reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - Production Cut Plan Provides Short-te...
We expect a short-term positive sentiment following the production cut announcements by olefins producers in China and South Korea, driven by weak spreads. The scale of the cuts is modest relative to global olefins capacity and the additional supply expected in 2025-29. We therefore expect the olefins market to remain in oversupply and maintain our underweight and negative outlook on the petrochemical sector. Maintain SELL. Target price: Bt20.00
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Bella Lu Yifei
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jonathan Koh
- Ken Lee
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, August 25, 2025
GREATER CHINA Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$10.51/Target: HK$12.00) 1H25: Results miss; expects hoh sales recovery and two more BD deals in 2H25. Ganfeng Lithium (1772 HK/BUY/HK$30.80/Target: HK$40.00) 2Q25: Net loss in line; 3Q25 turnaround on the back of lithium carbonate price recovery. Maintain BUY, target price: HK$40.00. Li Ning (2331 HK/HOLD/HK$19.70/Target: HK$18.90) 1H25: Results beat but challenges remain in 2H25; fa...
ANTM PT ANEKA TAMBANG TBK
01093 CSPC PHARMACEUTICAL GROUP LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
02331 LI NING COMPANY LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
7153 KOSSAN RUBBER INDUSTRIES BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
1772 GANFENG LITHIUM CO. LTD. CLASS H
1093 CSPC PHARMACEUTICAL GROUP LTD
UHU UNITED HAMPSHIRE US REIT
GREATEC GREATECH TECHNOLOGY BHD
CRPU SASSEUR REIT (S CHIP)
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
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
PEKAT PEKAT GROUP BHD
BRMS IJ BUMI RESOURCES MINERALS
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - 2Q25: Net Loss As Expected
PTTGC reported a net loss of Bt3.6b in 2Q25, in line with our expectation, but 8% higher than consensus estimate. The 2Q25 net loss increased qoq due to higher stock losses. 2Q25 core earnings saw a slight improvement, driven by higher GRM and aromatics spreads. We have revised down our 2025 core earnings forecast to reflect the slower-than-expected performance recovery. Maintain SELL. Target price: Bt20.00
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Thursday, August 14, 2025
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt16.50/Target: Bt25.00) 2Q25: Earnings below expectations. AP Thailand (AP TB/BUY/Bt7.65/Target: Bt9.60) 2Q25: Earnings in line, optimistic 3Q25 outlook. Bangkok Commercial Asset Management (BAM TB/BUY/Bt8.40/Target: Bt10.00) 2Q25: Results in line with consensus; highest bottom line in the past 22 quarters. Bangkok Dusit Medical Services (BDMS TB/BUY...
PTT PTT PUBLIC COMPANY LIMITED
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
SPALI SUPALAI PCL
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
AP AP THAILAND
SPRC STAR PETROLEUM REFINING
BDMS-R BANGKOK DUSIT MEDICAL SERVICES PCL NVDR
KCE KCE ELECTRONICS PUBLIC CO. LTD.
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
BTG BETAGRO PUBLIC COMPANY LIMITED
BAM TB BANGKOK COMMERCIAL ASSET MANAGEMENT
- 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.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.