reports
- Audrey Celia
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Thailand Research Team
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, December 02, 2025
Greater China Sector Update | China Property Demand stayed weak in Nov 25, with new-home sales in 28 cities down 42% yoy and second hand home prices in most cities falling. Land auctions in Shanghai and Hangzhou cooled, with most plots near reserve prices. We maintain UNDERWEIGHT on China property, with CR Land as our top pick for its consistent earnings outperformance. Sector Update | Macau Gaming Macau’s Nov 25 GGR reached MOP 21.1b, down 12% mom but up 14% yoy, and recovering to 92% o...
KTC KRUNGTHAI CARD PCL
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
GFPT GFPT
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
599A SANDS CHINA LTD.
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
KPJ KPJ HEALTHCARE BERHAD
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
PEP PPB GROUP BERHAD
BAUTO BERMAZ AUTO BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
SWB SUNWAY BHD
1368 XTEP INTERNATIONAL HOLDINGS
SCGP SCG PACKAGING PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
PEKAT PEKAT GROUP BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
ASL SP ASL MARINE (ASL SP)
- Benjaphol Suthwanish
Minor International (MINT TB) - Strong Outlook For 4Q25 After Renovati...
Company Update | Minor International (MINT TB/BUY/Bt20.20/Target: Bt38.00) MINT held an analyst meeting to discuss its 3Q25 results, and the tone was positive. Management is guiding a stronger 4Q25 RevPar, which will be boosted by an ADR uplift, demand in the Maldives, Thailand’s festive bookings, and the “We Travel Together” stimulus. A large US$1.2b-1.3b REIT planned for 2Q-3Q26 will support deleveraging. Value menus continue to boost food traffic, while margins stay intact. Net IBD/E should e...
- Benjaphol Suthwanish
Thailand Daily - Friday, November 21, 2025
Top Stories Company Update | Minor International (MINT TB/BUY/Bt20.20/Target: Bt38.00) MINT held an analyst meeting to discuss its 3Q25 results, and the tone was positive. Management is guiding a stronger 4Q25 RevPar, which will be boosted by an ADR uplift, demand in the Maldives, Thailand’s festive bookings, and the “We Travel Together” stimulus. A large US$1.2b-1.3b REIT planned for 2Q-3Q26 will support deleveraging. Value menus continue to boost food traffic, while margins stay intact. Net I...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Sunny Chen
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, November 21, 2025
Greater China Sector Update | Automobile The phasing out of subsidies has hammered auto sales. PV sales fell 14% yoy, and PEV sales edged up 1-2% yoy during 1-16 Nov 25. Subsidies are likely to continue into 2026 at reduced levels. We expect PV and EV sales to grow 4.9% and over 20%, driven by exports. Tighter regulatory oversight amid rising safety concerns should benefit OEMs such as Geely and Great Wall. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Company Re...
00823 LINK REAL ESTATE INVESTMENT TRUST
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
AMRT SUMBER ALFARIA TRIJAYA TBK PT
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
SCGB SUNWAY CONSTRUCTION GROUP BH
PMAH PRESS METAL ALUMINIUM HOLDIN
2633 JACOBSON PHARMA CORP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
PTTOR PTT OIL AND RETAIL
02161 JBM (HEALTHCARE) LTD
- Benjaphol Suthwanish
Minor International (MINT TB) - 3Q25: Earnings Missed But Still Strong
Company Results | Minor International (MINT TB/BUY/Bt21.40/Target: Bt38.00) MINT reported a 3Q25 net profit of Bt2.55b (+5% yoy core profit), slightly below expectations due to weaker margins and higher SG&A, although revenue of Bt40.3b was in line. The company is launching more budget-tier food products, such as Swensen’s Bingsu Sundae, to attract cost-conscious customers while maintaining margins through its efficient supply chain. Net IBD/E rose slightly to 0.90x after the MHEA delisting tend...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Friday, November 14, 2025
Top Stories Company Results | AP (Thailand) (AP TB/BUY/Bt7.90/Target: Bt9.30) AP posted a net profit of Bt1.15b in 3Q25 (-20% yoy, +15% qoq), in line with our estimate. The qoq improvement was underpinned by a solid performance in the low-rise segment, improved gross margin and higher equity income. AP revised down its 2025 launch plan from Bt65.0b to Bt59.6b. However, we are optimistic about the presales and earnings outlook for 4Q25. We still like AP as the market leader with a more aggressi...
LH LAND & HOUSES PUBLIC CO. LTD.
