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Benjaphol Suthwanish
  • 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 ... (+5)
  • 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 ... (+19)
  • 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...

Benjaphol Suthwanish
  • 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 ... (+4)
  • 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
  • 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 ... (+3)
  • 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 ... (+19)
  • 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...

Benjaphol Suthwanish
  • 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 ... (+2)
  • 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 ... (+13)
  • 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...

Adrian Loh Tzum Yung ... (+9)
  • 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...

Benjaphol Suthwanish
  • Benjaphol Suthwanish

Thailand Daily: Monday, December 09, 2024

KEY HIGHLIGHTS Sector Hotel The low season is over, but entering an unexciting high season.

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.

Benjaphol Suthwanish
  • Benjaphol Suthwanish

Central Plaza Hotel (CENTEL TB) - 3Q24: Better-than-expected Earnings

CENTEL reported a net profit of Bt163m (+128.5% yoy, +121.1% qoq) for 3Q24, which is above our estimates but in line with the consensus. Total revenue came in at Bt5.4b (+3.7% yoy, -2.4% qoq), mainly driven by the strong Revpar growth from hotels in Bangkok. The outlook in 4Q24 remains challenging, and we would wait for a clearer turning point. Maintain SELL. Target price: Bt47.00.

Arsit Pamaranont ... (+5)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Tanaporn Visaruthaphong

Thailand Daily - Friday, November 15, 2024

KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt23.50/Target: Bt35.00) 3Q24: Net income missed expectations but still skyrocketed yoy and qoq. Bangkok Chain Hospital (BCH TB/BUY/Bt16.10/Target: Bt20.00) 3Q24: Mild growth. Central Pattana (CPN TB/BUY/Bt60.00/Target: Bt84.00) 3Q24: Results in line; well-positioned to close 2024 with a new record high. Central Plaza Hotel (CENTEL TB/SELL/Bt33.00/Target: Bt47.00) 3Q24: Better-than-expect...

Benjaphol Suthwanish
  • Benjaphol Suthwanish

Central Plaza Hotel (CENTEL TB) - 3Q24 Results Preview: Slight Positiv...

CENTEL should report 3Q24 net profit at Bt109m (+52.2% yoy, -35.2% qoq). The main contributors are strong hotel performances in Bangkok and Osaka. There are slight positives as the guidance on the pre-opening expense of two new hotels hass been revised down and only a small amount will be realised in 3Q24. However, the nearterm growth outlook remains gloomy and 4Q24 will still see many expenses being incurred. Maintain SELL. Target price: Bt47.00.

Benjaphol Suthwanish ... (+5)
  • Benjaphol Suthwanish
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Tanaporn Visaruthaphong
  • Thailand Research Team

Thailand Daily - Thursday, November 07, 2024

KEY HIGHLIGHTS Strategy Impact from Trump’s Policies Foresee a robust outlook for the industrial estate and electronics sectors due to the US-China trade war. Our top picks are AMATA, BANPU, DELTA, STGT and WHA. Results PTT Global Chemical (PTTGC TB/HOLD/Bt26.25/Target: Bt24.50) 3Q24: Net loss of Bt19.3b due to huge impairment loss. Quality Houses (QH TB/HOLD/Bt1.85/Target: Bt1.82) 3Q24: In l...

Benjaphol Suthwanish
  • Benjaphol Suthwanish

Central Plaza Hotel (CENTEL TB) - 2Q24: Weaker-than-expected Results

CENTEL reported a net profit of Bt168m (+38.9% yoy, -77.8% qoq) for 2Q24, which is below our and consensus forecasts. Total revenue came in at Bt5.5b (+9.4% yoy, - 9.3% qoq), mainly driven by the introduction of rooms in Japan. Despite both hotel and food businesses exhibiting yoy growth in 1H24, CENTEL will have to incur expenses in 2H24 for the opening of two new hotels in the Maldives, which could be detrimental to earnings. Maintain SELL. Target price: Bt46.00.

Benjaphol Suthwanish ... (+7)
  • Benjaphol Suthwanish
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Kitpon Praipaisarnkit
  • Tanaporn Visaruthaphong
  • Thailand Research Team
  • Thanawat Thangchadakorn

Thailand Daily - Thursday, August 15, 2024

KEY HIGHLIGHTS Strategy Uncertainties Arise as Court Removes PM from Office The court’s verdict raises concerns for the equities market and sector regarding policy continuity and economic stimulus, especially commerce. Results Central Plaza Hotel (CENTEL TB/SELL/Bt32.75/Target: Bt46.00) 2Q24: Weaker-than-expected results. CH Karnchang PCL (CK TB/BUY/Bt18.00/Target: Bt26.50) 2Q24: In line with expectations; expect volatility from polit...

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