reports
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - Upside Awaits After The War
Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt9.75/Target: Bt14.00) We attended BCH’s 4Q25 analyst meeting where the tone was neutral. BCH expects 1Q26 earnings growth to be driven by Middle Eastern patients treated before Ramadan, though the outlook from Apr 26 onward would depend on war developments. For 2026, BCH targets mid-single-digit revenue growth supported by new specialised centres and hospital expansions. Potential upside could come from higher treatment fees from the SSO and ...
- Adrian Loh Tzum Yung
- Amerul Iqmal
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Posmarito Pakpahan
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, March 13, 2026
Greater China Company Results | Futu Holdings (FUTU US/BUY/US$152.64/Target: US$260.00) Despite weak market sentiment across Hong Kong equities and crypto in 4Q25, Futu still delivered strong results with an 81% yoy earnings growth, thanks to robust NII, solid growth from the wealth management business and better opex control. In our view, the results demonstrate Futu's ability to weather market downturns and deliver resilient earnings. With solid new paying client guidance and healthy qtd trend...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily: Friday, March 13, 2026
Top Stories Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt9.75/Target: Bt14.00) We attended BCH’s 4Q25 analyst meeting where the tone was neutral. BCH expects 1Q26 earnings growth to be driven by Middle Eastern patients treated before Ramadan, though the outlook from Apr 26 onward would depend on war developments. For 2026, BCH targets mid-single-digit revenue growth supported by new specialised centres and hospital expansions. Potential upside could come from higher treatment fees from...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kai Jie Tang
- Keith Wee Teck Keong
- Kong Ho Meng
- Philip Wong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, March 2, 2026
Greater China Sector Update | Healthcare The HSHCI fell by 4.0%, underperforming the HSI which decreased mildly by 0.3% in 16-27 Feb 26. AI-related names such as InSilico, Xtalpi, Medlive, Ali Health, and JD Health experienced the largest fluctuation and significant declines during this period. As globalisation gains momentum, we navigate the complexities of global market dynamics and competition. Chinese healthcare companies are making significant breakthroughs and seizing a growing share of t...
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
1023 CIMB GROUP HOLDINGS BHD
C09 CITY DEVELOPMENTS LIMITED
0968 XINYI SOLAR HOLDINGS LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
BCH BANGKOK CHAIN HOSPITAL PCL
ASII PT ASTRA INTERNATIONAL TBK
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
SATS SP SATS LTD.
RHBBANK RHB BANK BHD
BAB BUMI ARMADA BERHAD
CRC CENTRAL RETAIL CORP
00017 NEW WORLD DEVELOPMENT CO. LTD.
IOIPG IOI PROPERTIES GROUP BHD
XIAOMI XIAOMI CORP
DIDIY DIDI GLOBAL INC
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - 4Q25: Core Earnings In Line
Company Results | Bangkok Chain Hospital (BCH TB/BUY/Bt11.40/Target: Bt14.00) BCH reported 4Q25 net profit of Bt260m (+11.4% yoy), driven by strong SSO revenue and margin expansion. If we exclude the extra gains, core profit will be Bt246m (+43.3% yoy), which is in line with our forecast. The weakness in its Cambodian operations persisted but should ease starting from 1Q26 as patients will be redirected to Vientiane. Additional upside may come from higher medical fees following the SSO wage ceil...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Monday, March 02, 2026
Top Stories Company Results | Bangkok Chain Hospital (BCH TB/BUY/Bt11.40/Target: Bt14.00) BCH reported 4Q25 net profit of Bt260m (+11.4% yoy), driven by strong SSO revenue and margin expansion. If we exclude the extra gains, core profit will be Bt246m (+43.3% yoy), which is in line with our forecast. The weakness in its Cambodian operations persisted but should ease starting from 1Q26 as patients will be redirected to Vientiane. Additional upside may come from higher medical fees following the...
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - Subtle Earnings Growth Expected In 4...
Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt10.40/Target: Bt14.00) BCH is expected to post earnings of Bt241m in 4Q25, with net profit rising slightly yoy but declining qoq due to weaker foreign patient revenue and margin pressure. Thai patient revenue benefitted from disease outbreaks, while Cambodian revenue remained weak but should begin recovering from 1Q26 through patient referrals to Kasemrad Vientiane. Longer-term upside includes higher SSO wage ceilings and potential fee increa...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily: Wednesday, February 11, 2026
Top Stories Company Results | PTT Oil and Retail (OR TB/HOLD/Bt13.90/Target: Bt14.50) OR reported a 4Q25 net profit of Bt2.1b, down both qoq and yoy, in line with our expectations but 33% above consensus forecasts. The mobility business remained seasonally strong, with higher sales volumes, while the marketing margin in 4Q25 was flat qoq. Although we expect core profit to recover qoq in 1Q26, we are still cautious about rising impairment risks, particularly those related to assets in Cambodia....
