reports
- Thanawat Thangchadakorn
Krungthai Card (KTC TB) - 2Q25: Results In Line; Robust Bottom Line Pe...
KTC posted a 2Q25 net profit of Bt1.9b (+4% yoy, +2% qoq). The results are in line with our and consensus estimates. In 2Q25, credit costs decreased 16bp qoq while NPL ratio declined qoq. A strong bottom line and asset quality reaffirmed the company's resilient fundamentals, despite market concerns about the panic selling and subsequent drop in share price. We believe KTC will maintain a good asset quality. Maintain BUY. Target price: Bt45.00.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Monday, July 21, 2025
KEY HIGHLIGHTS Results Krungthai Card (KTC TB/BUY/Bt27.75/Target: Bt45.00) 2Q25: Results in line; robust bottom line performance and strong asset quality affirm the company's fundamental resilience despite recent share price volatility. TMBThanachart Bank (TTB TB/HOLD/Bt1.89/Target: Bt1.95) 2Q25: Results in line; well-managed asset quality. Update PTT Global Chemical (PTTGC TB/SELL/Bt22.50/Target: Bt20.00) 2Q25 core earnings expected to remain a loss. Downgrade to SELL.
- Audrey Celia
- Benjaphol Suthwanish
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Heidi Mo Jinghui
- Jieqi Liu
- Kate Luang
- Lester Siew
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, July 21, 2025
GREATER CHINA Sector Property: Operational update and 1H25 earnings preview for CR Land and COLI. Update Tiangong International (826 HK/NOT RATED/HK$2.10): Leading global provider of specialty steels benefitting from recovery. INDONESIA Initiate Coverage Adi Sarana Armada (ASSA IJ/BUY/Rp810/Target: Rp1,300): A blue ocean leader in integrated mobility and logistics. MALAYSIA Update PPB Group (PEP MK/BUY/RM9.63/Target: RM15.80): We expect 2Q25 results to come in flat qoq at RM340m-370m, given st...
- Thailand Research Team
THAILAND STRATEGY – Key Highlights From BOT Event; Political Situation...
The BOT attended our seminar to provide our clients with Thailand's economic outlook for 2H25. The BOT has revised its 2025 GDP forecast from 2.0% to 2.3% in the meeting. It foresees a softening of exports in 3Q25, due to the front-loading of exports in 1H25. The PM has been suspended, with a caretaker in charge, but there should be no impact on 2026’s budget. We highlight four sectors related to the BOT event. Top picks: KBANK, MTC, CPALL and STECON.
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
COM7 COM7
KBANK KASIKORNBANK PUBLIC CO. LTD.
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
STECON STECON GROUP PUBLIC COMPANY LIMITED
TIDLOR TIDLOR HOLDINGS PCL
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)
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, May 21, 2025
GREATER CHINA Results Alibaba Health Information Technology (241 HK/BUY/HK$4.89/Target: HK$6.20) FY25: Results in line; targets adjusted net earnings growth of 10-20% yoy in FY26. Trip.com (9961 HK/BUY/HK$505.50/Target: HK$635.00) 1Q25: Earnings beat; international tourism and AI integration investments as key catalysts. Update Tsingtao Brewery (168 HK/BUY/HK$56.45/Target: HK$66.70) Focus on sales volume and profit growth; aims to raise dividend payo...
KTC KRUNGTHAI CARD PCL
FCT FRASERS CENTREPOINT TRUST
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
0168 TSINGTAO BREWERY CO. LTD. CLASS H
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
MTC MUANGTHAI CAPITAL PCL
PREIT PARKWAYLIFE REAL ESTATE
SCGB SUNWAY CONSTRUCTION GROUP BH
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
PEKAT PEKAT GROUP BHD
TIDLOR TIDLOR HOLDINGS PCL
- Thanawat Thangchadakorn
Krungthai Card (KTC TB) - The Removal From The MSCI Global Standard In...
We came away from last Friday’s analyst meeting with a neutral view. Management is maintaining its 2025 financial year targets and is committed to prioritising good asset quality. The possible reasons for removal from the index might be a) MSCI is reducing the weight on Thai stocks, and b) the share price reduction lowered KTC’s market cap. Although the removal from the index tanked the share price, business outlook and fundamentals remain solid. Maintain BUY. Target price: Bt58.00.
- Thanawat Thangchadakorn
Krungthai Card (KTC TB) - 1Q25: Results In Line; Credit Costs Decline ...
