We expect PTTEP to report a Bt12.6b net profit in 2Q25, down both yoy and qoq mainly on the sustainable high unit costs and lower ASP along with lower crude prices. Management foresees better gas sales volumes and lower unit costs outlooks in 2H25. We like the stock based on an attractive dividend yield of 7-9% annually. Maintain BUY. Target price: Bt155.00.
KEY HIGHLIGHTS Update Advanced Info Service (ADVANC TB/BUY/Bt279.00/Target: Bt340.00) Expected to continue reporting robust earnings in 2Q25. PTT Exploration & Production (PTTEP TB/BUY/Bt110.00/Target: Bt155.00) 2Q25 earnings to be pressured by high unit costs but yield remains attractive.
GREATER CHINA Sector Logistics: Recent logistics sector data remains healthy; expect solid 2Q25 sector financial performance. Maintain OVERWEIGHT, with JDL remaining as our top pick. INDONESIA Sector Banking: Loan growth slows, all eyes on fiscal spending acceleration. MALAYSIA Update Sunway Construction (SCGB MK/HOLD/RM5.99/Target: RM5.55): Outlook remains optimistic with robust orderbook replenishment and multiple catalysts, but fairly priced in after ytd share price rally. Maintain HOLD. S...
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 ...
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 ...
PTTEP remains attractive, supported by its earnings growth trend driven by increased sales and lower production costs, as well as its high dividend yield. In terms of major projects, developments remain interesting, with the Mozambique project progressing according to plan, while the Arthit CCS project is expected to reach FID in 2025. Maintain BUY and target price of Bt155.00.
KEY HIGHLIGHTS Results I-TAIL Corporation (ITC TB/HOLD/Bt13.10/Target: Bt13.30) 1Q25: Sluggish earnings; 2025 outlook remains challenging. Downgrade to HOLD. Update Berli Jucker (BJC TB/BUY/Bt23.50/Target: Bt28.00) Expect yoy earnings improvement in 1Q25. PTT Exploration & Production (PTTEP TB/BUY/Bt99.25/Target: Bt155.00) High dividend yield; steady earnings growth. PTT Oil & Retail Business (OR TB/BUY/Bt13.70/Target: Bt16.00) 1Q25 net profit expected to rise qoq and yoy.
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.
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...
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...
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.
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.
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.
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...
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....
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.
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...
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