie bot in 2H25. Crystal International (2232 HK/BUY/HK$6.08/Target: HK$7.07): 1H25: Continuous margin expansion; strong order visibility into 3Q26. Fuyao Glass Industry Group (3606 HK/BUY/HK$67.50/Target: HK$85.00): 2Q25: Core earnings beat estimates by 8%. Maintain BUY. Raise target price from HK$68.00 to HK$85.00. Hong Kong Exchanges and Clearing (388 HK/BUY/HK$44...
ORI ORIGIN PROPERTY
PTT PTT PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
3K1 KINGSOFT CORP. LTD.
ERAA ERAJAYA SWASEMBADA
DLG DIALOG GROUP BHD
SPSB SP SETIA BHD
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
2269 WUXI BIOLOGICS (CAYMAN) INC.
09888 BAIDU INC
2232 CRYSTAL INTERNATIONAL GROUP LTD
DFG DEZIGN FORMAT
- Kasemsun Koonnara
CH Karnchang (CK TB) - 2Q25 Results Preview: Earnings Expected To Inc...
CK is expected to report a net profit of Bt697m in 2Q25, increasing 43% yoy and 147% qoq. The improvement is anticipated to be underpinned by progress in projects under construction as well as equity income. Despite an absence of new orders signed in 1H25, we remain optimistic on CK’s earnings due to its solid backlog. Additionally, CK is trading at an undemanding valuation. Maintain BUY. Target price: Bt20.20.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
Thailand Daily - Thursday, August 07, 2025
KEY HIGHLIGHTS Results Advanced Info Service (ADVANC TB/BUY/Bt296.00/Target: Bt340.00) 2Q25: Results in line with our and consensus estimates. IRPC (IRPC TB/BUY/Bt1.02/Target: Bt1.20) 2Q25 Results: Losses were expected; better outlook in 3Q25. SVI (SVI TB/HOLD/Bt6.10/Target: Bt6.00) 2Q25: Earnings were weak and below our and market expectations Update CH Karnchang (...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Guan An Tan
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Thursday, August 7, 2025
GREATER CHINA Results BeOne Medicines (6160 HK/BUY/HK$182.70/Target: HK$240.00): 2Q25: Results beat; expects revenue and margins to expand further. Cathay Pacific Airways (293 HK/SELL/HK$10.85/Target: HK$10.23): 1H25: Results broadly in line. Cargo facing higher uncertainties in 2H25. Downgraded to SELL. Update AIA Group (1299 HK/BUY/HK$73.55/Target: HK$91.00): 1H25 results preview: Solid VONB and earnings growth. Xiaomi Corp (1810 HK/BUY/HK$54.00/Target: HK$69.20): 2Q25 results preview: Expect ...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
01299 AIA GROUP LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
7160 PENTAMASTER CORP. BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
06160 BEIGENE LTD.
CLAR CAPITALAND ASCENDAS REIT
0293(HKG) CATHAY PACIFIC AIRWAYS LTD
- Thailand Research Team
THAILAND STRATEGY – Key Highlights From BOT Event; Political Situation...
The BOT attended our seminar to provide our clients with Thailand's economic outlook for 2H25. The BOT has revised its 2025 GDP forecast from 2.0% to 2.3% in the meeting. It foresees a softening of exports in 3Q25, due to the front-loading of exports in 1H25. The PM has been suspended, with a caretaker in charge, but there should be no impact on 2026’s budget. We highlight four sectors related to the BOT event. Top picks: KBANK, MTC, CPALL and STECON.
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
COM7 COM7
KBANK KASIKORNBANK PUBLIC CO. LTD.
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
STECON STECON GROUP PUBLIC COMPANY LIMITED
TIDLOR TIDLOR HOLDINGS PCL
Regional Morning Meeting Notes: Thursday, July 03, 2025
GREATER CHINA Strategy Alpha Picks: July Conviction Calls Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. Sector Online Games Upcoming new game releases to capitalise on the summer holiday season. INDONESIA Strategy Alpha Picks: Good Performances In June Our new alpha picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA...
