reports
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.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, November 20, 2024
GREATER CHINA Results Kingsoft Corp (3888 HK/BUY/HK$29.20/Target: HK$40.00) 3Q24: Revenue and earnings beat; positive outlook for online games growth. Tongcheng Travel Holdings (780 HK/BUY/HK$17.70/Target: HK$20.00) 3Q24: Earnings beat; poised for better margin outlook in 2025. Upgrade to BUY. Trip.com (9961 HK/BUY/HK$505.00/Target: HK$640.00) 3Q24: Solid earnings beat; stepped up investment for interntational market share expansion. XPeng Inc...
UNTR PT UNITED TRACTORS TBK
3K1 KINGSOFT CORP. LTD.
AJBU KEPPEL DC REIT
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
ASII PT ASTRA INTERNATIONAL TBK
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
VSI V.S. INDUSTRY BERHAD
DLG DIALOG GROUP BHD
03319 A-LIVING SMART CITY SERVICES CO. LTD. CLASS H
00780 TONGCHENG-ELONG HOLDINGS LIMITED
FRKN FRENCKEN GROUP LTD
123F 123FAHRSCHULE SE
Z29 029 GROUP SE
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
- 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
- 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
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