reports
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Ming San Soong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, November 19, 2025
Greater China Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10...
KBANK KASIKORNBANK PUBLIC CO. LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
CENTEL
SPRC CENTRAL PLAZA HOTEL
01810 STAR PETROLEUM REFINING
PDD XIAOMI CORP. CLASS B
DLG PINDUODUO INC. SPONSORED ADR CLASS A
2633 DIALOG GROUP BHD
SCGP JACOBSON PHARMA CORP LTD
OR SCG PACKAGING PCL
YZJFH PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DOHOME PINDUODUO PDD US
09961 YANGZIJIANG FINANCIAL HOLDING
PONY DOHOME PCL
BRMS IJ CTRIP.COM INTERNATIONAL
PONY AI INC
BUMI RESOURCES MINERALS
- Benjaphol Suthwanish
Central Plaza Hotel (CENTEL TB) - Brilliant Outlook For 4Q25 And 1Q26
Company Update | Central Plaza Hotel (CENTEL TB/BUY/Bt31.25/Target: Bt37.00) The tone during CENTEL’s analyst meeting was positive, supported by the acquisition of a 40% stake in Lucky Suki which will strengthen its food portfolio despite fierce Sukiyaki-market competition. 3Q25 results were solid with a net profit of Bt160m, driven by strong hotel performance in upcountry, Japan, and Mirage Pattaya, along with steady food SSSG. The outlook for 4Q25 and 1Q26 remains positive, backed by high occu...
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, November 18, 2025
Top Stories Company Update | Berli Jucker (BJC TB/BUY/Bt17.20/Target: Bt 24.00) The new JV between BJL and DHL is expected to enhance BJC’s logistics operations. For 2025, management guided for top-line to be flat yoy and a 15-20bps yoy expansion in gross margin, mainly driven by the non-retail segment. Maintain BUY with a target price of Bt24.00. Company Update | Central Plaza Hotel (CENTEL TB/BUY/Bt31.25/Target: Bt37.00) The tone during CENTEL’s analyst meeting was positive, supported by t...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Ejann Hiew
- Gigi Cheuk
- John Cheong Ming Chern
- Joyce Chu
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, November 18, 2025
Greater China Company Results | Geely Auto (175 HK/BUY/HK$17.20/Target: HK$42.00 Geely’s 3Q25 results meet expectations with GAAP net profit/core net profit growing 58%/19% yoy and 6%/24% qoq to Rmb3.82b/Rmb3.96b respectively. Earnings growth will be driven by a strong product cycle, optimisation of sales mix, penetration into overseas markets, and consolidation of its brand portfolios. We maintain our 2025-27 earnings estimates. Maintain BUY with an unchanged target price of HK$42.00 pegged...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
1295 PUBLIC BANK BHD
TOP THAI OIL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
CENTEL CENTRAL PLAZA HOTEL
YUMC YUM CHINA HOLDINGS INC.
FRKN FRENCKEN GROUP LTD
CDB CELCOMDIGI BHD
02161 JBM (HEALTHCARE) LTD
09868 XPENG INC
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
TIDLOR TIDLOR HOLDINGS PCL
- Benjaphol Suthwanish
Central Plaza Hotel (CENTEL TB) - Decent Core Earnings Expected
Company Update | Central Plaza Hotel (CENTEL TB/BUY/Bt32.25/Target: Bt37.00) CENTEL is expected to report a 3Q25 net profit of Bt157m (-3.5% yoy), and core profit of Bt170m (+4.4% yoy) excluding one-offs, driven by a strong performance from hotels Mirage Pattaya and Centara Osaka. The food segment should see a slight margin expansion. CENTEL will benefit from the new tax deduction measure for hotel renovations, which will support the upgrades in Krabi and Hua Hin (to complete by 2Q27). With imp...
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily - Tuesday, October 28, 2025
Top Stories Company Update | Central Plaza Hotel (CENTEL TB/BUY/Bt32.25/Target: Bt37.00) CENTEL is expected to report a 3Q25 net profit of Bt157m (-3.5% yoy), and core profit of Bt170m (+4.4% yoy) excluding one-offs, driven by a strong performance from hotels Mirage Pattaya and Centara Osaka. The food segment should see a slight margin expansion. CENTEL will benefit from the new tax deduction measure for hotel renovations, which will support the upgrades in Krabi and Hua Hin (to complete by 2Q...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, October 28, 2025
Greater China Company Results | China Resources Building Materials Technology (1313 HK/BUY/HK$1.75 /Target: HK$2.06) CR Building Mat Tech’s 9M25 results were below expectations, with earnings up 7.3% yoy to Rmb331m on lower coal costs. Weather disruptions weighed on 3Q25 cement sales volume, while Guangdong prices stayed soft. Aggregates turned loss-making, prompting capex cuts. Management guided 2025 sales of 55m tonnes (-10.9% yoy) and highlighted a planned capacity-exit fund as a medium-term ...
