reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production PCL (PTTEP TB) - 1Q25 Net Profit Expected...
We expect net profit for 1Q25 to decline both qoq and yoy, mainly due to reduced sales volumes and increased unit costs. Core profit in 1Q25 is likely to be the lowest for the year. For 2Q25, we expect a qoq improvement in core profit, supported by sustained high gas prices and a 4% qoq increase in sales volume. Meanwhile, the Mozambique project remains on schedule, with production expected to commence in 1H29. Maintain BUY with a new target price of Bt155.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Johnny Yum
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Notes - Monday, February 03, 2025
GREATER CHINA Sector Macau Gaming: Jan 25 GGR down 6% yoy but up slightly mom; below expectations. Visitations during first five days of CNY holiday recovered to 98% of 2019’s level. Results Sands China (1928 HK/BUY/HK$18.60/Target: HK$27.70): 4Q24: Normalised EBITDA up 1% qoq; expect The Londoner to return to full room inventory by May Golden Week. INDONESIA Strategy Alpha Picks: Slight Underperformance In Jan 25: Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI and ASII. MALAYSIA...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - 1Q25 Net Profit Expected To...
Based on PTTEP's guidance, we expect its 1Q25 net profit to remain stable both qoq and yoy, partly due to efficient cost management. The company is also studying a unit cost and capex management plan under the GoT SAVE Concept, which will further reduce unit cost and capex in the long term. The Arthit CCS Project should be able to commence commercial production in the next three years. Maintain BUY and target price of Bt143.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Thailand Research Team
Thailand Daily - Monday, February 03, 2025
KEY HIGHLIGHTS Strategy Alpha Picks: Time To Reload Tourism Stocks We maintain a cautiously optimistic view on the Thai equities market for Feb 25. Take profit on KBANK and add AOT to our portfolio. Update PTT Exploration & Production (PTTEP TB/BUY/Bt127.50/Target: Bt143.00) 1Q25 net profit expected to remain at a high level.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - 2024 Net Profit Expected To ...
We forecast PTTEP’s 2024 net profit to reach Bt78.8b, up 3% yoy and marking another record high. For 4Q24, net profit is projected at Bt18.3b, up 2% qoq, driven by lower unit costs and higher sales volume. There was no impairment loss from the Mozambique LNG project in 4Q24, despite a slight delay. We have raised our 2024 net profit estimate by 11% after removing the impairment loss from our projections. Maintain BUY with a lower target price of Bt143.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Jonathan Koh
- Julia Pan Mengyao
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Wei Xiang Ku
Regional Morning Notes - Wednesday, January 08, 2025
GREATER CHINA Update Kuaishou (1024 HK/BUY/HK$40.65/Target: HK$60.00): Key takeaways from Kuaishou’s NDR meeting. Miniso (MNSO US/BUY/US$24.07/US$31.00): Offering US$550m of equity-linked securities; expects to expand directly-operated model in overseas markets. INDONESIA Sector Telecommunications: Average data traffic during the Christmas/New Year 2025 period up 10-19% vs normal days; maintain OVERWEIGHT. MALAYSIA Strategy JS-SEZ: Unlocking High Value Growth And Fostering Win-Win Cross-Border...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Kate Luang
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Malaysia Research Team
- Tanaporn Visaruthaphong
- Thailand Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Tuesday, December 03, 2024
GREATER CHINA Strategy Alpha Picks: December Conviction Calls Add Desay, Meituan, Mengniu, Tencent, and Trip.com to our BUY list. Take profit from CATL. Update CR Mixc Lifestyle (1209 HK/BUY/HK$29.20/Target: HK$32.15) Takeaways from reverse roadshow in Shenzhen. China Resources Land (1109 HK/BUY/HK$23.25/Target:HK$32.40) Takeaways from reverse roadshow in Shenzhen. Small/Mid Cap Highlights Regina Miracle (2199 HK/Not Rated/HK$2....
MAJOR MAJOR CINEPLEX GROUP PCL
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
PTT PTT PUBLIC COMPANY LIMITED
01109 CHINA RESOURCES LAND LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
ESSO ESSO (THAILAND)
N2IU MAPLETREE COMMERCIAL TRUST
IVL INDORAMA VENTURES PUBLIC CO. LTD.
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TRUE TRUE CORP. PUBLIC CO. LTD.
CDREIT CDL HOSPITALITY TRUSTS
03690 MEITUAN CLASS B
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
HLBK HONG LEONG BANK BERHAD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
RATCH RATCH GROUP PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
2199 REGINA MIRACLE INTERNATIONAL
RGB RGB INTERNATIONAL BHD
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
WHA TB WHA CORP PCL
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
TIDLOR NGERN TID LOR PCL
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA (EXCELCOMINDO)
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
AL2SI 2CRSI SA
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
PEKAT PEKAT GROUP BHD
BRMI BOAT ROCKER MEDIA INC.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - 3Q24: Net Profit In Line Wit...
