reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - Announcing A Five-year Cap...
Company Update | PTT Exploration and Production (PTTEP TB/BUY/Bt106.00/Target: Bt136.00) PTTEP announced a five-year capex plan for 2026-30 of US$33.3b. PTTEP expects average sales volume growth of 3.5% per year, while in 2026, sales are expected to increase by 9% qoq, partially mitigating the impact from expected lower selling prices in line with oil prices. We maintain a positive view on core earnings in 4Q25, driven by higher sales volume and lower unit costs. Maintain BUY. Target price: Bt13...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Monday, December 08, 2025
Top Stories Company Update | PTT Exploration and Production (PTTEP TB/BUY/Bt106.00/Target: Bt136.00) PTTEP announced a five-year capex plan for 2026-30 of US$33.3b. PTTEP expects average sales volume growth of 3.5% per year, while in 2026, sales are expected to increase by 9% qoq, partially mitigating the impact from expected lower selling prices in line with oil prices. We maintain a positive view on core earnings in 4Q25, driven by higher sales volume and lower unit costs. Maintain BUY. Targe...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Gigi Cheuk
- Heidi Mo Jinghui
- Jo Yee Ng
- Joyce Chu
- Kate Luang
- Suryaputra Wijaksana
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, December 8, 2025
Greater China Small/Mid Cap Highlights | Plover Bay Technologies (1523 HK/BUY/HK$5.90/Target: HK$7.60) We held a pre-blackout call with Plover Bay. In 2H25, growth momentum continued across all markets and management saw growing demand from new verticals. Meanwhile, subscription take-up rates continued to improve on enhanced software features and organic growth. Plover Bay has seen strengthened brand awareness for its Peplink routers since its collaboration with Starlink in Jan 24, and will cont...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Lester Siew
- Malaysia Research Team
- Posmarito Pakpahan
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, October 31, 2025
Greater China Company Results | ASMPT (522 HK/BUY/HK$83.85/Target: HK$104.00) ASMPT’s 3Q25 print missed expectations on a weaker product mix and one-off restructuring costs. Revenue was largely in line with the mid-point of its guidance, but gross margin was below expectations at 35.7% due to changes in product mix and inventory write-off from the restructuring. Nevertheless, ASMPT reported solid progress with TCB in both HBM4 and advanced logic C2W/C2S, while its mainstream tools continued to r...
ASM PACIFIC TECHNOLOGY LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
F34 WILMAR INTERNATIONAL LIMITED
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
1211 BYD COMPANY LIMITED CLASS H
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
BURSA BURSA MALAYSIA BHD
BANPU TB BANPU
CPN-R CENTRAL PATTANA PCL NVDR
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
CRC CENTRAL RETAIL CORP
CTOS CTOS DIGITAL BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - 3Q25: Net Profit Reported I...
Company Results | PTT Exploration and Production (PTTEP TB/BUY/Bt108.00/Target: Bt136.00) PTTEP reported a net profit of Bt12.7b in 3Q25, down 6% qoq, in line with our expectations but 8% below consensus estimates. Core profit declined 14% qoq, pressured by lower ASP and higher unit costs. Looking ahead, core profit in 4Q25 is expected to rebound qoq, driven by a 6-10% increase in sales volume and reduced unit costs. For 2025, PTTEP is not expected to record any impairment losses from the Mozamb...
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Thailand Daily - Friday, October 31, 2025
Top Stories Company Results | PTT Exploration and Production (PTTEP TB/BUY/Bt108.00/Target: Bt136.00) PTTEP reported a net profit of Bt12.7b in 3Q25, down 6% qoq, in line with our expectations but 8% below consensus estimates. Core profit declined 14% qoq, pressured by lower ASP and higher unit costs. Looking ahead, core profit in 4Q25 is expected to rebound qoq, driven by a 6-10% increase in sales volume and reduced unit costs. For 2025, PTTEP is not expected to record any impairment losses f...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - 3Q25 Net Profit Expected To...
