reports
- Kasemsun Koonnara
AP Thailand (AP TB) - 3Q24: Results Meet Expectations; Strong Backlog ...
AP reported a net profit of Bt1.45b in 3Q24 (-15% yoy, +14% qoq). The results were in line with expectations. 10M24 presales accounted for 71% of its full-year target. While reaching the full-year target may be challenging, we anticipate that total presales in 2024 will come close to the previous year. 4Q24 earnings are expected to remain stable qoq, underpinned by existing projects and backlogs. We still like AP for fundamentals and undemanding valuation. Maintain BUY. Target price: Bt11.30.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, November 13, 2024
KEY HIGHLIGHTS Results AP Thailand (AP TB/BUY/Bt8.60/Target: Bt11.30) 3Q24: Results meet expectations; strong backlog supports 4Q24 earnings. Bangkok Dusit Medical Services (BDMS TB/BUY/Bt26.50/Target: Bt33.00) 3Q24: Record-high earnings delivered. BTG TB (BTG TB/BUY/Bt20.10/Target: Bt24.20) 3Q24: Earnings in line. GFPT (GFPT TB/BUY/Bt10.80/Target: Bt13.00) 3Q24: Earnings in line; strong 4Q24 ea...
- Kasemsun Koonnara
Thailand Property - The SETPROP has increased rapidly during the past ...
The SETPROP index outperformed the SET index, gaining 15% vs the latter’s 10% increase. However, we maintain a cautious view on the residential market, with conditions expected to remain unchanged in 2H24. High interest rates and tightening banking policies continue to pose challenges to the sector. We recommend a selective BUY − AP. Maintain MARKET WEIGHT on the sector.
- Anas Fitri Bin Ahmad
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Malaysia Research Team
- Posmarito Pakpahan
- Tham Mun Hon
Regional Morning Meeting Notes: Wednesday, September 11, 2024
GREATER CHINA Economics Trade Exports rebounded in August but outlook remains challenging. Sector IT Hardware Maintain preference for the more defensive AI-device plays as uncertainty remains high. Maintain OVERWEIGHT. INDONESIA Update Bank Mandiri (BMRI IJ/HOLD/Rp7,250/Target: Rp7,760) 7M24: Strong ...
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
SPALI SUPALAI PCL
1155 MALAYAN BANKING BHD.
BMRI PT BANK MANDIRI (PERSERO) TBK
AP AP THAILAND
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
RHBBANK RHB BANK BHD
SOP SARAWAK OIL PALMS BERHAD
HLFG HONG LEONG FINANCIAL GROUP
KIML KIM LOONG RESOURCES BHD
LPN LPN DEVELOPMENT PCL
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
AMM AMMB HOLDINGS BHD
ABMB ALLIANCE BANK MALAYSIA BHD
HLBANK HONG LEONG BANK BHD
0763 ZTE CORPORATION CLASS H
GENP GENTING PLANTATIONS BHD
ABANK AFFIN BANK BHD
PSH PRUKSA HOLDING PCL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
AP (Thailand) PLC: 1 director
A director at AP (Thailand) PLC bought 3,600,000 shares at 8.350THB and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Paula Ruth
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, August 30, 2024
GREATER CHINA Results BYD Electronic (285 HK/BUY/HK$27.65/Target: HK$42.50) 1H24: Results missed on margins. Expect peak season to bolster profitability in 2H24. China Feihe (6186 HK/BUY/HK$4.04/Target: HK$5.22) 1H24: Steady profit growth; accelerated revenue expansion in 2H24. China Longyuan Power (916 HK/HOLD/HK$6.16/Target: HK$6.10) 1H24: Below expectations; power generation dragged by low wind speed. ...
ORI ORIGIN PROPERTY
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
QH QUALITY HOUSES
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
SPALI SUPALAI PCL
5347 TENAGA NASIONAL BHD
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
AP AP THAILAND
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
2333 GREAT WALL MOTOR CO. LTD. CLASS H
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
2877 CHINA SHINEWAY PHARMACEUTICA
GENM GENTING MALAYSIA BHD
PSH PRUKSA HOLDING PCL
6186 CHINA FEIHE LTD
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Kasemsun Koonnara
AP Thailand (AP TB) - 2Q24: Results Within Expectations; Expect 3Q24 E...
