reports
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Ming San Soong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, November 19, 2025
Greater China Initiate Coverage | Pony AI Inc (PONY US/BUY/US$12.18/Target: US$26.10) Pony AI is a global leader in autonomous mobility, leveraging its virtual driver technology to enable the mass production and deployment of autonomous vehicles across diverse regions. We expect revenue to grow at a three-year CAGR of 65% from 2024-27, net loss to narrow, and bottom line to turn around in 2028, driven by large-scale commercialisation. Initiate coverage with BUY and a target price of US$26.10...
KBANK KASIKORNBANK PUBLIC CO. LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
CENTEL
SPRC CENTRAL PLAZA HOTEL
01810 STAR PETROLEUM REFINING
PDD XIAOMI CORP. CLASS B
DLG PINDUODUO INC. SPONSORED ADR CLASS A
2633 DIALOG GROUP BHD
SCGP JACOBSON PHARMA CORP LTD
OR SCG PACKAGING PCL
YZJFH PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DOHOME PINDUODUO PDD US
09961 YANGZIJIANG FINANCIAL HOLDING
PONY DOHOME PCL
BRMS IJ CTRIP.COM INTERNATIONAL
PONY AI INC
BUMI RESOURCES MINERALS
- Arsit Pamaranont
Star Petroleum Refining (SPRC TB) - 3Q25: Solid Results With Strong Ea...
Company Results | Star Petroleum Refining (SPRC/BUY/Bt5.70/Target: Bt7.00 SPRC reported a strong rebound in 3Q25 net profit, delivering net profit of Bt1.58b and core profit of Bt1.11b, beating our estimates on a higher run rate, stronger GRM, better commercial margin, and lower opex. GRM rose to US$5.40/bbl with crude run at 96%. Management has sharply reduced the turnaround cost for 2026, and also cut the number of shutdown days to 24, which is earnings-accretive. The outlook remains positive ...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Friday, November 14, 2025
Top Stories Company Results | AP (Thailand) (AP TB/BUY/Bt7.90/Target: Bt9.30) AP posted a net profit of Bt1.15b in 3Q25 (-20% yoy, +15% qoq), in line with our estimate. The qoq improvement was underpinned by a solid performance in the low-rise segment, improved gross margin and higher equity income. AP revised down its 2025 launch plan from Bt65.0b to Bt59.6b. However, we are optimistic about the presales and earnings outlook for 4Q25. We still like AP as the market leader with a more aggressi...
LH LAND & HOUSES PUBLIC CO. LTD.
PLANB PLAN B MEDIA
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
AP AP THAILAND
SPRC STAR PETROLEUM REFINING
TCAP THANACHART CAPITAL PCL
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
MTC MUANGTHAI CAPITAL PCL
LPN LPN DEVELOPMENT PCL
CRC CENTRAL RETAIL CORP
Star Petroleum Refining Public Company Limited: 1 director
A director at Star Petroleum Refining Public Company Limited maiden bought 190,000 shares at 4.960THB and the significance rating of the trade was 52/100. 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 d...
- Arsit Pamaranont
Star Petroleum Refining (SPRC TB) - Short-Term Pain, Long-Term Gains
Highlights • Singapore’s GRM averaged only $4.0/bbl in 3Q25 qtd due to weaker gasoline cracks. However, heavy maintenance and seasonal heating demand in winter should give another short-term boost to margins in 4Q25, according to Wood Mackenzie. • We expect SPRC’s slime core profit to be down roughly 52% qoq to Bt300m in 3Q25 on weaker margin and higher opex to prepare for maintenance in 1Q26. • However, we believe the recent share price weakness has already priced in near-term negatives, cr...
- Arsit Pamaranont
- Tanapon Cholkadidamrongkul
Thailand Daily - Thursday, September 25, 2025
Top Stories Company Update | Betagro (BTG TB/HOLD/Bt18.30/Target: Bt18.50) We have a positive outlook on BTG after the analyst meeting. BTG expects swine prices to rise in 4Q25 due to seasonality, supply control and consumption-stimulus policies. We expect to see slightly positive sentiment since farm-gate pork prices could stabilise. However, we remain cautious on livestock prices due to volatility. Maintain HOLD, with a target price of Bt18.50. Company Update | Star Petroleum Refining (SPRC...
