reports
- Benjaphol Suthwanish
Siam Cement (SCC TB) - Focus On Green Products, Reduce Production Cost...
SCC has revised its business strategy to prioritise the production of green products and reduce production costs by incorporating alternative fuels and renewable energy into its processes. SCC is also adjusting its feedstock plans for the petrochemical business to enhance flexibility. Additionally, SCC has reduced its capex to align with the increasingly challenging business outlook. We have a negative outlook on the petrochemical business. Maintain HOLD. Target price: Bt276.00.
- Benjaphol Suthwanish
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Ken Lee
- Paula Ruth
- Roy Chen Chengzhi
Regional Morning Notes - Tuesday, September 17, 2024
GREATER CHINA Commissioned Report ECARX (ECX US/BUY/US$1.75/Target: US$3.40): Making smart electric cars excellent. Initiate coverage with BUY. Target price: US$3.40. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,320/Target: Rp2,900): Acquisition of ServeCo might increase EXCL’s revenue by 8% in 2025. MALAYSIA Sector Gloves: Further tariff hike announced by US authority on China’s medical-grade gloves beginning 2025-26 is poised to revitalise investors’ sentiment. Maintain OVERWEIGHT. SINGAPORE...
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 2Q24: Net Profit In Line With Our Expectation
SCC reported a net profit of Bt3.7b for 2Q24, up 53% qoq, which aligns with both our and consensus forecasts. This improvement is attributed to reduced losses in the petrochemical business and higher dividend income. However, the net profit for 3Q24 is expected to decline qoq due to lower demand for cement and PVC during the off-peak season, coupled with ongoing weakness in polyolefin spreads. Maintain HOLD. Target price: Bt250.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily: Thursday, July 25, 2024 [Sector: TH Banking, TH Retail...
KEY HIGHLIGHTS Sector Banking 2Q24: Results in line with expectations; credit costs increase qoq. Retail Sector earnings momentum to improve in 2H24. Results Siam Cement (SCC TB/HOLD/Bt224.00/Target: Bt250.00) 2Q24: Net profit in line with our expectation. Update WHA Corporation (WHA TB/BUY/Bt5.05/Target: Bt6.00) 2Q24 results preview: Anticipate soft earnings; much ...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Paula Ruth
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Notes - Thursday, July 25, 2024
GREATER CHINA Results ASMPT (522 HK/BUY/HK$88.00/Target: HK$118.50): 2Q24: Weak results; advanced packaging progress remains intact. Maintain BUY. Ningbo Tuopu Group Co (601689 CH/BUY/Rmb35.41/Target: Rmb86.00): 2Q24: Earnings up 25% yoy/qoq, in line. Maintain BUY. Target price: Rmb86.00. Update Pinduoduo (PDD US/BUY/US$134.24/Target: US$200.00): Navigating against unwavering geopolitical concerns. INDONESIA Small/Mid Cap Highlights Japfa Comfeed Indonesia (JPFA IJ/NOT RATED/Rp1,630): 1Q24 reve...
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 2Q24 Net Profit Expected To Recover qoq
We estimate 2Q24 net profit to recover qoq, reaching Bt3.5b, up 46% qoq. Despite ongoing weaknesses in the cement and petrochemical businesses, the company recognised Bt1.0b in dividend income. However, 3Q24 net profit is projected to decline qoq due to continued low cement demand and weak spreads of polyolefin. Consequently, we cut our 2024 net profit forecast from lower spread of polyolefin assumptions. Maintain HOLD. Target price: Bt250.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Monday, July 15, 2024
KEY HIGHLIGHTS Results TISCO Financial Group (TISCO TB/HOLD/Bt95.50/Target: Bt97.00) 2Q24: Results in line; TISCO raising credit cost target. Update Energy Absolute (EA TB/BUY/Bt13.10/Target: Bt34.00) Thai regulator accuses EA management of fraud; ceasing coverage. Siam Cement (SCC TB/HOLD/Bt228.00/Target: Bt250.00) 2Q24 net profit expected to recover qoq.
- Benjaphol Suthwanish
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, July 15, 2024
GREATER CHINA Economics Money Supply Money supply growth slows further. Trade Wider trade surplus in June on robust exports growth. Sector Banking Implications of PBOC’s bond sales for China banks. Update JD.com (9618 HK/BUY/HK$112.00/Target: HK$150.00) 2Q24 results ...
TISCO TISCO FINANCIAL GROUP
5218 SAPURA ENERGY BHD
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
SCC SIAM CEMENT PUBLIC CO. LTD.
