reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Monday, July 21, 2025
KEY HIGHLIGHTS Results Krungthai Card (KTC TB/BUY/Bt27.75/Target: Bt45.00) 2Q25: Results in line; robust bottom line performance and strong asset quality affirm the company's fundamental resilience despite recent share price volatility. TMBThanachart Bank (TTB TB/HOLD/Bt1.89/Target: Bt1.95) 2Q25: Results in line; well-managed asset quality. Update PTT Global Chemical (PTTGC TB/SELL/Bt22.50/Target: Bt20.00) 2Q25 core earnings expected to remain a loss. Downgrade to SELL.
- Audrey Celia
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Heidi Mo Jinghui
- Jieqi Liu
- Kate Luang
- Lester Siew
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, July 21, 2025
GREATER CHINA Sector Property: Operational update and 1H25 earnings preview for CR Land and COLI. Update Tiangong International (826 HK/NOT RATED/HK$2.10): Leading global provider of specialty steels benefitting from recovery. INDONESIA Initiate Coverage Adi Sarana Armada (ASSA IJ/BUY/Rp810/Target: Rp1,300): A blue ocean leader in integrated mobility and logistics. MALAYSIA Update PPB Group (PEP MK/BUY/RM9.63/Target: RM15.80): We expect 2Q25 results to come in flat qoq at RM340m-370m, given st...
- Thailand Research Team
THAILAND STRATEGY – 1Q25 Results Review
In 1Q25, earnings under our coverage are at Bt201.14b (-0.1% yoy, +46.2% qoq). The qoq increase was due to seasonality. The banking, telecommunications and consumer staples sectors reported remarkable results. For 2025 we reduce earnings growth by 3.8%, but opportunities remain in domestic and external plays. Overall, we lower 2025F EPS to Bt80 from Bt94and our SET target to 1,280 (from 1,500 in 1Q25) based on 16.0x forward PE. Top picks are ADVANC, RATCH, BCH, IVL, PTTGC.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, May 21, 2025
GREATER CHINA Results Alibaba Health Information Technology (241 HK/BUY/HK$4.89/Target: HK$6.20) FY25: Results in line; targets adjusted net earnings growth of 10-20% yoy in FY26. Trip.com (9961 HK/BUY/HK$505.50/Target: HK$635.00) 1Q25: Earnings beat; international tourism and AI integration investments as key catalysts. Update Tsingtao Brewery (168 HK/BUY/HK$56.45/Target: HK$66.70) Focus on sales volume and profit growth; aims to raise dividend payo...
KTC KRUNGTHAI CARD PCL
FCT FRASERS CENTREPOINT TRUST
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
0168 TSINGTAO BREWERY CO. LTD. CLASS H
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
SCGB SUNWAY CONSTRUCTION GROUP BH
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
PEKAT PEKAT GROUP BHD
TIDLOR TIDLOR HOLDINGS PCL
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - 1Q25 Loss Expected To Decline qoq
We expect PTTGC to post a 1Q25 loss of Bt2.7b, narrowing from 4Q24, supported by improved performances in the refinery business, olefins chain, and Allnex. The olefins chain benefitted from a higher proportion of ethane feedstock, and helped to ease pressure on the olefin spread, which remains weak due to the ongoing supply and demand challenges. Looking ahead, we anticipate a qoq earnings recovery in 2Q25, supported by a rebound in olefin spreads. Maintain BUY. Target price: Bt21.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily - Wednesday, April 23, 2025
KEY HIGHLIGHTS Update Bangkok Dusit Medical Services (BDMS TB/BUY/Bt23.50/Target: Bt33.00) Expect a healthy growth in 1Q25. Central Pattana (CPN TB/BUY/Bt48.50/Target: Bt79.60) Expect 1Q25 earnings to be stable yoy; resilient core business performance. PTT Global Chemical (PTTGC TB/BUY/Bt18.20/Target: Bt21.00) 1Q25 loss projected to decline qoq.
