reports
Supalai Public Company Limited: 1 director
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...
- Kasemsun Koonnara
Supalai (SPALI TB) - 3Q24: Results Exceeded Expectations; Condos Drivi...
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.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, November 13, 2024
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...
- Kasemsun Koonnara
Supalai (SPALI TB) - Expect 3Q24 Earnings To Increase yoy And qoq
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.
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Friday, October 18, 2024
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.
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Llelleythan Tan Tan
- Malaysia Research Team
- Posmarito Pakpahan
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Notes - Friday, October 18, 2024
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...
- Kasemsun Koonnara
Supalai (SPALI TB) - One Step Closer To Finalising Acquisition in Aust...
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.
- Kampon Akaravarinchai
- Kasemsun Koonnara
Thailand Daily - Friday, October 04, 2024
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.
- Bella Lu Yifei
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Philip Wong
- Roy Chen Chengzhi
- Stevanus Juanda
Regional Morning Notes - Friday, October 04, 2024
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...
- 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
Supalai (SPALI TB) - 2Q24: Earnings In Line With Expectation, With A N...
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.
- 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
- Kasemsun Koonnara
Supalai (SPALI TB) - 1Q24: Earnings Below Expectations, Expect Better ...
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.
- 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
Supalai (SPALI TB) - Expect Weak 1Q24 Earnings To Improve In 2Q24
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.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, April 23, 2024
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.
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jo Yee Ng
- Johnny Yum
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Llelleythan Tan Tan
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Tuesday, April 23, 2024
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...
5218 SAPURA ENERGY BHD
SPALI SUPALAI PCL
C52 COMFORTDELGRO CORPORATION LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
SMELT MALAYSIA SMELTING CORP BHD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
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