5243 VELESTO ENERGY
UZMA UZMA BHD
MISC MISC BHD
YNS YINSON HOLDINGS BHD
MMHE MALAYSIA MARINE AND HEAVY EN
PRIME PRIME ROAD POWER PUBLIC CO LTD
Z29 029 GROUP SE
HUME HUME CEMENT INDUSTRIES BHD
- Arsit Pamaranont
- Benjaphol Suthwanish
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Keith Wee Teck Keong
- Leow Huey Chuen
- Paula Ruth
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, June 11, 2024
GREATER CHINA Economics Trade May exports grew 7.6%; imports moderated. Sector Property Property prices further drop after 17 May 24 policy combo; effective implementation of policies crucial for market stabilisation. INDONESIA Sector Telecommunications Pos...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
PTT PTT PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
IRPC IRPC PUBLIC CO. LTD.
ISAT INDOSAT
TOP THAI OIL PUBLIC CO. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
TOWR PT SARANA MENARA NUSANTARA TBK
AJBU KEPPEL DC REIT
SCC SIAM CEMENT PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PTG PTG ENERGY
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
BURSA BURSA MALAYSIA BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
OR PTT OIL & RETAIL BUSINESS PCL
EXCL XL AXIATA (EXCELCOMINDO)
688536 3PEAK INCORPORATED
BCOW 1895 BANCORP OF WISCONSIN INC
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
Z29 029 GROUP SE
- MarketLine Department
RAK Ceramics - Company Profile and SWOT Analysis
Summary RAK Ceramics - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights RAK Ceramics (RAK) is a designer and manufacturer of ceramic tiles and sanitary ware. It provides ceramic and gres porcelain tiles, bathroom and kitchen sanitary ware, faucets, tableware and mega slabs. RA...
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 1Q24: Net Profit In Line With Our Expectations
SCC reported a net profit of Bt2.4b in 1Q24 from a net loss of Bt1.1b in 4Q23, in line with our expectations and 17% better than consensus forecasts, driven by the recovery of the CBM and SCGP businesses, while the chemical business remained weak. For 2Q24, we expect a decline in core profit both qoq and yoy due to weak petrochemical spreads, including the CBM and SCGP businesses entering the low season. Maintain HOLD. Target price: Bt282.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Bella Lu Yifei
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Paula Ruth
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, April 25
GREATER CHINA Sector Automobile Weekly: EV sales rebound for two weeks in a row, but price war intensifies. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Yadea. Results ASMPT (522 HK/BUY/HK$102.30/Target: HK$120.00) 1Q24: Solid results, more positive updates to advanced packaging business. EVE Energy (300014 HK/SELL/ Rmb34.27/Target: Rmb20.00) ...
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 1Q24: Net Profit Recovers qoq
We expect 1Q24 net profit to recover qoq driven by an improved operating performance across all business segments and no extraordinary item like that seen in 4Q23. However, overall cement and chemicals demand growth is slower than expected, which is exerting pressure on 2Q24 net profit. Momentum of net profit will recover in 4Q24 from accelerated government budget disbursement and recovering petrochemical demand. Maintain HOLD. Target price: Bt282.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Siam Cement (SCC TB) - 4Q23: Lower-than-expected Earnings
SCC reported a loss of Bt1.6b, down qoq and yoy on impairment assets at a factory in Myanmar, with the CBM and SCGC businesses reporting a net loss on a slowdown in purchasing power and weak petrochemical spreads. However, we maintain our negative outlook on the petrochemical business as the large increase in new production capacity is a factor pressuring spreads. Maintain HOLD. Target price: Bt308.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Siam Cement (SCC TB) - 4Q23 Net Profit Expected To Decrease Qoq
We estimate SCC’s 4Q23 net profit at Bt1.0b, down 58% qoq as a result of weak petrochemical spreads and increased stock loss. However, we expect 2023 net profit to be in line with our expectations. Meanwhile, we cut our core profit forecast by 11%, reflecting higher-than-expected increases in financial costs as well as a reduction in SCGP's core profit estimate. Maintain HOLD. Target price: Bt308.00.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
- Thailand Research Team
Thailand Daily - Monday, January 15, 2024
KEY HIGHLIGHTS Sector Banks ASEAN Banks: quarterly update. Plantation Maintain 2024 CPO ASP at RM4,200/tonne, with pricing expected to be higher in 1H24. Accumulate Malaysia upstream players and companies with better-than-peers production growth. Strategy A Disinflation Rally From Late-23 To Early-24 Followed By Potential Market Deterioration Economy likely to see more balanced economic growth. We favour retail, industrial estate and utilities. Top picks: ADVANC, BDMS, BSRC, EA, EGCO, MAJOR...
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