Company Update | Thai Airways (THAI TB/HOLD/Bt6.25/Target: Bt6.70) The tone during THAI’s analyst meeting was neutral. The impact of the Middle East tensions on revenue is minimal as THAI does not operate in the region, but higher jet fuel prices remain a key risk. Europe routes see full bookings, but margins may tighten from Apr 26 as fuel costs rise and fare increases are limited. ASK is guided to grow 5-6% yoy with most of the new aircraft deliveries due in 2H26. Maintain HOLD with a target p...
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...
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...
Company Update | Thai Airways (THAI TB/HOLD/Bt7.00/Target: Bt6.70) Thai Airways is expected to report weaker 4Q25 earnings qoq, with net profit of Bt3.5b, pressured by FX losses, impairments, and higher maintenance and employee costs, despite healthy load factors. Revenue is expected to decline yoy due to yield normalisation. Share price volatility may rise as the first lock-up period expires, releasing 25% of converted shares. Fleet expansion plans remain unchanged. We cut 2025 profit forecasts...
Top Stories Company Update | AP (Thailand) (AP TB/BUY/Bt8.75/Target: Bt10.10) We expect AP to report a net profit of Bt1.28b in 4Q25, flat yoy but up 11% qoq. The qoq improvement should be driven by transfers of backlog. Meanwhile, gross margin is likely to be flat qoq, pressured by intensified competition. AP continues to pursue a more aggressive business strategy than its peers, which should help the company maintain market share and support earnings growth amid market consolidation. Maintai...
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom, respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, while adding Meituan to our SELL list. Indonesia Company Results | Bank Negara Indonesia (BBNI IJ/B...
Company Update | Thai Airways (THAI TB/HOLD/Bt8.35/Target: Bt8.30) The tone during THAI’s 3Q25 analyst meeting was neutral, despite operational metrics remaining strong for 4Q25. Bookings and cabin factors are solid, with 2026 ASK expected to grow 4%. The board will soon review the fleet plan amid leasing challenges. THAI posted a Bt4.4b net profit, beating our estimate on lower costs. However, uncertainty persists ahead of the AGM, where the Ministry of Finance may regain significant board infl...
Top Stories Strategy | 3Q25 Results Review 3Q25 earnings showed a slightly positive trend amid the low season, primarily driven by the energy, banking, and telecom sectors. We maintain a positive outlook for 4Q25, anticipating a strong performance from domestic plays. Our top picks are CENTEL, DOHOME, KBANK, OR, SCGP, and SPRC. Company Update | Thai Airways (THAI TB/HOLD/Bt8.35/Target: Bt8.30) The tone during THAI’s 3Q25 analyst meeting was neutral, despite operational metrics remaining stron...
Greater China Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10...
Company Update | Thai Airways (THAI TB/HOLD/Bt9.55/Target: Bt9.70) THAI is expected to post a 3Q25 core profit of Bt4.3b, surging from Bt1.3b in 3Q24, driven by lower fuel and maintenance costs. Revenue should be Bt42.8b (-3.8% yoy) amid lower yields, though RPK and RFTK remain strong. THAI’s maintenance cost should drop by 20–30% in 3Q25 after extending aircraft usage before servicing. However, uncertainty persists as the Ministry of Finance may regain board control in the upcoming AGM. We main...
Top Stories Company Results | Bangchak Corporation (BCP TB/BUY/Bt29.00/Target: Bt40.00) BCP posted a strong 3Q25 rebound with a net profit of Bt1.1b and core profit of Bt3.2b, driven by higher GRM at US$7.4/bbl and run rate 90% (265kbd) after Sriracha’s unit restart. EBITDA surged to Bt10.3b, while marketing margin rose to Bt0.85/litre and BCPG gained from Laos hydro and new wind projects. Despite minor inventory losses, all segments improved. Outlook remains positive with firm GRM, VLCC termi...
Greater China Sector Update | Automobile The anti-involution policy boosted OEMs’ 3Q25 earnings by ending the price war. However, the industry disruptor BYD saw worsened liquidity due to sales slowdown and inventory pile-up. Auto part companies saw margin erosion in 3Q25 due to delayed impacts from the OEMs’ price war, but 4Q25 margin will stabilise. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Cut target price for Li Auto to HK$60.0. Raise target price for Weich...
Company Update | Thai Airways (THAI TB/HOLD/Bt10.90/Target: Bt11.00) We downgrade THAI to HOLD with a target price of Bt11.00, given the increasing risks that the Ministry of Finance could regain control of the board after the upcoming AGM. We are less optimistic about THAI as this issue poses a risk to THAI’s business operations in the medium to long term. Although THAI’s 3Q25 earnings should stay flattish yoy, supported by higher traffic and lower oil prices, the uncertainties over the influ...
Top Stories Company Update | Charoen Pokphand Foods (CPF TB/HOLD/Bt23.50/Target: Bt24.00) We expect CPF to report a net profit of Bt5,052m for 3Q25, decreasing yoy and qoq. Profitability weakened on lower ASPs amid subdued swine and broiler prices in Thailand and Vietnam, even though stable raw material costs provided a partial offset. In addition, we expect to see a lower share of profit yoy and qoq, pressured by weaker China swine prices and lower qoq contributions from CPALL and CPAXT. Mai...
Greater China Economics | Trade China’s trade rebounded strongly in September, with exports (8.3%, +3.9ppt) and imports (7.4%, +6.1ppt) beating expectations. This month marked the strongest monthly growth for imports in 2025, thanks to the trade surplus narrowing to US$90.4b. Demand from non-US markets held firm while domestic recovery gained traction. Imports for integrated circuits, agricultural products and key commodities improved. On the export front, hi-tech and mechanical & electrical...
Highlights • THAI has returned to trading after successfully completing debt restructuring, resetting its cost structure. • The airline’s operational expansion continues with phased fleet additions, supported by a favourable oil price outlook. • Initiate coverage with a BUY recommendation and a target price of Bt17.00.
Top Stories Initiation Coverage | Thai Airways (THAI TB/BUY/Bt14.80/Target: Bt17.00) THAI exited rehabilitation in Jun 25 with a leaner cost structure, industry-leading margins and greater efficiency after restructuring staff and maintenance costs. Management targets to restore market share from 26% in 2024 to 35% by 2029 by adding 45 new aircraft, including 32 fuel-efficient A321neos, while fleet rationalisation and retrofitting cabins for premium economy will further enhance profitability. In...
Greater China Economics | Economic Activity China’s economic activity weakened further in Aug 25. Industrial production grew 5.2% yoy (-0.5ppt) while retail sales slowed to 3.4% yoy (-0.3ppt). Fixed asset investment growth also declined to 0.5% yoy (-1.1ppt), dragged by a sharp 12.9% yoy (-0.9ppt) decline in property investment. The unemployment rate rose to 5.3% (+0.1ppt). Data missed expectations across the board, reflecting fragile domestic demand and weak consumer confidence. We expect furt...
Summary PAL Holdings Inc - 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 PAL Holdings Inc (PAL Holdings), a subsidiary of Trustmark Holdings Corp, is an airline company. It operates through its subsidiary Philippine Airlines, Inc. (PAL), which provides passenger and cargo t...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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