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Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Kiatnakin Phatra Bank (KKP TB) - Revises 2025 Targets; Expects Credit...

The tone of the analyst meeting on Tuesday was positive. Management has revised the financial targets for 2025. KKP guided a positive outlook for credit cost, which will be offset by a 2025 loan reduction of 5-8% yoy. KKP revealed that a selective growth strategy has yielded impressive returns. Meanwhile, the company is actively seeking opportunities to increase shareholder returns through various capital management initiatives, but has yet to give any details. Maintain HOLD with a target p...

Tanaporn Visaruthaphong ... (+2)
  • Tanaporn Visaruthaphong
  • Thanawat Thangchadakorn

Thailand Daily - Thursday, July 24, 2025

KEY HIGHLIGHTS Sector Banking 2Q25: Results beat; investment income lifts the bottom line above forecasts. Update Bangkok Bank (BBL TB/HOLD/Bt147.50/Target: Bt154.00) Maintain 2025 financial year targets but revise 2025 GDP forecast downward. Kiatnakin Phatra Bank (KKP TB/HOLD/Bt52.75/Target: Bt50.00) Revise 2025 targets; credit costs expected to decline. WHA Corporation (WHA TB/BUY/Bt3.48/Target: Bt4.80) 2Q25 results preview: Expect softer net profit momentum.

Adrian Loh Tzum Yung ... (+14)
  • Adrian Loh Tzum Yung
  • Alden Gabriel Lam
  • Benyamin Mikael
  • Colin Lee
  • Ejann Hiew
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Keith Wee Teck Keong
  • Kenny Yong Hui Lim
  • Kong Ho Meng
  • Tanaporn Visaruthaphong
  • Thanawat Thangchadakorn

Regional Morning Meeting Notes: Thursday, July 24, 2025

Results ASMPT (522 HK/BUY/HK$63.20/Target: HK$92.40): 2Q25: Results largely in line. Solid bookings beat as mainstream tools recover; AP tools progressing well in logic and at HBM clients. Update Prudential (2378 HK/BUY/HK$98.10/Target: HK$128.00): 1H25 results preview: Expecting solid NBP growth and focusing on capital management. INDONESIA Small/Mid Cap Highlights Medco Energi Internasional (MEDC IJ/NOT RATED/Rp1,260): Disciplined strategy and portfolio diversification. MALAYSIA Update CIMB ...

Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Kiatnakin Phatra Bank (KKP TB) - 2Q25: Results Beat Expectations; Prov...

KKP posted a 2Q25 net profit of Bt1.06b (-30% yoy, -25% qoq). The results beat our and consensus expectations by 29% and 26% respectively. The key positive surprise was a qoq jump in investment gains and a reduction in provision expenses. Provision expenses fell 45% yoy and 12% qoq in 2Q25. Credit cost declined 19bp qoq to 178bp in 2Q25. We maintain a cautious view on the used car price index. Maintain HOLD. Target price: Bt50.00.

Arsit Pamaranont ... (+2)
  • Arsit Pamaranont
  • Thanawat Thangchadakorn

Thailand Daily: Tuesday, July 22, 2025

KEY HIGHLIGHTS Results Kasikorn Bank (KBANK TB/BUY/Bt160.00/Target: Bt185.00) 2Q25: Results in line with market forecasts; provision expenses increased qoq. Kiatnakin Phatra Bank (KKP TB/HOLD/Bt48.00/Target: Bt50.00) 2Q25: Results beat expectations; provisions declined yoy and qoq. Krung Thai Bank (KTB TB/HOLD/Bt21.40/Target: Bt24.00) 2Q25: Results beat; investment gains boosted a strong bottom line. SCB X (SCB TB/HOLD/Bt121.00/Target: Bt134.00) 2Q25: Results beat; investment and trading incom...

Chong Lee Len ... (+8)
  • Chong Lee Len
  • Damon Shen
  • Heidi Mo Jinghui
  • Jieqi Liu
  • Jo Yee Ng
  • John Cheong Ming Chern
  • Posmarito Pakpahan
  • Thanawat Thangchadakorn

Regional Morning Meeting Notes: Tuesday, July 22, 2025

GREATER CHINA Sector Property: Channel check on Guangzhou’s and Shenzhen’s primary residential markets; 1H25 earnings preview for Longfor. INDONESIA Sector Banking: 1H25 results preview: Diverging earnings growth. MALAYSIA Sector Renewable Energy: PETRA announced the approval of 180.8MW of FIT RE projects and EPCC jobs worth RM1.87b. Maintain OVERWEIGHT. Top picks: Tenaga, Malakoff and Pekat. Results CapitaLand Malaysia Trust (CLMT MK/BUY/RM0.65/Target: RM0.78): Q25: Results in line. The stock...

