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) ...
A director at Supalai Public Company Limited bought 1,120,000 shares at 16.854THB 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...
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...
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...
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...
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.
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
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...
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.
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