reports
- Thanawat Thangchadakorn
Thanachart Capital (TCAP TB) - 3Q25 Results Preview: Credit Costs Expe...
Highlights • Expect 3Q25 net profit to come in flat yoy but drop 22% qoq, and a further qoq increase of 149bp qoq in credit costs for 3Q25. • We should see a longer-term improvement in 4Q25 due to the stimulus. • Maintain HOLD with a target price of Bt52.00.
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, October 01, 2025
Top Stories Company Update | Krungthai Card (KTC TB/BUY/Bt30.25/Target: Bt45.00) We expect KTC to report a 3Q25 net profit of Bt1,912m, up 1% yoy and flat qoq. We also foresee KTC reporting yoy and qoq loan growth in 3Q25, driven by efficient asset quality control. We anticipate the company will benefit from government stimulus packages starting from 4Q25. Although we have seen some recovery in share price, we continue to expect a further share price recovery due to its undemanding valuation. M...
- Desmond Chong Chee Wai
- Jonathan Koh
- Keith Wee Teck Keong
- Posmarito Pakpahan
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, October 1, 2025
Indonesia Company Update | Bank Rakyat Indonesia (BBRI IJ/HOLD/Rp3,900/Target: Rp4,250) BBRI’s 8M25 earnings fell 9.9% yoy to Rp32.6t as PPOP declined 4.4% yoy, weighed by lower yields and higher opex, while CoC stayed elevated at 3.2%. Loan growth re-accelerated modestly to +5.8% yoy, led by corporate and consumer, but micro loans remained in contraction. We maintain HOLD with an unchanged target price of Rp4,250; a dividend yield of 7.9% provides downside support. Malaysia Sector Update | Ban...
- Thanawat Thangchadakorn
Thanachart Capital (TCAP TB) - 2Q25: Earnings Beat; Dividend Income Bo...
TCAP reported a 2Q25 net profit of Bt2.1b (+11% yoy, +22% qoq), beating our and consensus expectations by 16% and 18%, respectively. Although 2Q is seasonally high for dividend income, TCAP reported a significant jump in dividend income in 2Q25, up 82% yoy. This well-reported dividend income was the major item boosting the bottom line and beating the estimate. Credit cost and NPL ratio increased qoq. We maintain a HOLD rating with a higher target price of Bt50.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, August 13, 2025
KEY HIGHLIGHTS Results Asset World Corporation (AWC TB/BUY/Bt2.34/Target: Bt3.30) 2Q25: Weaker core earnings as expected. Quality Houses (QH TB/HOLD/Bt1.45/Target: Bt1.30) 2Q25: Results below expectation, down yoy and qoq. Thai Foods Group (TFG TB/BUY/Bt5.25/Target: Bt7.20) 2Q25: All-time high earnings. Thanachart Capital (TCAP TB/HOLD/Bt49.25/Target: Bt50.00) 2Q25: Earnings beat; dividend income boo...
- Thanawat Thangchadakorn
Thanachart Capital (TCAP TB) - 2Q25 Results Preview: Credit Costs Expe...
We expect TCAP to post a 2Q25 net profit of Bt1.78b (-7% yoy, +4% qoq). The qoq increase is attributed to seasonally received dividend income in the second quarter. We continue to foresee a further qoq decline in TCAP's credit costs for 2Q25, supported by a continued rise in the used truck price index. Meanwhile, TCAP has now transferred all its stakes in TNS to TTB, effective 1 Jul 25. There will be no gain from this transaction. Maintain HOLD with a target price of Bt48.00.
- Thailand Research Team
- Thanawat Thangchadakorn
Thailand Daily - Thursday, July 03, 2025
KEY HIGHLIGHTS Strategy Key Highlights From BOT Event Political situation will be key factor affecting GDP growth. Update Thanachart Capital (TCAP TB/HOLD/Bt46.25/Target: Bt48.00) 2Q25 results preview: Credit costs are expected to decrease qoq due to a continued rise in the used truck price index.
