reports
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 2Q25: Core Earnings Below Our And Consensus Exp...
SCC recorded strong qoq and yoy growth in net profit for 2Q25, mainly supported by substantial one-time gains. Stripping out these gains, core earnings came in below our and consensus estimates by 27% and 17% respectively. Core earnings improved qoq, driven by recoveries at SCGC and SCGP, and lower financing costs following debt repayment using the one-time gains. We have revised up our core earnings projections for 2025-26. Upgrade to BUY. Target price: Bt240.00.
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily: Thursday, July 31, 2025
KEY HIGHLIGHTS Sector Food Poultry operators stand out as key winners from trade deal tailwinds. Results Siam Cement (SCC TB/BUY/Bt207.00/Target: Bt240.00) 2Q25: Core earnings below our and consensus expectations, but 2H25 earnings improve hoh. Upgrade to BUY. Update COM7 (COM7 TB/BUY/Bt21.10/Target: Bt29.50) 2Q25 results preview: Solid growth expected.
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, July 31, 2025
GREATER CHINA Sector Healthcare Bi-Weekly: Expecting strong 1H25 results. Maintain OVERWEIGHT. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb277.09 /Target: Rmb390.00) 2Q25: Earnings in line, with margins hitting record-high levels. Maintain A-share at BUY. Downgrade H-share to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$44.37/Target: US$55.00) ...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
5168 HARTALEGA HOLDINGS BHD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
COM7 COM7
SCC SIAM CEMENT PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
KREIT HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 KEPPEL REIT
DLG THE UNITED LABORATORIES INTE
2877 DIALOG GROUP BHD
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
300750 CSPC PHARMACEUTICAL GROUP LTD
2269 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
BTG WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
OTEK BETAGRO PUBLIC COMPANY LIMITED
ASSA IJ DIAN DIAGNOSTICS GROUP CO
OILTEK INTERNATIONAL (OTEK SP)
ADI SARANA ARMADA TBK PT (ASSA IJ)
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 2Q25 Net Profit Expected To Recover qoq
We expect SCC to post a 2Q25 net profit of approximately Bt2.2b, up 103% qoq, driven by a recovery in both the petrochemical and packaging businesses. This estimate does not yet include potential one-time gains, such as the recognition of negative goodwill from CAP acquiring the Shell refinery complex in Singapore, or gains from the sale of CAP shares in early-June. As for the LSP project, SCC’s management expects operations to resume by the end of 3Q25. Maintain HOLD. Target price: Bt160.00.
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily: Friday, July 11, 2025 [Results: AEONTS TB, UPDATE : CP...
KEY HIGHLIGHTS Results Aeon Thana Sinsap (Thailand) (AEONTS TB/BUY/Bt94.50/Target: Bt140.00) 1QFY26: Results in line; NPL ratio down qoq but credit cost up qoq. Update Charoen Pokphand Foods (CPF TB/HOLD/Bt21.90/Target: Bt21.00) Record-high earnings expected in 2Q25, but outlook turns cautious. Downgrade to HOLD. Siam Cement (SCC TB/HOLD/Bt170.50/Target: Bt160.00) 2Q25 net profit expected to recover qoq.
- Anas Fitri Bin Ahmad
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, July 11, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales down 30% wow as promotions end. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Update JD.com (9618 HK/BUY/HK$123.60/Target: HK$158.00): 2Q25 preview: Intact top-line growth; expecting margin erosion on FD investment. INDONESIA Update Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,720/Target: Rp6,000): We expect 2Q25 results to remain strong; double-digit guidance remains intact. MALAYSIA Sector Plantation: Inventory continues t...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Notes - Friday, May 02, 2025
GREATER CHINA Sector Macau Gaming: Apr 25 GGR beat expectations; May Day Golden Week visitor arrivals expected to grow 4% yoy. Results ASMPT (522 HK/BUY/HK$52.20/Target: HK$68.00): 1Q25: Earnings disappoint; mainstream tools recovering in 2025 but visibility remains low. Maintain BUY. China Tourism Group Duty Free (601888 CH/BUY/Rmb63.40/Target: Rmb70.80): 1Q25: Core net profit down 16% yoy; sequential improvement in Hainan duty-free sales. Ganfeng Lithium (1772 HK/BUY/HK$18.94/Target: HK$30.00)...
00388 HONG KONG EXCHANGES & CLEARING LTD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
Q5T FAR EAST HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
ECW ECO WORLD DEVELOPMENT GROUP
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
CMRY PT CISARUA MOUNTAIN DAIRY TBK
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
XIAOMI XIAOMI CORP
- Benjaphol Suthwanish
Siam Cement (SCC TB) - Timeline For LSP Project To Resume Operations R...
