reports
- 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,...
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Bella Lu Yifei
- Jonathan Koh
- Kate Luang
- Ken Lee
- Paula Ruth
- Philip Wong
- Singapore Research Team
Regional Morning Meeting Notes: Thursday, July 04, 2024
GREATER CHINA Strategy Small-Mid Cap Monthly Reiterate BUY on Plover Bay Technologies. Sector Automobile Weekly: Sales of top 12 EV brands up 38% wow last week, in line. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL and Tuopu. Top SELL: XPeng. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/BUY/Rp745/Target: Rp890) Number of towers to jump 10% on a...
300014 EVE ENERGY CO. LTD. CLASS A
G13 GENTING SINGAPORE
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
5225 IHH HEALTHCARE BHD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
TOWR PT SARANA MENARA NUSANTARA TBK
ALPHA ALPHA BANK AE
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
SPRC STAR PETROLEUM REFINING
VALUE VALUE8 N.V.
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 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
327 PAX GLOBAL TECHNOLOGY
FEHT FAR EAST HOSPITALITY TRUST
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
1772 PAX GLOBAL TECHNOLOGY LTD
FRKN GANFENG LITHIUM CO. LTD. CLASS H
300750 FRENCKEN GROUP LTD
3606 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 FUYAO GLASS INDUSTRY GROUP CO LTD-H
MPM NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 MARCO POLO MARINE LTD
CLI HUIZHOU DESAY SV AUTOMOTIVE CO LTD
2232 CAPITALAND INVESTMENT LTD
Z29 CRYSTAL INTERNATIONAL GROUP LTD
02015 029 GROUP SE
09868 LI AUTO INC
600699 XPENG INC
1523 NINGBO JOYSON ELECTRONIC CORP
PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- 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
7160 PENTAMASTER CORP. BHD
BCH BANGKOK CHAIN HOSPITAL PCL
SPOST SINGAPORE POST LTD
HEIM HEINEKEN MALAYSIA BHD
1706769D MR DIY
GREATEC GREATECH TECHNOLOGY BHD
09618 JD.COM INC. CLASS A
9CI CAPITALAND INVESTMENT LTD
ONEE THE ONE ENTERPRISE PCL
- 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.
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