reports
- Tanaporn Visaruthaphong
BEC World PCL (BEC TB) - 2Q24: Clearer Earnings Visibility Ahead; Upgr...
BEC reported 2Q24 earnings of Bt71m (flat yoy, +404% qoq). Revenue dropped yoy, but improved qoq, following the same trend as ad income. Ad income dropped yoy and qoq as the recovery of TV adex was soft. We revise 2024 earnings down by 8% due to lower-than-expected earnings in 1H24. However, we believe earnings should have bottomed out. We roll over valuation to 2025. Upgrade to BUY. Target price: Bt4.20.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, August 13, 2024
KEY HIGHLIGHTS Results BEC World PCL (BEC TB/BUY/Bt3.56/Target: Bt4.20) 2Q24: Clearer earnings visibility ahead; upgrade to BUY Betagro (BTG TB/BUY/Bt22.60/Target: Bt26.50) 2Q24: Bottom line turns to profit. Indorama Ventures (IVL TB/BUY/Bt17.80/Target: Bt22.50) 2Q24: A huge loss as expected, but earnings should have bottomed out. PTT (PTT TB/BUY/Bt33.25/Target: Bt37.00) ...
PTT PTT PUBLIC COMPANY LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
BEC BEC WORLD PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTT-R PTT (NVDR)
IVL-R INDORAMA VENTURES PCL (NVDR)
MINT-R MINOR INTERNATIONAL PCL NVDR
MTC MUANGTHAI CAPITAL PCL
WHA TB WHA CORP PCL
TIDLOR NGERN TID LOR PCL
SVI SVI PCL
BTG BETAGRO PUBLIC COMPANY LIMITED
- Tanaporn Visaruthaphong
BEC World PCL (BEC TB) - 1Q24: Earnings Surge Yoy And Qoq
BEC reported 1Q24 earnings of Bt14m (+279% yoy, -85% qoq). Earnings increased yoy due to higher gross margin. Meanwhile, earnings declined qoq, impacted by lower revenue and softer gross margin. Looking ahead, we believe the media sector, especially TV broadcaster players, may not see a strong recovery due to a slow recovery of TV adex. Maintain HOLD. Target price: Bt5.30.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Monday, May 13, 2024
KEY HIGHLIGHTS Results Banpu PCL (BANPU TB/HOLD/Bt5.45/Target: Bt5.00) 1Q24: Operating results turn to a profit. BEC World PCL (BEC TB/HOLD/Bt4.64/Target: Bt5.30) 1Q24: Earnings surge yoy and qoq. Betagro PCL (BTG TB/BUY/Bt23.50/Target: Bt27.00) 1Q24: Earnings improve strongly qoq. CP ALL (CPALL TB/BUY/Bt59.00/Target: Bt84.00) 1Q24: Impressive e...
- Tanaporn Visaruthaphong
BEC World PCL (BEC TB) - 4Q23: Earnings In Line With Our Estimate But ...
BEC posted earnings of Bt93m for 4Q23 (-37% yoy, +146% qoq), in line with our estimate but above consensus’ by 13%. 4Q23 net profit declined yoy due to lower gross margin and higher SG&A-to-sales. Meanwhile, qoq earnings increased due to higher revenue and gross margin, and lower SG&A-to-sales. Moving forward, we believe a challenging period lies ahead for TV broadcasters as they face issues such as decreased advertising and utilisation rates. Maintain HOLD. Target price: Bt5.50.
- Arsit Pamaranont
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, February 27, 2024
KEY HIGHLIGHTS Results BEC World PCL (BEC TB/HOLD/Bt4.64/Target: Bt5.30) 4Q23: Earnings in line with our estimate but above consensus’. CP ALL (CPALL TB/BUY/Bt57.25/Target: Bt79.00) 4Q23: Better-than-expected earnings; resilient earnings growth outlook in 2024. Energy Absolute (EA TB/BUY/Bt39.50/Target: Bt70.00) 4Q23: Results below estimates, 2023 core earnings up 20% yoy. Indorama Ventures (IVL TB/HOLD/Bt23.90/Target: Bt22.50) 4Q23: A big disappointment; more challenges ahead. Downgrade to...
- Tanaporn Visaruthaphong
BEC World (BEC TB) - 4Q23 Results Preview: Anticipate Earnings To Drop...
We expect BEC to report 4Q23 earnings of Bt90m (-39% yoy, +139% qoq). Revenue should come in at Bt1.4b, increasing 11% yoy and 12% qoq chiefly supported by higher advertising revenue from the high ratings for Thai drama Love Destiny 2. In 2024, we believe the media sector, especially TV broadcaster players, may not see a strong recovery due to a slow recovery of TV adex. Maintain HOLD. Target price: Bt5.30.