- Arsit Pamaranont
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Philip Wong
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, September 25, 2025
Greater China Strategy | China’s 15th Five-Year Plan: Unlocking Domestic Consumption The 15th Five-Year Plan (2026-2030) targets 4.5-5% yoy GDP growth toward 2035 modernisation. Priorities include boosting services-led consumption via subsidies, tax reforms, and consumer credit; advancing innovation in semiconductors, EVs, robotics, and biotech; and extending anti-involution reforms to consolidate sectors with excess capacity. Green transition shifts focus to grid efficiency, storage, and nu...
ROTH BRITISH AMERICAN TOBACCO BHD
FNH FRASER & NEAVE HOLDINGS BHD
WPRTS WESTPORTS HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
MNHB MYNEWS HOLDINGS BHD
2633 JACOBSON PHARMA CORP LTD
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
MRDIY MR DIY GROUP M BHD
FFB FARM FRESH BHD
LHN LHN LTD
BTG BETAGRO PUBLIC COMPANY LIMITED
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK ORIENTAL KOPI HOLDINGS BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
DEWA IJ DARMA HENWA (DEWA IJ)
- Arsit Pamaranont
Star Petroleum Refining (SPRC TB) - 2Q25: Core Profit In Line, Sharp S...
SPRC reported a 2Q25 net loss of Bt812m, driven by a Bt1.7b inventory loss partly offset by Bt248m forex gains. Excluding non-recurring items, core profit was Bt622m, up 61% qoq and turning from a core loss of Bt387m in 2Q24, in line with our expectation. Following around an 11% share price decline yesterday, we see an attractive entry point into SPRC given improving medium-term fundamentals and limited downside risk. Maintain BUY. Target price: Bt6.50.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Thursday, August 14, 2025
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt16.50/Target: Bt25.00) 2Q25: Earnings below expectations. AP Thailand (AP TB/BUY/Bt7.65/Target: Bt9.60) 2Q25: Earnings in line, optimistic 3Q25 outlook. Bangkok Commercial Asset Management (BAM TB/BUY/Bt8.40/Target: Bt10.00) 2Q25: Results in line with consensus; highest bottom line in the past 22 quarters. Bangkok Dusit Medical Services (BDMS TB/BUY...
PTT PTT PUBLIC COMPANY LIMITED
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
SPALI SUPALAI PCL
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
AP AP THAILAND
SPRC STAR PETROLEUM REFINING
BDMS-R BANGKOK DUSIT MEDICAL SERVICES PCL NVDR
KCE KCE ELECTRONICS PUBLIC CO. LTD.
CPALL TB CP ALL
RATCH RATCH GROUP PUBLIC CO. LTD.
BTG BETAGRO PUBLIC COMPANY LIMITED
BAM TB BANGKOK COMMERCIAL ASSET MANAGEMENT
- Arsit Pamaranont
Star Petroleum Refining (SPRC TB) - 2Q25 Preview: Short-Term Core Earn...
SPRC is poised to deliver a strong 2Q25 performance, driven by healthy operational metrics and positive refinery market outlook. We project a core net profit of Bt821m, up 112% qoq supported by a robust crude run rate of 93% and a higher GRM of US$6.0/bbl. With a valuation of just 0.5x P/BV, well below its historical, SPRC remains an attractive pick for yield-oriented investors (6.6% dividend yield). Maintain BUY with a target price of Bt7.00.
- Arsit Pamaranont
- Arsit Pamaranont
- Greater China Research Team
- Jo Yee Ng
- Jonathan Koh
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, June 26, 2025
GREATER CHINA Strategy Market Strategy: 2H25: A big beautiful deal? INDONESIA Update GoTo Gojek Tokopedia (GOTO IJ/BUY/Rp59/Target: Rp78): EBITDA resilience back in focus as M&A noise fades. MALAYSIA Sector REITs: We maintain MARKET WEIGHT as the positives appear largely priced into current share prices, with limited near-term upside potential. Top picks: PREIT and CLMT. SINGAPORE Update CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.15/Target: S$2.42): Organic growth from AEIs and t...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Friday, May 09, 2025
KEY HIGHLIGHTS Sector Construction 1Q25 results preview: CK and STECON set to rebound. Results IRPC (IRPC TB/BUY/Bt0.94/Target: Bt1.10) 1Q25: Net loss deepens on lower margins, but share price already reflects bad news. LPN Development (LPN TB/SELL/Bt2.06/Target: Bt1.50) 1Q25: Results slightly beat expectation, but recovery remains...
