reports
- 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
- 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) ...
LH LAND & HOUSES PUBLIC CO. LTD.
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
COM7 COM7
GFPT GFPT
HANA HANA MICROELECTRONICS PCL
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
LPN LPN DEVELOPMENT PCL
PSH PRUKSA HOLDING PCL
- 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)
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
- 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
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
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
- 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...
BJC BERLI JUCKER PUBLIC CO. LTD.
ELEC ELECTRICITE DE STRASBOURG S.A.
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
AP AP THAILAND
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
RATCH RATCH GROUP PUBLIC CO. LTD.
TIDLOR NGERN TID LOR PCL
BTG BETAGRO PUBLIC COMPANY LIMITED
- 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
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
- 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
- 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...
ASM PACIFIC TECHNOLOGY LIMITED
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
UNTR PT UNITED TRACTORS TBK
1155 MALAYAN BANKING BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
CENTEL CENTRAL PLAZA HOTEL
ASII PT ASTRA INTERNATIONAL TBK
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AXIATA AXIATA GROUP BERHAD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
BTG BETAGRO PUBLIC COMPANY LIMITED
- 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...
CK CH. KARNCHANG PCL
1023 CIMB GROUP HOLDINGS BHD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
AMATA AMATA CORP
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
PTBA PT BUKIT ASAM TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
01478 Q TECHNOLOGY (GROUP) CO. LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
PBBANK PUBLIC BANK BERHAD
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
RHBBANK RHB BANK BHD
SOP SARAWAK OIL PALMS BERHAD
HLFG HONG LEONG FINANCIAL GROUP
MTC MUANGTHAI CAPITAL PCL
KIML KIM LOONG RESOURCES BHD
KTB-R KRUNG THAI BANK PCL NVDR
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
AMM AMMB HOLDINGS BHD
CPALL TB CP ALL
HLBK HONG LEONG BANK BERHAD
BNII PT BANK MAYBANK INDONESIA TBK
GENP GENTING PLANTATIONS BHD
ABANK AFFIN BANK BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
OXMU PRIME US REIT
TIDLOR NGERN TID LOR PCL
KORE KEPPEL PACIFIC OAK US REIT
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Thanawat Thangchadakorn
Srisawad Corporation (SAWAD TB) - 3Q24: Results In Line; Credit Cost D...
SAWAD reported 3Q24 earnings of Bt1,301m (-6% yoy, +3% qoq). The results are in line with our and consensus expectations. Credit cost declined qoq. Meanwhile, the NPL ratio continued to increase qoq, which is in line with the company’s guidance of an increase in NPL returning to pre-pandemic levels. Although the credit cost improving qoq signals a positive outlook, the NPL ratio continues to increase qoq. Maintain HOLD with an unchanged target price of Bt42.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Thursday, November 14, 2024
KEY HIGHLIGHTS Results CP ALL (CPALL TB/BUY/Bt63.00/Target: Bt85.00) 3Q24: Stronger-than-expected earnings. Electricity Generating PCL (EGCO TB/BUY/Bt113.00/Target: Bt150.00) 3Q24: Strong 3Q24 results as expected. Hana Microelectronics (HANA TB/BUY/Bt35.00/Target: Bt48.00) 3Q24: Lacklustre earnings due to significant decline in gross profit margin. Plan B Media (PLANB TB/BUY/Bt7.35/Target: Bt9.00) 3Q24: Earnings in line; expect earnings growth in 4Q24 due to the high season. Upgr...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Posmarito Pakpahan
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Singapore Research Team
- Sunny Chen
- Tanaporn Visaruthaphong
- Thailand Research Team
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, August 26, 2024
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb9.96/Target: Rmb12.50) 1H24: Results lower than expected; striving for growth amid weak economic conditions. ENN Energy Holdings (2688 HK/HOLD/HK$53.50/Target: HK$58.40) 1H24: Below expectations; earnings dragged by sluggish new installation and absence of LNG trading gain. Hysan Development (14 HK/BUY/HK$11.36/Target: HK$15.41) 1H24 Interim results remains stable yoy; retail portfolio being ...
XGH ENN ENERGY HOLDINGS LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
00014 HYSAN DEVELOPMENT CO. LTD.
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
01585 YADEA GROUP HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
MISC MISC BHD
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
BST BERJAYA SPORTS TOTO BHD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
338 WEICHAI POWER
OR PTT OIL & RETAIL BUSINESS PCL
CK CH. KARNCHANG PUBLIC CO LTD
BBNI BANK NEGARA INDONESIA PERSER
Z29 029 GROUP SE
LNGFOR LONGFOR GROUP
- Thanawat Thangchadakorn
Srisawad Corporation (SAWAD TB) -NPL Ratio Will Continue To Increase B...
We came away from last Friday’s analyst meeting with a neutral view. Management reiterated that the NPL ratio will continue to increase back to the pre-COVID-19 level. However, the company maintains the NPL ratio target at below 3.5% for 2024. SAWAD revealed that the repossessing of cars continues to fall at present. Nevertheless, we believe the momentum of asset quality deterioration will maintain for the rest of this year. Maintain HOLD with an unchanged target price of Bt32.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Monday, August 19, 2024
KEY HIGHLIGHTS Update COM7 (COM7 TB/HOLD/Bt22.00/Target: Bt21.70) The huge replacement cycle is still uncertain. Krungthai Card (KTC TB/BUY/Bt39.50/Target: Bt48.00) Prioritises good asset quality; maintaining minimum payment of 8% will be positive. PTT (PTT TB/BUY/Bt33.25/Target: Bt37.00) Solid financial position to support any unfavourable measures. Srisawad Corporation (SAWAD TB/HOLD/Bt32.00/Target: Bt32.00) NPL ratio will continue to increase back to the pre-COVID-19 level.
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