PLANB PLAN B MEDIA
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
AP AP THAILAND
SPRC STAR PETROLEUM REFINING
TCAP THANACHART CAPITAL PCL
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
MTC MUANGTHAI CAPITAL PCL
LPN LPN DEVELOPMENT PCL
CRC CENTRAL RETAIL CORP
- Alden Gabriel Lam
- Andrew Agita Buntoro
- Arsit Pamaranont
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Greater China Research Team
- Heidi Mo Jinghui
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Lester Siew
- Malaysia Research Team
- Singapore Research Team
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, November 04, 2025
Greater China Strategy | Alpha Picks: November Conviction Calls HSI and MSCI China fell 3.5%/4.0% mom in October, dragged by renewed US-China trade tensions and lack of fresh policy signals from the 4th Plenum. We remain constructive in the medium term but expect further consolidation as uncertainties persist. The best performer among our picks was SELL-rated Li Auto (+21.4% mom). For November, we rotate into oversold names with near-term upside: add AIA, LINK REIT, NAURA, Pinduoduo, PICC P&...
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
558 UMS HOLDINGS LIMITED
GFPT GFPT
C6L SINGAPORE AIRLINES LTD.
5347 TENAGA NASIONAL BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
VSI V.S. INDUSTRY BERHAD
PREIT PARKWAYLIFE REAL ESTATE
BURSA MAPLETREE INDUSTRIAL TRUST
PEP BURSA MALAYSIA BHD
RATCH PPB GROUP BERHAD
2633 RATCH GROUP PUBLIC CO. LTD.
HCM JACOBSON PHARMA CORP LTD
AIS HUTCHISON CHINA MEDITECH LIMITED
RSTON ADVANCED INFO SYSTEMS
FEH RIVERSTONE HOLDINGS LTD
UHU FOOD EMPIRE HOLDINGS LTD
FRKN UNITED HAMPSHIRE US REIT
MPM FRENCKEN GROUP LTD
CSSC MARCO POLO MARINE LTD
CRPU CHINA SUNSINE CHEMICAL HOLDINGS LTD
CICT SASSEUR REIT (S CHIP)
SCGP CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP SCG PACKAGING PCL
2269 LENDLEASE GLOBAL COMMERCIAL REIT
OXMU WUXI BIOLOGICS (CAYMAN) INC.
HMN PRIME US REIT
CLCT ASCOTT RESIDENCE TRUST
KORE CAPITALAND CHINA TRUST
OR KEPPEL PACIFIC OAK US REIT
MXNU PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
CLAR ELITE COMMERCIAL REIT MGNT PTE LTD
DCRU CAPITALAND ASCENDAS REIT
MTEL IJ DIGITAL CORE REIT MANAGEMENT PTE. LTD.
02161 PT DAYAMITRA TELEKOMUNIKASI
02015 JBM (HEALTHCARE) LTD
0303 LI AUTO INC
LAGENDA ALPHA IVF GROUP
SDG LAGENDA PROPERTIES BHD
BRMS IJ SD GUTHRIE BHD
AADI IJ BUMI RESOURCES MINERALS
002371 CH ADARO ANDALAN INDONESIA
ASL SP NAURA TECHNOLOGY GROUP CO LTD
ASL MARINE (ASL SP)
- 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
Minor International (MINT TB) - Strong Earnings Expected In 3Q25
Company Update | Minor International (MINT TB/BUY/Bt22.70/Target: Bt38.00) We expect MINT to post a strong 3Q25 net profit of Bt2.7b (vs Bt149m in 3Q24 and Bt3.1b in 2Q25), mainly due to strong hotel performance across all regions and lower interest expenses yoy. RevPar remains flat in Thai baht terms but has increased in local currencies, led by Europe, the Maldives, and Australia. MINT is also driving food sales via new budget-tier products while maintaining margins. Its debt ratio should rema...
- 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...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Joyce Chu
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Monday, October 27, 2025
Greater China Sector Update | Internet Data from the initial phase of the 11.11 campaign set a compelling prelude for a mid-single-digit GMV growth in 4Q25. The new phase of 11.11 is characterised by a longer cycle, simplified promotion mechanics, and deeper technological integration. Platform competition has shifted from “traffic wars” to “efficiency wars”, as AI enhances demand-supply matching and instant retail breaks offline barriers, reducing consumer decision costs. Maintain MARKET WEIGHT....
02331 LI NING COMPANY LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
AJBU KEPPEL DC REIT
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
SUN SUNTECH SA
01801 INNOVENT BIOLOGICS INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BBNI BANK NEGARA INDONESIA
BRIS BANK BRISYARIAH TBK
2563118D MK Equity ECO-SHOP MARKETING
- Benjaphol Suthwanish
Minor International (MINT TB) - Key Takeaways From The Asian Gems Conf...
Asian Gems Corporate Highlights | Minor International (MINT TB/BUY/Bt23.00/Target: Bt38.00) MINT continues to emphasise asset-light expansion through management contracts, minimising capital use while enhancing margins. The company plans to launch a US$1.5b-1.6b REIT in mid-26, with about US$700m proceeds to fund deleveraging and reinvestment. Management reaffirmed its targets of high single-digit revenue and 15-20% core profit growth. Despite a modest debt reduction in 2H25, lower interest cost...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily - Monday, October 27, 2025
Top Stories Sector Update | Retail Home improvement retail appears more attractive than grocery retail as it is in the late stage of a downcycle. Grocery retailers will enjoy short-term benefits from the Half-Half Plus copayment scheme. Initiate coverage with BUY on GLOBAL, CPAXT and DOHOME, and HOLD for CRC. We are OVERWEIGHT on the retail sector. Top picks are CPALL and GLOBAL. Company Update | PTT Oil and Retails (OR TB/BUY/Bt13.90/Target: Bt21.00) We expect OR to post a net profit of Bt2....