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Paula Ruth
- Philip Wong
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, April 23, 2025
GREATER CHINA Initiate Coverage Tencent Music Entertainment Group (1698 HK/BUY/HK$47.80/Target: HK$60.00) World’s largest music platform with evolving social ecosystem. Results Dian Diagnostics (300244 CH/HOLD/Rmb13.99/Target: Rmb15.00) 2024: Results in line; maintain 2025 revenue growth estimate of 8.8% yoy. iFlytek (002230 CH/SELL/Rmb45.18/Target: Rmb35.00) 2024 and 1Q25: Earnings miss on heightened R&D spending; solid top-line growth. Update Sunn...
0166 INARI AMERTRON
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
002230 IFLYTEK CO. LTD. CLASS A
7160 PENTAMASTER CORP. BHD
NANO NANOCO GROUP
0097 VITROX
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VSI V.S. INDUSTRY BERHAD
SKP SKP RESOURCES BHD
GREATEC GREATECH TECHNOLOGY BHD
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
NATGATE NATIONGATE HOLDINGS BHD
OPPSTAR OPPSTAR BERHAD
300244 DIAN DIAGNOSTICS GROUP CO
0303 ALPHA IVF GROUP
NE NORTHEAST GROUP BHD (NE MK)
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - Expect 2025 Performance To Turn Profi...
Business restructuring in 2024 and cost-cutting plan for 2025 are both solid strategies to navigate the ongoing volatility in the petrochemical sector. These initiatives support our expectation that PTTGC will return to profitability in 2025. Also, the reduction in regional petrochemical production capacity is likely to drive a gradual recovery in the olefins spread. While a loss is still anticipated in 1Q25, we could still see a significant qoq improvement. Maintain BUY. Target price: Bt21...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Monday, March 31, 2025
GREATER CHINA Results China Construction Bank (939 HK/BUY/HK$6.70/Target: HK$7.50): 2024: Above expectations on better NIM; recapitalisation plan is finalised. China Shineway Pharmaceutical (2877 HK/HOLD/HK$8.05/Target: HK$8.50): 2024: Bottom line misses; targets revenue growth of 10% yoy in 2025. Great Wall Motor (2333 HK/BUY/HK$14.20/Target: HK$23.00): 4Q24: Earnings in line with estimates. Maintain BUY. Target price: HK$23.00. Haier Smart Home (6690 HK/BUY/HK$24.70/Target: HK$37.80): 2024: 4Q...
00992 LENOVO GROUP LIMITED
02331 LI NING COMPANY LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
000333 MIDEA GROUP CO. LTD. CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
06690 HAIER SMART HOME CO. LTD. CLASS H
600699 JOYSON ELECTRONICS CORP
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - PTTGC Has Backup Plan To Manage Short...
PTTGC’s management believes the business has reached a trough, but the recovery remains challenging. PTTGC has a backup plan focused on cost reduction and improving competitiveness, which is expected to generate an additional Bt4.5b in profit. 2025 net profit will benefit from improved competitiveness due to increased ethane usage and the absence of losses following the business restructuring in 2024. Upgrade to BUY with a target price of Bt21.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Monday, March 03 , 2025
KEY HIGHLIGHTS Results Bangkok Chain Hospital (BCH TB/BUY/Bt15.70/Target: Bt20.00) 4Q24: Weaker-than-expected earnings. Central Pattana (CPN TB/BUY/Bt49.25/Target: Bt79.30) 4Q24: Earnings exceeded estimates; record dividend announced. Electricity Generating PCL (EGCO TB/BUY/Bt96.25/Target: Bt120.00) 4Q24: Results in line with good outlook. Update LPN Development (LPN TB/SELL/Bt2.18/Target: Bt1.60) Unexciting business plan for...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Lester Siew
- Llelleythan Tan Tan
- Philip Wong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, March 03, 2025
GREATER CHINA Economics PMI: Uptick in February. Sector Macau Gaming: Feb 25 GGR beat thanks to tail-end effect post CNY; switch top pick to Galaxy. Results New World Development (17 HK/HOLD/HK$4.82/Target: HK$4.45): 1HFY25: Net loss in line with profit warning and primarily caused by inventory impairment; refinancing progress to be the key. Xinyi Solar Holdings (968 HK/HOLD/HK$3.29/Target: HK$3.60): 2024: Below expectations; industry coordination and production discipline crucial to restore mar...
