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Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Srisawad Corporation (SAWAD TB) - Lower 2026 Credit Cost Target Range

Company Update | Srisawad Corporation (SAWAD TB/HOLD/Bt26.00/Target: Bt28.00) We attended SAWAD’s analyst meeting and came away with a neutral view. Management guides the loan portfolio will continue to grow with improved asset quality, and should expand qoq in 4Q25, mainly driven by vehicle title loans. Management revised the 2026 credit cost guidance down to 150-180bp (vs the previous 180-200bp for 2026). Maintain HOLD with a target price of Bt28.00.

Arsit Pamaranont ... (+5)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Kasemsun Koonnara
  • Tanapon Cholkadidamrongkul
  • Thanawat Thangchadakorn

Thailand Daily - Monday, November 17, 2025

Top Stories Company Results | Central Pattana (CPN TB/BUY/Bt50.25/Target: Bt73.10) CPN reported a net profit of Bt5.4b in 3Q25 (+31.5% yoy, +26% qoq), supported by one-off items. Core earnings were strong as expected, improving both yoy and qoq. We anticipate the resilient core operational performance continuing into 4Q25. We are optimistic about CPN, given its resilient performance and positive business outlook with expansion plans. Maintain BUY. Target price: Bt73.10. Company Update | Char...

Andrew Agita Buntoro ... (+13)
  • Andrew Agita Buntoro
  • Benjaphol Suthwanish
  • Claire Wang Kelai
  • Heidi Mo Jinghui
  • John Cheong Ming Chern
  • Kasemsun Koonnara
  • Kong Ho Meng
  • Lester Siew
  • Roy Chen Chengzhi
  • Tanapon Cholkadidamrongkul
  • Tham Mun Hon
  • Thanawat Thangchadakorn
  • Willinoy Sitorus

Regional Morning Meeting Notes: Monday, November 17, 2025

Greater China Economics | Economic Activity Industrial production growth slowed sharply to 4.9% yoy in Oct 25 (-1.6ppt mom). FAI also stayed weak, falling 1.7% yoy ytd (-1.2ppt mom), dragged by property FAI which dropped 14.5% yoy ytd. Retail sales growth edged lower to 2.9% yoy (-0.1ppt yoy). On a positive note, unemployment improved to 5.1%. Overall, the data points to a weakening growth momentum. Indonesia Company Results | XLSMART Telecom Sejahtera (EXCL IJ/BUY/Rp2,720/Target: Rp3,10...

Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Srisawad Corporation (SAWAD TB) - 3Q25: Results In Line With Consensus...

Company Results | Srisawad Corporation (SAWAD TB/HOLD/Bt26.00/Target: Bt28.00) SAWAD reported a net profit of Bt1.32b in 3Q25, up 2% yoy and 4% qoq. The results beat our estimate by 11% but are in line with consensus expectation. Non-II rose significantly due to a gain from the investment in THAI. Excluding this gain, net profit would be Bt1.23b, in line with our expectation. Credit costs decreased qoq. Maintain HOLD with a target price of Bt28.00.

Arsit Pamaranont ... (+6)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Kasemsun Koonnara
  • Tanapon Cholkadidamrongkul
  • Tanaporn Visaruthaphong
  • Thanawat Thangchadakorn

Thailand Daily - Friday, November 14, 2025

Top Stories Company Results | AP (Thailand) (AP TB/BUY/Bt7.90/Target: Bt9.30) AP posted a net profit of Bt1.15b in 3Q25 (-20% yoy, +15% qoq), in line with our estimate. The qoq improvement was underpinned by a solid performance in the low-rise segment, improved gross margin and higher equity income. AP revised down its 2025 launch plan from Bt65.0b to Bt59.6b. However, we are optimistic about the presales and earnings outlook for 4Q25. We still like AP as the market leader with a more aggressi...

Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Srisawad Corporation (SAWAD TB) - 2Q25: Results Beat Expectations, But...

SAWAD reported 2Q25 earnings of Bt1.27b (flat yoy, +15% qoq). The results beat our and consensus expectations by 12% and 14%, respectively. Credit costs rose qoq. The NPL ratio stabilised qoq. SAWAD’s share price gained an impressive 26% in the past month, aligning with our conviction call that we expect a rebound. However, we remain cautious on asset quality and the credit cost outlook. Downgrade from BUY to SELL with a lower target price of Bt20.00.

Arsit Pamaranont ... (+6)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Kasemsun Koonnara
  • Kitpon Praipaisarnkit
  • Tanapon Cholkadidamrongkul
  • Thanawat Thangchadakorn

Thailand Daily - Friday, August 15, 2025

KEY HIGHLIGHTS Results COM7 (COM7 TB/BUY/Bt24.50/Target: Bt29.50) 2Q25: Better-than-expected earnings. Electricity Generating (EGCO TB/BUY/Bt113.00/Target: Bt125.00) 2Q25: Results beat expectations, with yield remaining impressive. GFPT (GFPT TB/BUY/Bt10.10/Target: Bt15.50) 2Q25: Earnings beat expectations on solid profitability. Hana Microelectronics (HANA TB/HOLD/Bt22.60/Target: Bt20.00) ...