KTC posted a 1Q25 net profit of Bt1.86b (+3% yoy, -2% qoq). The results were in line with our and consensus estimates. Credit costs decreased by 60bp qoq in 1Q25. NPL ratio stabilised qoq at 2.0%. KTC guides an insignificant impact from debt relief programmes, including the earthquake. Overall, we believe KTC will maintain a prudent approach to maintaining good asset quality. The anticipated policy rate cuts will be the catalyst for KTC. Maintain BUY with a target price of Bt58.00.
- Thanawat Thangchadakorn
Thailand Daily: Monday, April 21, 2025 [Results: KTB TB, KTC TB, TTB T...
KEY HIGHLIGHTS Results Krung Thai Bank (KTB TB/HOLD/Bt21.30/Target: Bt22.50) 1Q25: Results in line with consensus; bottom line beats our forecast due to investment gain. Downgrade to HOLD. Krungthai Card (KTC TB/BUY/Bt46.25/Target: Bt58.00) 1Q25: Results in line; credit costs decline qoq with a stabilised NPL ratio. TMBThanachart Bank (TTB TB/HOLD/Bt1.89/Target: Bt1.95) 1Q25: Results in line with consensus; reiterates selective lending po...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Philip Wong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, April 21, 2025
INDONESIA Small/Mid Cap Highlights Sariguna Primatirta (CLEO IJ/NOT RATED/Rp1,395) Strong growth track record in an industry with room for further expansion. MALAYSIA Update QL Resources (QLG MK/BUY/RM4.69/Target: RM4.80) Fairly insulated from trade tariff war but overall outlook does not excite. Maintain HOLD. WCT Holdings (WCTHG MK/SELL/RM0.635/Target: RM0.55) Minimal orderbook replenishments and inconsistent earnings deliv...
- Benyamin Mikael
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Kate Luang
- Kenny Yong Hui Lim
- Lester Siew
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, April 10, 2025
GREATER CHINA Sector Banking Playing safe amid tariff fears. Small/Mid Cap Highlights JBM Healthcare (2161 HK/BUY/HK$1.75/Target: HK$2.42) FY26: New rounds of marketing campaigns to fuel growth. INDONESIA Results Merdeka Copper Gold (MDKA IJ/BUY/Rp1,040/Target: Rp1,900) FY24: Below our and street’s expectations MALAYSIA Sector Gloves ...
KTC KRUNGTHAI CARD PCL
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
5168 HARTALEGA HOLDINGS BHD.
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
002161 INVENGO INFORMATION TECHNOLOGY (A)
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
MTC MUANGTHAI CAPITAL PCL
KLK KUALA LUMPUR KEPONG BHD
PROP PROPNEX LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
TIDLOR NGERN TID LOR PCL
MDKA MERDEKA COPPER GOLD TBK PT
OTEK OILTEK INTERNATIONAL (OTEK SP)
- Chong Lee Len
- Claire Wang Kelai
- Llelleythan Tan Tan
- Paula Ruth
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, March 10, 2025
GREATER CHINA Economics Inflation Deflationary pressures intensify as CPI turns negative. Trade A weaker start for 2025. INDONESIA Small/Mid Cap Highlights WIR Asia (WIRG IJ/NOT RATED/Rp116) Digital reality tech company with AI features; 9M24 NPAT up 18% yoy. MALAYSIA Sector T...
AMATA AMATA CORP
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
T TELEKOM MALAYSIA BHD
MTC MUANGTHAI CAPITAL PCL
SPOST SINGAPORE POST LTD
TDC TIME DOTCOM BHD
TIDLOR NGERN TID LOR PCL
688536 3PEAK INCORPORATED
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
WIRG IJ WIR ASIA
- Thanawat Thangchadakorn
Krungthai Card (KTC TB) - Provides 2025 Targets And Reiterates Importa...
We came away from yesterday’s analyst meeting with a neutral view. Management provided its financial targets for 2025. KTC set a softened loan growth target for 2025, compared with the previous year. Moreover, management plans to prioritise good asset quality due to a weaker-than-expected economic outlook in 2025. A 25bp policy rate cut yesterday would benefit KTC’s share price and act as a catalyst. Maintain BUY with an unchanged target price of Bt60.00.
