A director at Supalai Public Company Limited bought 880,000 shares at 18.513THB and the significance rating of the trade was 63/100. 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...
SPALI posted a net profit of Bt1.99b in 3Q24 (+67% yoy, +24% qoq), exceeding both our and consensus expectations. The key driver was an increase in condo transfers which favoured gross margin. We anticipate positive presales momentum in 4Q24, though earnings are likely to soften yoy and qoq due to high bases. Maintain HOLD. Target price: Bt20.30.
KEY HIGHLIGHTS Results AP Thailand (AP TB/BUY/Bt8.60/Target: Bt11.30) 3Q24: Results meet expectations; strong backlog supports 4Q24 earnings. Bangkok Dusit Medical Services (BDMS TB/BUY/Bt26.50/Target: Bt33.00) 3Q24: Record-high earnings delivered. BTG TB (BTG TB/BUY/Bt20.10/Target: Bt24.20) 3Q24: Earnings in line. GFPT (GFPT TB/BUY/Bt10.80/Target: Bt13.00) 3Q24: Earnings in line; strong 4Q24 ea...
SPALI is expected to post a net profit of Bt1.8b in 3Q24 (+52% yoy, +13% qoq). The robust performance is likely driven by increased transfers, primarily from the high-rise segment. Despite positive sentiment from the recent rate cut and the condo market improving gradually, broader challenges remain. We remain cautious about the earnings outlook, and the upside for share price appears limited. Maintain HOLD. Target price: Bt20.30.
KEY HIGHLIGHTS Initiate Coverage Plan B Media (PLANB TB/HOLD/Bt7.90/Target: Bt9.00) Positive yoy and qoq earnings growth in 2H24; no new catalyst in 2025. Results Bangkok Bank (BBL TB/HOLD/Bt156.00/Target: Bt178.00) 3Q24: Results beat expectations; policy rate cut pressures NIM and net profit. Downgrade to HOLD. Update Supalai (SPALI TB/HOLD/Bt20.70/Target: Bt20.30) Expect 3Q24 earnings to increase yoy and qoq.
GREATER CHINA Sector Automobile: Weekly: PV sales rebound as the impact of holiday diminishes; 3Q24 results preview. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Minth, Tuopu and Desay SV. IT Hardware: AI investment remains robust, non-AI recovery sluggish but starting to see positive signals. Maintain OVERWEIGHT. Update CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb29.28/Target: Rmb37.00): Proposes acquisition of CSPC Baike for Rmb7.6b. INDONESIA Update Bank Neo Commerce (BBYB IJ/BUY/R...
SPALI is expected to finalise its acquisition in Australia soon, following approval from the ACCC. While the share of profit is expected to increase considerably in 2025, we are maintaining our earnings forecast. Its 2025 earnings outlook remains challenging due to a low backlog and unfavourable market conditions. With limited upside for the share price, we downgrade to HOLD. Target price: Bt20.30.
KEY HIGHLIGHTS Update Supalai (SPALI TB/HOLD/Bt20.30/Target: Bt20.30) One step closer to finalising acquisition in Australia; maintain earnings forecast. Downgrade to HOLD. Thai Union Group (TU TB/BUY/Bt14.90/Target: Bt18.00) Unexciting 3Q24 earnings momentum.
GREATER CHINA Sector Automobile: Weekly: Raise target prices across the board on lower discount rates. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely, Desay SV, Tuopu and Minth. Shipping and Ports: Weakening global trade outlook; The US east coast port strike, though halted, remains a key event to watch out for. Maintain MARKET WEIGHT and downgrade CSH to HOLD. Update LINK REIT (823 HK/BUY/HK$39.15/Target: HK$45.08): Takeaways from pre-blackout calls: Welcoming the rate cut cycle. INDONESIA Stra...
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.
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 ...
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. ...
SPALI posted a net profit of Bt1.6b in 2Q24 (-6% yoy, +161% qoq), in line with our expectation. The qoq recovery was mainly supported by newly-completed condo projects and increased low-rise transfers. We expect 2H24 earnings to improve hoh, driven by continued ownership transfers for key condo projects. SPALI has solid fundamentals and is well-positioned to benefit when the economy recovers. Maintain BUY. Target price: Bt20.30.
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) ...
SPALI posted a net profit of Bt614m in 1Q24 (-43% yoy, -70% qoq), which was below our and consensus forecasts. The decline in revenue was primarily attributed to the reduced transfers. However, earnings are expected to improve from 2Q24 onwards, with new projects and a significant backlog in the low-rise segment. Maintain BUY. Target price: Bt24.20.
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) ...
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...
SPALI is expected to report weak results in 1Q24, with a net profit of Bt721m (-33% yoy, -64% qoq). This is due to pressure from market conditions and the aggressive transfers in the previous quarter. However, we expect SPALI’s earnings to improve in 2Q24, mainly underpinned by newly completed condo projects and the low-rise backlog. Maintain BUY. Target price: Bt24.20.
KEY HIGHLIGHTS Sector Electronics 1Q24 results preview: Expect slow improvement to persist. Results Kasikorn Bank (KBANK TB/HOLD/Bt124.00/Target: Bt138.00) 1Q24: Results above expectations; normalisation of credit cost in 2025. Update PTT Global Chemical (PTTGC TB/HOLD/Bt38.75/Target: Bt38.00) 1Q24 results preview: Slow core profit recovery expected. Supalai (SPALI TB/BUY/Bt20.40/Target: Bt24.20) Expect weak 1Q24 earnings to improve in 2Q24.
GREATER CHINA Update Jiumaojiu International Holdings (9922 HK/BUY/HK$4.57/Target: HK$5.30): SSS declines in 1Q24; strategic readjustment to fit value-for-money experience. Li Ning (2331 HK/HOLD/HK$17.50/Target: HK$19.20): 1Q24 sell-through growth in line; expect sell-through growth to pick up starting from 2H24. INDONESIA Strategy Potential Impact Of The Middle East Conflict: Our top picks: Banking – BBNI, BBTN; property − BSDE, CTRA; technology – BUKA; consumer − MYOR, CMRY; retail – ACES; in...
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