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
AIY IFAST
SPALI SUPALAI PCL
7160 PENTAMASTER CORP. BHD
CENTEL CENTRAL PLAZA HOTEL
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1313 WUXI APPTEC CO. LTD. CLASS H
CAREIT CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
CENTURION ACCOMMODATION REIT
- Benjaphol Suthwanish
Thailand Hotel - Hope Lies In 4Q25
Hotel stocks reported a combined core profit of Bt3,767m for 2Q25 (+0.4% yoy, +101.3% qoq), mainly supported by MINT’s strong hotel performance in Europe. However, Thai tourism’s 3Q25 outlook should remain dull, similar to 2Q25. Hopes of hotel operators rest on the high travel season in 4Q25, as room bookings still indicate a positive momentum. MINT remains our top pick given its lower cost of debt. Maintain MARKET WEIGHT.
- Benjaphol Suthwanish
Central Plaza Hotel (CENTEL TB) - Expect A Gradual Improvement In Outl...
The tone of the meeting was slightly positive. Management revised down this year’s revenue growth target, but we view this as reasonable given the current situation. We expect to see an improvement in the outlook from 3Q25 onwards as the forward hotel bookings in Thailand and the Maldives suggest a smaller yoy decline. We expect 3Q25 to be another challenging quarter for CENTEL, but we are becoming more optimistic given the signs of recovery. Maintain BUY. Target price: Bt33.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
Thailand Daily - Monday, August 18, 2025
KEY HIGHLIGHTS Results Bangkok Chain Hospital (BCH TB/BUY/Bt14.10/Target: Bt17.50) 2Q25: Reported strong earnings as expected. Update Central Pattana (CPN TB/BUY/Bt54.50/Target: Bt79.60) Favourable 2H25 outlook anchored by core business resilience. Central Plaza Hotel (CENTEL TB/BUY/Bt27.00/Target: Bt33.00) Expect a gradual improvement in outlook. Charoen Pokphand Foods (CPF TB/HOLD/Bt24.40/Target: Bt24.00) 2Q25 earnings in line; 3Q25 earnings momentum to soften. The Erawan ...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, August 18, 2025
GREATER CHINA Economics Economic Activity: Growth decelerates as trade war impact deepens. Results Chongqing Brewery (600132 CH/BUY/Rmb55.26/Target: Rmb67.40): 2Q25: Volume remained flat but ASP dropped 2% yoy; expanding off-trade channel to offset the weakness in on-trade channel. CSPC Innovation Pharmaceutical Co (300765 CH/HOLD/Rmb53.00/Target: Rmb52.00): 1H25: Results in line, smooth progress in R&D. Update Foxconn Industrial Internet (601138 CH/BUY/Rmb44.86/Target: Rmb49.50): Solid 3Q guida...
600132 CHONGQING BREWERY CO.LTD CLASS A
544 CSE GLOBAL LTD.
ERW ERAWAN GROUP
CENTEL CENTRAL PLAZA HOTEL
PREIT PARKWAYLIFE REAL ESTATE
HEIM HEINEKEN MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
FRKN FRENCKEN GROUP LTD
HLA HONG LEONG ASIA LTD
300765 CSPC INNOVATION PHARMACEUTICAL CO L
- Benjaphol Suthwanish
Central Plaza Hotel (CENTEL TB) - Expect Weaker Earnings yoy In 2Q25
We expect CENTEL to report a net profit of Bt157m (-6.0% yoy, -78.9% qoq) for 2Q25. The hotel segment’s performance was able to maintain its RevPar to be flat yoy thanks to strong growth in Japan and upcountry hotels. However, the expenses from opening the new hotel at the Maldives will cause the earnings to contract yoy. We expect 3Q25 to be another challenging quarter for CENTEL as there will be fewer supporting factors. Maintain BUY. Target price: Bt33.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Friday, August 08, 2025
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt34.00/Target: Bt45.00) 2Q25: Net loss as expected but a sharp rebound is likely in 2H25. Bangchak Sriracha (BSRC TB/BUY/Bt5.00/Target: Bt7.00) 2Q25: Huge inventory loss results in net loss in 2Q25. PTT Oil & Retail Business (OR TB/BUY/Bt12.90/Target: Bt20.00) 2Q25: Net profit in line with our forecast but 14% below consensus’. Upgrade to BUY. Tidlor Holdings (TIDLOR TB/HOLD/Bt18.30/Target: Bt20.00) 2...