PTTEP’s 3Q24 net profit declined qoq and yoy, in line with our and consensus expectations. We expect 4Q24 core profit to also decrease both qoq and yoy, reflecting lower crude oil prices qtd. Maintain BUY and target price of Bt160.00, following a 10% decline in the share price over the past month. Currently, PTTEP is trading at a forward PE of 7.9x for 2025. However, it continues to lack strong investment-supporting factors. We recommend shifting focus to BCP and IVL.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, October 29, 2024
GREATER CHINA Sector Automobile: Intelligentisation is the new growth engine for the EV industry. Top BUYs: Desay SV, Tuopu, Joyson, Fuyao and ECARX. Results China Resources Building Materials Tech (1313 HK/BUY/HK$2.02/Target: HK$2.30): 3Q24: Below expectations; 2024 cement sales guidance trimmed to 63m tonnes. Foshan Haitian Flavouring & Food (603288 CH/HOLD/Rmb45.37/Target: Rmb49.50): 3Q24: Core profit up 9% yoy; well-positioned for continued steady growth. Goldwind (2208 HK/BUY/HK$6.91/Target...
AIY IFAST
C52 COMFORTDELGRO CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
X2S SINOPHARM GROUP CO. LTD. CLASS H
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
MSGB MAH SING GROUP BHD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
NE NORTHEAST GROUP BHD (NE MK)
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - 3Q24 Net Profit Expected To ...
We expect PTTEP’s 3Q24 net profit to decline qoq and yoy due to increased unit costs and the write-off from the Mexico project. As a result, we cut 2024-25 net profit forecasts to account for the higher unit costs and concerns about an expected increase in crude oil supply. The stock is trading at an undemanding valuation of 8.6x 2025F PE. Maintain BUY. Target price: Bt160.00.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Monday, October 07, 2024
KEY HIGHLIGHTS Update Advanced Info Service (ADVANC TB/BUY/Bt267.00/Target: Bt310.00) Expect earnings to improve yoy but decline slightly qoq due to seasonality. PTT Exploration & Production (PTTEP TB/BUY/Bt136.50/Target: Bt160.00) 3Q24 net profit expected to decline due to higher unit cost.
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, October 07, 2024
GREATER CHINA Sector Metals And Mining Gold: Rally takes a breather; downside cushioned by escalating geopolitical tensions. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/HOLD/Rp850/Target: Rp930) 2Q24: Revenue from non-tower business jumps 30% yoy. Downgrade to HOLD. MALAYSIA Strategy Budget 2025 Preview: Building Sustainable Growth While Budget 2025 is seen as market-neutral, it is suppor...
1295 PUBLIC BANK BHD
TOWR PT SARANA MENARA NUSANTARA TBK
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
INRI INARI AMERTRON BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
RGB RGB INTERNATIONAL BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
TSVT 2SEVENTY BIO INC
123F 123FAHRSCHULE SE
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1787 SHANDONG GOLD SMELTING CO LTD
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - 2Q24: Net Profit Better Than...
PTTEP reported a 2Q24 net profit of Bt24.0b, up qoq and yoy, beating our and consensus estimates by 12% and 16% respectively, partly due to lower-than-expected unit costs. 2Q24 net profit was driven by higher sales, while ASP was flat qoq. 3Q24 core profit is expected to decline qoq due to lower sales and high unit costs. However, we believe that the overall net profit for 2H24 will remain high due to strong crude oil prices. Maintain BUY. Target price: Bt200.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily: Wednesday, July 31, 2024
KEY HIGHLIGHTS Results Home Product Center (HMPRO TB/BUY/Bt8.85/Target: Bt12.10) 2Q24: Earnings in line. PTT Exploration & Production (PTTEP TB/BUY/Bt147.00/Target: Bt200.00) 2Q24: Net profit better than our and consensus expectations. Update Amata Corporation (AMATA TB/BUY/Bt22.80/Target: Bt30.00) 2Q24 results preview: Expect earnings to increase yoy and qoq. Delta Electronics (DELTA TB/BUY/Bt92.75/Target: Bt115.00) Better clarity on r...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kate Luang
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Nurul Nazira Binti Abdullah
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, July 31, 2024
GREATER CHINA Results WuXi AppTec (2359 HK/SELL/HK$29.85/Target: HK$22.00) 1H24: Results below expectations; draft bill remains a key risk for growth. Small-mid Cap Highlights Plover Bay Technologies (1523 HK/BUY/HK$4.08/Target: HK$6.05) Takeaways from luncheon: Self-driven talents driving product upgrades. INDONESIA Results Cisarua Mountain Dairy (CMRY IJ/BUY/Rp5,475/Target: Rp5,800) 2Q24: NPAT up 28.1% yoy, ahead of consensus expectation. M...
AMATA AMATA CORP
V03 VENTURE CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
KREIT KEPPEL REIT
BURSA BURSA MALAYSIA BHD
SPSB SP SETIA BHD
AZTECH AZTECH GLOBAL LTD
CMRY WUXI APPTEC CO. LTD. CLASS H
8AZ PT CISARUA MOUNTAIN DAIRY TBK
DELTA DELTA ELECTRONICS
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - Increases In ASP And Sales B...
We expect PTTEP to report a net profit of Bt21.4b for 2Q24, up qoq and yoy, driven by higher sales volume and increased ASP. However, the core profit in 3Q24 is expected to decline qoq due to low sales volume and increased unit costs. We also foresee PTTEP lowering its sales volume forecast for 2024. Additionally, close monitoring of the Mozambique project remains necessary. Maintain BUY. Target price: Bt200.00.
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