reports
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Kai Jie Tang
- Keith Wee Teck Keong
- Lester Siew
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, February 26, 2026
Greater China Strategy | Hong Kong Budget 2026-27 The 2026-27 Budget marks a shift from deficit spending to structural consolidation, projecting a HK$22.1b surplus (0.6% of GDP) from last year’s HK$67.0b deficit (2% of GDP), which will lift fiscal reserves from 8 months to 10 months of government expenditure. Real GDP growth is projected at 2.5-3.5% yoy, with CPI at 1.7% yoy. Policy prioritises Northern Metropolis and AI investment, while property measures have turned more prudent, raising luxur...
P34 DELFI
C6L SINGAPORE AIRLINES LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
T TELEKOM MALAYSIA BHD
KLK KUALA LUMPUR KEPONG BHD
CPALL TB CP ALL
FUTU FUTU HOLDINGS ADS
SWB SUNWAY BHD
FEH FOOD EMPIRE HOLDINGS LTD
BTG BETAGRO PUBLIC COMPANY LIMITED
GIAA GARUDA INDONESIA PERSERO TBK
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - Remaining Optimistic Amid The Pressuring...
Company Update | Bumrungrad Hospital (BH TB/BUY/Bt190.50/Target: Bt214.00) BH’s 4Q25 analyst meeting had a positive tone, supported by progress in the Kuwait talks, which reaffirmed BH as a referral destination with receivables settled, though the timing remains unclear. 1Q26 revenue is guided for ±2-3% yoy growth depending on Middle East tensions, with risks from Ramadan and geopolitics. BIH Phuket’s opening is delayed to 2H27, easing 2026 cost pressure. Cambodian weakness persists, while the S...
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
Thailand Daily - Thursday, February 26, 2026
Top Stories Company Results | Betagro (BTG TB/HOLD/Bt20.50/Target: Bt21.00) BTG reported a 4Q25 core profit of Bt935m (-3% yoy and -23% qoq). The results beat our and the market’s forecasts. Management expects swine prices to increase gradually to around Bt65/kg and targets a swine price of Bt70/kg in 2026. Looking ahead, we expect 1Q26 earnings to increase slightly qoq, supported by higher ASPs. However, earnings are expected to decline yoy due to a high base. Maintain HOLD with a target pric...
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - 4Q25: Slightly Weakened Earnings As Expe...
Company Results | Bumrungrad Hospital (BH TB/BUY/Bt194.00/Target: Bt214.00) BH posted a 4Q25 net profit of Bt1.89b (-0.9% yoy), in line with our forecast and the consensus’, as a higher tax rate offset solid foreign patient growth. Margins improved on lower SG&A from several cost savings. Thai-Cambodia tensions continue to pressure volumes, while influenza cases rose 5.2% yoy, supporting Thai demand. BH announced an additional Bt9.00 dividend (5.7% yield). Maintain BUY with a target price of Bt2...
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Friday, February 20, 2026
Top Stories Company Results | GFPT (GFPT TB/HOLD/Bt10.10/Target: Bt11.00) GFPT reported a 4Q25 core profit of Bt494m (+59% yoy but -31% qoq). The results exceeded our and the market’s expectations. 2025’s net profit was Bt2,439m (+23.51%), while core profit stood at Bt2,441m (+30% yoy). Expect unexciting earnings momentum in 2026 due to global competition and lower gross profit margin yoy. Downgrade to HOLD with a lower target price of Bt11.00 (previously Bt13.50). Company Results | PTT (PTT...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Amerul Iqmal
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, February 13, 2026
Greater China Sector Update | Automobile CATL, BYD, and Changan are deploying SIBs in EVs due to longer cycle lives, strong cold-weather performance and better fire safety. SIB-equipped EV sales are projected to make up 4-9% of global EV sales. LIBs remain dominant, but CATL benefits from diversification. The lithium market is expected to stay resilient through 2030. The hike in lithium carbonate costs will mostly be borne by auto OEMs. Maintain MARKET WEIGHT; BUY CATL, Ganfeng Lithium, Minth, G...
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - Expect A Slightly Weakened Net Profit In...