- Benjaphol Suthwanish
Central Plaza Hotel (CENTEL TB) - A Challenging 2Q25 Awaits
We attended CENTEL’s 1Q25 analyst meeting and the tone was slightly negative. Management revised down its 2025 guidance as a result of the weak outlook for hotels in Bangkok and the Maldives as well as the softened performance of food brands. We believe 2Q25 will be a challenging quarter for CENTEL as it will need to rely heavily on the performance of hotels in the upcountry area and in Osaka to see decent earnings. Maintain BUY. Target price: Bt29.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Friday, May 16, 2025
KEY HIGHLIGHTS Results CH Karnchang (CK TB/BUY/Bt14.00/Target: Bt20.20) 1Q25: Earnings improve yoy and qoq, beating expectations. Stecon Group (STECON TB/BUY/Bt7.00/Target: Bt9.00) 1Q25: Exceeded expectations; outlook remains positive. Update Airports of Thailand (AOT TB/HOLD/Bt35.00/Target: Bt39.00) Concerns on earnings miss have been alleviated. Central Plaza Hotel (CENTEL TB/BUY/Bt21.30/Target: Bt29.00) A challenging 2Q25 awaits. Charoen Po...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Notes - Friday, May 16, 2025
GREATER CHINA Sector Automobile: Weekly: PEV sales edged up wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Healthcare: The rising robotic surgical system market in China. Results Alibaba Group (9988 HK/BUY/HK$128.90/Target: HK$165.00): 4QFY25: Slight earnings miss; CMR delivers better-than-expected double-digit growth. Geely Auto (175 HK/BUY/HK$19.58/Target: HK$31.00): 1Q25: Earnings beat on forex gain and associate profit. Maintain BUY. Raise target price to HK$31...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
544 CSE GLOBAL LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MYOR MAYORA INDAH
CENTEL CENTRAL PLAZA HOTEL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
SPOST SINGAPORE POST LTD
DLG DIALOG GROUP BHD
DBB DUOPHARMA BIOTECH BHD
09999 NETEASE INC
02423 KE HOLDINGS INC.
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Benjaphol Suthwanish
Central Plaza Hotel (CENTEL TB) - Expect Earnings To Contract Yoy In 1...
We expect CENTEL to report a report a net profit of Bt721m (-4.5% yoy, +8.1% qoq) for 1Q25. The hotel segment’s performance during the quarter was strong, particularly that of upcountry hotels. However, pre-opening expenses of the new hotel in the Maldives will be realised in 1Q25, along with a substantial exchange loss in Japanese yen-denominated loans. We expect 2Q25 to be a challenging quarter for CENTEL given several headwinds. Maintain BUY. Target price: Bt36.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Friday, May 09, 2025
KEY HIGHLIGHTS Sector Construction 1Q25 results preview: CK and STECON set to rebound. Results IRPC (IRPC TB/BUY/Bt0.94/Target: Bt1.10) 1Q25: Net loss deepens on lower margins, but share price already reflects bad news. LPN Development (LPN TB/SELL/Bt2.06/Target: Bt1.50) 1Q25: Results slightly beat expectation, but recovery remains...
- Benjaphol Suthwanish
Central Plaza Hotel (CENTEL TB) - Strong Food Business Growth Driven B...
We attended CENTEL’s 4Q24 analyst meeting and the tone was slightly positive. 4Q24 earnings came in at Bt667m (+124.9% yoy, +309.0% qoq) and exceeded our and consensus expectations. One of the key contributors is the strong growth from Shinkanzen Sushi, one of CENTEL’s most profitable JVs. CENTEL has provided a growth guidance for 2025 and the outlook for 1H25 is promising. Maintain BUY. Target price: Bt36.00.
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Thursday, February 27, 2025
KEY HIGHLIGHTS Results Betagro (BTG TB/BUY/Bt18.50/Target: Bt24.20) 4Q24: Earnings in line; expect stronger 1Q25 earnings. Bangkok Dusit Medical Services (BDMS TB/BUY/Bt26.50/Target: Bt33.00) 4Q24: Robust quarterly earnings; in line. Land and Houses (LH TB/HOLD/Bt4.54/Target: Bt5.20) 4Q24: One-off items underpinned performance; residential business remains weak. Srisawad Corporation (SAWAD TB/HOLD/Bt40.50/Target: Bt38.00) 4Q24: Results mis...
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