reports
- Kasemsun Koonnara
Origin Property (ORI TB) - Backlog And Asset Disposals To Underpin 2H2...
In 2H25, earnings are likely to outpace 1H25, underpinned by backlog and gains from asset disposals. However, management is optimistic but cautious on the residential business, adopting a conservative approach to its business plan. Meanwhile, we remain cautious on liquidity and upcoming bond repayments, and will monitor the progress on planned asset sales. Maintain HOLD. Target price: Bt1.90.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, August 21, 2025
KEY HIGHLIGHTS Update CH Karnchang (CK TB/BUY/Bt14.40/Target: Bt20.20) Optimistic on core operations; upside expected in 2H25 earnings. Origin Property (ORI TB/HOLD/Bt2.28/Target: Bt1.90) Backlog and asset disposals to underpin 2H25 earnings. PTT (PTT TB/BUY/Bt32.00/Target: Bt37.00) Remains financially robust with a healthy dividend.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Sunny Chen
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, August 21, 2025
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$87.25/Target: HK$88.00): 2Q25: Earnings missed expectations; release of next-gen Ernie bot in 2H25. Crystal International (2232 HK/BUY/HK$6.08/Target: HK$7.07): 1H25: Continuous margin expansion; strong order visibility into 3Q26. Fuyao Glass Industry Group (3606 HK/BUY/HK$67.50/Target: HK$85.00): 2Q25: Core earnings beat estimates by 8%. Maintain BUY. Raise target price from HK$68.00 to HK$85.00. Hong Kong Exchanges and Clearing (388 HK/BUY/HK$44...
ORI ORIGIN PROPERTY
PTT PTT PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
3K1 KINGSOFT CORP. LTD.
ERAA ERAJAYA SWASEMBADA
DLG DIALOG GROUP BHD
SPSB SP SETIA BHD
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
2269 WUXI BIOLOGICS (CAYMAN) INC.
09888 BAIDU INC
2232 CRYSTAL INTERNATIONAL GROUP LTD
DFG DEZIGN FORMAT
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Roy Chen Chengzhi
- Thailand Research Team
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, June 17, 2025
GREATER CHINA Economics Economic Activity Mixed bag for May. Sector Property Property market weakens further in May 25, with diverging city-tier performance. INDONESIA Initiate Coverage Bumi Resources Minerals (BRMS IJ/BUY/Rp454/Target: Rp610) Soaring to new heights; initiate coverage with BUY. MALAYSIA Update Press Metal ...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
QH QUALITY HOUSES
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
SPALI SUPALAI PCL
C6L SINGAPORE AIRLINES LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
AP AP THAILAND
CHG CHULARAT HOSPITAL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
PSH PRUKSA HOLDING PCL
BRMS IJ BUMI RESOURCES MINERALS
- Kasemsun Koonnara
Origin Property (ORI TB) - Expect 2Q25 Earnings To Improve qoq; Remain...
We remain cautious about the residential business after attending ORI’s analyst meeting. 2Q25 presales are expected to decline both yoy and qoq. Meanwhile, 2Q25 earnings are likely to decrease yoy but improve qoq, supported by transfers from newly-completed condominiums and one-off gains. Management continues to prioritise inventory reduction and liquidity management. Maintain HOLD. Target price: Bt1.90.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, May 22, 2025
KEY HIGHLIGHTS Update Origin Property (ORI TB/HOLD/Bt1.74/Target: Bt1.90) Expect 2Q25 to improve qoq; remain cautious about business outlook. PTT (PTT TB/BUY/Bt30.75/Target: Bt37.00) Adapting business strategies to navigate volatility. Quality Houses (QH TB/HOLD/Bt1.45/Target: Bt1.51) Expect 2Q25 earnings to improve qoq, but outlook remains challenging.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, May 22, 2025
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$86.10/Target: HK$91.00) 1Q25: Solid earnings beat, fuelled by AI cloud growth and monetisation visibility. XPeng Inc (9868 HK/BUY/HK$77.55/Target: HK$150.00) 1Q25: Results beat expectations. Maintain BUY with a target price of HK$150.00. INDONESIA Strategy Indonesia’s State Budget Position As Of Apr 25 Surplus returns, mom improvement in revenue collections, spen...
PTT PTT PUBLIC COMPANY LIMITED
ANTM PT ANEKA TAMBANG TBK
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
P34 DELFI
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
ACES PT ACE HARDWARE INDONESIA TBK
ICBP INDOFOOD CBP SUKSES MAKMUR T
SPSB SP SETIA BHD
FRKN FRENCKEN GROUP LTD
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BRIS BANK BRISYARIAH TBK
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
09868 XPENG INC
ECOSHOP MK ECO-SHOP MARKETING BHD
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, March 24, 2025
GREATER CHINA Results COSCO SHIPPING Ports (1199 HK/BUY/HK$4.78/Target: HK$5.90) 2024: Core earnings in line; expect low single digit throughput growth in 2025. CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb37.00/Target: Rmb50.00) 2024: Smooth progress in R&D promises bright long-term outlook. Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$20.10/Target:HK$29.00) 2024: Results beat; strong growth momentum continues. Meituan (3690 HK/BUY/HK$167.60/Target: HK$216.00) ...
