reports
- 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.
- Benjaphol Suthwanish
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, August 29, 2025
GREATER CHINA Results China Mengniu Dairy (2319 HK/BUY/HK$15.84/Target: HK$21.70) 1H25: Revenue slightly misses but operating profit beats; expect mid-to-high single-digit revenue decline for 2025. China Resources Gas (1193 HK/BUY/HK$19.05/Target: HK$22.60) 1H25: In line; from earnings drag to guidance-driven re-rating; upgrade to BUY. ECARX Holdings Inc (ECX US/BUY/US$1.60/Target: US$3.40) 2Q25: Net loss widens; recovery expected in 2H25. Maintain...
FCT FRASERS CENTREPOINT TRUST
LGX1 CHINA RESOURCES GAS GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
EZQ CHINA MENGNIU DAIRY CO. LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
5347 TENAGA NASIONAL BHD
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
Q5T FAR EAST HOSPITALITY TRUST
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
BAB BUMI ARMADA BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
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
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
ECX ECARX HOLDINGS INC
02015 LI AUTO INC
09961 CTRIP.COM INTERNATIONAL
HRUM HARUM ENERGY TBK PT
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - 2Q25: Reported Strong Earnings As Ex...
BCH reported a net profit of Bt388m in 2Q25 (+38.1% yoy, +17.2% qoq) which is in line with our forecast but above the consensus. Top-line grew by 5.7% yoy which is within our expectations, driven by revenue growth from OPD and SSO patients, and mainly contributed by the annual extra revenue of Bt77.5m. The 3Q25 outlook is challenging, but we are positive on BCH for 4Q25, supported by strong growth prospects from the low base in 4Q24. Maintain BUY. Target price: Bt17.50.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
Thailand Daily - Monday, August 18, 2025
KEY HIGHLIGHTS Results Bangkok Chain Hospital (BCH TB/BUY/Bt14.10/Target: Bt17.50) 2Q25: Reported strong earnings as expected. Update Central Pattana (CPN TB/BUY/Bt54.50/Target: Bt79.60) Favourable 2H25 outlook anchored by core business resilience. Central Plaza Hotel (CENTEL TB/BUY/Bt27.00/Target: Bt33.00) Expect a gradual improvement in outlook. Charoen Pokphand Foods (CPF TB/HOLD/Bt24.40/Target: Bt24.00) 2Q25 earnings in line; 3Q25 earnings momentum to soften. The Erawan ...
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - Very Strong Earnings Expected In 2Q2...
BCH is expected to report a net profit of Bt378m in 2Q25 (+36.5% yoy, +17.7% qoq). Top-line should come in at Bt2.96b (+3.7% yoy, +2.0% qoq), mainly driven by a growth in revenue from outpatient department (OPD) patients due to the treatment of COVID-19 and the rain in May 25 as well as a strong growth in social security (SSO) patient numbers. The 3Q25 outlook is challenging, but we remain optimistic on BCH in 2H25 for its strong growth outlook from a low base in 4Q24. Maintain BUY. Target ...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Friday, August 08, 2025
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt34.00/Target: Bt45.00) 2Q25: Net loss as expected but a sharp rebound is likely in 2H25. Bangchak Sriracha (BSRC TB/BUY/Bt5.00/Target: Bt7.00) 2Q25: Huge inventory loss results in net loss in 2Q25. PTT Oil & Retail Business (OR TB/BUY/Bt12.90/Target: Bt20.00) 2Q25: Net profit in line with our forecast but 14% below consensus’. Upgrade to BUY. Tidlor Holdings (TIDLOR TB/HOLD/Bt18.30/Target: Bt20.00) 2...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Ken Lee
- Lester Siew
- Paula Ruth
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, August 8, 2025
GREATER CHINA Economics Trade: July’s data beats expectations, further near-term strength likely. Sector Automobile: Weekly: YOY PV sales growth remains negative for three straight weeks. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Initiate Coverage Zhejiang Sanhua Intelligent Controls Co (002050 CH/BUY/Rmb27.37/Target: Rmb36.50): Innovative Thermal management leader driving sustainable growth. Initiate coverage with BUY. Target price: Rmb36.50 for A-share, HK$40.00 fo...
D05 DBS GROUP HOLDINGS LTD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5347 TENAGA NASIONAL BHD
BCH BANGKOK CHAIN HOSPITAL PCL
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
G13 GENTING SINGAPORE LIMITED
HCM HUTCHISON CHINA MEDITECH LIMITED
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
SDG SD GUTHRIE BHD
TIDLOR TIDLOR HOLDINGS PCL
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Malaysia Research Team
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, July 02, 2025
GREATER CHINA Economics PMI Modest recovery with construction rebound. Sector Macau Gaming Jun 25 GGR beat consensus by 9%; GGR has regained momentum in recent months. INDONESIA Small/Mid Cap Highlights MAP Aktif Adiperkasa (MAPA IJ/NOT RATED/Rp700) Expanding active lifestyle retail business; 1Q25 NPAT up 21% yoy. MAL...
BDMS BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO. LTD.
BJC BERLI JUCKER PUBLIC CO. LTD.
ERW ERAWAN GROUP
BN2 VALUETRONICS HOLDINGS
IVL INDORAMA VENTURES PUBLIC CO. LTD.