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, February 07, 2024
KEY HIGHLIGHTS Results SVI (SVI TB/HOLD/Bt6.85/Target: Bt7.00) 4Q23: Earnings plunge yoy and qoq, below expectations. Update BEC World (BEC TB/HOLD/Bt4.62/Target: Bt5.30) 4Q23 results preview: Anticipate earnings to drop yoy due to one-time expenses, but improve on better outlook. Thanachart Capital (TCAP TB/HOLD/Bt50.50/Target: Bt53.00) 4Q23 results preview: Expect results to soften qoq.
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Kitpon Praipaisarnkit
- Limartha Adhiputra
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, February 07, 2024
GREATER CHINA Sector Hong Kong Property: CCL Index stabilises in Jan 24; channel checks on implementation of easing measures on non-PR buyers. INDONESIA Update Bumi Serpong Damai (BSDE IJ/BUY/Rp1,035/Target: Rp1,420): Growing elegantly with solid marketing sales. United Tractors (UNTR IJ/SELL/Rp22,800/Target: Rp20,000): Small downward adjustment to Pama’s fees could impact 2024 NPAT. MALAYSIA Results British American Tobacco (ROTH MK/BUY/RM9.08/Target: RM10.40): 4Q23: Results met expectation...
- Tanaporn Visaruthaphong
BEC World PCL (BEC TB) - 3Q23: Earnings Far Below Estimates; Dim Outlo...
BEC posted earnings of Bt38m for 3Q23 (-66% yoy, -49% qoq), far below our and consensus’ estimates by 36% and 27% respectively. 3Q23 net profit declined yoy and qoq, pressured by weaker revenue and gross margin as well as higher SG&A-to-sales. Moving forward, we believe a challenging period lies ahead for TV broadcasters as they face issues such as decreased advertising and utilisation rates. Maintain HOLD. Target price: Bt5.50.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Monday, November 13, 2023
KEY HIGHLIGHTS Results Banpu PCL (BANPU TB/HOLD/Bt7.70/Target: Bt8.00) 3Q23: Net profit rebounds qoq. BEC World PCL (BEC TB/HOLD/Bt5.80/Target: Bt5.50) 3Q23: Earnings far below estimates; dim outlook to persist going forward. Central Plaza Hotel (CENTEL TB/BUY/Bt45.00/Target: Bt52.00) 3Q23: Another disappointing set of results, but should have bottomed out. COM7 (COM7 TB/BUY/Bt26.00/Target: Bt32.50) 3Q23: Lower-than-expected 3Q23 results. Expect yoy improvement in 4Q23. CP ALL (CPALL TB/B...
- Tanaporn Visaruthaphong
BEC World PCL (BEC TB) - 2Q23: Earnings In Line With Expectations
BEC posted earnings of Bt175m for 2Q23 (-57% yoy, +1900% qoq), in line with our and consensus estimates. 2Q23 net profit declined yoy, pressured by weaker revenue and higher SG&A-to-sales, but improved by 1,900% qoq due to strong recovery of revenue and better gross margin. We expect that BEC’s earnings have bottomed out. Upgrade BEC from SELL to HOLD with a higher target price of Bt8.20.
- Arsit Pamaranont
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, August 15, 2023
KEY HIGHLIGHTS Results Airports of Thailand (AOT TB/BUY/Bt71.25/Target: Bt83.00) 3QFY23: Earnings outlook continues to look promising. Amata Corporation (AMATA TB/BUY/Bt23.00/Target: Bt30.00) 2Q23: Results surpass our and market forecasts. Central Plaza Hotel (CENTEL TB/BUY/Bt48.50/Target: Bt60.00) 2Q23: Earnings missed due to expenses of opening a new hotel and ongoing CP ALL (CPALL TB/BUY/Bt61.50/Target: Bt78.00) 2Q23: Better-than-expected results; good accumulation opportunity. Energy ...
LH LAND & HOUSES PUBLIC CO. LTD.
AMATA AMATA CORP
IVL INDORAMA VENTURES PUBLIC CO. LTD.
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
BEC BEC WORLD PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
IVL-R INDORAMA VENTURES PCL (NVDR)
MINT-R MINOR INTERNATIONAL PCL NVDR
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
CPALL TB CP ALL
AOT-R AIRPORTS OF THAILAND PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
CPALL-R CP ALL PCL NVDR
PSH PRUKSA HOLDING PCL
- Tanaporn Visaruthaphong
BEC World PCL (BEC TB) - 1Q23: Earnings Significantly Below Expectatio...
