reports
- Benjaphol Suthwanish
Siam Cement (SCC TB) - Early Impact From The Middle East Conflict
Company Update | Siam Cement (SCC TB/SELL/Bt186.00/Target: Bt180.00) SCC has announced a production halt at its ROC plant, reflecting the impact of Iran’s closure of the Strait of Hormuz. The company currently holds approximately 30 days of naphtha feedstock inventory. However, if the disruption persists, SCC may be forced to shut down all three crackers as early as mid-April. This development signals a situation approaching a critical point for the petrochemical business. We therefore downgrade...
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
Thailand Daily - Monday, March 09, 2026
Top Stories Company Update | HANA (Thailand) (HANA TB/HOLD/Bt21.40/Target: Bt22.60) Solid-state cooling with Phononic: next AI growth driver from 2027, re-rating requires more visibility in 2H26. Maintain HOLD with a target price of Bt22.60. Company Update | Siam Cement (SCC TB/SELL/Bt186.00/Target: Bt180.00) SCC has announced a production halt at its ROC plant, reflecting the impact of Iran’s closure of the Strait of Hormuz. The company currently holds approximately 30 days of naphtha feedsto...
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kai Jie Tang
- Kitpon Praipaisarnkit
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Meeting Notes: Monday, March 9, 2026
Greater China Company Results | ZTE Corporation (763 HK/HOLD/HK$25.42/Target: HK$23.20) ZTE's FY25 results were below expectations, with full-year reported net profit declining 33.3% yoy to Rmb5.6b, significantly below consensus estimates of Rmb8.3b. The miss is primarily driven by a continued deterioration in product mix, as the high-margin carrier network business continued to decline amid weak telco spending, while the growth is supported by the low-margin government & corporate segment, resu...
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 4Q25: The Worst Quarter With The Largest Net Lo...
Company Results | Siam Cement (SCC TB/BUY/Bt216.00/Target: Bt250.00) SCC reported a net loss of Bt3.69b in 4Q25, with losses increasing both qoq and yoy, mainly due to impairment losses and stock losses. Core earnings in 4Q25 also turned to a loss, driven by larger losses in the petrochemical business. SCC announced a 2H25 dividend of Bt2.50/share. We expect core earnings to recover qoq in 1Q26, supported by the cement and packaging businesses. Maintain BUY. Target price: Bt250.00.
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily - Thursday, January 29, 2026
Top Stories Company Results | Siam Cement (SCC TB/BUY/Bt216.00/Target: Bt250.00) SCC reported a net loss of Bt3.69b in 4Q25, with losses increasing both qoq and yoy, mainly due to impairment losses and stock losses. Core earnings in 4Q25 also turned to a loss, driven by larger losses in the petrochemical business. SCC announced a 2H25 dividend of Bt2.50/share. We expect core earnings to recover qoq in 1Q26, supported by the cement and packaging businesses. Maintain BUY. Target price: Bt250.00. ...
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 4Q25 Earnings Are Expected To Remain In A Net L...
Company Update | Siam Cement (SCC TB/BUY/Bt199.00/Target: Bt250.00) We expect SCC to post a net loss of Bt3.2b in 4Q25, widening both qoq and yoy, driven by impairment charges and inventory losses. Core earnings are projected to turn to a loss in 4Q25, reflecting deeper losses in the petrochemical business. We estimate a 2H25 dividend of Bt2.50/share. Looking ahead, core earnings in 1Q26 are expected to recover qoq, supported by the cement and packaging business. Maintain BUY. Target price: Bt2...
- Benjaphol Suthwanish
- Thanawat Thangchadakorn
Thailand Daily - Monday, January 12, 2026
Top Stories Company Update | Siam Cement (SCC TB/BUY/Bt199.00/Target: Bt250.00) We expect SCC to post a net loss of Bt3.2b in 4Q25, widening both qoq and yoy, driven by impairment charges and inventory losses. Core earnings are projected to turn to a loss in 4Q25, reflecting deeper losses in the petrochemical business. We estimate a 2H25 dividend of Bt2.50/share. Looking ahead, core earnings in 1Q26 are expected to recover qoq, supported by the cement and packaging business. Maintain BUY. Targ...
- Audrey Celia
- Benjaphol Suthwanish
- Claire Wang Kelai
- Ejann Hiew
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kai Jie Tang
- Lester Siew
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, January 12, 2026
Greater China Economics | Inflation December CPI inflation rose to 0.8% yoy (+0.1ppt mom), the strongest reading ytd, with a sharp rebound in food prices. Core CPI remained at 1.2% yoy, the highest level for 2025, with goods inflation strengthening further while services inflation continued to ease slightly. PPI deflation moderated to 1.9% yoy (+0.3ppt mom), supported by improvements in mining and consumer goods pricing. Overall, the data suggests tentative price stabilisation, although defl...
