reports
- Waritthorn Kaewmuang
Bangkok Chain Hospital (BCH TB) - 2Q23 Results Preview: Modest QOQ Imp...
We expect BCH’s 2Q23 earnings to improve qoq from distressing 1Q23 results due to a basic capitation rate increase by SSO, a small wave of COVID-19 infections and the recovery of international patients in May-Jun 23. We expect an improvement in 2H23, which is the high season. Margin pressure is expected to persist due to weak performances from new investments, although the market has reflected this concern to a considerable extent. Upgrade to HOLD. Target price: Bt17.30.
- Waritthorn Kaewmuang
Thailand Daily - Tuesday, July 25, 2023
KEY HIGHLIGHTS Update Bangkok Chain Hospital (BCH TB/HOLD/Bt17.80/Target: Bt17.30) 2Q23 results preview: Modest qoq improvement on SSO rate hike. Plan B Media (PLANB TB/BUY/Bt8.35/Target: Bt9.40) Positive yoy and qoq earnings growth in 2Q23 on robust utilisation rate.
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Limartha Adhiputra
- Philip Wong
- Sunny Chen
- Waritthorn Kaewmuang
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, July 25, 2023
GREATER CHINA Strategy Small-Mid Cap Biweekly: Gold prices denominated in CNY topped out at a year-high level; Beneficiaries: Shandong Gold and Luk Fook. Sector Commodities: Weekly: Awaiting signals from US FOMC and China Politburo meetings. Update Sino Biopharmaceutical (1177 HK/HOLD/HK$3.43/Target: HK$3.70): Expects 1H23 revenue to be flat from 1H22; lowers 2023 revenue growth guidance to single digits. INDONESIA Sector Property: Robust 1H23 pre-sales achievement; shares continue to outperfor...
- Waritthorn Kaewmuang
Bangkok Chain Hospital (BCH TB) - 1Q23: A Shocking Earnings Surprise T...
BCH posted a negative surprise in 1Q23 net profit at almost 20% lower than consensus estimate, with earnings not only normalised to pre-COVID-19 level but below pre- COVID-19 level on margin contraction. Although we expect the margins to improve qoq in the next three quarters, they are foreseen to be low as expenditures rise. Downgrade to SELL. Target price: Bt17.30.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Friday, May 12, 2023
KEY HIGHLIGHTS Results Bangkok Chain Hospital (BCH TB/SELL/Bt18.80/Target: Bt17.30) 1Q23: A shocking earnings surprise to the downside on slumped margins. Downgrade to SELL Bangkok Dusit Medical Services (BDMS TB/BUY/Bt29.75/Target: Bt33.00) 1Q23: Earnings hit a new record high on robust revenue and margins. Upgrade to BUY. Bangkok Expressway and Metro (BEM TB/HOLD/Bt9.05/Target: Bt9.80) 1Q23: Earnings beat on lower-than-expected expenditure. GFPT (GFPT TB/BUY/Bt11.20/Target: Bt13.20) 1Q2...
PTT PTT PUBLIC COMPANY LIMITED
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
GFPT GFPT
BCH BANGKOK CHAIN HOSPITAL PCL
SPRC STAR PETROLEUM REFINING
BDMS-R BANGKOK DUSIT MEDICAL SERVICES PCL NVDR
PTT-R PTT (NVDR)
WHA TB WHA CORP PCL
SVI SVI PCL
ONEE THE ONE ENTERPRISE PCL
- Adrian Loh Tzum Yung
- Chong Lee Len
- Desmond Chong Chee Wai
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Limartha Adhiputra
- Llelleythan Tan Tan
- Philip Wong
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Waritthorn Kaewmuang
Regional Morning Notes - Friday, May 12, 2023
GREATER CHINA Economics Inflation: Headline inflation lower; core holds steady. Money Supply: Liquidity remains ample, but households delevered. Sector Automobile: Weekly: April car sales beat; further recovery in the first week of May. Maintain UNDERWEIGHT. Top BUYs: BYD, Li Auto and CATL. Internet: Cloud industry development facilitated by recent AIGC breakthrough. Results JD.com (9618 HK/BUY/HK$135.00/Target: HK$216.00): 1Q23: Earnings beat; soft 2Q23 top-line growth. INDONESIA Sector Proper...
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
GFPT GFPT
BCH BANGKOK CHAIN HOSPITAL PCL
PENT PENTAMASTER CORP BHD
SPOST SINGAPORE POST LTD
HEIM HEINEKEN MALAYSIA BHD
1706769D MR DIY
GREATEC GREATECH TECHNOLOGY BHD
9618 JD.COM INC
ONEE THE ONE ENTERPRISE PCL
CLI CAPITALAND INVESTMENT LTD
- Waritthorn Kaewmuang
Bangkok Chain Hospital (BCH TB) - Expect 1Q23 Earnings To Be Flat; Pos...