Regional Morning Meeting Notes: Thursday, July 03, 2025
GREATER CHINA Strategy Alpha Picks: July Conviction Calls Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. Sector Online Games Upcoming new game releases to capitalise on the summer holiday season. INDONESIA Strategy Alpha Picks: Good Performances In June Our new alpha picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA...
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
ANTM PT ANEKA TAMBANG TBK
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
COM7 COM7
558 UMS HOLDINGS LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
ERAA ERAJAYA SWASEMBADA
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
TCAP THANACHART CAPITAL PCL
MIKA MITRA KELUARGA KARYASEHAT
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
01801 INNOVENT BIOLOGICS INC.
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
CLAR CAPITALAND ASCENDAS REIT
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
TIDLOR TIDLOR HOLDINGS PCL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Thanawat Thangchadakorn
Thanachart Capital (TCAP TB) - 1Q25: Earnings In Line; Credit Cost Sur...
TCAP reported a 1Q25 net profit of Bt1.71b (flat yoy, +28% qoq), in line with our and consensus expectations. Credit cost decreased significantly qoq by 200bp in 1Q25. Meanwhile, the used-truck price index recovered for the fourth consecutive month in Mar 25. The market expects TCAP to be included in SET50 index from Jul 25 onwards, which would result in TCAP attracting fund inflow. Maintain HOLD with a target price of Bt48.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, May 14, 2025
KEY HIGHLIGHTS Results Bangchak Corporation (BCP TB/BUY/Bt38.00/Target: Bt45.00) 1Q25: Soft results, but better than expected; likely to see a strong rebound in 2Q25. COM7 (COM7 TB/BUY/Bt21.20/Target: Bt29.50) 1Q25: Better-than-expected earnings. CP ALL (CPALL TB/BUY/Bt51.50/Target: Bt79.00) 1Q25: Stronger-than-expected earnings. GFPT Plc. (GFPT TB/BUY/Bt9.80/Target: Bt13.40) ...
- Thanawat Thangchadakorn
Thanachart Capital (TCAP TB) - 1Q25 Results Preview: Expect Credit Cos...
We expect TCAP to post a 1Q25 net profit of Bt1,684m (-4% yoy, +26% qoq). Although TCAP’s credit costs surged significantly qoq in 4Q24, we forecast its credit cost continuing to rise qoq in 1Q25. We expect THANI to be indirectly impacted by the US tariffs and the deterioration in asset quality in the truck lending business. We foresee a weakening outlook for the truck business and a softened used-truck price index in the future. Maintain HOLD with a target price of Bt48.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Thanawat Thangchadakorn
Thailand Daily - Friday, April 25, 2025
KEY HIGHLIGHTS Sector Banking 1Q25: Results beat; banks prioritise less on loan growth. Downgrade to MARKET WEIGHT. Results Bumrungrad Hospital (BH TB/BUY/Bt169.00/Target: Bt232.00) 1Q25: Weak results in line with expectations. Update Thai Foods Group (TFG TB/BUY/Bt5.05/Target: Bt6.70) Expect record-high earnings in 1Q25 and 2Q25. Thanachart Capital (TCAP TB/HOLD/Bt47.00/Target: Bt48....
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, April 25, 2025
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.72/Target: Rmb17.80) 2024: Satisfactory results; expects strong recovery in 2025. Upgrade to BUY. Ningbo Tuopu Group Co (601689 CH/BUY/Rmb50.96/Target: Rmb83.00) 4Q24: Earnings up 38.5% yoy, in line. Maintain BUY with target price unchanged at Rmb83.00. TAL Educational Group (TAL US/BUY/US$9.36/Target: US$14.00) 4QFY25: Earnings miss amid ramped-up investments in AI-powered learning. INDONESIA Sector Telecommun...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
KKP KIATNAKIN BANK
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
BN4 KEPPEL CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TCAP THANACHART CAPITAL PCL
MLT MAPLETREE LOGISTICS TRUST
MYEG MY EG SERVICES BHD
KTB KONTOOR BRANDS
EXCL XL AXIATA TBK PT
SCB SCB X PUBLIC COMPANY LIMITED
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Thanawat Thangchadakorn
Thanachart Capital (TCAP TB) - 4Q24: Earnings Below Expectations, Desp...