Thailand Research Team
  • 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.

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...

BJC BERLI JUCKER PUBLIC CO. LTD.
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)

Srisawad Corporation Pcl: 1 director

A director at Srisawad Corporation Pcl sold 385,000 shares at 21.467THB and the significance rating of the trade was 78/100. 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 over the last two yea...

Benjaphol Suthwanish ... (+16)
  • 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...

Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Srisawad Corporation (SAWAD TB) - Taking A More Conservative Approach ...

We came away from last Friday’s analyst meeting with a slightly positive view. Management will be more conservative and prioritise good asset quality, as opposed to focusing on growth. The company revised its 2025 loan growth targets to 5.0-10% yoy. Management guided to pay a cash dividend this year instead of a stock dividend. Maintain cautious view on asset quality. Maintain BUY due to the share price upside. Target price: Bt32.00.

Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Srisawad Corporation (SAWAD TB) - 1Q25: Results Miss Expectations; Cre...

SAWAD reported 1Q25 earnings of Bt1.1b (-13% yoy, -10% qoq). The results are below our and consensus expectations by 8%. Credit costs rose qoq. The NPL ratio increased qoq, approaching the higher end of its 2025 NPL ratio target of 3-4%. Although the asset quality outlook seems gloomy, we expect some upside to the current share price. We expect share price to rebound after consolidating. Maintain BUY with a target price of Bt32.00.

Arsit Pamaranont ... (+6)
  • Arsit Pamaranont
  • Benjaphol Suthwanish
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Tanapon Cholkadidamrongkul
  • Thanawat Thangchadakorn

Thailand Daily - Thursday, May 15, 2025

KEY HIGHLIGHTS Results AP Thailand (AP TB/BUY/Bt6.70/Target: Bt9.60) 1Q25: Earnings in line, improvement expected in 2Q25. Bangkok Dusit Medical Services (BDMS TB/BUY/Bt24.10/Target: Bt33.00) 1Q25: Reported earnings in line with decent yoy growth. Berli Jucker (BJC TB/BUY/Bt23.70/Target: Bt28.00) 1Q25: Better-than-expected earnings growth. Electricity Generating PCL (EGCO TB/BUY/Bt109.00/Target: Bt115.00) 1Q25: Solid 1Q25 results with still-impressive yield. Ratch Group...

Benyamin Mikael ... (+9)
  • 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 ...

Chong Lee Len ... (+7)
  • 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...

Thanawat Thangchadakorn
  • Thanawat Thangchadakorn

Srisawad Corporation (SAWAD TB) - 4Q24: Results Miss Expectations; Sur...

SAWAD reported 4Q24 earnings of Bt1,225m (-3% yoy, -6% qoq). The results are below our and consensus expectations by 7%. Credit cost declined qoq. However, the NPL ratio continued to increase qoq, exceeding the company’s guidance of 3.5%. Although the improving credit cost qoq signals a positive outlook, the NPL ratio continues to rise qoq. Moreover, the loan contraction has raised our concern about the company's growth. Maintain HOLD with a lower target price of Bt38.00.

Kampon Akaravarinchai ... (+3)
  • 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...

Adrian Loh Tzum Yung ... (+19)
  • Adrian Loh Tzum Yung
  • Benjaphol Suthwanish
  • Chong Lee Len
  • Claire Wang Kelai
  • Colin Lee
  • Damon Shen
  • Ejann Hiew
  • Heidi Mo Jinghui
  • Jo Yee Ng
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Kampon Akaravarinchai
  • Keith Wee Teck Keong
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Stevanus Juanda
  • Tham Mun Hon
  • Thanawat Thangchadakorn

Regional Morning Meeting Notes: Thursday, February 27, 2025

GREATER CHINA Economics Hong Kong Budget 2025-26 The budget balances fiscal discipline with strategic growth initiatives. Results ASMPT (522 HK/BUY/HK$64.05/Target: HK$80.00) 4Q24: Earnings disappoint; mainstream tools recovering in 2025 but visibility remains low. Maintain BUY. Budweiser APAC (1876 HK/BUY/HK$8.66/Target: HK$13.30) 4Q24: Results miss slightly; CEO change and increased shareho...

Anas Fitri Bin Ahmad ... (+10)
  • Anas Fitri Bin Ahmad
  • Benyamin Mikael
  • Colin Lee
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Keith Wee Teck Keong
  • Kitpon Praipaisarnkit
  • Lester Siew
  • Thailand Research Team
  • Thanawat Thangchadakorn

Regional Morning Meeting Notes: Monday, January 13, 2025

GREATER CHINA Sector IT Hardware Solid 2024 Shipment Data; recovery in 2025 remains intact. Maintain OVERWEIGHT . INDONESIA Small/Mid Caps Highlights Bukit Asam (PTBA IJ/NOT RATED/Rp2,690) Strong production outlook towards 2029. MALAYSIA Sector Banking Malaysian banks are likely to take a cautious and gradual approach to capital managemen...

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