BCH’s 1Q23 earnings are expected to be relatively flat from the absence of significant catalysts, despite there being fewer one-off items than in 4Q22. We are mildly optimistic going into 2Q-4Q23 as there will be an increase in basic capitation rate by SSO and continuous growth from BCH’s existing hospitals. Maintain BUY. Target price: Bt24.00.
- Kitpon Praipaisarnkit
- Kwanchai Atiphophai
- Waritthorn Kaewmuang
Thailand Daily -Thursday, April 27, 2023
KEY HIGHLIGHTS Sector Banking 1Q23 results wrap-up: Results beat on investment gains; selective BUY on banks that are still laggards. Results Delta Electronics (DELTA TB/SELL/Bt888.00/Target: Bt660.00) 1Q23: Earnings missed our expectations; weak outlook not over yet. Update Bangkok Chain Hospital (BCH TB/BUY/Bt21.70/Target: Bt24.00) Expect 1Q23 net profit to be flat; positive earnings outlook for 2023.
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Kwanchai Atiphophai
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sabrina Soh
- Vincent Khoo Boo Aik
- Waritthorn Kaewmuang
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, April 27, 2023
GREATER CHINA Results China Longyuan Power (916 HK/BUY/HK$8.31/Target: HK$11.50): 1Q23: In line; wind farm utilisation hours up 3.8% yoy. COLI (688 HK/BUY/HK$19.66/Target: HK$27.14): 1Q23: Profitability improves, but with weak land investment. COSCO SHIPPING Ports (1199 HK/BUY/HK$4.89/Target: HK$7.07): 1Q23: In line; 1Q23 likely the trough. Expect improving profitability ahead. EVE Energy (300014 HK/BUY/Rmb66.79/Target: Rmb100.00): 1Q23: Results miss on revenue and beat on margins. Maintain BUY....
2308 DELTA ELECTRONICS INC.
G13 GENTING SINGAPORE
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
FCT FRASERS CENTREPOINT TRUST
00388 HONG KONG EXCHANGES & CLEARING LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
YNS YINSON HOLDINGS BHD
916 CHINA LONGYUAN POWER GROUP-H
1199 COSCO SHIPPING PORTS LIMITED
IFAST IFAST CORP LTD
BBNI BANK NEGARA INDONESIA PERSER
- Kwanchai Atiphophai
- Waritthorn Kaewmuang
- Waritthorn Kaewmuang
Bangkok Chain Hospital (BCH TB) - Diversified Post-COVID-19-peak Growt...
BCH adopted a slightly optimistic tone at the analyst meeting with several sources of post-COVID-19-peak growth. The company rolled out a long-term business plan emphasising expansions towards new strategic areas, including the EEC. While BCH’s 2023 earnings are foreseen to drop yoy from a high base, there are a number of catalysts while the valuation is below peers’. Maintain BUY. Target price: Bt22.00.
- Chong Lee Len
- Julia Pan Mengyao
- Kwanchai Atiphophai
- Limartha Adhiputra
- Llelleythan Tan Tan
- Philip Wong
- Sabrina Soh
- Waritthorn Kaewmuang
Regional Morning Notes - Friday, March 17, 2023
GREATER CHINA Results KE Holdings Inc (2423 HK/BUY/HK$45.75/Target: HK$66.00): 4Q22: Strong earnings beat; encouraging outlook for 2023. Ping An Insurance Group (2318 HK/BUY/HK$50.50/Target: HK$67.50): 2022: Results below expectations; expect 1Q23 NBV to turn positive. INDONESIA Results Semen Indonesia (SMGR IJ/BUY/Rp6,000/Target: Rp9,200): 4Q22: Net profit down on weak sales volume, below expectations. MALAYSIA Results Top Glove (TOPG MK/BUY/RM0.84/Target: RM0.95): 2QFY23: Results miss; upgra...
- Waritthorn Kaewmuang
Bangkok Chain Hospital (BCH TB) - 4Q22: Results Miss From One-off Item...
BCH reported disappointing 4Q22 earnings from a few extraordinary items related to COVID-19 and lower-than-expected gross margin due to rising expenditure. We expect BCH to see a better performance in 1Q23 despite being under some pressure from high expenses. The valuation remains undemanding. Maintain BUY. Target price: Bt22.00.