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Amerul Iqmal
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Gigi Cheuk
- Greater China Research Team
- Jack Goh Tooan Orng
- Joyce Chu
- Kate Luang
- Lester Siew
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, February 11, 2026
Greater China Strategy | Small/Mid Cap Monthly ‒ 2025 Results Preview We expect names under our coverage to report resilient earnings growth for 2025. For names with generous dividend payouts, we are eyeing the possibilities of special dividends for 2025 on the back of robust balance sheets and solid results: Crystal, Plover Bay, SHK& Co. We are also monitoring capex plans for Crystal and Kingboard Laminates. Our most preferred pick is Crystal, given its attractive valuation (10.2x 2026F PE, 6.4...
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - 4Q25 Outlook Is A Mixed Bag
Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt10.10/Target: Bt14.00) BCH’s analyst meeting carried a slightly positive tone, supported by recovering high-end Cambodian patient referrals to Kasemrad Vientiane starting Dec 25 and progress on resuming Kuwaiti referrals. Middle Eastern revenue fell in 3Q25 but should recover in 2026 as a key specialist commits exclusively to BCH. While epidemic trends will aid 4Q25 earnings, qoq growth remains uncertain, and new drug price measures pose some...
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily: Friday, November 28, 2025
Top Stories Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt10.10/Target: Bt14.00) BCH’s analyst meeting carried a slightly positive tone, supported by recovering high-end Cambodian patient referrals to Kasemrad Vientiane starting Dec 25 and progress on resuming Kuwaiti referrals. Middle Eastern revenue fell in 3Q25 but should recover in 2026 as a key specialist commits exclusively to BCH. While epidemic trends will aid 4Q25 earnings, qoq growth remains uncertain, and new drug price measu...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Posmarito Pakpahan
- Sunny Chen
- Suryaputra Wijaksana
- Tham Mun Hon
Duplicate of Regional Morning Meeting Notes: Thursday, November 27, 20...
Greater China Strategy | Market Strategy Global liquidity is expected to stay supportive through 1H26 following the Fed’s Sep 25 rate cut, lifting emerging-market assets and commodities. Chinese equities should extend gains, with MSCI China targeted at 104 on 16.3x forward PE and 6% EPS growth. Growth will rely more on domestic demand amid geopolitical risks and slowing external momentum. China’s GDP growth for 2026 is projected to rise 4.2% yoy. We favour AI/semiconductors, automation/robotics,...
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - 3Q25: Weak Earnings In Line
Company Results | Bangkok Chain Hospital (BCH TB/BUY/Bt10.70/Target: Bt14.00) BCH delivered weak 3Q25 earnings as expected, with net profit down due to a high base from last year’s chronic disease revenue and seasonal shifts that pushed epidemic-related cases into 4Q25. However, a sharp rise in influenza cases signals strong 4Q25 momentum, supported by higher Thai patient volumes. We expect to see a remedy measure on the new Ministry of Commerce drug-pricing policy from the upcoming analyst meet...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Monday, November 17, 2025
Top Stories Company Results | Central Pattana (CPN TB/BUY/Bt50.25/Target: Bt73.10) CPN reported a net profit of Bt5.4b in 3Q25 (+31.5% yoy, +26% qoq), supported by one-off items. Core earnings were strong as expected, improving both yoy and qoq. We anticipate the resilient core operational performance continuing into 4Q25. We are optimistic about CPN, given its resilient performance and positive business outlook with expansion plans. Maintain BUY. Target price: Bt73.10. Company Update | Char...
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - Expect A Substantial Drop In 3Q25 Ea...
Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt10.70/Target: Bt14.00) BCH is expected to post a 3Q25 net profit of Bt331m (-27.1% yoy, -14.8% qoq) on weaker foreign patient revenue and a high base effect in 3Q24 from the 26-chronic diseases revenue. Margins should contract substantially yoy. However, a stronger-than-expected flu outbreak should boost Thai patient volume in 4Q25. The new Ministry of Commerce medicine measure should have limited impact, while Kuwait patient referrals are ...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily - Thursday, November 06, 2025
Top Stories Company Update | Asset World Corporation (AWC TB/BUY/Bt2.10/Target: Bt3.30) AWC is expected to post a 3Q25 core profit of Bt272m (-0.7% yoy, +49.1% qoq) and revenue of Bt3.96b (+5.2% yoy), driven by strong retail performance from the Jurassic World launch, which boosted Asiatique’s occupancy to 85% and lifted commercial revenue by 22% yoy. Hotel revenue was flat yoy but improved qoq. 4Q25 outlook is promising with strong bookings upcountry and signs of Chinese tourist recovery. Mai...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Ejann Hiew
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Lester Siew
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, November 06, 2025
Greater China Company Results | ECARX Holdings Inc (ECX US /BUY/ US$2.22/Target: US$3.40) ECARX’s 3Q25 earnings make a turnaround, with net profit of US$0.9m in 3Q25, marking its first-ever quarterly profitability. Going forward, we believe ECARX's earnings will be driven by sales volume growth and product mix optimisation. We maintain our forecast of a net loss of US$49m for 2025 and a turnaround to a net profit of US$36m and US$100m for 2026 and 2027, based on a 27% revenue CAGR. Maintain ...
PTT PTT PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
KLBF PT KALBE FARMA TBK
BCH BANGKOK CHAIN HOSPITAL PCL
SIE SIA ENGINEERING CO LTD
MSGB MAH SING GROUP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
UEMS UEM SUNRISE BHD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
MCH MATRIX CONCEPTS HOLDINGS BHD
ECX ECARX HOLDINGS INC
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
SDG SD GUTHRIE BHD
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jo Yee Ng
- Ken Lee
- Kong Ho Meng
- Sunny Chen
- Suryaputra Wijaksana
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, September 26, 2025
Greater China Sector Update | Automobile China’s PV sales rebounded last week, with PEV growth surging from below 5% to over 30% due to subsidies and new models. Geely and XPeng led, while BYD and Li Auto lagged. Vehicle exports rose 26% yoy in August, driven by gains in the EU, Africa, and Middle East. Maintain MARKET WEIGHT. Top BUYs: CATL (target price raised to Rmb520) and Geely. Top SELLs: BYD and Li Auto. Sector Update | Healthcare Falling interest rates are expected to significant...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
M3I MINTH GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
02238 WEICHAI POWER CO. LTD. CLASS H
YNS GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
MSGB YINSON HOLDINGS BHD
ECW MAH SING GROUP BHD
SPSB ECO WORLD DEVELOPMENT GROUP
SWB SP SETIA BHD
HCM SUNWAY BHD
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
UEMS SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 UEM SUNRISE BHD
1772 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 GANFENG LITHIUM CO. LTD. CLASS H
603259 CSPC PHARMACEUTICAL GROUP LTD
300750 WUXI APPTEC CO. LTD. CLASS A
3606 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
MPM FUYAO GLASS INDUSTRY GROUP CO LTD-H
2269 MARCO POLO MARINE LTD
3692 WUXI BIOLOGICS (CAYMAN) INC.
MCH HANSOH PHARMACEUTICAL GROUP
06160 MATRIX CONCEPTS HOLDINGS BHD
002920 BEIGENE LTD.
300765 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
STM WUXI APPTEC CO. LTD. CLASS H
IOIPG CSPC INNOVATION PHARMACEUTICAL CO L
02015 SEATRIUM LTD
09868 IOI PROPERTIES GROUP BHD
300244 LI AUTO INC
LAGENDA XPENG INC
600699 DIAN DIAGNOSTICS GROUP CO
002050 CH LAGENDA PROPERTIES BHD
ONC@US@ JOYSON ELECTRONICS CORP
TUL ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
BEONE MEDICINE INC
TULLA RESOURCES PL
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - The Return Of Kuwaits Patients Is Ne...
We attended BCH’s 2Q25 analyst meeting, and the tone was positive. Management updated that the return of Kuwaiti patients is drawing nearer. BCH will not set any additional provisions on the outstanding receivables of Kuwaiti patients as the Kuwaiti officials have indicated a strong commitment to pay off the debt. The outlook in 3Q25 will be challenging, as we had expected, given several headwinds, but the earnings outlook in 4Q25 remains promising. Maintain BUY. Target price: Bt20.00.
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