Highlights • We expect 3Q25 net profit to flat qoq. • The decrease in unit cost is sufficient to offset the impact of the reduced ASP. • Earrings are expected to recover qoq in 4Q25 due to increased sales volume. • Maintain BUY with a rolled-over target price of Bt136.00/share in 2026.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, October 07, 2025
Top Stories Company Update | PTT Exploration and Production (PTTEP TB/BUY/Bt114.00/Target: Bt136.00) We expect 3Q25 net profit to be flat qoq at Bt13.3b due to decreased unit cost offsetting the impact of reduced ASP. However, earnings are projected to recover qoq in 4Q25, supported by an anticipated 8-10% increase in sales volume. We have revised down our 2025–26 earnings forecasts to account for a downward revision in liquid prices, higher unit cost assumptions and extraordinary items recorde...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Benjaphol Suthwanish
- Benyamin Mikael
- Kong Ho Meng
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, October 7, 2025
Indonesia Initiate Coverage | Adaro Andalan Indonesia (AADI IJ/BUY/Rp7,350/Target: Rp13,000) We expect 2026 EBITDA of US$1.25b. AADI’s expansion capex will end in 2025, and we assume annual maintenance capex of US$220m-250m from 2026 onwards. With expansion capex ending, free cash flow should rise and can be used for dividends. Based on ADRO’s historical 40-95% DPR, we forecast AADI’s dividend yield at 12-16%. Coal prices and demand have historically increased in winter, and will thus support AS...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - 2Q25 Net Profit Better Than ...
PTTEP's net profit in 2Q25 was 7% higher than our estimate but in line with consensus expectations. The yoy and qoq declines in 2Q25 earnings were mainly due to lower ASP and rising unit costs. PTTEP declared a Bt4.1/share interim dividend (XD set for 8 Aug). 2H25 core earnings are likely to improve hoh, supported by increasing sales volume and a downward trend in unit costs. Maintain BUY with a target price of Bt155.00.
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jieqi Liu
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Philip Wong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, July 29, 2025
GREATER CHINA Strategy China & Hong Kong Property & Property Management Mainland market continues to weaken, while the Hong Kong residential market progresses with destocking; we highlight CR Land and CR Mixc as top picks. INDONESIA Initiate Coverage Archi Indonesia (ARCI IJ/BUY/Rp770/Target: Rp1,280) Well-timed turnaround with true potential waiting to be unlocked. Results Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,750/Target: Rp6,000) 1H25: ...
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AIY IFAST
PLANB PLAN B MEDIA
PTTEP PTT EXPLORATION & PRODUCTION PLC
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
ROTH BRITISH AMERICAN TOBACCO BHD
RFMD RAFFLES MEDICAL GROUP LTD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
6049 POLY PROPERTY SERVICES CO LTD
MPM MARCO POLO MARINE LTD
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
00017 NEW WORLD DEVELOPMENT CO. LTD.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
CMRY PT CISARUA MOUNTAIN DAIRY TBK
STM SEATRIUM LTD
DELTA DELTA ELECTRONICS
0303 ALPHA IVF GROUP
ECOSHOP MK ECO-SHOP MARKETING BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
OXB MK OXFORD INNOTECH BHD (OXB MK)
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, July 29, 2025
KEY HIGHLIGHTS Results Delta Electronics (DELTA TB/SELL/Bt142.50/Target: Bt65.00) 2Q25: Earnings drop yoy and qoq, missing expectations. PTT Exploration & Production (PTTEP TB/BUY/Bt116.00/Target: Bt155.00) 2Q25: Net profit is better than expected and in line with consensus expectations. Update Plan B Media (PLANB TB/BUY/Bt5.65/Target: Bt7.70) Neutral view on 2Q25 earnings. PTT Oil & Retail Business (OR TB/SELL/Bt13.00/Target: Bt12.80) ...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - 2Q25 Earnings To Be Pressure...
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.
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Monday, July 07, 2025
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.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Kitpon Praipaisarnkit
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, July 7, 2025
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...
- 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
- Benjaphol Suthwanish
- Greater China Research Team
- Guan An Tan
- Johnny Yum
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Roy Chen Chengzhi
- Thailand Research Team
Regional Morning Meeting Notes: Tuesday, May 06, 2025
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 ...
BJC BERLI JUCKER PUBLIC CO. LTD.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
1023 CIMB GROUP HOLDINGS BHD
ERW ERAWAN GROUP
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
AD2 AIR CHINA LIMITED CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
01810 XIAOMI CORP. CLASS B
MTC MUANGTHAI CAPITAL PCL
RATCH RATCH GROUP PUBLIC CO. LTD.
01801 INNOVENT BIOLOGICS INC.
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
TIDLOR NGERN TID LOR PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Exploration & Production (PTTEP TB) - High Dividend Yield; Steady ...
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.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, April 29, 2025
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.
- 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.
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