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Audrey Celia ... (+20)
  • Audrey Celia
  • Bella Lu Yifei
  • Colin Lee
  • Desmond Chong Chee Wai
  • Ejann Hiew
  • Heidi Mo Jinghui
  • Johnny Yum
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Kai Jie Tang
  • Kasemsun Koonnara
  • Keith Wee Teck Keong
  • Ken Lee
  • Kenny Yong Hui Lim
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Tanapon Cholkadidamrongkul
  • Thanawat Thangchadakorn
  • Wei Xiang Ku
  • Willinoy Sitorus

Regional Morning Meeting Notes: Monday, November 03, 2025

Greater China Sector Update | Macau Gaming Macau’s Oct 25 GGR was MOP$24.1b, increasing 32% mom and 16% yoy, and recovering to 91% of 2019’s level (vs a recovery of 83% in Sep 25). Oct 25’s GGR number beat market consensus by 4%, and set another post-COVID-19 record. For 10M25, GGR climbed to MOP$205.4b, up 8% yoy, and recovered to 83% of 2019’s level. Maintain OVERWEIGHT; Galaxy remains our top pick. Company Results | China Merchants Bank (3968 HK/HOLD/HK$48.64/Target: HK$51.00) CMB rep...

ORI ORIGIN PROPERTY
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
ENRG ENERGI MEGA PERSADA
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
JPFA JAPFA COMFEED INDONESIA
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
SPALI SUPALAI PCL
1155 MALAYAN BANKING BHD.
C61U CAPITALAND COMMERCIAL TRUST
ADRO PT ADARO ENERGY TBK
599A SANDS CHINA LTD.
Q5T FAR EAST HOSPITALITY TRUST
AP AP THAILAND
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
LPN LPN DEVELOPMENT PCL
SSG SHENG SIONG GROUP LTD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABANK AFFIN BANK BHD
PSH PRUKSA HOLDING PCL
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
06690 HAIER SMART HOME CO. LTD. CLASS H
GOTO GOJEK TOKOPEDIA TBK PT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
MAYBANK MALAYAN BANKING BHD
VST VSTECS BHD
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
AADI IJ ADARO ANDALAN INDONESIA
002747 CH ESTUN AUTOMATION
EREIT ESR REIT
Kasemsun Koonnara
  • Kasemsun Koonnara

Supalai (SPALI TB) - Expect 3Q25 Earnings To Decline Both yoy And qoq

Company Update | Supalai (SPALI TB/HOLD/Bt17.10/Target: Bt16.10) Net profit is estimated at Bt948m for 3Q25 (-52% yoy, -14% qoq), pressured by fewer transfers and equity income, while gross margin is likely to improve qoq on a more favourable transfer mix. Presales momentum is expected to remain solid in 4Q25, mainly supported by the high-rise segment following new project launches. Although we remain optimistic about SPALI’s fundamentals, presales momentum, and 4Q25 earnings outlook, we stay c...

Benjaphol Suthwanish ... (+2)
  • Benjaphol Suthwanish
  • Kasemsun Koonnara

Thailand Daily - Tuesday, October 28, 2025

Top Stories Company Update | Central Plaza Hotel (CENTEL TB/BUY/Bt32.25/Target: Bt37.00) CENTEL is expected to report a 3Q25 net profit of Bt157m (-3.5% yoy), and core profit of Bt170m (+4.4% yoy) excluding one-offs, driven by a strong performance from hotels Mirage Pattaya and Centara Osaka. The food segment should see a slight margin expansion. CENTEL will benefit from the new tax deduction measure for hotel renovations, which will support the upgrades in Krabi and Hua Hin (to complete by 2Q...

Adrian Loh Tzum Yung ... (+16)
  • Adrian Loh Tzum Yung
  • Benjaphol Suthwanish
  • Carol Dou Xiao Qin
  • Claire Wang Kelai
  • Colin Lee
  • Desmond Chong Chee Wai
  • Ejann Hiew
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • Kasemsun Koonnara
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Sunny Chen
  • Willinoy Sitorus
  • Ziv Ang Sze Champ

Regional Morning Meeting Notes: Tuesday, October 28, 2025

Greater China Company Results | China Resources Building Materials Technology (1313 HK/BUY/HK$1.75 /Target: HK$2.06) CR Building Mat Tech’s 9M25 results were below expectations, with earnings up 7.3% yoy to Rmb331m on lower coal costs. Weather disruptions weighed on 3Q25 cement sales volume, while Guangdong prices stayed soft. Aggregates turned loss-making, prompting capex cuts. Management guided 2025 sales of 55m tonnes (-10.9% yoy) and highlighted a planned capacity-exit fund as a medium-term ...

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
  • 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 ... (+6)
  • 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...

Kasemsun Koonnara
  • 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
  • Kasemsun Koonnara

Thailand Daily - Friday, July 25 , 2025

KEY HIGHLIGHTS Update Supalai (SPALI TB/HOLD/Bt15.50/Target: Bt14.70) 2Q25 results preview: Expect earnings to recover qoq but decline yoy.

Bella Lu Yifei ... (+11)
  • 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 ... (+13)
  • 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 ...

Kasemsun Koonnara
  • 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 ... (+6)
  • 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
  • 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 ... (+3)
  • 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 ... (+17)
  • 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...

Anas Fitri Bin Ahmad ... (+19)
  • 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) ...

Anas Fitri Bin Ahmad ... (+14)
  • 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) ...

Arsit Pamaranont ... (+4)
  • 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 ... (+16)
  • 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...

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