reports
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Roy Chen Chengzhi
- Thailand Research Team
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, June 17, 2025
GREATER CHINA Economics Economic Activity Mixed bag for May. Sector Property Property market weakens further in May 25, with diverging city-tier performance. INDONESIA Initiate Coverage Bumi Resources Minerals (BRMS IJ/BUY/Rp454/Target: Rp610) Soaring to new heights; initiate coverage with BUY. MALAYSIA Update Press Metal ...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
QH QUALITY HOUSES
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
SPALI SUPALAI PCL
C6L SINGAPORE AIRLINES LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
AP AP THAILAND
CHG CHULARAT HOSPITAL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
PSH PRUKSA HOLDING PCL
BRMS IJ BUMI RESOURCES MINERALS
- Waritthorn Kaewmuang
Chularat Hospital (CHG TB) - 2Q23 Earnings To Be Relatively Flat qoq W...
CHG’s 2Q23 net profit is expected to be relatively flat qoq due to limited margin expansion and seasonality, despite benefitting slightly from a small wave of COVID-19 infections. In 2H23, we expect CHG to encounter moderate margin pressure as the new facilities have commenced operations. Nevertheless, the aforementioned concerns are believed to have been partly priced in. Upgrade to HOLD. Target price: Bt3.06.
- Kitpon Praipaisarnkit
- Waritthorn Kaewmuang
Thailand Daily - Thursday, July 13, 2022
KEY HIGHLIGHT Strategy Solid Tourism And Domestic Plays In 2H23 Domestic consumption prevents risks from imminent global recession. Update Chularat Hospital (CHG TB/HOLD/Bt2.92/Target: Bt3.06) 2Q23 earnings to be relatively flat qoq with moderate margin pressure. Upgrade to HOLD.
- Ariel Poh Yun Li
- Johnny Yum Chung Man
- Jonathan Koh
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Philip Wong
- Stevanus Juanda
- Waritthorn Kaewmuang
Regional Morning Notes - Thursday, July 13, 2023
GREATER CHINA Sector Industrial Automation: Component names may outperform heading into results period. INDONESIA Update Gudang Garam (GGRM IJ/BUY/Rp27,600/Target: Rp33,000): Margins to recover in 2023; maintain BUY. MALAYSIA Sector Banking: The sector’s fundamental growth drivers remain fairly muted. However, downside is capped by relatively attractive valuations and dividend yields. Maintain MARKET WEIGHT. Update IHH Healthcare (IHH MK/BUY/RM5.87/Target: RM6.80): IHH hosted a roundtable on i...
Chularat Hospital Public Company Limited: 1 director
A director at Chularat Hospital Public Company Limited sold 10,000,000 shares at 3.087THB 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 ove...
- Waritthorn Kaewmuang
Chularat Hospital (CHG TB) - 1Q23: Results Miss On Rising Cost
CHG reported 1Q23 net profit of Bt240m, a slight miss on the back of lower-thanexpected margins despite revenue remaining healthy. In 2023, CHG’s performance is not attractive due to possible losses from new investments, although the short-term setback is crucial for robust growth from 2024 onwards. For now, we recommend investors to wait for a better entry price. Maintain SELL. Target price: Bt3.06.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Monday, May 15, 2023
KEY HIGHLIGHTS Strategy Upcoming Election To Boost Consumption Sentiment Commerce, media, property and industrial estate to be beneficiaries. Results Airports of Thailand (AOT TB/BUY/Bt73.25/Target: Bt83.00) 2QFY23: Skyrocketing earnings throughout the year. BEC World PCL (BEC TB/SELL/Bt7.75/Target: Bt5.90) 1Q23: Earnings Significantly Below Expectations. Downgrage to SELL Central Plaza Hotel (CENTEL TB/BUY/Bt55.50/Target: Bt60.00) 1Q23: Earnings beat our and consensus forecasts. Charoen Pokph...
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
PLANB PLAN B MEDIA
COM7 COM7
BEC BEC WORLD PUBLIC CO. LTD.
CENTEL CENTRAL PLAZA HOTEL
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CHG CHULARAT HOSPITAL
PTTGC-R PTT GLOBAL CHEMICAL (NVDR)
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
AOT-R AIRPORTS OF THAILAND PCL NVDR
CPF-R CHAROEN POKPHAND FOODS PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
- Waritthorn Kaewmuang
Chularat Hospital (CHG TB) - Expect Mediocre 1Q23 Results, Better Pros...