Company Update | Bumrungrad Hospital (BH TB/BUY/Bt187.50/Target: Bt214.00) BH is expected to post a slight earnings contraction in 4Q25 due to a high tax-benefit base last year, despite decent revenue growth supported by Middle Eastern and Thai check-up demand. Cambodian patient revenue remains under pressure from ongoing tensions and should persist from the election results. Margins should improve slightly on continuous cost controls. Influenza cases continue to rise yoy, supporting Thai patien...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Friday, February 13, 2026
Top Stories Company Results | Bangchak Corporation (BCP TB/BUY/Bt36.00/Target: Bt40.00) BCP reported a 4Q25 net profit of Bt2.2b, largely in line with our estimate, doubling qoq and rebounding strongly yoy. Core profit rose to Bt4.1b (+125% yoy, +27% qoq), driven by a higher GRM of US$10.80/bbl and record-high run rate of 280kbd. FY25 core profit increased 67% yoy to Bt10.2b. We expect earnings momentum to remain solid in 2026, supported by resilient distillate demand, renewable contributions,...
Bumrungrad Hospital Public Company Limited: 1 director
A director at Bumrungrad Hospital Public Company Limited bought 100,000 shares at 139.728THB and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ...
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - Positive Momentum Expected To Continue I...
Company Update | Bumrungrad Hospital (BH TB/BUY/Bt180.00/Target: Bt214.00) The tone during BH’s analyst meeting was neutral, with management guiding 2-4% yoy top-line growth in 4Q25, supported by sustained Middle Eastern patient momentum and seasonal demand for health check-ups in Thailand. Cambodian patient volumes may normalise by 1H26. No new updates were provided on the Kuwaiti patient issue, although referrals are still expected to resume soon. The Saudi MOU remains delayed due to changes i...
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Thursday, November 13, 2025
Top Stories Company Results | CP All (CPALL TB/BUY/Bt48.50/Target: Bt65.00) We believe the market has been overly pessimistic. CPALL delivered the strongest performance among retail peers in 3Q25. We also see a 3% upside to our 2025 forecast. It reported an 18% yoy rise in 3Q25 net profit, driven by margin expansion and continued strength in the convenience store segment and other businesses. Maintain BUY with a target price of Bt65.00. Company Results | PTT (PTT TB/BUY/Bt30.25/Target: Bt38.0...
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - 3Q25: Strong Growth Delivered In 3Q25 As...
Company Results | Bumrungrad Hospital (BH TB/BUY/Bt177.50/Target: Bt214.00) BH delivered solid 3Q25 results with a net profit of Bt2.04b (+4.1% yoy), driven by 3.5% growth in foreign patient revenue, notably from the Middle East, Myanmar, and Bangladesh, offsetting weaker Thai patient demand. The new Ministry of Commerce measure poses minimal impact due to BH’s focus on foreign and inpatient treatments. Kuwait referrals are expected to resume soon. Maintain BUY with a target price of Bt214.00, o...
- Arsit Pamaranont
- Benjaphol Suthwanish
Thailand Daily - Friday, November 07, 2025
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...
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Friday, November 7, 2025
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...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
THAI THAI AIRWAYS INTERNATIONAL PCL
BH
G13 BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
GAM GENTING SINGAPORE LIMITED
OR GAMUDA BHD
06160 PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DEWA IJ BEIGENE LTD.
DARMA HENWA (DEWA IJ)
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - Expect A Strong Quarter In 3Q25
Company Update | Bumrungrad Hospital (BH TB/BUY/Bt178.00/Target: Bt214.00) We upgrade BH to BUY with a target price of Bt214.00. BH’s outlook has improved with its strong 3Q25 performance and positive sentiment drivers. BH did not join the Kuwait conference and will not receive any negative impact. BH focuses on high-paying foreign and inpatient clients, insulating it from the new pricing measures. Net profit is expected at Bt2.5b (+4.6% yoy), supported by recovering Middle Eastern demand. Wit...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily - Thursday, October 16, 2025
Top Stories Company Update | Asset World Corporation (AWC TB/BUY/Bt2.08/Target: Bt3.30) AWC’s Jurassic World at Asiatique, launched in Aug 25 with Bt1.4b capex, exceeds targets with 2,400-2,800 visitors and Bt2m daily revenue. The park attracted mainly Thai families and school groups, with rising foreign visitors, particularly from China and Korea. It boosted Asiatique’s retail traffic, strengthening rental demand. AWC has planned periodic content refreshes to sustain interest and may replica...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, October 16, 2025
Greater China Economics | Inflation September’s CPI inflation improved slightly to -0.3% yoy (+0.1ppt), with core CPI reaching a ytd high of 1.0% yoy. However, food prices remained weak (-4.4% yoy), led by a 17% yoy fall in pork prices. PPI deflation eased to -2.3% yoy (+0.6ppt), with broad recovery in mining and quarrying and raw metal materials. Looking ahead, look out for improvement in consumer goods PPI inflation, which should be indicative of a sustainable improvement in pricing power....
