reports
- Jo Yee Ng
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, April 09, 2025
GREATER CHINA Sector Internet Navigating headwinds and uncovering opportunities upon tariff pressures. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp348/Target: Rp480) Iphone 16 series to be available in 2Q25. Maintain BUY. MALAYSIA Update Matrix Concepts Holdings (MCH MK/BUY/RM1.27/Target: RM1.66) We view the RPT deal as fair and strategic as the acquisition allows Matrix to see faster ro...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
1295 PUBLIC BANK BHD
3K1 KINGSOFT CORP. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
BCH BANGKOK CHAIN HOSPITAL PCL
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
RATCH RATCH GROUP PUBLIC CO. LTD.
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
TIDLOR NGERN TID LOR PCL
MCH MATRIX CONCEPTS HOLDINGS BHD
09888 BAIDU INC
1024 BEIJING KUAISHOU TECHNOLOGY CO LTD
09961 CTRIP.COM INTERNATIONAL
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - Exciting Growth Opportunities Ahead
The tone at BCH’s 4Q24 analyst meeting was positive. We expect BCH to show strong growth in 2025, fuelled by the reopening of Kasemrad Pathumthani, operational improvement from three new hospitals and growth of patient volume driven by SC+. We should see a mild earnings growth in 1Q25 from the positive impact of the influenza outbreak, which should be able to offset the impact of the absence of Kuwaiti patients. Maintain BUY. Target price: Bt20.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Roy Chen Chengzhi
Regional Morning Notes - Friday, March 07, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales rebound wow; smart EVs to benefit from policy support. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay SV. Results JD.com (9618 HK/BUY/HK$179.00/Target: HK$220.00): 4Q24: Strong earnings beat; resilient top-line bolstered by trade-in programme. JD Logistics, Inc (2618 HK/BUY/HK$15.46/Target: HK$22.00): 2024: Results broadly in line; revenue growth to accelerate in 2025. Maintain BUY. INDONESIA Initiate Coverage Harum...
- 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
Bangkok Chain Hospital (BCH TB) - Weak Earnings In 4Q24 Due To The Las...
BCH is expected to report a net profit of Bt197m in 4Q24 (-53.8% yoy, -56.5% qoq). The weak earnings should be caused by the anticipated negative AdjRW>2 impact and the rising expenses incurred by the new cancer centre and the partial reopening of a hospital. We are positive on BCH as: a) there should be no more AdjRW>2 rate cut going forward, b) the cancer centre is ramping up well, and c) the influenza outbreak is happening earlier this year. Maintain BUY. Target price: Bt20.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
Thailand Daily - Thursday, February 20, 2025
KEY HIGHLIGHTS Results Berli Jucker (BJC TB/BUY/Bt22.40/Target: Bt28.00) 4Q24: Results in line; core earnings improvement in 2025 after two-year drop. Star Petroleum Refining (SPRC TB/BUY/Bt5.35/Target: Bt9.00) 4Q24: Results in line; good time to accumulate. Update Bangkok Chain Hospital (BCH TB/BUY/Bt15.00/Target: Bt20.00) Weak earnings in 4Q24 due to the last AdjRW>2 rate cut. Stecon Group (STECON TB/BUY/Bt3.96/Target: Bt5.65) Expect net loss in 4Q24; remain...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kong Ho Meng
- Llelleythan Tan Tan
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Notes - Thursday, February 20, 2025
GREATER CHINA Sector Dairy: Retail demand remains weak; price recovery and healthier inventories to drive shipment normalisation. Healthcare: Outperformers empowered by AI revolution. INDONESIA Update Champ Resto Indonesia (ENAK IJ/BUY/Rp585/Target: Rp740): 2025 revenue to grow 16% yoy; more conservative on 4Q24 performance. Maintain BUY. MALAYSIA Results Duopharma Biotech (DBB MK/BUY/RM1.28/Target: RM1.39): 4Q24: Largely delivers on earnings. Public sector sales anchor growth while margins im...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
BCH BANGKOK CHAIN HOSPITAL PCL
SPRC STAR PETROLEUM REFINING
GMB GAS MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
MPM MARCO POLO MARINE LTD
ENAK CHAMP RESTO INDONESIA TBK
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Jonathan Koh
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, January 02, 2025
GREATER CHINA Economics PMI A strong rebound for non-manufacturing PMI. Sector Macau Gaming Dec 24 GGR below expectations; expect 2025 GGR to recover to 82% of 2019’s level. INDONESIA Update Mitra Keluarga Karyasehat (MIKA IJ/BUY/Rp2,540/Target: Rp3,300) Expect a double-digit earnings growth in 2025 MALAYSIA Sector Heal...
