reports
Supalai Public Company Limited: 1 director
A director at Supalai Public Company Limited bought 1,200,000 shares at 15.710THB and the significance rating of the trade was 67/100. 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 la...
- Kasemsun Koonnara
Supalai (SPALI TB) - 2Q25: Earnings Below Expectations; Disappointing ...
SPALI reported a net profit of Bt1.1b for 2Q25, down 31% yoy but up 173% qoq. The results fell short of our and consensus estimates. Although SPALI’s earnings are expected to be stronger in 2H25, we remain cautious about the economic conditions and intensifying competition. The company has announced an interim dividend with a yield of about 3.5%. Maintain HOLD. Target price: Bt14.70.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Thursday, August 14, 2025
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt16.50/Target: Bt25.00) 2Q25: Earnings below expectations. AP Thailand (AP TB/BUY/Bt7.65/Target: Bt9.60) 2Q25: Earnings in line, optimistic 3Q25 outlook. Bangkok Commercial Asset Management (BAM TB/BUY/Bt8.40/Target: Bt10.00) 2Q25: Results in line with consensus; highest bottom line in the past 22 quarters. Bangkok Dusit Medical Services (BDMS TB/BUY...
PTT PTT PUBLIC COMPANY LIMITED
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
SPALI SUPALAI PCL
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
AP AP THAILAND
SPRC STAR PETROLEUM REFINING
BDMS-R BANGKOK DUSIT MEDICAL SERVICES PCL NVDR
KCE KCE ELECTRONICS PUBLIC CO. LTD.
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
BTG BETAGRO PUBLIC COMPANY LIMITED
BAM TB BANGKOK COMMERCIAL ASSET MANAGEMENT
- Kasemsun Koonnara
Supalai (SPALI TB) - 2Q25 Results Preview: Expect Earnings to Recover ...
We expect SPALI to post a strong qoq earnings recovery in 2Q25, although earnings are likely to be lower on a yoy basis. The qoq improvement is expected to be driven by improving transfer activity and equity income. However, we remain cautious on the outlook for 2H25, given the challenging economic conditions and intensifying competition. SPALI has scaled down its launch pipeline plans for 2025 and is unlikely to achieve its full-year presales targets. Maintain HOLD. Target price: Bt14.70.
- Kasemsun Koonnara
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Paula Ruth
- Philip Wong
- Sunny Chen
Regional Morning Meeting Notes: Friday, July 25, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales growth turned negative yoy, despite a 7% wow rebound. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Property Management: 1H25 results preview: SOEs' performance is broadly in line with expectations, change our top pick to CR Mixc from COPH. Update Aier Eye Hospital Group (300015 CH/BUY/Rmb13.36/Target: Rmb16.70): Weak economic conditions cloud optometry and refractory businesses in 2Q25. INDONESIA Update Telkom Indonesia...
- 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
Supalai (SPALI TB) - 1Q25: Earnings Below Expectations; Announces Shar...
SPALI reported a net profit of Bt405m for 1Q25, down 34% yoy and 80% qoq. The results fell short of our and consensus estimates. The earnings were pressured by weakened transfers. The company has announced a share repurchase programme that will take place over six months. 2Q25 earnings are expected to decline yoy but improve qoq due to a backlog. Maintain HOLD. Target price: Bt14.70.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, May 14, 2025
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt38.00/Target: Bt45.00) 1Q25: Soft results, but better than expected; likely to see a strong rebound in 2Q25. COM7 (COM7 TB/BUY/Bt21.20/Target: Bt29.50) 1Q25: Better-than-expected earnings. CP ALL (CPALL TB/BUY/Bt51.50/Target: Bt79.00) 1Q25: Stronger-than-expected earnings. GFPT Plc. (GFPT TB/BUY/Bt9.80/Target: Bt13.40) ...
- Kasemsun Koonnara
Supalai (SPALI TB) - Weak Results Expected In 1Q25
We expect SPALI to post weak results in 1Q25, with net profit projected at Bt475m (–23% yoy, –76% qoq), primarily pressured by slower transfer momentum due to a shrinking backlog and subdued demand. Although we expect earnings to improve qoq in 2Q25, presales momentum is expected to continue facing multiple headwinds. Achieving the full-year targets in 2025 for both presales and transfers remains challenging. Maintain HOLD. Target price: Bt18.20.
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
Thailand Daily- Monday, April 28, 2025
KEY HIGHLIGHTS Results Delta Electronics (DELTA TB/SELL/Bt82.00/Target: Bt50.00) 1Q25: Earnings beat on better gross margin and lower SG&A-to-sales. Update Plan B Media (PLANB TB/BUY/Bt5.20/Target: Bt7.70) Neutral view on 1Q25 results; positive view on upcoming deals. Supalai (SPALI TB/HOLD/Bt16.40/Target: Bt18.20) Weak results expected in 1Q25.