We expect 2Q25 core profit to rise qoq, driven by improvements in the cement, petrochemical and packaging businesses, supported by higher cement prices, lower production costs and a recovery in petrochemical spreads. The LSP project restart remains unscheduled, and we are closely monitoring the supply situation. While trade tensions could reduce supply and support spreads, they may also weigh on demand. Maintain HOLD. Target price: Bt160.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily - Friday, May 02, 2025
KEY HIGHLIGHTS Sector Property 1Q25 earnings under pressure; recovery outlook remains uncertain. Update Asset World Corporation (AWC TB/BUY/Bt2.20/Target: Bt3.30) Expect strong earnings growth in 1Q25. Bumrungrad Hospital (BH TB/HOLD/Bt168.50/Target: Bt178.00) Less optimistic on foreign patient numbers. Downgrade to HOLD. Siam Cement (SCC TB/HOLD/Bt160.00/Target: Bt160.00) Timeline for the LSP project to resume operations remains uncertain.
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Lester Siew
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, April 11
GREATER CHINA Economics Inflation Deflationary pressures remain. Sector Automobile Weekly: Direct impacts from US tariffs contained; indirect spillovers uncertain. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Update Anta Sports (2020 HK/BUY/HK$81.55/Target: HK$108.80) 1Q25 sales me...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
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
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SOP SARAWAK OIL PALMS BERHAD
PREIT PARKWAYLIFE REAL ESTATE
KIML KIM LOONG RESOURCES BHD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
GENP GENTING PLANTATIONS BHD
DBB DUOPHARMA BIOTECH BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
09618 JD.COM INC. CLASS A
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
SDG SD GUTHRIE BHD
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 1Q25 Net Profit Expected To Increase qoq
We expect SCC to report a 1Q25 net profit of Bt652m. The CBM and packaging businesses have shown a strong recovery, supported by seasonal demand growth. For 2Q25, we anticipate a significant qoq rise in net profit, driven by improved performances in the CBM and petrochemical businesses. However, we believe the improvement in petrochemical spreads is temporary. Maintain HOLD. Target price: Bt160.00.
- Benjaphol Suthwanish
- Benjaphol Suthwanish
Siam Cement (SCC TB) - Net Loss Reported In 4Q24
SCC recorded a net loss in 4Q24 of Bt512m due to underperformance in its core businesses, including CBM, petrochemicals and packaging. Although SCC has benefited from a higher dividend income and stock gains, these were insufficient to counterbalance the losses from its core operations. However, the petrochemical sector continues to face challenges, particularly in 1H25, leading to a persistently negative outlook for this segment. Maintain HOLD. Target price: Bt160.00.
- Benjaphol Suthwanish
- Benjaphol Suthwanish
Siam Cement (SCC TB) - Net Loss Expected In 4Q24
We expect SCC to report a net loss of Bt930m in 4Q24, with earnings declining across all business segments. The petrochemical division will be particularly affected, continuing its downturn due to weak olefins spreads. We have lowered our net profit forecasts for 2024-25 to reflect reduced profitability across all business segments, especially with the ongoing supply challenges that are expected to pressure the petrochemical business over the next 2-3 years. Maintain HOLD. Target price: Bt1...
- Benjaphol Suthwanish
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
Regional Morning Notes - Thursday, October 31, 2024
GREATER CHINA Results ASMPT (522 HK/BUY/HK$87.00/Target: HK$104.50): 3Q24: Reported earnings miss expectations on forex loss but core business recovery picking up; maintain BUY. BYD Company (1211 HK/HOLD/HK$295.00/Target: HK$260.00): 3Q24: Earnings up 12% yoy, in line with estimates. Maintain HOLD. China Construction Bank (939 HK/BUY/HK$5.97/Target: HK$6.70): 3Q24: Earnings growth returns to positive territory on lower credit cost. Foxconn Industrial Internet (601138 CH/BUY/Rmb24.84/Target: Rmb...
ASM PACIFIC TECHNOLOGY LIMITED
000858 WULIANGYE YIBIN CO. LTD. CLASS A
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SCC SIAM CEMENT PUBLIC CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
1211 BYD COMPANY LIMITED CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
CMRY PT CISARUA MOUNTAIN DAIRY TBK
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 3Q24: Net Profit Down Both qoq And yoy
SCC reported a qoq and yoy drop in net profit for 3Q24 due to reduced sales and margins across all sectors, compounded by the appreciated Thai baht. The 3Q24 net profit included substantial extra gains, and without these, the loss would have been greater than our and consensus estimates. We still expect a rebound in net profit in 4Q24 due to the low base effect from 3Q24. We are still cautious on the petrochemical business. Maintain HOLD. Target price: Bt220.00.
- Benjaphol Suthwanish
- Benjaphol Suthwanish
Siam Cement (SCC TB) - Net Loss Expected In 3Q24
We expect SCC to report a net loss of Bt286m, with weaker performances across all business segments and a rise in stock losses. While we expect net profit to rebound in 4Q24, the petrochemical sector remains a concern due to a slower-than-expected demand recovery and a significant increase in new supply. These supply challenges are likely to keep exerting pressure on the petrochemical business over the next 2-3 years, prompting us to remain cautious. Maintain HOLD. Target price: Bt250.00.
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