We expect CHG’s 1Q23 core profit to be relatively flat qoq as average bed occupancy rates remained similar to those of 4Q22. While CHG is one of the beneficiaries of the increase in basic capitation rates announced by SSO, we do not expect the company’s 2023 outlook to be attractive on rising expenses from new investments, despite favourable long-term competitiveness. Hence, we recommend waiting for a new opportune entry point. Maintain SELL. Target price: Bt3.40.
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Waritthorn Kaewmuang
Thailand Daily - Tuesday, April 25, 2023
KEY HIGHLIGHTS Update Airports of Thailand (AOT TB/BUY/Bt72.25/Target: Bt83.00) 2QFY23 results preview: Earnings momentum skyrockets. Chularat Hospital (CHG TB/SELL/Bt3.64/Target: Bt3.40) Expect mediocre 1Q23 results, better prospects in 2024. Hana Microelectronics (HANA TB/HOLD/Bt43.75/Target: Bt40.00) Feeble qoq earnings; expect performance to remain lacklustre.
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Waritthorn Kaewmuang
Regional Morning Notes - Tuesday, April 25, 2023
GREATER CHINA Sector Property:Prefer retail leasing to property sales for stronger momentum. Update Kuaishou Technology (1024 HK/BUY/HK$48.55/Target: HK$95.00): 1Q23 results preview: Encouraging e-commerce growth; to break even in 2Q23. MALAYSIA Sector Technology: Despite slowing industry indicators, key takeaways from our Singapore roadshows suggest that there are still bright spots worth focusing on from the bottom-up stock picking method. SINGAPORE Update Sea (SE US/BUY/US$78.76/Target: US$...
- Waritthorn Kaewmuang
Chularat Hospital (CHG TB) - 4Q22: Results Miss
CHG posted lower-than-expected 4Q22 net profit from lower-than-expected revenue and gross margin, despite extraordinary income from SSO. We are cautiously monitoring our margin assumption for 2023 as there is a possibility of downside risk to the existing forecast. Maintain SELL. Target price: Bt3.60.
- Arsit Pamaranont
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Monday, February 27, 2023
KEY HIGHLIGHTS Results BEC World (BEC TB/HOLD/Bt9.30/Target: Bt10.00) 4Q22: Earnings above estimates but still soft. Chularat Hospital (CHG TB/SELL/Bt3.78/Target: Bt3.60) 4Q22: Results miss. COM7 (COM7 TB/BUY/Bt31.00/Target: Bt42.00) 4Q22 earnings in line; strong growth momentum in 1Q23. Energy Absolute (EA TB/BUY/Bt77.00/Target: Bt100.00) 4Q22: Results beat our expectations. Esso Thailand (ESSO TB/BUY/Bt8.85/Target: Bt12.50) 4Q22: Weak results due to inventory loss again. Indorama Ventur...
- Arsit Pamaranont
- Chong Lee Len
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Malaysia Research Team
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Waritthorn Kaewmuang
- Zhifeng Shen
Regional Morning Notes - Monday, February 27, 2023
GREATER CHINA Sector Consumer: A pause in the upward trend. INDONESIA Small/Mid Cap Highlights Pertamina Geothermal Energy (PGEO IJ/NOT RATED/Rp875): Leading the domestic geothermal energy companies in Indonesia. MALAYSIA Strategy Budget Malaysia 2023 Re-tabled: Malaysia MADANI: Budget 2023 is market-neutral and re-tabled with a higher spending allocation. We remain defensive, ahead of state elections and with further significant US rate hikes. Results DiGi.Com (DIGI MK/BUY/RM4.35/Target: RM4....
V03 VENTURE CORPORATION LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
BEC BEC WORLD PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CHG CHULARAT HOSPITAL
DIGI DIGI COMMUNICATIONS NV
PMAH PRESS METAL ALUMINIUM HOLDIN
GREATEC GREATECH TECHNOLOGY BHD
ONEE THE ONE ENTERPRISE PCL
PGEO PERTAMINA GEOTHERMAL ENERGY
- Waritthorn Kaewmuang
Chularat Hospital (CHG TB) - 4Q22 Earnings To Fall YOY With Post-COVID...