AP reported a net profit of Bt1.27b in 2Q24 (-18% yoy, +26% qoq). The results were in line with expectations. We expect 3Q24 earnings to continue improving qoq, driven by the continued transfers of low-rise backlogs and a newly completed condo project. We revised down earnings by 4-14% for 2024-26 to reflect downside risks in presales and transfers. However, we still like AP for its fundamentals. AP is trading at an undemanding valuation. Maintain BUY. Target price: Bt11.30.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, August 14, 2024
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt23.50/Target: Bt30.00) 2Q24: Earnings below expectations; positive earnings outlook in 2H24. AP Thailand (AP TB/BUY/Bt7.85/Target: Bt11.30) 2Q24: Results within expectations; expect 3Q24 earnings to improve qoq. Bangkok Expressway and Metro (BEM TB/BUY/Bt7.75/Target: Bt11.60) 2Q24: Earnings in line. Banpu PCL (BANPU TB/HOLD/Bt4.60/Target: Bt5.00) ...
LH LAND & HOUSES PUBLIC CO. LTD.
AMATA AMATA CORP
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
AP AP THAILAND
KCE KCE ELECTRONICS PUBLIC CO. LTD.
BANPU TB BANPU
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
CPALL-R CP ALL PCL NVDR
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Philip Wong
- Ringo Tang Chi Yu
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Wednesday, August 14, 2024
GREATER CHINA Economics Money Supply Weak demand for transactional funds and medium- to long-term loans. Results Foxconn Industrial Internet (601138 CH/BUY/Rmb20.78/Target: Rmb30.00) 2Q24: Solid progress in AI business; margin misses due to product mix changes. Sino Biopharmaceutical (1177 HK/BUY/HK$2.95/Target: HK$4.00) 1H24: Results beat; expects double-digit revenue and earnings growth in 2024. INDONESIA Update In...
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
558 UMS HOLDINGS LIMITED
01177 SINO BIOPHARMACEUTICAL LIMITED
AP AP THAILAND
SE SEA ADS
KCE KCE ELECTRONICS PUBLIC CO. LTD.
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
UMSH UMS HOLDINGS LTD
1706769D MR DIY
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MRDIY MR DIY GROUP M BHD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SE US SEA LIMITED
Z29 029 GROUP SE
- Kasemsun Koonnara
AP Thailand (AP TB) - Strong Presales Performance In 2Q24
AP reported strong presales of Bt14b (+14% yoy, +49% qoq) in 2Q24, marking its thirdhighest quarterly record. 1H24 presales came in at Bt24.1b (+2% yoy), driven by the lowrise and high-rise segments. Earnings in 2Q24 are expected to recover from the previous quarter, supported by strong gross margins and the completion of key projects. Maintain BUY. Target price: Bt13.50.
- Kasemsun Koonnara
- Bella Lu Yifei
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Nurul Nazira Binti Abdullah
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
Regional Morning Notes - Tuesday, July 09, 2024
GREATER CHINA Sector Property: Channel checks and observations of Shanghai and Shenzhen home markets. Update Anta Sports (2020 HK/BUY/HK$71.35/Target: HK$109.60): 2Q24 sales performance in-line despite Fila’s lower growth; full-year targets maintained with confidence in achieving OPM guidance. Weichai Power (2338 HK/HOLD/HK$11.98/Target: HK$12.50): Sales dragged by market decline. Downgrade from BUY to HOLD. Cut target price from HK$20.00 to HK$12.50. INDONESIA Update Mitra Adiperkasa (MAPI IJ/...
- Kasemsun Koonnara
AP Thailand (AP TB) - Project Launches Ignite Presales Growth In 2Q24
AP is on track with planned project launches for 2Q24, launching 22 projects worth Bt27.7b (+64% yoy). Key projects include Aspire Huai Khwang and Aspire Arun Prive which are expected to drive presales up yoy and qoq. In 2Q24, we expect an earnings recovery from the prior quarter, driven by transfer progress from existing projects and newly-completed condo projects, with healthy margins expected. We like AP for its earnings outlook and solid fundamentals. Maintain BUY. Target price: Bt13.50.
- Kasemsun Koonnara
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Julia Pan Mengyao
- Kasemsun Koonnara
- Limartha Adhiputra
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, June 07, 2024
GREATER CHINA Strategy Market Strategy 2H24: Building blocks in place. Results Meituan (3690 HK/BUY/HK$112.70/Target: HK$130.00) 1Q24: Earnings beat. ISHT margin to stabilise in 2Q24; upgrade To BUY. INDONESIA Results Merdeka Copper Gold (MDKA IJ/HOLD/Rp2,460/Target: Rp2,500) 1Q24: EBITDA below expectations with potential improvement ahead. MALAYSIA Sector Gaming ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
MAG. MAG SILVER CORP.
