reports
- Benjaphol Suthwanish
Minor International (MINT TB) - Expect MINT’s Hotel Performance To Rem...
We attended MINT’s 1Q25 analyst meeting, and the tone was neutral. 1Q25 earnings were strong, attributable to the robust performance of its hotels in Europe, Thailand and the Maldives. Despite the poor Thai tourism outlook, MINT is maintaining its guidance as it is confident in its room pricing strategy. We are optimistic on MINT as the outlook in 2Q25 is improving, and MINT could also benefit from the indirect impact of the tariffs. Maintain BUY. Target price: Bt38.00.
- Benjaphol Suthwanish
Thailand Daily - Tuesday, May 20, 2025
KEY HIGHLIGHTS Update Minor International (MINT TB/BUY/Bt24.50/Target: Bt38.00) Expect MINT’s hotel performance to remain strong amid uncertainties. PTT Oil & Retail Business (OR TB/SELL/Bt13.00/Target: Bt12.80) Domestic oil demand cools amid economic uncertainty. Downgrade to SELL.
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Lester Siew
- Llelleythan Tan Tan
- Philip Wong
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, May 20, 2025
GREATER CHINA Economics Economic Activity Generally weaker activities in April. Update Yuexiu Property (123 HK/NOT RATED/HK$4.57) Takeaways from meeting with Yuexiu Property. INDONESIA Update Aneka Tambang (ANTM IJ/BUY/Rp2,720/Target: Rp3,300) Raising earnings forecast on strong gold price momentum. MALAYSIA Results Affin Bank (ABANK MK/SELL/RM2.72/Target: RM...
- Benjaphol Suthwanish
Minor International (MINT TB) - 1Q25: Reported A Mild Profit
MINT reported a core profit of Bt50m in 1Q25, improved from a core loss of Bt352m in 1Q24. This is slightly better than our estimates and the consensus. Despite the topline contraction from foreign exchange impact, the hotel performance is still strong. The interest expense is continuously improving as a result of the rate cut, and the margins have expanded well yoy. We are optimistic with MINT as the outlook in 2Q25 is improving. Maintain BUY. Target price: Bt38.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, May 14, 2025
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt38.00/Target: Bt45.00) 1Q25: Soft results, but better than expected; likely to see a strong rebound in 2Q25. COM7 (COM7 TB/BUY/Bt21.20/Target: Bt29.50) 1Q25: Better-than-expected earnings. CP ALL (CPALL TB/BUY/Bt51.50/Target: Bt79.00) 1Q25: Stronger-than-expected earnings. GFPT Plc. (GFPT TB/BUY/Bt9.80/Target: Bt13.40) ...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, May 14, 2025
GREATER CHINA Results JD.com (9618 HK/BUY/HK$137.00/Target: HK$185.00): 1Q25: Strong earnings beat; intact 2025 outlook; vague visibility on food delivery. JD Logistics, Inc (2618 HK/BUY/HK$12.24/Target: HK$22.00): 2024: Results broadly in line; revenue growth to accelerate in 2025. Maintain BUY. Tencent Music Entertainment Group (1698 HK/BUY/HK$54.50/Target: HK$68.00): 1Q25: Solid earnings beat; encouraging margin outlook in 2025. INDONESIA Update Trimegah Bangun Persada (NCKL IJ/BUY/Rp670/Tar...
558 UMS HOLDINGS LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
SE SEA ADS
MAXIS MAXIS BHD
SIE SIA ENGINEERING CO LTD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
FEH FOOD EMPIRE HOLDINGS LTD
09618 JD.COM INC. CLASS A
02618 JD LOGISTICS INC
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Benjaphol Suthwanish
Minor International (MINT TB) - Smaller Loss Expected In 1Q25
We expect MINT to report a core loss of Bt52m in 1Q25, improving from the core loss of Bt352m in 1Q24. The top-line should be at Bt36.0b (-1.3% yoy, -11.0% qoq). The top-line contraction was mainly due to a 7.5% yoy appreciation of the Thai baht in 1Q25. In their respective local currencies, Europe and the Maldives RevPar are still showing a strong yoy growth in hotel performance. We are positive on MINT as the outlook for 2Q25 looks decent. Maintain BUY. Target price: Bt38.00.
- Benjaphol Suthwanish
- Thailand Research Team
Thailand Daily - Tuesday, May 06, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Focus on stocks that have the potential to attract investment inflows We maintain our cautiously optimistic view on the Thai equities market for May 25. We decide to switch AP to BDMS. Update Minor International (MINT TB/BUY/Bt26.75/Target: Bt38.00) Smaller loss expected in 1Q25. The Erawan Group (ERW TB/BUY/Bt2.28/Target: Bt4.70) Expect strong growth in 1Q25, but poor outlook going forward.
- Benjaphol Suthwanish
- Greater China Research Team
- Guan An Tan
- Johnny Yum
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Roy Chen Chengzhi
- Thailand Research Team
Regional Morning Meeting Notes: Tuesday, May 06, 2025
GREATER CHINA Strategy Alpha Picks: May Conviction Calls Add Alibaba, Innovent, Shuanghuan, Trip.com to our BUY list. Take profit on JBM Healthcare and CR Land. Sector Aviation Airlines: 1Q25 results below expectations. Weak fuel prices to support full-year performance. Maintain UNDERWEIGHT. INDONESIA Strategy 1Q25 Results Recap ...
BJC BERLI JUCKER PUBLIC CO. LTD.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
1023 CIMB GROUP HOLDINGS BHD
ERW ERAWAN GROUP
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
AD2 AIR CHINA LIMITED CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
01810 XIAOMI CORP. CLASS B
MTC MUANGTHAI CAPITAL PCL
RATCH RATCH GROUP PUBLIC CO. LTD.