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Lester Siew
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Wei Xiang Ku
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, April 28, 2025
GREATER CHINA Sector Automobile: Weekly: Takeaways from Shanghai Auto Show 2025. 1Q25 results review for BYD, GWM and GAC. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV. Consumer: Politburo meeting: Emphasising income improvement and service consumption; prefer consumer companies with strong cost control and domestic focus. Results BYD Company (1211 HK/BUY/HK$397.00/Target: HK$510.00): 1Q25: Earnings double yoy, in line. Maintain BUY. Target price: HK$510.00. EVE Energy (300014 HK/BU...
XGH ENN ENERGY HOLDINGS LIMITED
AKRA PT AKR CORPORINDO TBK
000858 WULIANGYE YIBIN CO. LTD. CLASS A
N2IU MAPLETREE COMMERCIAL TRUST
PLANB PLAN B MEDIA
SPALI SUPALAI PCL
ASII PT ASTRA INTERNATIONAL TBK
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
CTOS CTOS DIGITAL BHD
DELTA DELTA ELECTRONICS
- 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
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
Thailand Daily - Wednesday, February 26, 2025
KEY HIGHLIGHTS Results CP ALL (CPALL TB/BUY/Bt49.25/Target: Bt66.00) 4Q24: Better-than-expected earnings. Home Product Center (HMPRO TB/HOLD/Bt8.15/Target: Bt10.00) 4Q24: Results in line. Quality Houses (QH TB/HOLD/Bt1.61/Target: Bt1.70) 4Q24: Below expectations, decreasing yoy and qoq. Ratchaburi Group (RATCH TB/BUY/Bt27.00/Target: Bt40.00) 4Q24: Results below expectations, but bo...
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Philip Wong
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, February 26, 2025
REGIONAL Sector Plantation Guest speakers at our Palm Oil Seminar 2025 flag diverging palm production prospects between Malaysia and Indonesia, alongside downside risks to CPO prices. GREATER CHINA Results Trip.com (9961 HK/BUY/HK$462.00/Target: HK$630.00) 4Q24: Earnings beat; continuous efforts in international expansion. INDONESIA Small/Mid Cap Highlights Bumi Resources Minerals (BRMS IJ...
AALI ASTRA AGRO LESTARI
5681 PETRONAS DAGANGAN BHD.
ERW ERAWAN GROUP
F34 WILMAR INTERNATIONAL LIMITED
5218 SAPURA ENERGY BHD
SPALI SUPALAI PCL
3816 MISC BHD
5243 VELESTO ENERGY
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
SOP SARAWAK OIL PALMS BERHAD
T TELEKOM MALAYSIA BHD
BAB BUMI ARMADA BERHAD
LSIP PP LONDON SUMATRA INDONES PT
BAL BUMITAMA AGRI LTD
KIML KIM LOONG RESOURCES BHD
DLG DIALOG GROUP BHD
KLK KUALA LUMPUR KEPONG BHD
CPALL TB CP ALL
DLUM DELEUM BERHAD
GENP GENTING PLANTATIONS BHD
TXG 10X GENOMICS INC CLASS A
NESZ NESTLE (MALAYSIA) BERHAD
PROP PROPNEX LTD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
WHA TB WHA CORP PCL
TAPG TRIPUTRA AGRO PERSADA PT
8AZ AZTECH GLOBAL LTD
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
ITMAX ITMAX SYSTEMS BHD
SDG SD GUTHRIE BHD
BRMS IJ BUMI RESOURCES MINERALS
IOICORP Â IOI CORP BHD
- 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
Supalai (SPALI TB) - Expect Muted Performance For 4Q24 Due To Weak Dem...
SPALI is expected to deliver a subdued performance in 4Q24, with net profit projected at Bt1.5b (-26% yoy, -25% qoq), primarily pressured by a decline in transfer activities due to sluggish demand in the low-rise segment. While management remains optimistic about the 2025 business plan, we maintain a cautious view on the earnings outlook, given the challenging market conditions and compressed backlog. Maintain HOLD. Target price: Bt18.20.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, February 05, 2025
KEY HIGHLIGHTS Update Airports of Thailand (AOT TB/BUY/Bt55.00/Target: Bt70.00) Robust growth expected. Supalai (SPALI TB/HOLD/Bt16.60/Target: Bt18.20) Expect muted performance for 4Q24 due to weak demand. WHA Corporation (WHA TB/BUY/Bt4.82/Target: Bt6.60) 4Q24 results preview: Net profit is not expected to be remarkable, but improvement is anticipated in 1Q25
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Greater China Research Team
- Jonathan Koh
- Kasemsun Koonnara
- Philip Wong
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, February 05, 2025
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: Add AIA, CR Land, Haier and Han’s Laser to our BUY list. Take profit on Crystal, Geely, Trip.com and Weimob. INDONESIA Update Semen Indonesia (SMGR IJ/SELL/Rp2,880/Target: Rp2,540): Potential large cut in the Ministry of Public Works budget may impact volume. Downgrade to SELL. MALAYSIA Sector Automobile: MAA TIV 2024: Another year, another record-breaking sales performance. We expect TIV in 2025 to drop 9% on limited catalysts, no...
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