KKP KIATNAKIN BANK
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
5225 IHH HEALTHCARE BHD.
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
544 CSE GLOBAL LTD.
7090 APEX HEALTHCARE
KTB KRUNG THAI BANK PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
TISCO TISCO FINANCIAL GROUP
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
00027 GALAXY ENTERTAINMENT GROUP LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
C61U CAPITALAND COMMERCIAL TRUST
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
599A SANDS CHINA LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
SATS SP SATS LTD.
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
AMOKD 3DX INDUSTRIES INC
CVL CIVMEC
TSVT 2SEVENTY BIO INC
SCB SCB X PUBLIC COMPANY LIMITED
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
AL2SI 2CRSI SA
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
0303 ALPHA IVF GROUP
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - Conclusion Reached For Complex Treat...
The tone from the analyst meeting for reviewing BCH’s 3Q24 earnings was neutral. We are seeing positives such as the decent earnings growth and the favourable conclusion of the AdjRW>2 rate for next year. However, the reduction of AdjRW>2 for this year is still a potential downside. We are optimistic about BCH, as growth from SSO patients is expected to be strong next year, with several hospitals reopening after renovations. Maintain BUY. Target price: Bt20.00.
- Benjaphol Suthwanish
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Jo Yee Ng
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, December 02, 2024
GREATER CHINA Economics PMI Manufacturing PMI Edges Up, Non-Manufacturing Still Under Pressure. Sector Macau Gaming Nov 24 GGR Down 11% Mom After A Strong Golden Week; More Policies To Support Macau Visitations. Results Meituan (3690 HK/BUY/HK$168.70/Target: HK$222.00) 3Q24: Solid earnings beat; 4Q24 out...
AAV ADVANTAGE OIL & GAS LTD.
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
599A SANDS CHINA LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
PBBANK PUBLIC BANK BERHAD
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
STM SEATRIUM LTD
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - 3Q24: Mild Growth
BCH reported a net profit of Bt453m in 3Q24 (+2.9% yoy, +63.6% qoq) which is in line with our and consensus forecasts. BCH did a decent job in compensating the decline in IPD revenue caused by the absence of Kuwait patients and posted a soft yoy revenue growth in 3Q24. We are optimistic about BCH as the AdjRW>2 rate is likely to be settled in a way that benefits BCH, and there is clear potential for growth from the new cancer centre. Maintain BUY. Target price: Bt20.00.
- 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...
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
COM7 COM7
CENTEL CENTRAL PLAZA HOTEL
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
SPRC STAR PETROLEUM REFINING
RATCH RATCH GROUP PUBLIC CO. LTD.
PSH PRUKSA HOLDING PCL
WHA TB WHA CORP PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - 3Q24 Results Preview: Should See A M...
We expect BCH to report a net profit of Bt451m in 3Q24 (+2.3% yoy, +62.7% qoq). The main contributor is the increase of OPD patients during the rainy season. Going forward, we are optimistic on BCH as the conclusion of the AdjRW>2 rate issue is likely to be beneficial for BCH, and there is also visible upside from the new cancer centre. Maintain BUY. Target price: Bt20.00.
- 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
Bangkok Chain Hospital (BCH TB) - Avoiding Overhang Issues And Betting...
BCH’s operations have normalised after experiencing earnings fluctuations during the COVID-19 outbreak. Management has revised down the revenue growth guidance for 2024 as a result of pressure from several factors. However, we are cautiously optimistic on BCH as there is a huge upside to the stock if it is able to become an operator of choice for Kuwait patients. Upgrade to BUY. Target price: Bt19.00.
- Benjaphol Suthwanish
- Benjaphol Suthwanish
- Chong Lee Len
- Greater China Research Team
- Jo Yee Ng
- Jonathan Koh
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Vincent Khoo Boo Aik
Regional Morning Notes - Thursday, September 05, 2024
GREATER CHINA Strategy Alpha Picks: September Conviction Calls: We expect an improving operating performance among selected companies in September, and add AIA, COLI, Desay SV, Galaxy Entertainment, Meituan, Ping An and TUL to our BUY list and add Li Auto as a SELL. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$62.55/Target: HK$96.50): Shenzhou NDR Takeaways: Expect 10% volume growth and a flat ASP in 2H24. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/HOLD/Rp5,100/Target: Rp5,...
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