- Benjaphol Suthwanish
Thailand Hotel - Hope Lies In 4Q25
Hotel stocks reported a combined core profit of Bt3,767m for 2Q25 (+0.4% yoy, +101.3% qoq), mainly supported by MINT’s strong hotel performance in Europe. However, Thai tourism’s 3Q25 outlook should remain dull, similar to 2Q25. Hopes of hotel operators rest on the high travel season in 4Q25, as room bookings still indicate a positive momentum. MINT remains our top pick given its lower cost of debt. Maintain MARKET WEIGHT.
- Benjaphol Suthwanish
Minor International (MINT TB) - Less Deleveraging, But Still Expect A ...
We attended MINT’s 2Q25 analyst meeting, and the tone was positive. MINT is maintaining its growth guidance target as the core profit growth in 1H25 remains on track. MINT will utilise a capex of Bt2.5b-3.0b to delist MHEA, allowing greater flexibility for the planned REIT. As a result, MINT’s debt ratio will not improve. However, we are still optimistic on MINT as the cost of debt will continue to decrease, and the growth outlook in 3Q25 is still decent. Maintain BUY. Target price: Bt38.00...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
Thailand Daily - Thursday, August 07, 2025
KEY HIGHLIGHTS Results Advanced Info Service (ADVANC TB/BUY/Bt296.00/Target: Bt340.00) 2Q25: Results in line with our and consensus estimates. IRPC (IRPC TB/BUY/Bt1.02/Target: Bt1.20) 2Q25 Results: Losses were expected; better outlook in 3Q25. SVI (SVI TB/HOLD/Bt6.10/Target: Bt6.00) 2Q25: Earnings were weak and below our and market expectations Update CH Karnchang (...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Guan An Tan
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Thursday, August 7, 2025
GREATER CHINA Results BeOne Medicines (6160 HK/BUY/HK$182.70/Target: HK$240.00): 2Q25: Results beat; expects revenue and margins to expand further. Cathay Pacific Airways (293 HK/SELL/HK$10.85/Target: HK$10.23): 1H25: Results broadly in line. Cargo facing higher uncertainties in 2H25. Downgraded to SELL. Update AIA Group (1299 HK/BUY/HK$73.55/Target: HK$91.00): 1H25 results preview: Solid VONB and earnings growth. Xiaomi Corp (1810 HK/BUY/HK$54.00/Target: HK$69.20): 2Q25 results preview: Expect ...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
01299 AIA GROUP LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
7160 PENTAMASTER CORP. BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
06160 BEIGENE LTD.
CLAR CAPITALAND ASCENDAS REIT
0293(HKG) CATHAY PACIFIC AIRWAYS LTD
- Benjaphol Suthwanish
Minor International (MINT TB) - 2Q25: Strong Results In Line With Expe...
MINT reported a net profit of Bt3.1b (+9.3% yoy, +640.2% qoq) in 2Q25. Excluding the non-core items, MINT reported a core profit of Bt3.4b (+5.6% yoy) which is in line with our and consensus forecasts. The key contributor was a robust hotel performance from every region except Thailand. MINT’s interest expense continues to decrease yoy on a lower cost of debt. We expect MINT’s interest expense to drop significantly to become the key earnings driver in 3Q25. Maintain BUY. Target price: Bt38....
- Thailand Research Team
Thailand Daily - Monday, August 04 , 2025
KEY HIGHLIGHTS Strategy Alpha Picks: A More Cautious Market Outlook We have a cautious outlook for the Thai equities market in August. We decide to take profit on SCGP, add GFPT to our portfolio, and replace TIDLOR with KTC. Results Minor International (MINT TB/BUY/Bt25.00/Target: Bt38.00) 2Q25: Strong results in line with expectations. Update Asset World Corporation (AWC TB/BUY/Bt2.10/Target: Bt3.30) 2Q25 earnings expected to weaken due to decline in Chinese guest arrivals. PTT (PTT TB/BUY/Bt...
- Benjaphol Suthwanish
Minor International (MINT TB) - Sustained Strong Growth Expected In 2Q...
We expect MINT to report a core profit of Bt3.4m in 2Q25 (+5.5% yoy, +6,714.1% qoq). The top-line should be at Bt43.2b (-1.3% yoy, +21.3% qoq), with the contraction mainly due to a strong yoy appreciation of the Thai baht vs the euro in 2Q25 and the high base last year due to several large events. In their local currencies, hotels in Europe and the Maldives are still showing strong yoy growth. We are bullish on MINT as its interest expense trends further downwards. Maintain BUY. Target pric...
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