We expect CHG to report declining yoy earnings from subsiding contributions from COVID-19-related items, despite a small benefit from the recognition of medical treatment income from SSO. We see a few catalysts in 1Q23, especially from RT-PCR tests for Chinese visitors. However, the market is likely to have priced in the expectations while we expect the rising competitive landscape to limit CHG’s upside. Downgrade to SELL. Target price: Bt3.60.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
Thailand Daily - Monday, February 20, 2023
KEY HIGHLIGHTS Results Pruksa Holding (PSH TB/HOLD/Bt13.40/Target: Bt12.00) 4Q22: Strong performance, improving both yoy and qoq. Update Chularat Hospital (CHG TB/SELL/Bt3.96/Target: Bt3.60) 4Q22 earnings to fall yoy with post-COVID-19 challenges in 2023. Downgrade to SELL. PTT Global Chemical (PTTGC TB/HOLD/Bt49.50/Target: Bt62.00) A positive view on the long-term business strategy.
- Benjaphol Suthwanish
- Damon Shen
- Hazmy Hazin
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Kasemsun Koonnara
- Leow Huey Chuen
- Philip Wong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
- Zhifeng Shen
Regional Morning Notes - Monday, February 20, 2023
GREATER CHINA Sector Consumer: View of consumption fundamentals likely remains positive. Results Hysan Development (14 HK/BUY/HK$26.30/Target: HK$29.40): FY22: Underlying profit in line and DPU maintained; cautiously optimistic for 2023. INDONESIA Results Bank Tabungan Negara (BBTN IJ/BUY/Rp1,370/Target: Rp1,700): 2022: Net profit up 28% yoy, above market expectations. MALAYSIA Results KPJ Healthcare (KPJ MK/BUY/RM1.06/Target: RM1.32): 4Q22: Earnings soundly beat expectations. Healthy Malaysia...
CHG CHULARAT HOSPITAL
SIE SIA ENGINEERING CO LTD
KPJ KPJ HEALTHCARE BERHAD
SDPL SIME DARBY PLANTATION BHD
14 HYSAN DEVELOPMENT CO LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
PSH PRUKSA HOLDING PCL
SMELT MALAYSIA SMELTING CORP BHD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
DELFI DELFI LTD
- Waritthorn Kaewmuang
Chularat Hospital (CHG TB) - New Projects To Be Rolled Out In 2023, In...
CHG expects the commencement of two new greenfield hospitals in 1Q23 and an elder care centre acquisition to be finalised soon. It prioritises organic growth in 2023 and adheres to its affordable pricing strategy to retain its superiority in Eastern Thailand with stronger competition. The recent decline in share price may have priced in the concern on earnings normalisation, thus limiting the downside from this point. Upgrade to HOLD. Target price: Bt3.40.
- Chaiwat Arsirawichai
- Waritthorn Kaewmuang
Thailand Daily - Monday, November 21, 2022
KEY HIGHLIGHTS Update Chularat Hospital (CHG TB/HOLD/Bt3.44/Target: Bt3.40) New projects to be rolled out in 2023, increased competition expected. Upgrade to HOLD. Hana Microelectronics (HANA TB/HOLD/Bt50.50/Target: Bt55.00) Remain cautious on uncertainties.
- Chaiwat Arsirawichai
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kong Ho Meng
- Limartha Adhiputra
- Malaysia Research Team
- Vincent Khoo Boo Aik
- Waritthorn Kaewmuang
- Zhifeng Shen
Regional Morning Notes - Monday, November 21, 2022
GREATER CHINA Sector Consumer: Clear direction ahead; optimistic on dairy leaders with low valuations. Results JD.com (9618 HK/BUY/HK$218.00/Target: HK$297.00): 3Q22: Solid earnings beat; 4Q22 revenue growth under pressure. INDONESIA Update Indo Tambangraya Megah (ITMG IJ/SELL/Rp38,425/Target: Rp33,000): 4Q22 could be the beginning of an NPAT downturn as coal prices are normalising. MALAYSIA Strategy Politics – Near-term Post-GE15 Qualms: Expect a significant knee-jerk fall in the FBMKLCI and ...
- Waritthorn Kaewmuang
Chularat Hospital (CHG TB) - 3Q22: Earnings Miss On Lower-than-expecte...
CHG booked 3Q22 net profit of Bt258m, a large drop on both yoy and qoq bases from the decrease in COVID-19-related items and higher-than-expected expense. Although a few items were non-recurring, 4Q22 outlook is expected to continue softening and there is a possibility of an imminent downwards earnings revision. Maintain SELL. Target price: Bt3.40.
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