ORI ORIGIN PROPERTY
QH QUALITY HOUSES
AALB AALBERTS N.V.
4197 SIME DARBY BHD.
VST HOLDINGS LTD.
SPALI SUPALAI PCL
CPN CENTRAL PATTANA PUBLIC CO. LTD.
AP AP THAILAND
03690 MEITUAN CLASS B
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
BURSA BURSA MALAYSIA BHD
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
BAUTO BERMAZ AUTO BHD
TGIF 1933 INDUSTRIES
2013 WEIMOB INC
PSH PRUKSA HOLDING PCL
1199 COSCO SHIPPING PORTS LIMITED
HLA HONG LEONG ASIA LTD
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
0303 ALPHA IVF GROUP
PECCA MK PECCA GROUP BHD
PGASIJ PERUSAHAAN GAS (PGN)
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Chong Lee Len
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kasemsun Koonnara
- Kate Luang
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Meeting Notes: Tuesday, March 11, 2025
GREATER CHINA Initiate Coverage JBM Healthcare (2161 HK/BUY/HK$1.82/Target: HK$2.42) Revitalising iconic pharma heritage brands. Results Wharf Real Estate Investment Co (1997 HK/BUY/HK$20.55/Target: HK$23.10) 2024: Underlying net profit met expectation; lower finance costs being key driver of profits amid top-line uncertainties. Update Jiumaojiu International Holdings (9922 HK/HOLD/HK$3.08/Target: HK$3.00) ...
ORI ORIGIN PROPERTY
QH QUALITY HOUSES
P34 DELFI
SPALI SUPALAI PCL
AP AP THAILAND
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
LPN LPN DEVELOPMENT PCL
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
PSH PRUKSA HOLDING PCL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
02161 JBM (HEALTHCARE) LTD
Z29 029 GROUP SE
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
HRUM HARUM ENERGY TBK PT
APEO ABRDN PRIVATE EQUITY OPPORTUNITIES
- Kasemsun Koonnara
Origin Property (ORI TB) - Conservative 2025 Business Plan Focusing on...
ORI has announced an unexciting business plan for 2025, with presales expected to decrease yoy. The company is shifting its focus towards reducing inventory, strengthening its financial position, and limiting new investments. While we anticipate an earnings recovery in 2025, downside risks remain. Maintain HOLD. Target price reduced to Bt2.90.
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily - Thursday, March 06, 2025
Update Bumrungrad Hospital (BH TB/BUY/Bt195.50/Target: Bt232.00) Outlook for foreign patients remains under observation. Origin Property (ORI TB/HOLD/Bt2.68/Target: Bt2.90) Conservative 2025 business plan focusing on financial stability. Stecon Group (STECON TB/BUY/Bt5.40/Target: Bt6.50) Overhang clears; earnings recovery in sight
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Guan An Tan
- Jonathan Koh
- Kasemsun Koonnara
- Kong Ho Meng
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tham Mun Hon
Regional Morning Notes - Thursday, March 06, 2025
GREATER CHINA Economics Highlights From The NPC: A comprehensive response to economic challenges. Update Cathay Pacific Airways (293 HK/HOLD/HK$10.76/Target: HK$11.30): Cathay’s stellar 2024 earnings performance is unlikely to be sustainable in the long run, but a potential beat of street estimates may still provide a near-term trading opportunity. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/Rp3,840/Target: Rp4,500): Spike in CoC in 1Q25; focus on cleaning up loans. MALAYSIA Sector Tec...
- Arsit Pamaranont
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, February 11, 2025
GREATER CHINA Sector Internet Growth potential and AI development trends following emergence of DeepSeek. Property Policy implementation and development remain the key focus and catalyst. INDONESIA Strategy Catching A Falling Knife Or Opportunity To Buy? We Say Buy Our picks are BBCA, BBTN, CMRY, ICBP, KLBF, CTRA, AMRT, PGEO, TL...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
AMATA AMATA CORP
IRPC IRPC PUBLIC CO. LTD.
ISAT INDOSAT
QH QUALITY HOUSES
3K1 KINGSOFT CORP. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
AMRT SUMBER ALFARIA TRIJAYA TBK PT
SPALI SUPALAI PCL
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
LPN LPN DEVELOPMENT PCL
PSH PRUKSA HOLDING PCL
09988 ALIBABA GROUP HOLDING LTD.
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PGEO PERTAMINA GEOTHERMAL ENERGY
Z29 029 GROUP SE
- Kasemsun Koonnara
Origin Property (ORI TB) - Cautious Outlook; Management Lowers Presale...
Management remains cautious about the residential market, lowering its presales target and scaling back on project launches for 2024. 4Q24 earnings are expected to improve from a low base, supported by newly completed projects. However, challenges in the residential sector will persist in 2025, compounded by a tight financial position, and prompting a more conservative stance on new project launches. We recommend waiting for new catalysts. Maintain HOLD. Target price: Bt4.10.
