reports
- Rafael Bonardell
MINOR HOTELS: 3Q’24 RESULTS AND T.P. UPGRADE (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Sales: € 644.2 M (+10.0% vs. +9.5% BS(e) and +6.7% consensus); EBITDA: € 200.1 M (+11.2% vs. +8.7% BS(e) and +6.4% consensus); 9M'24 vs. 9M'23 Results Sales: € 1.789 Bn (+10.9% vs. +10.8% BS(e) and +9.7% consensus); EBITDA: € 498.1 M (+11.3% vs. +10.3% BS(e) and +9.4% consensus);
- Research Department
IBERIAN DAILY 12 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: BANKINTER, CAIXABANK, INSURANCE SECTOR, MINOR HOTELS, REAL ESTATE SECTOR. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’24 results to be released over the coming days in Spain. Markets stabilise In a session with few drivers, European stock markets rallied, offsetting part of the drop from the previous week. In the STOXX 600, the best-performing sectors in th...
- Benjaphol Suthwanish
Minor International (MINT TB) - Expect Strong yoy Growth In Core Profi...
We expect MINT to report a core profit of Bt2.5b in 2Q24 (+11.0% yoy). The key drivers are still from the robust hotel performance in Europe and Thailand. We should see a substantial core margin expansion as a result of cost control. We have an optimistic view ahead as MINT is continuously adapting its strategy to cope with the dynamic outlook in China and actively controlling its cost. Maintain BUY. Target price: Bt38.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thailand Research Team
Thailand Daily - Thursday, November 07, 2024
KEY HIGHLIGHTS Strategy Impact from Trump’s Policies Foresee a robust outlook for the industrial estate and electronics sectors due to the US-China trade war. Our top picks are AMATA, BANPU, DELTA, STGT and WHA. Results PTT Global Chemical (PTTGC TB/HOLD/Bt26.25/Target: Bt24.50) 3Q24: Net loss of Bt19.3b due to huge impairment loss. Quality Houses (QH TB/HOLD/Bt1.85/Target: Bt1.82) 3Q24: In l...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, November 07, 2024
GREATER CHINA Sector Internet - China Revitalising momentum evident in initial phase of 11.11 campaign. Results LINK REIT (823 HK/BUY/HK$38.05/Target: HK$45.08) 1HFY25: DPU rises 3.7% yoy, meeting expectations; enhancing resilience amid macro headwinds. Update Prudential (2378 HK/BUY/HK$65.50/Target: HK$126.00) Solid NBP growth on improved sales and margins across few mar...
00823 LINK REAL ESTATE INVESTMENT TRUST
PRU PRUDENTIAL PLC
1023 CIMB GROUP HOLDINGS BHD
UNTR PT UNITED TRACTORS TBK
AMATA AMATA CORP
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PDD PINDUODUO INC. SPONSORED ADR CLASS A
SIE SIA ENGINEERING CO LTD
SPOST SINGAPORE POST LTD
FNH FRASER & NEAVE HOLDINGS BHD
BANPU TB BANPU
WHA TB WHA CORP PCL
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
9CI CAPITALAND INVESTMENT LTD
DELTA DELTA ELECTRONICS
Z29 029 GROUP SE
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - September 2022
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We expect an improving operating performance among selected companies in September, and add AIA, COLI, Desay SV, Galaxy Entertainment, Meituan, Ping An and TUL to our BUY list and add Li Auto as a SELL. INDONESIA Strategy Alpha Picks: Trailing The JCI’s Strong Performance In Aug 24: Our picks are ICBP, TOWR, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Adapting To A Bipolar Market: Our Al...
TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
OU8 CENTURION
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
TTKOM TURK TELEKOMUNIKASYON A.S.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
ADOOY PT ADARO ENERGY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
HUME ESSO THAILAND PCL
02015 HUME CEMENT INDUSTRIES BHD
09961 LI AUTO INC
BTG CTRIP.COM INTERNATIONAL
LAGENDA BETAGRO PUBLIC COMPANY LIMITED
KEX LAGENDA PROPERTIES BHD
CVL KERRY EXPRESS THAILAND PCL
CIVMEC LIMITED
Minor International Plc: 1 director
A director at Minor International Plc bought 1,000,000 shares at 24.615THB and the significance rating of the trade was 69/100. 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 ...
- Benjaphol Suthwanish
Minor International (MINT TB) - Adaptive Growth Plan While Deleveragin...
The overall tone during SVI’s analyst meeting to review its 2Q24 results was positive. Strong performance of MINT’s hotels in Europe has led to a robust growth in both top-line and core profit. We note MINT’s new growth direction with its expansion of managed hotels and its consistent efforts in rebranding for higher room rates; hence, we are optimistic on MINT. Maintain BUY. Target price: Bt39.00.
- 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
- Benjaphol Suthwanish
Minor International (MINT TB) - 2Q24: Record High Core Profit As Expec...