01801 INNOVENT BIOLOGICS INC.
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
TIDLOR NGERN TID LOR PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
Minor International Plc: 1 director
A director at Minor International Plc bought 500,000 shares at 27.500THB and the significance rating of the trade was 59/100. 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 over the last two ye...
- Benjaphol Suthwanish
Minor International (MINT TB) - Firmly On The Growth Path
The tone at MINT’s analyst meeting regarding the revision of its 4Q24 results was neutral. The earnings are in line with our and consensus expectations, and MINT had delivered on all of its targets. MINT has provided an updated guidance while placing priority on deleveraging. We are seeing good sentiment enhancements from The White Lotus series while the new JV project in Japan is looking promising. Maintain BUY. Target price: Bt38.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, February 18, 2025
KEY HIGHLIGHTS Results PTT Global Chemical (PTTGC TB/HOLD/Bt19.60/Target: Bt21.00) 4Q24: Results in line with expectations. Update CH Karnchang (CK TB/BUY/Bt15.20/Target: Bt20.20) 4Q24 results preview: Disappointing results expected. Delta Electronics (DELTA TB/SELL/Bt96.50/Target: Bt75.00) Facing multiple challenges; reiterate SELL. Minor International (MINT TB/BUY/Bt27.75/Target: Bt38.00) Firmly on the growth path.
- Benjaphol Suthwanish
- Colin Lee
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Tuesday, February 18, 2025
GREATER CHINA Strategy China And Hong Kong Property: Observations of 2025 Chinese New Year: Weakened new-home sales in Jan 25 and low growth in tourists to Hong Kong; further policy support is needed and possible. Sector Education: Widespread AI adoption to fuel education sector’s monetisation growth. Update Xiaomi Corp (1810 HK/BUY/HK$45.15/Target: HK$52.40): 4Q24 results preview: expect solid beat across all four segments. Maintain BUY. Small-mid Cap Highlight Cheerwin Group (6601 HK/NOT RATED...
- Benjaphol Suthwanish
Minor International (MINT TB) - 4Q24 Expected To Be Another Great Quar...
MINT is expected to report a core profit of Bt3.1b in 4Q24 (+24.5% yoy, +18.1% qoq). The key performers are from the hotels in Europe and Thailand, and a surprising recovery in the Maldives. To resolve investors’ main concern, MINT is actively deleveraging by selling its account receivables to repay its loans and the outlook for interest rate going forward is promising. Maintain BUY. Target price: Bt38.00.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Monday, February 10, 2025
KEY HIGHLIGHTS Results Advanced Info Service (ADVANC TB/BUY/Bt280.00/Target: Bt330.00) 4Q24: Results in line with our forecast but above consensus. Ngern Tid Lor (TIDLOR TB/BUY/Bt17.40/Target: Bt22.00) 4Q24: Results in line; impressive recovery momentum. SVI (SVI TB/BUY/Bt6.90/Target: Bt8.00) 4Q24: Earnings improve qoq and yoy, above expectations. Update Banpu (BANPU TB/HOLD/Bt4.74/Target: Bt5.00...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Jonathan Koh
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Posmarito Pakpahan
- Sunny Chen
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Notes - Monday, February 10
GREATER CHINA Economics Inflation Seasonal demand lifted downstream inflation. Update Innovent Biologics (1801 HK/BUY/HK$36.25/Target: HK$52.00) Expects significant expansion in 2025; targeting revenue of Rmb20b in 2027. INDONESIA Results Bank Syariah Indonesia (BRIS IJ/BUY/Rp3,020/Target: Rp3,450) 2024: Net profit up 22%, above expectations; upgrade earnings forecasts. MALAYSIA...
5681 PETRONAS DAGANGAN BHD.
5218 SAPURA ENERGY BHD
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
3816 MISC BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
5243 VELESTO ENERGY
UZMA UZMA BHD
YNS YINSON HOLDINGS BHD
BAB BUMI ARMADA BERHAD
DLG DIALOG GROUP BHD
DLUM DELEUM BERHAD
01801 INNOVENT BIOLOGICS INC.
TIDLOR NGERN TID LOR PCL
BRIS BANK BRISYARIAH TBK
CLAR CAPITALAND ASCENDAS REIT
- Benjaphol Suthwanish
- Benjaphol Suthwanish
Thailand Hotel - The Low Season Is Over, But Entering An Unexciting Hi...
Hotel stocks reported a combined core profit of Bt2,924m for 3Q24 (+17.1% yoy, -17.6% qoq), mainly on the back of MINT’s robust hotel performance during the high travel season in Europe. Now that it is the high travel season, we expect all hotel operators to perform well in terms of operations. In 4Q24 thus far, the statistics have been decent even without any significant tourism stimulus measures. We expect to see strong results from MINT and ERW. Maintain MARKET WEIGHT. Our top pick is MINT.
- Benjaphol Suthwanish
Minor International (MINT TB) - Exciting Prospects Ahead
We attended MINT’s 3Q24 analyst meeting which had a positive tone. MINT reported strong core earnings growth in 3Q24 and the outlook in 4Q24 is promising. MINT revealed that they are developing a large REIT and will utilise the proceeds to deleverage and possibly fund a new project that we are looking forward to. Maintain BUY. Target price: Bt38.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, November 20, 2024
KEY HIGHLIGHTS Update BTS Group Holdings (BTS TB/HOLD/Bt4.84/Target: Bt4.79) Pink Line and Yellow Lines to remain key drags yoy. Minor International (MINT TB/BUY/Bt25.75/Target: Bt38.00) Exciting prospects ahead. PTT (PTT TB/BUY/Bt32.50/Target: Bt37.00) Five-year plan expected to be completed by the end of Dec 24.
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