- Kasemsun Koonnara
- Thailand Research Team
Thailand Daily - Friday, November 22, 2024
KEY HIGHLIGHTS Strategy 3Q24 Results Review Seasonality kicks in; earnings miss expectations from volatility in energy price and foreign exchange. Update Origin Property (ORI TB/HOLD/Bt4.22/Target: Bt4.10) Cautious outlook; management lowers presales target and project launches amid headwinds.
- Bella Lu Yifei
- Colin Lee
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Meeting Notes: Friday, November 22, 2024
GREATER CHINA Sector Automobile Weekly: PV sales up wow; NDRC indicates support for ICE-cars. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao Glass and Desay SV. IT Hardware Blackwell production ramp accelerating; brace for another year of robust growth. Maintain OVERWEIGHT. Results Baidu Inc (9888 HK/HOLD/HK$83.85/Target: HK$90.00) ...
ORI ORIGIN PROPERTY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
MAG. MAG SILVER CORP.
ASM PACIFIC TECHNOLOGY LIMITED
AMATA AMATA CORP
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
SPRC STAR PETROLEUM REFINING
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TRUE TRUE CORP. PUBLIC CO. LTD.
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
MTC MUANGTHAI CAPITAL PCL
SCGB SUNWAY CONSTRUCTION GROUP BH
CPALL TB CP ALL
UEMS UEM SUNRISE BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
WHA TB WHA CORP PCL
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09888 BAIDU INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
EXCL XL AXIATA (EXCELCOMINDO)
02423 XL AXIATA TBK PT
2232 KE HOLDINGS INC.
Z29 CRYSTAL INTERNATIONAL GROUP LTD
02015 029 GROUP SE
600699 LI AUTO INC
JOYSON ELECTRONICS CORP
- Kasemsun Koonnara
Thailand Property - The SETPROP has increased rapidly during the past ...
The SETPROP index outperformed the SET index, gaining 15% vs the latter’s 10% increase. However, we maintain a cautious view on the residential market, with conditions expected to remain unchanged in 2H24. High interest rates and tightening banking policies continue to pose challenges to the sector. We recommend a selective BUY − AP. Maintain MARKET WEIGHT on the sector.
- Anas Fitri Bin Ahmad
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Malaysia Research Team
- Posmarito Pakpahan
- Tham Mun Hon
Regional Morning Meeting Notes: Wednesday, September 11, 2024
GREATER CHINA Economics Trade Exports rebounded in August but outlook remains challenging. Sector IT Hardware Maintain preference for the more defensive AI-device plays as uncertainty remains high. Maintain OVERWEIGHT. INDONESIA Update Bank Mandiri (BMRI IJ/HOLD/Rp7,250/Target: Rp7,760) 7M24: Strong ...
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
SPALI SUPALAI PCL
1155 MALAYAN BANKING BHD.
BMRI PT BANK MANDIRI (PERSERO) TBK
AP AP THAILAND
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
RHBBANK RHB BANK BHD
SOP SARAWAK OIL PALMS BERHAD
HLFG HONG LEONG FINANCIAL GROUP
KIML KIM LOONG RESOURCES BHD
LPN LPN DEVELOPMENT PCL
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
AMM AMMB HOLDINGS BHD
ABMB ALLIANCE BANK MALAYSIA BHD
HLBANK HONG LEONG BANK BHD
0763 ZTE CORPORATION CLASS H
GENP GENTING PLANTATIONS BHD
ABANK AFFIN BANK BHD
PSH PRUKSA HOLDING PCL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Paula Ruth
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, August 30, 2024
GREATER CHINA Results BYD Electronic (285 HK/BUY/HK$27.65/Target: HK$42.50) 1H24: Results missed on margins. Expect peak season to bolster profitability in 2H24. China Feihe (6186 HK/BUY/HK$4.04/Target: HK$5.22) 1H24: Steady profit growth; accelerated revenue expansion in 2H24. China Longyuan Power (916 HK/HOLD/HK$6.16/Target: HK$6.10) 1H24: Below expectations; power generation dragged by low wind speed. ...
ORI ORIGIN PROPERTY
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
QH QUALITY HOUSES
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
SPALI SUPALAI PCL
5347 TENAGA NASIONAL BHD
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
AP AP THAILAND
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
2333 GREAT WALL MOTOR CO. LTD. CLASS H
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
2877 CHINA SHINEWAY PHARMACEUTICA
GENM GENTING MALAYSIA BHD
PSH PRUKSA HOLDING PCL
6186 CHINA FEIHE LTD
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Kasemsun Koonnara
Origin Property (ORI TB) - 2Q24: Earnings Below Expectations; Lacking ...
ORI reported a net profit of Bt452m for 2Q24, down 48% yoy and flat qoq. The results are 13% below our expectations but in line with market consensus. We expect condo backlogs to underpin earnings in 2H24. However, there are still concerns about the quality of the backlog. We recommend investors wait and see as there is a lack of new catalysts and ORI's residential business is expected to continue facing challenges. Downgrade to HOLD. Target price: Bt4.80.
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