BEC posted earnings of Bt3.7m for 1Q23 (-98% yoy, -97% qoq), coming in 88% and 97% lower our and consensus’ estimates respectively. Earnings missed estimates due to lower-than-expected revenue and gross margin, and higher-than-expected SG&A-to-sales. Due to the sluggish economy and uncertainties of TV adex direction, we downgrade BEC to SELL with a lower target price Bt5.90.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Monday, May 15, 2023
KEY HIGHLIGHTS Strategy Upcoming Election To Boost Consumption Sentiment Commerce, media, property and industrial estate to be beneficiaries. Results Airports of Thailand (AOT TB/BUY/Bt73.25/Target: Bt83.00) 2QFY23: Skyrocketing earnings throughout the year. BEC World PCL (BEC TB/SELL/Bt7.75/Target: Bt5.90) 1Q23: Earnings Significantly Below Expectations. Downgrage to SELL Central Plaza Hotel (CENTEL TB/BUY/Bt55.50/Target: Bt60.00) 1Q23: Earnings beat our and consensus forecasts. Charoen Pokph...
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
PLANB PLAN B MEDIA
COM7 COM7
BEC BEC WORLD PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CHG CHULARAT HOSPITAL
PTTGC-R PTT GLOBAL CHEMICAL (NVDR)
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
AOT-R AIRPORTS OF THAILAND PCL NVDR
CPF-R CHAROEN POKPHAND FOODS PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Selvi Ocktaviani
- Sunny Chen
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Zhifeng Shen
- Ziv Ang Sze Champ
Regional Morning Notes - Wednesday, March 29, 2023
GREATER CHINA Sector Property: A major breakthrough: China’s REIT programme expanded to include shopping spaces. Results Anhui Conch (914 HK/BUY/HK$27.10/Target: HK$33.80): 2022: In line with profit warning; market share expanded to 13%. CR Mixc (1209 HK/BUY/HK$39.00/Target: HK$48.20): 2022: Results beat with higher payout ratio; pursue high-quality growth. Innovent Biologics (1801 HK/BUY/HK$38.20/Target: HK$50.00): 2022: Results in line; new product launches support bright growth outlook. Shenz...
TOWR PT SARANA MENARA NUSANTARA TBK
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
BEC BEC WORLD PUBLIC CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
1801 INNOVENT BIOLOGICS INC
FEH FOOD EMPIRE HOLDINGS LTD
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
AGMO AGMO HOLDINGS BHD
- Tanaporn Visaruthaphong
- Tanaporn Visaruthaphong
BEC World (BEC TB) - Neutral On 1Q23 Outlook
We are neutral on BEC’s outlook in 1Q23 due to the weak TV adex, especially in Jan 23 and Feb 23. Looking ahead to 2Q23, we expect to see some recovery of TV adex on a qoq basis due to the Songkran festival. However, some uncertain situations and economic headwinds might persist in 1H23. Maintain HOLD. Target price: Bt10.00. We recommend investors to switch to cinema players like MAJOR.
- Tanaporn Visaruthaphong
BEC World (BEC TB) - 4Q22: Earnings Above Estimate But Still Soft
BEC posted earnings of Bt149m for 4Q22 (-50% yoy, -33% qoq), coming in 8% and 14% above our and consensus estimates respectively. Key earnings misses were due to higher-than-expected gross margin and lower-than-expected SG&A-to-sales. Nevertheless, we have a neutral perspective on Thailand’s media sector’s earnings outlook for 1H23, especially for TV broadcaster players due to weak TV adex. Maintain HOLD. Target price: Bt10.00.
- Arsit Pamaranont
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Monday, February 27, 2023
KEY HIGHLIGHTS Results BEC World (BEC TB/HOLD/Bt9.30/Target: Bt10.00) 4Q22: Earnings above estimates but still soft. Chularat Hospital (CHG TB/SELL/Bt3.78/Target: Bt3.60) 4Q22: Results miss. COM7 (COM7 TB/BUY/Bt31.00/Target: Bt42.00) 4Q22 earnings in line; strong growth momentum in 1Q23. Energy Absolute (EA TB/BUY/Bt77.00/Target: Bt100.00) 4Q22: Results beat our expectations. Esso Thailand (ESSO TB/BUY/Bt8.85/Target: Bt12.50) 4Q22: Weak results due to inventory loss again. Indorama Ventur...
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