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
INRI INARI AMERTRON BHD
MLK MALAKOFF CORP BHD
GAM GAMUDA BHD
MTC MUANGTHAI CAPITAL PCL
MYEG MY EG SERVICES BHD
IJM IJM CORP BHD
CPALL TB CP ALL
ECW ECO WORLD DEVELOPMENT GROUP
GMB GAS MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
DBB DUOPHARMA BIOTECH BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
SCGP SCG PACKAGING PCL
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
HUME HUME CEMENT INDUSTRIES BHD
PEKAT PEKAT GROUP BHD
TIDLOR TIDLOR HOLDINGS PCL
MAPA IJ MAP AKTIF ADIPERKASA (MAPA IJ)
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - No More AdjRW>2 Rate Cuts
We attended BCH’s 1Q25 analyst meeting, and the tone was positive. Management clarified that SSO’s recent high budget spending will not impact the current AdjRW>2 rate of Bt12,000 per head, resolving investors’ concerns over the past few days. Despite a slight downward revision in its 2025 guidance due to the weak economy, we still expect a robust yoy earnings growth in 2Q25. Maintain BUY. Target price: Bt17.50.
- Benjaphol Suthwanish
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Lester Siew
- Ming San Soong
Regional Morning Meeting Notes: Wednesday, May 28, 2025
GREATER CHINA Results Kuaishou Technology (1024 HK/BUY/HK$48.75/Target: HK$70.00): 1Q25: Results in line; poised for encouraging contribution from Kling AI in 2025. Link REIT (823 HK/BUY/HK$40.90/Target: HK$44.90): FY25: Earnings beat expectations; cautious outlook for FY26. PDD Holdings (PDD US/SELL/US$119.24/Target: US$90.00): 1Q25: Earnings miss expectations; increased platform investment to weigh on profitability. Downgrade to SELL. Xiaomi Corp (1810 HK/BUY/HK$51.55/Target: HK$69.90): 1Q25: ...
4197 SIME DARBY BHD.
5347 TENAGA NASIONAL BHD
BCH BANGKOK CHAIN HOSPITAL PCL
01810 XIAOMI CORP. CLASS B
PDD PINDUODUO INC. SPONSORED ADR CLASS A
IOI IOI CORP BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
01024 KUAISHOU TECHNOLOGY CLASS B
DKFT IJ CENTRAL OMEGA RESOURCES
- 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
Bangkok Chain Hospital (BCH TB) - 1Q25: Reported Earnings Flat yoy As ...
BCH reported a net profit of Bt321m in 1Q25 (+0.8% yoy, +37.9% qoq), which is in line with our and consensus forecasts. The top-line is at Bt2.9b (+2.1% yoy, +5.1% qoq). The main contributors are revenue from outpatient department (OPD) patients which grew 4% yoy and from social security (SSO) patients that grew 3.7% yoy. We are bullish on BCH, as we expect it to be able to grow stronger yoy from the low base last year. Maintain BUY. Target price: Bt20.00.
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, May 19, 2025
GREATER CHINA Update Foxconn Industrial Internet (601138 CH/BUY/Rmb19.22/Target: Rmb25.30) 2Q25 guidance in line; GB200/GB300 smooth production ramp as the key driver for 2025-26. Maintain BUY. INDONESIA Strategy JCI rallies from global tailwinds Market rebound gains momentum amid global tailwinds and rate cut hopes. MALAYSIA Results Maxis (MAXIS MK/BUY/RM3.76/Target: RM4.20) 1Q25: Strong set of results; earnings d...
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
PLANB PLAN B MEDIA
BMRI PT BANK MANDIRI (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
BCH BANGKOK CHAIN HOSPITAL PCL
MAXIS MAXIS BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BRIS BANK BRISYARIAH TBK
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
- Benjaphol Suthwanish
Bangkok Chain Hospital (BCH TB) - Expect 1Q25 Earnings To Be Flat yoy
We expect a net profit of Bt319m in 1Q25 (+0.0% yoy, +36.8% qoq). Top-line should come in at Bt2.9b (+2.0% yoy, +5.0% qoq), mainly driven by revenue growth from OPD patients, which should offset the loss of revenue from Kuwaiti patients compared to last year. We are optimistic on BCH, as the growth outlook for 2Q25 seems promising and several hospitals have shown a solid recovery in performance. Maintain BUY. Target price: Bt20.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Jonathan Koh
- Lester Siew
- Paula Ruth
- Sunny Chen
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, May 08, 2025
GREATER CHINA Economics A New Round of Policy Support Positive for the economy, but mostly priced in. Results BeiGene (6160 HK/BUY/HK$141.00/Target: HK$220.00) 1Q25: Results beat; reaches profitability with adjusted net earnings of US$136m. INDONESIA Results XLSMART Telecom Sejahtera (EXCL IJ/HOLD/Rp2,180/Target: Rp2,400) 1Q25: EBITDA down 3% yoy. Downgrade to HOLD. MALAYSIA Results SD Guthrie (SDG MK/HOLD/RM...
- Benjaphol Suthwanish
- Greater China Research Team
- Guan An Tan
- Johnny Yum
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Roy Chen Chengzhi
- Thailand Research Team
Regional Morning Meeting Notes: Tuesday, May 06, 2025
GREATER CHINA Strategy Alpha Picks: May Conviction Calls Add Alibaba, Innovent, Shuanghuan, Trip.com to our BUY list. Take profit on JBM Healthcare and CR Land. Sector Aviation Airlines: 1Q25 results below expectations. Weak fuel prices to support full-year performance. Maintain UNDERWEIGHT. INDONESIA Strategy 1Q25 Results Recap ...
BJC BERLI JUCKER PUBLIC CO. LTD.
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
1023 CIMB GROUP HOLDINGS BHD
ERW ERAWAN GROUP
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
AD2 AIR CHINA LIMITED CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
01810 XIAOMI CORP. CLASS B
MTC MUANGTHAI CAPITAL PCL
RATCH RATCH GROUP PUBLIC CO. LTD.
01801 INNOVENT BIOLOGICS INC.
MRDIY MR DIY GROUP M BHD
09988 ALIBABA GROUP HOLDING LTD.
TIDLOR NGERN TID LOR PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
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