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
AXIATA HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
MAXIS AXIATA GROUP BERHAD
T MAXIS BHD
3933 TELEKOM MALAYSIA BHD
2877 THE UNITED LABORATORIES INTE
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
AWC GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 ASSET WORLD CORP PUBLIC COMPANY LTD
TDC CSPC PHARMACEUTICAL GROUP LTD
603259 TIME DOTCOM BHD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
CDB WUXI APPTEC CO. LTD. CLASS H
8AZ CSPC INNOVATION PHARMACEUTICAL CO L
BTG CELCOMDIGI BHD
300244 AZTECH GLOBAL LTD
DKFT IJ BETAGRO PUBLIC COMPANY LIMITED
ONC@US@ DIAN DIAGNOSTICS GROUP CO
CENTRAL OMEGA RESOURCES
BEONE MEDICINE INC
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jo Yee Ng
- Ken Lee
- Kong Ho Meng
- Sunny Chen
- Suryaputra Wijaksana
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, September 26, 2025
Greater China Sector Update | Automobile China’s PV sales rebounded last week, with PEV growth surging from below 5% to over 30% due to subsidies and new models. Geely and XPeng led, while BYD and Li Auto lagged. Vehicle exports rose 26% yoy in August, driven by gains in the EU, Africa, and Middle East. Maintain MARKET WEIGHT. Top BUYs: CATL (target price raised to Rmb520) and Geely. Top SELLs: BYD and Li Auto. Sector Update | Healthcare Falling interest rates are expected to significant...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
M3I MINTH GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
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 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
02238 WEICHAI POWER CO. LTD. CLASS H
YNS GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
MSGB YINSON HOLDINGS BHD
ECW MAH SING GROUP BHD
SPSB ECO WORLD DEVELOPMENT GROUP
SWB SP SETIA BHD
HCM SUNWAY BHD
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
UEMS SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 UEM SUNRISE BHD
1772 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 GANFENG LITHIUM CO. LTD. CLASS H
603259 CSPC PHARMACEUTICAL GROUP LTD
300750 WUXI APPTEC CO. LTD. CLASS A
3606 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
MPM FUYAO GLASS INDUSTRY GROUP CO LTD-H
2269 MARCO POLO MARINE LTD
3692 WUXI BIOLOGICS (CAYMAN) INC.
MCH HANSOH PHARMACEUTICAL GROUP
06160 MATRIX CONCEPTS HOLDINGS BHD
002920 BEIGENE LTD.
300765 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
STM WUXI APPTEC CO. LTD. CLASS H
IOIPG CSPC INNOVATION PHARMACEUTICAL CO L
02015 SEATRIUM LTD
09868 IOI PROPERTIES GROUP BHD
300244 LI AUTO INC
LAGENDA XPENG INC
600699 DIAN DIAGNOSTICS GROUP CO
002050 CH LAGENDA PROPERTIES BHD
ONC@US@ JOYSON ELECTRONICS CORP
TUL ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
BEONE MEDICINE INC
TULLA RESOURCES PL
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - Cautiously Optimistic In 2H25
The tone at BH’s 2Q25 analyst meeting was positive. Management provided a positive development update on the Kuwaiti patient issue, indicating that it should be resolved soon. The 3Q25 guidance is also promising as last year’s base will no longer include the Kuwait patient portion and revenue intensity is expected to improve. We are more positive on BH, but the timeline and the magnitude of Kuwaiti patients’ return is still uncertain, and the market has already priced this in. Maintain HOLD...
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, August 05, 2025
KEY HIGHLIGHTS Sector Property Expect earnings to recover in 2Q25, but 2H25 outlook remains uncertain. Update Bumrungrad Hospital (BH TB/HOLD/Bt176.50/Target: Bt185.00) Cautiously optimistic in 2H25. Kasikorn Bank (KBANK TB/BUY/Bt160.50/Target: Bt192.00 To increase dividend policy from 25% to 50% and guide for potential capital management.
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