002230 IFLYTEK CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
01876 BUDWEISER BREWING CO. APAC LTD.
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
HUME HUME CEMENT INDUSTRIES BHD
SDG SD GUTHRIE BHD
TIDLOR TIDLOR HOLDINGS PCL
RGL RECLAIMS GLOBAL
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, October 30, 2025
Greater China Company Results | Foxconn Industrial Internet (601138 CH/BUY/Rmb80.80/Target: Rmb89.50) FII registered a stellar quarter, with net profit beating our and consensus estimates on stronger-than-expected margins. Top-line lagged our expectations, likely due to differences in product mix, and also the reason behind margins remaining elevated despite the product ramp-up of the lower-margin GB200 NVL72 racks. With the recent checks continuing to point towards a much stronger-than-expected...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
5243 VELESTO ENERGY
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
0763 ZTE CORPORATION CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
HMN ASCOTT RESIDENCE TRUST
BMRI BANK MANDIRI
600699 JOYSON ELECTRONICS CORP
- Benjaphol Suthwanish
Siam Cement (SCC TB) - 3Q25: Posts Larger-than-expected 3Q25 Net Loss;...
Company Results | Siam Cement (SCC TB/BUY/Bt207.00/Target: Bt290.00) SCC reported a net loss of Bt669m in 3Q25, larger than both our and the consensus forecasts, mainly due to substantial inventory losses. The weak 3Q25 performance reflected seasonal factors and continued softness in olefins spreads. However, we expect earnings to return to a profit in 4Q25, supported by stronger performance from the cement and packaging businesses. Maintain BUY. Target price: Bt290.00.
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily: Thursday, October 30, 2025
Top Stories Company Results | Siam Cement (SCC TB/BUY/Bt207.00/Target: Bt290.00) SCC reported a net loss of Bt669m in 3Q25, larger than both our and the consensus forecasts, mainly due to substantial inventory losses. The weak 3Q25 performance reflected seasonal factors and continued softness in olefins spreads. However, we expect earnings to return to a profit in 4Q25, supported by stronger performance from the cement and packaging businesses. Maintain BUY. Target price: Bt290.00. Company U...
- Benjaphol Suthwanish
- Benjaphol Suthwanish
- Benjaphol Suthwanish
- Thanawat Thangchadakorn
Thailand Daily - Thursday, October 09 , 2025
Top Stories Company Results | Aeon Thana Sinsap (Thailand) (AEONTS TB/BUY/Bt118.50/Target: Bt140.00) AEONTS posted a 2QFY26 net profit of Bt792m, down 4% yoy but up 3% qoq, in line with our and consensus expectations. The company reported a gain on sale of written-off receivables of Bt102m in 2QFY26, down 41% yoy. Credit costs and NPL ratio rose qoq in 2QFY26. AEONTS has announced an interim dividend of Bt2.95/share, same as that of Oct 24. Maintain BUY on AEONTS with a target price of Bt140.00...
- Benjaphol Suthwanish
- Gigi Cheuk
- Jo Yee Ng
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Kenny Yong Hui Lim
- Lester Siew
- Posmarito Pakpahan
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, October 9, 2025
Greater China Sector Update | China Banking We take a closer look at the rapidly-growing financial investments, which now account for 21% of total banking assets. The shift in asset mix has been driven by the increasing supply of government bonds and sluggish loan demand, while bond trading income has become more prominent amid the bullish bond market. However, we expect interest rates to become more volatile going forward, posing downside risks to banks if a sharp rate reversal occurs. Maintain...
- Benjaphol Suthwanish
Siam Cement (SCC TB) - LSP Plant Operating Smoothly
Highlights • LSP has started operations and can achieve breakeven at the cash cost level. LSPE is progressing according to plan, with CODs by the end of 2027. • SCGC is expected to be listed on the SET in 2028. • Maintain BUY with a rolled-over SOTP-based target of Bt290.00 in 2026.
- Benjaphol Suthwanish
Thailand Daily - Monday, September 22, 2025
Top Stories Company Update | Siam Cement (SCC TB/BUY/Bt224.00/Target: Bt290.00) The LSP project in Vietnam started operations on 20 August with a 90% utilisation rate and can achieve breakeven at a cash cost of around US$350/tonne. The LSPE project is expected to be completed by the end of 2027. We are positive on this as it helps reduce costs by using ethane instead of naphtha and increases feedstock sourcing flexibility. SCGC is expected to be listed on the SET in 2028 after the LSPE is co...
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Julia Pan Mengyao
- Ming San Soong
- Posmarito Pakpahan
- Singapore Research Team
Regional Morning Meeting Notes: Monday, September 22, 2025
Greater China Sector Update | Internet Following the release of 2Q25 results, the market has started to re-value AI-related and ad-tech upgrade themes. The AI theme garnered the most interest, attributable to: a) re-accelerated cloud revenue growth, b) the emergence of AI agents, c) broader AI application, and d) development of self-sufficient chips. Potential beneficiaries of the AI theme poised for continuous re-rating include Alibaba, Tencent, and Baidu. Tongcheng could see robust travel ...
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
GAM GAMUDA BHD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
OKP OKP HOLDINGS (OKP SP)
- 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.
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