- Arsit Pamaranont
Star Petroleum Refining (SPRC TB) - 1Q25 Preview: Expect Earnings Reco...
SPRC is on track for a solid performance rebound in 1Q25, driven by a higher refinery run rate of 99% and a recovery in benchmark GRM. We expect the company to report a core profit of Bt402m in 1Q25, up 85% qoq. SPRC's valuation remains undemanding, trading at just 0.4x P/BV − below its COVID-19 levels. The company is expected to deliver a strong dividend yield of 7.9% in 2025, making it an appealing option for yield-focused investors. Maintain BUY. Target price: Bt9.00.
- Arsit Pamaranont
- Kampon Akaravarinchai
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kate Luang
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Thursday, March 27, 2025
GREATER CHINA Results CR Land (1109 HK/BUY/HK$25.85/Target: HK$32.40) 2024: Results in line; positive outlook for property sales in 2025. CR Mixc (1209 HK/BUY/HK$34.50/Target: HK$38.70) 2024: Results beat with 100% payout ratio; pursuing high-quality growth. Giordano International (709 HK/BUY/HK$1.52/Target: HK$2.14) 2024: 2H24 revenue rebound; 3-5% revenue growth and improving net margin in 2025. Haidilao Internatio...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
SPRC STAR PETROLEUM REFINING
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MNHB MYNEWS HOLDINGS BHD
01801 INNOVENT BIOLOGICS INC.
709 GIORDANO INTERNATIONAL LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
123F 123FAHRSCHULE SE
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
- Arsit Pamaranont
Star Petroleum Refining (SPRC TB) - 4Q24: Results In Line; Good Time T...
SPRC reported a 4Q24 net profit of Bt162m, reversing from a loss of Bt2.2b in 3Q24 and loss of Bt4.4b in 4Q23. Excluding one-off items, core profit was Bt217m (3Q24: Bt196 gain; 4Q23: Bt422m loss). Both core and net profit are in line with our estimates. SPRC’s 2024 core profit totalled Bt2.2b, up 67% yoy. We believe its operating performance will continue to improve in 2025 while its valuation is undemanding. Maintain BUY. Target price: Bt9.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
Thailand Daily - Thursday, February 20, 2025
KEY HIGHLIGHTS Results Berli Jucker (BJC TB/BUY/Bt22.40/Target: Bt28.00) 4Q24: Results in line; core earnings improvement in 2025 after two-year drop. Star Petroleum Refining (SPRC TB/BUY/Bt5.35/Target: Bt9.00) 4Q24: Results in line; good time to accumulate. Update Bangkok Chain Hospital (BCH TB/BUY/Bt15.00/Target: Bt20.00) Weak earnings in 4Q24 due to the last AdjRW>2 rate cut. Stecon Group (STECON TB/BUY/Bt3.96/Target: Bt5.65) Expect net loss in 4Q24; remain...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kong Ho Meng
- Llelleythan Tan Tan
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Notes - Thursday, February 20, 2025
GREATER CHINA Sector Dairy: Retail demand remains weak; price recovery and healthier inventories to drive shipment normalisation. Healthcare: Outperformers empowered by AI revolution. INDONESIA Update Champ Resto Indonesia (ENAK IJ/BUY/Rp585/Target: Rp740): 2025 revenue to grow 16% yoy; more conservative on 4Q24 performance. Maintain BUY. MALAYSIA Results Duopharma Biotech (DBB MK/BUY/RM1.28/Target: RM1.39): 4Q24: Largely delivers on earnings. Public sector sales anchor growth while margins im...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
BCH BANGKOK CHAIN HOSPITAL PCL
SPRC STAR PETROLEUM REFINING
GMB GAS MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
MPM MARCO POLO MARINE LTD
ENAK CHAMP RESTO INDONESIA TBK
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Arsit Pamaranont
Star Petroleum Refining (SPRC TB) - 4Q24 Results Preview: Positive Ea...
We expect SPRC to report its 4Q24 results on 19 Feb 25. We anticipate core profit surging 139% yoy to Bt469m in 4Q24. This would bring its 2024 core profit up 55% to Bt2.4b. We foresee opportunities to accumulate the stock as share price has tumbled 16% ytd. We believe its operating performance will continue to improve from 2025 onwards. SPRC’s share price is trading at 0.6x of 2025F P/B (-2SD). Maintain BUY. Target price: Bt9.00.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.