reports
- 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...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, February 27, 2025
GREATER CHINA Economics Hong Kong Budget 2025-26 The budget balances fiscal discipline with strategic growth initiatives. Results ASMPT (522 HK/BUY/HK$64.05/Target: HK$80.00) 4Q24: Earnings disappoint; mainstream tools recovering in 2025 but visibility remains low. Maintain BUY. Budweiser APAC (1876 HK/BUY/HK$8.66/Target: HK$13.30) 4Q24: Results miss slightly; CEO change and increased shareho...
ASM PACIFIC TECHNOLOGY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
1155 MALAYAN BANKING BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
ASII PT ASTRA INTERNATIONAL TBK
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AXIATA AXIATA GROUP BERHAD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
BTG BETAGRO PUBLIC COMPANY LIMITED
- Benjaphol Suthwanish
Central Plaza Hotel (CENTEL TB) - Reaching A Turning Point; Upgrade To...
We expect CENTEL to report a net profit of Bt350m (-17.6% yoy, +114.6% qoq) for 4Q24. Its top-line should see a yoy growth due to robust hotel performances in Bangkok and Japan. Major renovations at Karon and Mirage have been completed, and both have resumed operations with increased room rates. Most expenses have been realised, and its share price has dropped sharply, which has resulted in upside. Upgrade to BUY. Target price: Bt33.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily - Friday, February 14, 2025
KEY HIGHLIGHTS Update Bumrungrad Hospital (BH TB/BUY/Bt175.50/Target: Bt232.00) Weak 4Q24 earnings expected. Central Plaza Hotel (CENTEL TB/BUY/Bt28.00/Target: Bt33.00) Reaching a turning point; upgrade to BUY. Central Pattana (CPN TB/BUY/Bt52.25/Target: Bt79.30) Expect 4Q24 earnings to be pressured by SG&A, but 2024 is set to deliver a record profit.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Stevanus Juanda
- Sunny Chen
Regional Morning Meeting Notes: Friday, February 14, 2025
GREATER CHINA Sector Automobile Weekly: PV sales stay low, BYD to equip all EVs with DiPilot ADAS. Upgrade BYD to BUY. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay. Update AAC Technologies (2018 HK/HOLD/HK$46.55/ Target: HK$48.00) 2024 profit alert – earnings set to beat expectations. Maintain HOLD. The United Laboratories International (3933 HK/HOLD/HK$12.42/Target: H...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
A2XN AAC TECHNOLOGIES HOLDINGS INC.
AIY IFAST
UNVR PT UNILEVER INDONESIA TBK
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
CENTEL CENTRAL PLAZA HOTEL
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
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
3933 THE UNITED LABORATORIES INTE
DLG DIALOG GROUP BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Greater China Research Team
- Johnny Yum
- Jonathan Koh
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Thailand Research Team
Regional Morning Meeting Notes: Friday, January 03, 2025
GREATER CHINA Strategy Alpha Picks: January Conviction Calls Add CATL, JD Logistics, Miniso and Plover Bay to our BUY list, and Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Our Selections Outperform In 2024 Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Update VS Industry (VSI MK/BUY/RM1.16/Target: RM1.50) Despite a 17% recovery in its share price since its low in m...
TFG THAIFOODS GROUP
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ISAT INDOSAT
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
KLBF PT KALBE FARMA TBK
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
MINT-R MINOR INTERNATIONAL PCL NVDR
AXIATA AXIATA GROUP BERHAD
MLT MAPLETREE LOGISTICS TRUST
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
TIDLOR NGERN TID LOR PCL
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
BCOW 1895 BANCORP OF WISCONSIN INC
STM SEATRIUM LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Benjaphol Suthwanish
- Benjaphol Suthwanish
Thailand Hotel - The Low Season Is Over, But Entering An Unexciting Hi...
Hotel stocks reported a combined core profit of Bt2,924m for 3Q24 (+17.1% yoy, -17.6% qoq), mainly on the back of MINT’s robust hotel performance during the high travel season in Europe. Now that it is the high travel season, we expect all hotel operators to perform well in terms of operations. In 4Q24 thus far, the statistics have been decent even without any significant tourism stimulus measures. We expect to see strong results from MINT and ERW. Maintain MARKET WEIGHT. Our top pick is MINT.
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