MINT reported a core profit of Bt3.2b in 2Q24 (+7.5% yoy), due to the high season of travel in Europe as a result of several huge events which boosted MINT’s hotel performance. However, net profit is being pressured by foreign exchange losses. We are optimistic that MINT will continue its strong performance in Europe in 3Q24 and start deleveraging. Maintain BUY. Target price: Bt39.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily: Tuesday, August 06, 2024
KEY HIGHLIGHTS Results Minor International (MINT TB/BUY/Bt32.00/Target: Bt39.00) 2Q24: Record high core profit as expected. Thanachart Capital (TCAP TB/HOLD/Bt44.00/Target: Bt50.00) 2Q24: Earnings beat expectation, but credit costs jump qoq. Update CH Karnchang (CK TB/BUY/Bt18.80/Target: Bt26.50) 2Q24 results preview: Earnings to be underpinned by dividend and equity income.
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Llelleythan Tan Tan
- Malaysia Research Team
- Paula Ruth
- Stevanus Juanda
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Notes - Tuesday, August 06, 2024
GREATER CHINA Update Xiaomi Corp (1810 HK/BUY/HK$15.86/Target: HK$23.10): 2Q24 results preview: Expect resilient results; downward pressure on margins. INDONESIA Results Ace Hardware Indonesia (ACES IJ/BUY/Rp725/Target: Rp1,200): 2Q24: NPAT up 20.9% yoy; above consenus expectations. Indosat (ISAT IJ/BUY/Rp10,200/Target: Rp12,400): 2Q24: Net profit up 47% yoy; EBITDA margin gradually expands. MALAYSIA Strategy Addressing The Triple Concerns: The FBMKLCI’s shocking 4.6% plunge yesterday provides...
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - August 2024
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: We expect stimulus to be announced in August and add COSCO Shipping Ports, Haier Smart Home, and KE Holdings to our BUY list and add SELL call on WuXi Bio, and XPeng. INDONESIA Strategy Alpha Picks: Underperformance in Jul 24: Our picks are BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Raising The M&A And Monetisation Bets: Our Alpha Picks marginally beat the KLCI. Jul 24 picks: Ekovest, Gamu...
TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
OU8 CENTURION
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
TTKOM TURK TELEKOMUNIKASYON A.S.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
ADOOY PT ADARO ENERGY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
HUME ESSO THAILAND PCL
02015 HUME CEMENT INDUSTRIES BHD
09961 LI AUTO INC
BTG CTRIP.COM INTERNATIONAL
LAGENDA BETAGRO PUBLIC COMPANY LIMITED
KEX LAGENDA PROPERTIES BHD
CVL KERRY EXPRESS THAILAND PCL
CIVMEC LIMITED
- Benjaphol Suthwanish
Minor International (MINT TB) - Expect Busy Europe To Contribute To A ...
We expect MINT to report a core profit of Bt3.2b in 2Q24 (+5.9% yoy), mainly driven by events during the high season of travel in Europe which would result in a robust performance of MINT’s hotels. Moreover, we are starting to see an uplift in the Maldives’ hotel performance from the contribution of new customer mix. We also expect to see a similar outlook in 3Q24. Maintain BUY. Target price: Bt39.00.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Nurul Nazira Binti Abdullah
- Philip Wong
- Posmarito Pakpahan
- Stevanus Juanda
Regional Morning Notes - Friday, July 26, 2024
GREATER CHINA Sector Automobile: Weekly: PV insurance registration down 6.5% yoy and up 9% wow; in line. Maintain MARKET WEIGHT. Top BUYs: CATL and Desay SV. Top SELL: XPeng. Property: Trim earnings estimates for Chinese developers amid ASP pressure and weakening consumption. Property Management: 1H24 preview: Development largely on track despite pressure on VAS. Results Plover Bay Technologies (1523 HK/BUY/HK$4.02/Target: HK$6.05): 1H24: Accelerated brand recognition fuels greater product deplo...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
MLT MAPLETREE LOGISTICS TRUST
SIDO INDUSTRI JAMU DAN FARMASI SI
IGBREIT IGB REAL ESTATE INVESTMENT T
NESZ NESTLE (MALAYSIA) BERHAD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily - Friday, July 26 , 2024
KEY HIGHLIGHTS Sector Property Expect earnings rebound in 2Q24; challenges persist in 2H24. Update Airports of Thailand (AOT TB/BUY/Bt58.25/Target: Bt70.00) The only way is up. Minor International (MINT TB/BUY/Bt32.00/Target: Bt39.00) Expect busy Europe to contribute to a record-high core profit in 2Q24.