ASM PACIFIC TECHNOLOGY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
03690 MEITUAN CLASS B
GENT GENTING BHD
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
BST BERJAYA SPORTS TOTO BHD
RGB RGB INTERNATIONAL BHD
1199 COSCO SHIPPING PORTS LIMITED
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
06690 HAIER SMART HOME CO. LTD. CLASS H
02423 KE HOLDINGS INC.
MDKA MERDEKA COPPER GOLD TBK PT
LHN LHN LTD
Z29 029 GROUP SE
09961 CTRIP.COM INTERNATIONAL
GENTMK GENTING BERHAD
LAGENDA LAGENDA PROPERTIES BHD
- Kasemsun Koonnara
AP Thailand (AP TB) - 1Q24: Earnings Down 32% yoy And 24% qoq, In Line...
The results are in line with our expectations. AP reported a net profit of Bt1,008m for 1Q24 (-32% yoy, -24% qoq), pressured by a decrease in transfers and decline in gross margins. AP is expected to see an improvement in presales in 2Q24. Meanwhile, 2Q24 earnings are expected to rebound from the previous quarter, supported by newlycompleted condo projects and low-rise backlog. Maintain BUY. Target price: Bt13.50.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, May 08, 2024
KEY HIGHLIGHTS Results AP Thailand (AP TB/BUY/Bt10.70/Target: Bt13.50) 1Q24: Earnings down by 32% yoy and 24% qoq, in line with expectations. Ngern Tid Lor (TIDLOR TB/BUY/Bt21.70/Target: Bt30.00) 1Q24: Results beat forecasts; an improvement in credit costs. Muangthai Capital (MTC TB/BUY/Bt45.25/Target: Bt54.00) 1Q24: Earnings in line with market expectations; peaking of credit cost and Update Airports of Thailand (AOT TB/BUY/Bt65.75/Target: Bt75.00) On a path to recovery after the high s...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Kasemsun Koonnara
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, May 08, 2024
GREATER CHINA Sector Healthcare: From surviving to thriving. Hong Kong Property: Expect normalised primary transactions and continued weakness of retail sales in May; watch for possible policy support. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$83.35/Target: HK$99.60): Optimistic on order growth in 2024; margin expansion a key driver. INDONESIA Results Kalbe Farma (KLBF IJ/HOLD/Rp1,445/Target: Rp1,500): 1Q24: Excellent SG&A management results in double-digit NPAT growth. Mitra...
PTT PTT PUBLIC COMPANY LIMITED
KLBF PT KALBE FARMA TBK
MAPI MITRA ADIPERKASA
AP AP THAILAND
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
CTOS CTOS DIGITAL BHD
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Limartha Adhiputra
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, May 03, 2024
GREATER CHINA Strategy Alpha Picks: May Conviction Call Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. Small-Mid Cap Monthly Reiterate BUY on Crystal International. Sector Automobile Weekly: EV sales pick up; take...
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
300014 EVE ENERGY CO. LTD. CLASS A
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
002142 BANK OF NINGBO CO. LTD. CLASS A
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AKRA PT AKR CORPORINDO TBK
AALI ASTRA AGRO LESTARI
6963 V.S. INDUSTRY
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
QH QUALITY HOUSES
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
01299 AIA GROUP LIMITED
N2IU MAPLETREE COMMERCIAL TRUST
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
GFPT GFPT
SPALI SUPALAI PCL
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
AP4 RIVERSTONE HOLDINGS
BSDE PT BUMI SERPONG DAMAI TBK
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
Q5T FAR EAST HOSPITALITY TRUST
AP AP THAILAND
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
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
G13 GENTING SINGAPORE LIMITED
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
SIDO INDUSTRI JAMU DAN FARMASI SI
SCGB SUNWAY CONSTRUCTION GROUP BH
MYEG MY EG SERVICES BHD
WPRTS WESTPORTS HOLDINGS BHD
MSGB MAH SING GROUP BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
333 MIDEA GROUP
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
PSH PRUKSA HOLDING PCL
RGB RGB INTERNATIONAL BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
869 PLAYMATES TOYS LIMITED
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
123F 123FAHRSCHULE SE
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
BTG BETAGRO PUBLIC COMPANY LIMITED
GENTMK GENTING BERHAD
- Kasemsun Koonnara
AP Thailand (AP TB) - 1Q24 Preview: Expect A yoy And qoq Decline In Ea...
We anticipate a net profit of Bt1.0b for AP in 1Q24 (-31% yoy, -23% qoq), pressured by decreased presales and the absence of new condos for transfers. However, in 2Q24, presales are expected to improve with many projects planned for launch. 2Q24 earnings would be driven by newly-completed condo projects. We remain optimistic about AP as the market leader because it is more resilient to multiple headwinds in the residential market than its peers. Maintain BUY. Target price: Bt13.50
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