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.
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.
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...
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.
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...
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...
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.
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.
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...
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...
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 ...
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...
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.
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...
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.
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.
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...
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.
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...
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...
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.