1023 CIMB GROUP HOLDINGS BHD
0968 XINYI SOLAR HOLDINGS LTD.
PLANB PLAN B MEDIA
AWX AEM HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
5347 TENAGA NASIONAL BHD
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
KLK KUALA LUMPUR KEPONG BHD
0763 ZTE CORPORATION CLASS H
FRKN FRENCKEN GROUP LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
9CI CAPITALAND INVESTMENT LTD
FFB FARM FRESH BHD
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - 4Q24: Results In Line With Expectatio...
PTTGC reported a net loss of Bt11.7b in 4Q24, primarily due to provision expenses of Bt4.3b from PTTAC and Vencorex, along with weaker performance driven by lower petrochemical spreads and an unplanned refinery shutdown. We maintain a negative outlook on the petrochemical sector and recommend HOLD on PTTGC with a target price of Bt21.00. We suggest switching to BCP and IVL.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, February 18, 2025
KEY HIGHLIGHTS Results PTT Global Chemical (PTTGC TB/HOLD/Bt19.60/Target: Bt21.00) 4Q24: Results in line with expectations. Update CH Karnchang (CK TB/BUY/Bt15.20/Target: Bt20.20) 4Q24 results preview: Disappointing results expected. Delta Electronics (DELTA TB/SELL/Bt96.50/Target: Bt75.00) Facing multiple challenges; reiterate SELL. Minor International (MINT TB/BUY/Bt27.75/Target: Bt38.00) Firmly on the growth path.
- Benjaphol Suthwanish
- Colin Lee
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Tuesday, February 18, 2025
GREATER CHINA Strategy China And Hong Kong Property: Observations of 2025 Chinese New Year: Weakened new-home sales in Jan 25 and low growth in tourists to Hong Kong; further policy support is needed and possible. Sector Education: Widespread AI adoption to fuel education sector’s monetisation growth. Update Xiaomi Corp (1810 HK/BUY/HK$45.15/Target: HK$52.40): 4Q24 results preview: expect solid beat across all four segments. Maintain BUY. Small-mid Cap Highlight Cheerwin Group (6601 HK/NOT RATED...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - Expect A Net Loss In 4Q24
PTTGC is projected to report a net loss of Bt11b in 4Q24, due to Bt4.5b in provisions for PTTAC and Vencorex, declining petrochemical spreads and an unplanned 45-day refinery shutdown. Considering the persistent weak demand, we have lowered our assumptions for petrochemical spreads and reduced our 2025 net profit forecast. Maintain HOLD. Target price: Bt23.00. We suggest switching to BCP and IVL.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Monday, January 20, 2025
KEY HIGHLIGHTS Sector Media Unexciting earnings but some light at the end of the tunnel. Results Krungthai Card (KTC TB/BUY/Bt50.50/Target: Bt60.00) 4Q24: Results in line with market expectations. Update PTT Global Chemical (PTTGC TB/HOLD/Bt21.50/Target: Bt23.00) Expect a net loss in 4Q24.
- Benjaphol Suthwanish
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kate Luang
- Kong Ho Meng
- Malaysia Research Team
- Ming San Soong
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Notes - Monday, January 20, 2025
GREATER CHINA Economics Economic Activity: Right on the mark – China hits 5% growth in 2024. Update JD.com (9618 HK/BUY/HK$146.70/Target: HK$200.00): 4Q24 preview: Strong growth outlook; JD to lead in 2025 trade-in programme. Sun Hung Kai & Co (86 HK/BUY/HK$2.68/Target: HK$5.24): 2024 preview: Capturing opportunities from market dislocations. MALAYSIA Strategy Trading Opportunity Knocks: The FBMKLCI’s ytd decline of 5.3%, markedly worse than anticipated, drives compelling trading activities par...
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