- Arsit Pamaranont
- Kampon Akaravarinchai
- Waritthorn Kaewmuang
Thailand Daily - Thursday, March 02, 2023
KEY HIGHLIGHTS Results Bangkok Chain Hospital (BCH TB/BUY/Bt19.70/Target: Bt22.00) 4Q22: Results miss from one-off items and rising expenses. Electricity Generating (EGCO TB/BUY/Bt171.00/Target: Bt220.00) 4Q22: Results disappoint, but bottoming out. Update CP ALL (CPALL TB/BUY/Bt61.00/Target: Bt78.00) Resilient long-term growth outlook.
- Arsit Pamaranont
- Greater China Research Team
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Leow Huey Chuen
- Limartha Adhiputra
- Malaysia Research Team
- Stevanus Juanda
- Tham Mun Hon
- Vincent Khoo Boo Aik
- Waritthorn Kaewmuang
Regional Morning Notes - Thursday, March 02, 2023
GREATER CHINA Economics PMI: Activities gain momentum after festive season. Strategy Alpha Picks: March Conviction Calls: We expect higher volatility in March, adding Zhongsheng Group to our SELL list. New BUY ideas include Anhui Conch, CM Bank, Desay SV, Fenjiu, and Sunny Optical. INDONESIA Results Indo Tambangraya Megah (ITMG IJ/SELL/Rp36,975/Target: Rp30,000): 4Q22: NPAT falls 29.3% qoq and ASP declines. Triputra Agro Persada (TAPG IJ/BUY/Rp675 /Target: Rp1,125): 2022: Results within expecta...
- Waritthorn Kaewmuang
Bangkok Chain Hospital (BCH TB) - 4Q22 Earnings To Fall yoy And qoq; S...
We expect BCH’s 4Q22 earnings to decline yoy and qoq, normalising from a high base due to fading of COVID-19-related items but with a few positive gains. While 1H23 earnings are still foreseen to drop yoy, we see two catalysts from the provision of COVID-19-related services to Chinese visitors and the upcoming basic income increase by SSO. Furthermore, the valuation remains attractive among peers. Maintain BUY. Target price: Bt23.80.
- Waritthorn Kaewmuang
- Adrian Loh Tzum Yung
- Jessie Guo Yuting
- Johnny Yum
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Malaysia Research Team
- Roy Chen Chengzhi
- Vincent Khoo Boo Aik
- Waritthorn Kaewmuang
Regional Morning Notes - Friday, February 03, 2023
GREATER CHINA Sector Automobile: Weekly: January auto down 40% mom, supportive policies in the cards. Maintain UNDERWEIGHT. Top picks: CATL, Desay SV, FYG and Xusheng. Shipping and Port: Global trade is likely to see a muted 1Q23, followed by a meaningful recovery in 2Q23. Maintain MARKET WEIGHT; CSP (1199 HK/BUY/Target: HK$7.79) is our top pick. Update Kuaishou (1024 HK/BUY/HK$70.85/Target: HK$95.00): 4Q22 e-commerce growth well on track; ad recovery to re-accelerate in 2023. INDONESIA Strateg...
- Waritthorn Kaewmuang
Bangkok Chain Hospital (BCH TB) - 3Q22: Loss On Vaccines As Expected
BCH posted a 3Q22 net loss of Bt403m from the recognition of losses related to Moderna vaccines as expected by the street. 3Q22 core profit largely subsided based on falling contributions from COVID-19-related items. We expect BCH to return to profitability following the easing of the long-lasting concern over and benefit from the highly likely capitation rate increase by SSO. Maintain BUY. Target price: Bt21.20.
- Arsit Pamaranont
- Chaiwat Arsirawichai
- Kampon Akaravarinchai
- Kwanchai Atiphophai
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Thursday, November 10, 2022
KEY HIGHLIGHTS Results Bangchak Corporation PCL (BCP TB/HOLD/Bt33.00/Target: Bt37.00) 3Q22 Results: Strong results outstanding its peers Bangkok Chain Hospital (BCH TB/BUY/Bt18.80/Target: Bt21.20) 3Q22: Loss on vaccines as expected. Berli Jucker (BJC TB/HOLD/Bt34.50/Target: Bt38.50) 3Q22: Potential downward revision of 2023 consensus earnings estimates. Ngern Tid Lor (TIDLOR TB/BUY/Bt25.75/Target: Bt37.00) 3Q22: Results slightly below expectation. PTT Global Chemical (PTTGC TB/HOLD/Bt46.25...
BCP THE BANGCHAK PETROLEUM PCL
TOP THAI OIL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
BCH BANGKOK CHAIN HOSPITAL PCL
SPRC STAR PETROLEUM REFINING
PTTGC-R PTT GLOBAL CHEMICAL (NVDR)
TOP-R THAI OIL (NVDR)
KCE KCE ELECTRONICS PUBLIC CO. LTD.
TIDLOR NGERN TID LOR PCL
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