TCAP reported a 4Q24 net profit of Bt1.34b (-7% yoy, -18% qoq), 14% below our forecast and 13% lower than consensus expectation. The key item that dragged the earnings was a jump in provision expenses qoq, partially caused by provisioning for the margin loan and block trade transactions under TNS. However, we saw an uptick in the used truck price index in Dec 24. We expect a recovery in the truck portfolio to improve asset quality. Maintain HOLD with a target price of Bt52.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Monday, February 24, 2025
KEY HIGHLIGHTS Results BTS Group Holdings (BTS TB/HOLD/Bt6.20/Target: Bt4.79) 3QFY25: Core earnings to remain in the red. Thanachart Capital (TCAP TB/HOLD/Bt50.75/Target: Bt52.00) 4Q24: Earnings below expectations, despite THANI reporting a huge qoq reduction in credit cost. The One Enterprise (ONEE TB/HOLD/Bt3.16/Target: Bt3.10) 4Q24: Earnings below expe...
- Thanawat Thangchadakorn
Thanachart Capital (TCAP TB) - 4Q24 Results Preview: Uneven Recovery I...
We expect TCAP to post a 4Q24 net profit of Bt1,558m (+9% yoy, -4% qoq). Non-II would be pressured by a lower profit share and higher insurance claims. We foresee TCAP’s 4Q24 credit cost declining qoq despite the uneven recovery in the used truck price index. We should see a qoq improvement in both credit cost and asset quality due to the impact of government stimulus measures and the result of efforts to clean up portfolios. We maintain HOLD with a target price of Bt52.00.
- Thanawat Thangchadakorn
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Keith Wee Teck Keong
- Llelleythan Tan Tan
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Notes - Tuesday, January 28, 2025
GREATER CHINA Economics PMI January PMI – Cold water dipping. MALAYSIA Results Bursa Malaysia (BURSA MK/HOLD/RM8.47/Target: RM8.72) 4Q24: Earnings in line. ADV softened drastically, leading to potential downside surprise in 2025. Maintain HOLD. SINGAPORE Results CapitaLand Ascott Trust (CLAS SP/BUY/S$0.88/Target: S$1.38) 2H24: Portfolio reconstitution starti...
- Thanawat Thangchadakorn
Thanachart Capital (TCAP TB) - 3Q24: Earnings Miss Market Expectation;...
TCAP reported a 3Q24 net profit of Bt1,621m (-11% yoy, -16% qoq). The results are in line with our forecast but miss consensus estimate by 7%. The key item that dragged earnings was a jump in provision expenses qoq due to a spike in provisioning from THANI. The truck portfolio continued to suffer from an ongoing decline in the used truck price index. We believe that the truck portfolio needs to wait for a recovery in demand. Maintain HOLD with a target price of Bt52.00.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Jonathan Koh
- Ken Lee
- Kong Ho Meng
- Paula Ruth
- Philip Wong
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Notes - Monday, November 11, 2024
GREATER CHINA Economics Inflation: Deflationary pressure persists, particularly for upstream pricing. Results ECARX (ECX US/BUY/US$1.84/Target: US$3.40): 3Q24: Revenue beat despite price competition. Maintain BUY. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp438/Target: Rp480): Unclear outlook for 2025; regulatory risk to key brand products. Downgrade to HOLD. MALAYSIA Results 99 Speed Mart Retail (99SMART MK/BUY/RM2.32/Target: RM2.60): 3Q24: Delivers on earnings as it is on the cusp of ...
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
ERAA ERAJAYA SWASEMBADA
TCAP THANACHART CAPITAL PCL
SATS SP SATS LTD.
MAXIS MAXIS BHD
WPRTS WESTPORTS HOLDINGS BHD
WHA TB WHA CORP PCL
ECX ECARX HOLDINGS INC
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
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