Carol Dou Xiao Qin ... (+12)
  • Carol Dou Xiao Qin
  • Gigi Cheuk
  • Heidi Mo Jinghui
  • Jack Lai Yuan Khai
  • John Cheong Ming Chern
  • Julia Pan Mengyao
  • Kate Luang
  • Lester Siew
  • Ming San Soong
  • Sunny Chen
  • Thanawat Thangchadakorn
  • Willinoy Sitorus

Regional Morning Meeting Notes: Thursday, June 19, 2025

GREATER CHINA Sector Healthcare Entering a new phase of accelerated growth. Upgrade to OVERWEIGHT. Internet 618 Festival – Evolving consumer trends and continued focus on value for money. Small/Mid Cap Highlights JBM Healthcare (2161 HK/BUY/HK$2.85/Target: HK$3.31) Takeaways from luncheon. INDONESIA Update Kalbe Farma (KL...

Kiatnakin Phatra Bank Public Company Ltd: 1 director

A director at Kiatnakin Phatra Bank Public Company Ltd bought 100,000 shares at 45.625THB and the significance rating of the trade was 53/100. 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...

Adrian Loh Tzum Yung ... (+14)
  • 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...

Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Kiatnakin Phatra Bank (KKP TB) - 1Q25: Results Miss Market Expectation...

KKP posted a 1Q25 net profit of Bt1.06b (-30% yoy, -25% qoq). The results were in line with our forecast but missed consensus expectation by 15%. KKP could reduce losses from the sale of repossessed vehicles by 52% yoy and 37% qoq. However, we raise our provision expense assumption due to the uncertainties surrounding the US tariffs. We have factored in the expected policy rate of 1.5%. Maintain HOLD. Target price: Bt48.00.

Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Thailand Daily: Tuesday, April 22, 2025

KEY HIGHLIGHTS Results Kasikorn Bank (KBANK TB/BUY/Bt148.50/Target: Bt175.00) 1Q25: Results beat expectation; a significant decrease in credit costs. Kiatnakin Phatra Bank (KKP TB/HOLD/Bt50.00/Target: Bt48.00) 1Q25: Results miss market expectations; provisions jump yoy and qoq. SCB X (SCB TB/BUY/Bt112.50/Target: Bt130.00) 1Q25: Results in line; intends to maintain a high dividend payout ratio.

Bella Lu Yifei ... (+12)
  • Bella Lu Yifei
  • Colin Lee
  • Damon Shen
  • Jieqi Liu
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • Julia Pan Mengyao
  • Ken Lee
  • Kong Ho Meng
  • Ming San Soong
  • Posmarito Pakpahan
  • Thanawat Thangchadakorn

Regional Morning Meeting Notes: Tuesday, April 22, 2025

GREATER CHINA Sector Property Supportive policy remarks by Premier Li Qiang point to further upside; upcoming Politburo meeting to be an important policy window. Results Fuyao Glass Industry Group (3606 HK/BUY/HK$49.15/Target: HK$68.00) 1Q25: Earnings up 46% yoy, in line with estimates. Maintain BUY. Target price: HK$68.00. Han’s Laser (002008 CH/BUY/Rmb24.27/Target: Rmb32.20) 1Q25: Net pro...

Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Kiatnakin Phatra Bank (KKP TB) - 4Q24: Results A Huge Positive Surpris...

KKP posted 4Q24 net profit of Bt1.4b (+110% yoy, +8% qoq). The results are far above our and consensus expectations by 39% and 37% respectively. However, the notable qoq increase was due to a net gain on financial instruments measured at fair value through profit or loss (FVPL). Meanwhile, provision expenses spiked 34% qoq in 4Q24. Nevertheless, we expect KKP’s share price to have limited downside due to the remaining share repurchase. Maintain HOLD with a target price of Bt52.00.

Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Thailand Daily - Tuesday, January 21, 2025

KEY HIGHLIGHTS Results Kiatnakin Phatra Bank (KKP TB/HOLD/Bt51.50/Target: Bt52.00) 4Q24: Results a huge positive surprise, but provisions jump qoq. TMBThanachart Bank (TTB TB/BUY/Bt1.82/Target: Bt2.16) 4Q24: Results in line; well-controlled asset quality in 2024.

Anas Fitri Bin Ahmad ... (+12)
  • Anas Fitri Bin Ahmad
  • Benyamin Mikael
  • Chong Lee Len
  • Damon Shen
  • Heidi Mo Jinghui
  • Jieqi Liu
  • John Cheong Ming Chern
  • Lester Siew
  • Llelleythan Tan Tan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Thanawat Thangchadakorn

Regional Morning Notes - Tuesday, January 21, 2025

GREATER CHINA Sector Property: Per capita tourism spending weakens further despite a yoy increase in visitor numbers; 2025 will continue to be a challenging year. Update Jiumaojiu International Holdings (9922 HK/BUY/HK$2.74/Target: HK$4.00): Business operations deteriorate in 4Q24; being cautious on new store openings; continuous closures of underperforming stores may happen in 2025. INDONESIA Sector Property: Undemanding valuation amid increased uncertainty. MALAYSIA Update Hap Seng Plantati...

Jonathan Koh ... (+8)
  • Jonathan Koh
  • Philip Wong
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Singapore Research Team
  • Stella Guo Yuting
  • Tham Mun Hon
  • Thanawat Thangchadakorn

Regional Morning Meeting Notes: Thursday, January 02, 2025

GREATER CHINA Economics PMI A strong rebound for non-manufacturing PMI. Sector Macau Gaming Dec 24 GGR below expectations; expect 2025 GGR to recover to 82% of 2019’s level. INDONESIA Update Mitra Keluarga Karyasehat (MIKA IJ/BUY/Rp2,540/Target: Rp3,300) Expect a double-digit earnings growth in 2025 MALAYSIA Sector Heal...

BDMS BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO. LTD.
KKP KIATNAKIN BANK
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
5225 IHH HEALTHCARE BHD.
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
544 CSE GLOBAL LTD.
7090 APEX HEALTHCARE
KTB KRUNG THAI BANK PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
TISCO TISCO FINANCIAL GROUP
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
00027 GALAXY ENTERTAINMENT GROUP LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
C61U CAPITALAND COMMERCIAL TRUST
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
599A SANDS CHINA LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
SATS SP SATS LTD.
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
AMOKD 3DX INDUSTRIES INC
CVL CIVMEC
TSVT 2SEVENTY BIO INC
SCB SCB X PUBLIC COMPANY LIMITED
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
AL2SI 2CRSI SA
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
0303 ALPHA IVF GROUP
Arsit Pamaranont ... (+15)
  • Arsit Pamaranont
  • Chong Lee Len
  • Colin Lee
  • Jack Goh Tooan Orng
  • Jack Lai Yuan Khai
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Julia Pan Mengyao
  • Kenny Yong Hui Lim
  • Ming San Soong
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Stevanus Juanda
  • Tanaporn Visaruthaphong
  • Thanawat Thangchadakorn

Regional Morning Meeting Notes: Thursday, October 24, 2024

GREATER CHINA Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$314.80/Target: HK$364.00) 3Q24: Risk-and-reward is more balanced. Upgrade to BUY. Han’s Laser (002008 CH/HOLD/Rmb24.42/Target: Rmb22.70) 3Q24: Net profit misses, but visibility of recovery improving. Downgrade to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$62.15/Target: US$85.00) 1QFY25: In line; moderated growth outlook in 2QFY25 on low seasonality. Update Xtep International Holdings (...

Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Kiatnakin Phatra Bank (KKP TB) - 3Q24: Results A Huge Positive Surpris...

KKP posted 3Q24 net profit of Bt1.3b (+2% yoy, +70% qoq). The results were above our and consensus expectations by 63% and 42% respectively. The main increase was attributed to a large reduction in credit cost qoq. Non-II improved qoq due to better capital market conditions. We expect KKP’s share price to have limited downside, not falling below B49.00, due to the remaining 50% share repurchase programme in effect until 28 Nov 24. Maintain HOLD with a target price of Bt54.00.

Kampon Akaravarinchai ... (+2)
  • 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 ... (+13)
  • 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...

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