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - July 2024
GREATER CHINA Strategy Alpha Picks: July Conviction Call: Adding ASMPT, Innovent, Poly Property Services, TAL Education and Trip.com to our BUY list; hedging with SELL call on BYD. INDONESIA Strategy Alpha Picks: Outperformance In Jun 24 And 2Q24: Our picks are BMRI, BBRI, EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Opting For More Adventurous Choices: Our Alpha Picks beat the KLCI again. Jul 24 picks: BURSA, Ekovest, Gamuda, Lagenda, Mah Sing, MYEG, Pekat...
TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
OU8 CENTURION
00016 SUN HUNG KAI PROPERTIES LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
ASM PACIFIC TECHNOLOGY LIMITED
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
TTKOM TURK TELEKOMUNIKASYON A.S.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
SE SEA ADS
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
6049 POLY PROPERTY SERVICES CO LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ADOOY PT ADARO ENERGY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
HUME ESSO THAILAND PCL
02015 HUME CEMENT INDUSTRIES BHD
09961 LI AUTO INC
BTG CTRIP.COM INTERNATIONAL
LAGENDA BETAGRO PUBLIC COMPANY LIMITED
KEX LAGENDA PROPERTIES BHD
CVL KERRY EXPRESS THAILAND PCL
CIVMEC LIMITED
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Strategy: Alpha Picks - June 2024
GREATER CHINA Strategy Alpha Picks: June Conviction Call: Adding KE Holdings and Wharf REIC to our BUY list; hedging with SELL call on BYD. INDONESIA Strategy Alpha Picks: First Month Of Underperformance In 2024: Our picks are EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSMR. MALAYSIA Strategy Alpha Picks: Choices For A “Summer Lull”: Our Alpha Picks trounce the KLCI again. May 24 picks: BAUTO, BURSA, Gamuda, GENM, Lagenda, Mah Sing, MYEG, PMETAL, RGB, and VSI. SINGAPORE Strategy Alpha Picks...
TFG THAIFOODS GROUP
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
OU8 CENTURION
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ES ESSO SOCIETE ANONYME FRANCAISE
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
TTKOM TURK TELEKOMUNIKASYON A.S.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
ROTI NIPPON INDOSARI CORPINDO
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
SCGB SUNWAY CONSTRUCTION GROUP BH
KPJ KPJ HEALTHCARE BERHAD
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
IOI IOI CORP BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
01801 INNOVENT BIOLOGICS INC.
2013 WEIMOB INC
EKO EKOVEST BHD
RGB RGB INTERNATIONAL BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
709 GIORDANO INTERNATIONAL LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
2696 SHANGHAI HENLIUS BIOTECH INC
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
1209 CHINA RESOURCES MIXC LIFESTYLE SERVICES
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
ADOOY PT ADARO ENERGY TBK
SMGR SEMEN INDONESIA PERSERO TBK
NATGATE NATIONGATE HOLDINGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
SUNWAY SUNWAY BHD
HUME ESSO THAILAND PCL
02015 HUME CEMENT INDUSTRIES BHD
09961 LI AUTO INC
BTG CTRIP.COM INTERNATIONAL
LAGENDA BETAGRO PUBLIC COMPANY LIMITED
KEX LAGENDA PROPERTIES BHD
CVL KERRY EXPRESS THAILAND PCL
CIVMEC LIMITED
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Ming San Soong
- Roy Chen Chengzhi
- Stevanus Juanda
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, June 05, 2024
GREATER CHINA Strategy Alpha Picks: June Conviction Call Adding KE Holdings and Wharf REIC to our BUY list; hedging with SELL call on BYD. Sector Shipping and Ports – China Further strengthened freight rates raising container shipping earnings outlook. Upgrade OOIL to HOLD; Maintain BUY on CSP and CMP, and HOLD on CSH. Update KE Holdings Inc (2423 HK/BUY/HK$45.00/Target: HK$55.00) ...
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
1023 CIMB GROUP HOLDINGS BHD
ERW ERAWAN GROUP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
7777 3-D MATRIX
MYOR MAYORA INDAH
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
VALUE VALUE8 N.V.
00700 TENCENT HOLDINGS LTD.
1211 BYD COMPANY LIMITED CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
MISC MISC BHD
INRI INARI AMERTRON BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
GENM GENTING MALAYSIA BHD
OSP OSOTSPA PUBLIC CO. LTD.
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
RGB RGB INTERNATIONAL BHD
CRC CENTRAL RETAIL CORP
1199 COSCO SHIPPING PORTS LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
02423 KE HOLDINGS INC.
NATGATE NATIONGATE HOLDINGS BHD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
- Benjaphol Suthwanish
Minor International (MINT TB) - No Surprises Going Into High Travel Se...
At the analyst meeting to review MINT’s 1Q24 performance, we saw that growth in the hotel business contributed to lower core losses from operations during the low travel season in Europe while there were no surprises from operations. We see many catalysts in 2Q24 as many impactful events will be held during Europe’s high travel season. As MINT’s hotels are located across Europe, we expect the company to benefit. Maintain BUY. Target price: Bt39.00.
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