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.
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...
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...
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.
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...
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.
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) ...
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...
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...
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 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.
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.
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...
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...
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.
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...
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...
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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