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Thursday, February 27, 2025
KEY HIGHLIGHTS Results Betagro (BTG TB/BUY/Bt18.50/Target: Bt24.20) 4Q24: Earnings in line; expect stronger 1Q25 earnings. Bangkok Dusit Medical Services (BDMS TB/BUY/Bt26.50/Target: Bt33.00) 4Q24: Robust quarterly earnings; in line. Land and Houses (LH TB/HOLD/Bt4.54/Target: Bt5.20) 4Q24: One-off items underpinned performance; residential business remains weak. Srisawad Corporation (SAWAD TB/HOLD/Bt40.50/Target: Bt38.00) 4Q24: Results mis...
- Thanawat Thangchadakorn
Krungthai Card (KTC TB) - 4Q24: Results In Line With Market Expectatio...
KTC posted a 4Q24 net profit of Bt1.89b (+7% yoy, -2% qoq). The results are in line with consensus estimates. Credit costs and NPL ratio increased qoq but there is no cause for alarm. Overall, 2024 NPL ratio was 1.95%, within 2.0% of its 2024 target. We expect KTC to prioritise good asset quality, achieving a gradual decrease in credit costs and positive loan growth in 2025 due to a gradual economic recovery. Maintain BUY with a target price of Bt60.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Monday, January 20, 2025
KEY HIGHLIGHTS Sector Media Unexciting earnings but some light at the end of the tunnel. Results Krungthai Card (KTC TB/BUY/Bt50.50/Target: Bt60.00) 4Q24: Results in line with market expectations. Update PTT Global Chemical (PTTGC TB/HOLD/Bt21.50/Target: Bt23.00) Expect a net loss in 4Q24.
- Benjaphol Suthwanish
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kate Luang
- Kong Ho Meng
- Malaysia Research Team
- Ming San Soong
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Notes - Monday, January 20, 2025
GREATER CHINA Economics Economic Activity: Right on the mark – China hits 5% growth in 2024. Update JD.com (9618 HK/BUY/HK$146.70/Target: HK$200.00): 4Q24 preview: Strong growth outlook; JD to lead in 2025 trade-in programme. Sun Hung Kai & Co (86 HK/BUY/HK$2.68/Target: HK$5.24): 2024 preview: Capturing opportunities from market dislocations. MALAYSIA Strategy Trading Opportunity Knocks: The FBMKLCI’s ytd decline of 5.3%, markedly worse than anticipated, drives compelling trading activities par...
- Thanawat Thangchadakorn
Krungthai Card (KTC TB) - 3Q24: Results In Line; Credit Cost And NPL R...
KTC posted a 3Q24 net profit of Bt1.92b (+3% yoy, +5% qoq). The results are in line with our and consensus estimates. Credit costs and NPL ratio declined qoq due to KTC’s attempt to prioritise maintaining good asset quality. KTC believes the debt relief measures to help flood victims will not significantly affect the company’s operations. It is one of the beneficiaries of the policy rate cut and we are positive on its asset quality outlook. Maintain BUY with a target price of Bt60.00.
- Kampon Akaravarinchai
- Thanawat Thangchadakorn
Thailand Daily - Monday, October 21, 2024
KEY HIGHLIGHTS Results Kiatnakin Phatra Bank (KKP TB/HOLD/Bt52.50/Target: Bt54.00) 3Q24: Results a huge positive surprise; a large reduction in credit cost. Krungthai Card (KTC TB/BUY/Bt48.50/Target: Bt60.00) 3Q24: Results in line; credit cost and NPL ratio down qoq. TMBThanachart Bank (TTB TB/BUY/Bt1.83/Target: Bt2.16) 3Q24: Results in line; lower credit cost qoq. Upgrade to BUY. Update Thai Union Group (TU TB/BUY/Bt14.80/Targ...
- Bella Lu Yifei
- Benyamin Mikael
- Desmond Chong Chee Wai
- Greater China Research Team
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Monday, October 21, 2024
GREATER CHINA Economics Economic Activity 3Q24 GDP growth slows to 4.6% yoy, but September shows stabilisation. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb249.89/Target: Rmb350.00) 3Q24: Earnings in line. Maintain BUY. Target price: Rmb350.00. Fuyao Glass Industry Group (3606 HK/BUY/HK$56.60/Target: HK$68.00) 3Q24: Core earnings spike 53.5% yoy, in line with estimates. Maintain BUY. Target price: HK$68...
KTC KRUNGTHAI CARD PCL
KKP KIATNAKIN BANK
CTRA CIPUTRA DEVELOPMENT
1295 PUBLIC BANK BHD
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
RGB RGB INTERNATIONAL BHD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
00020 SENSETIME GROUP INC
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
PEKAT PEKAT GROUP BHD
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