We estimate that PTTGC will have a net loss of Bt575m, down both qoq and yoy due to higher losses from extraordinary items. However, core profits have rebounded both qoq and yoy, driven by increased petrochemical spreads. The recovery of net profit is expected to be delayed until 2H24, attributable to the rebound in GRM and lower production costs. We maintain our negative outlook on the petrochemical business. Maintain HOLD. Target price: Bt38.00.
KEY HIGHLIGHTS Sector Electronics 1Q24 results preview: Expect slow improvement to persist. Results Kasikorn Bank (KBANK TB/HOLD/Bt124.00/Target: Bt138.00) 1Q24: Results above expectations; normalisation of credit cost in 2025. Update PTT Global Chemical (PTTGC TB/HOLD/Bt38.75/Target: Bt38.00) 1Q24 results preview: Slow core profit recovery expected. Supalai (SPALI TB/BUY/Bt20.40/Target: Bt24.20) Expect weak 1Q24 earnings to improve in 2Q24.
GREATER CHINA Update Jiumaojiu International Holdings (9922 HK/BUY/HK$4.57/Target: HK$5.30): SSS declines in 1Q24; strategic readjustment to fit value-for-money experience. Li Ning (2331 HK/HOLD/HK$17.50/Target: HK$19.20): 1Q24 sell-through growth in line; expect sell-through growth to pick up starting from 2H24. INDONESIA Strategy Potential Impact Of The Middle East Conflict: Our top picks: Banking – BBNI, BBTN; property − BSDE, CTRA; technology – BUKA; consumer − MYOR, CMRY; retail – ACES; in...
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. INDONESIA Strategy Alpha Picks: Outperformance In Mar 24 and 1Q24: Our picks are ACES, BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, and AKRA. MALAYSIA Strategy Alpha Picks: Expanding The Variety Of Events Bets: Our Alpha Picks trounced the KLCI in Mar 24. Apr 24 picks: GENM, Inari, Mah Sing, MrDIY, MY...
GREATER CHINA Strategy Alpha Picks: March Conviction Call: Adding CMB, COLI, CR Beer, Kuaishou and TUL to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Significant Outperformance In Feb 24: Our picks are BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Focusing On Earnings Momentum: Our Alpha Picks underperformed the KLCI in Feb 24 (-0.9% vs 2.5%). Mar 24 picks significantly feature companies with good earnings momentum. SINGAPORE...
PTTGC reported 4Q23 net profit of Bt5.1b, in line with our expectations and 10% better than consensus’. 4Q23 net profit recovered significantly both qoq and yoy. However, core operations saw a loss of Bt1.95b from the weak upstream and polymer businesses. While we expect a qoq recovery in core profit for 1Q24, we maintain a negative outlook on the petrochemical business due to weak demand and a large increase in new supply. Maintain HOLD. Target price: Bt38.00.
INDONESIA Results Unilever Indonesia (UNVR IJ/HOLD/Rp2,920/Target: Rp3,200): 4Q23: Boycott significantly impacts performance. Downgrade to HOLD. MALAYSIA Sector Automobile: Greening the roads: Positive progress towards green mobility ambitions. Update Gas Malaysia (GMB MK/HOLD/RM3.31/Target: RM3.07): Stock offers lush dividend yield of 7% as the company faces intensifying gas retail competition. SINGAPORE Results Manulife US REIT (MUST SP/BUY/US$0.059/Target: US$0.155): 2H23: Pulling multipl...
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. INDONESIA Strategy Alpha Picks: Outperformance in Jan 24: Our picks are EXCL, MAPI, BMRI, JSMR, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Eyes Also On Results Season Winners: Our Alpha Picks performance again trounced the KLCI in Jan 24 (+9.6% vs +4.0%). Feb 24 pic...
GREATER CHINA Sector Automobile: Weekly: 2024 as a year of pullback as evidenced by ytd data. Maintain UNDERWEIGHT. Top SELLs: BYD, XPeng and Ganfeng Lithium. Renewable Energy: Solar: Awaiting catalyst for sustainable valuation recovery; the rise of N-type cell. Update Great Wall Motor (2333 HK/SELL/HK$9.18/Target: HK$9.00): Margin pressure bigger than expected; downgrade from BUY to HOLD. Cut target price from HK$13.50 to HK$9.00. Li Auto (2015 HK/SELL/HK$113.20/Target: HK$100.00): Double wham...