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
ANTM PT ANEKA TAMBANG TBK
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
COM7 COM7
558 UMS HOLDINGS LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
ERAA ERAJAYA SWASEMBADA
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
TCAP THANACHART CAPITAL PCL
MIKA MITRA KELUARGA KARYASEHAT
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
01801 INNOVENT BIOLOGICS INC.
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
CLAR CAPITALAND ASCENDAS REIT
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
TIDLOR TIDLOR HOLDINGS PCL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Johnny Yum
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, June 23, 2025
GREATER CHINA Sector Insurance Weighing the risks and returns. Update Sunny Optical (2382 HK/BUY/HK$65.15/Target: HK$100.00) Takeaways from 2025 Investor Day. Maintain BUY. INDONESIA Strategy Challenging Macro Environment Adds To Case For Rate Cut Our top picks are BBCA, BBRI, ANTM, AMRT, ICBP, CMRY and ERAA. MALAYSIA Sector Automobile ...
CK CH. KARNCHANG PCL
OU8 CENTURION
PRU PRUDENTIAL PLC
ANTM PT ANEKA TAMBANG TBK
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
4197 SIME DARBY BHD.
01299 AIA GROUP LIMITED
AMRT SUMBER ALFARIA TRIJAYA TBK PT
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
ERAA ERAJAYA SWASEMBADA
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
MLK MALAKOFF CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
BAUTO BERMAZ AUTO BHD
GMB GAS MALAYSIA BHD
BRC BRC ASIA LTD
HLA HONG LEONG ASIA LTD
TWC TIONG WOON CORPORATION HOLDING
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
STECON STECON GROUP PUBLIC COMPANY LIMITED
PECCA MK PECCA GROUP BHD
- Adrian Loh Tzum Yung
- Desmond Chong Chee Wai
- Greater China Research Team
- Kasemsun Koonnara
- Kong Ho Meng
- Malaysia Research Team
- Roy Chen Chengzhi
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, June 04, 2025
GREATER CHINA Strategy Alpha Picks: June Conviction Calls Add Prudential and Sino Biopharm to our BUY list. Take profit on SHKP and TCOM. Update Qingdao Port International (6198 HK/NOT RATED/Price: HK$6.54) Key takeaways from NDR. INDONESIA Update Sumber Alfaria Trijaya (AMRT IJ/BUY/Rp2,620/Target: Rp3,000) Synergy potential from Lawson; expansion outside Java remains intact. MALAYSIA Strategy 1Q25 Results Wrap-Up ...
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
PRU PRUDENTIAL PLC
AMRT SUMBER ALFARIA TRIJAYA TBK PT
01177 SINO BIOPHARMACEUTICAL LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
UZMA UZMA BHD
GAM GAMUDA BHD
KPJ KPJ HEALTHCARE BERHAD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
01801 INNOVENT BIOLOGICS INC.
DBB DUOPHARMA BIOTECH BHD
09988 ALIBABA GROUP HOLDING LTD.
02618 JD LOGISTICS INC
6198 QINGDAO PORT INTERNATIONAL CO LTD
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
ECOSHOP MK ECO-SHOP MARKETING BHD
TIET11 AES TIETE ENERGIA SA-UNIT
- Kasemsun Koonnara
CH Karnchang (CK TB) - Remain Optimistic On CK’s Construction Business
Following the analyst meeting, we maintain a positive outlook on CK’s construction business. Although no new contracts have been signed recently, the company still holds a sizeable backlog that will continue to support revenue. We expect earnings momentum to accelerate in 2Q–3Q25. Additionally, we believe CK will benefit from positive sentiment as government project bidding gradually resumes in 2H25. Maintain BUY. Target price: Bt20.20.
- Thailand Research Team
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.