We estimate PTTGC’s 4Q23 net profit at Bt5.0b, increasing both qoq and yoy from extraordinary items from selling shares of GCL and gains from US bond repurchases, but core profit is still weak as a result of a decline in crude oil prices, GRM and spread olefins. There are still negative factors from concerns about the petrochemical outlook, including downside from the impact of Single Pool Gas Price. Maintain HOLD. Target price: Bt38.00.
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/BUY/Bt145.00/Target: Bt176.00) 4Q23: Results in line; healthier asset quality outlook. Upgrade to BUY with a higher target price of Bt176.00. Update Major Cineplex (MAJOR TB/BUY/Bt14.50/Target: Bt18.00) 4Q23 results preview: Expect a stellar performance. PTT Global Chemical (PTTGC TB/HOLD/Bt35.25/Target: Bt38.00) 4Q23 results preview: Extraordinary items drive 4Q23 net profit up qoq.
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We add the potential beneficiaries of the upcoming CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy reduction. INDONESIA Strategy Alpha Picks: Underperformance in 4Q23 and 2023: Our picks are MAPI, BMRI, JSMR, TLKM, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Domestic Event Winners: Our Alpha Picks outperformed the KLCI in Dec 23. Jan 24 pick...
We hold an optimistic outlook on the rebound of GRM and anticipate limited downside of crude oil prices. The oil & gas sector is an appealing investment opportunity, particularly in the refinery business, where we expect a return to core profit levels in 1Q24, despite maintaining a pessimistic stance on the petrochemical sector due to the ongoing supply increase. In the oil & gas sector, we prefer PTTEP, Thai Oil, and BSRC. Maintain MARKET WEIGHT.
GREATER CHINA Strategy Alpha Picks: December Conviction Calls: We add a mix of turnaround stocks and beneficiaries of policy support to our BUY list − CSPC, HKEX, Lenovo, Longfor, Pinduoduo and Sunny Optical. INDONESIA Strategy Alpha Picks: Underperformance With A 3.7% Return: Our picks are GOTO, BMRI, JSMR, TLKM, BBNI, NCKL, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Still Focusing On Domestic Winners: Our Alpha Picks trounced the FBMKLCI in Nov 23, mostly thanks to Hume’s run-up. De...
A director at PTT Global Chemical Plc sold 20,000 shares at 38.000THB and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
The recent analyst meeting, still a negative outlook for the petrochemical business. Key pressure persist due to heightened supply and delayed demand growth. Additionally, there is a likelihood of weakened profits in 4Q23, decrease both qoq and yoy, attributed to lower GRM and spreads of petrochemical. Consequently, in the short term, no new positive factors supporting investment in PTTGC. Upgrade to HOLD. Target price: Bt38.00.
KEY HIGHLIGHTS Results Bangkok Expressway and Metro (BEM TB/BUY/Bt7.90/Target: Bt9.60) 3Q23: Solid earnings as expected, but lacking growth from Bt20 policy. PTT (PTT TB/BUY/Bt33.00/Target: Bt41.00) 3Q23: Net profit in line with our expectations. Update Central Plaza Hotel (CENTEL TB/HOLD/Bt44.00/Target: Bt46.00) 4Q23 earnings likely to be less exciting. Downgrade to HOLD. Major Cineplex (MAJOR TB/BUY/Bt16.00/Target: Bt18.00) Stellar outlook to continue in 4Q23. PTT Global Chemical (PTTGC T...
PTTGC’s reported 3Q23 net profit is in line with expectations, with net profit rebounding due to a robust GRM. Furthermore, commencement of the OMP project’s operations is expected to boost sales and mitigate the impact of increased Naphtha spread. However, we expect 4Q23 core profit to decline both qoq and yoy due to a decrease in GRM. Maintain BUY. Target price: Bt38.00.
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