A director at Srisawad Corporation Pcl bought 1,200,000 shares at 16.860THB and the significance rating of the trade was 67/100. 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...
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...
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.
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...
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 ...
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.
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.
GREATER CHINA Sector Banking: 2Q24 results preview: Shifting away from volume to price. Results Li Ning (2331 HK/BUY/HK$13.10/Target: HK$19.90): 1H24: Better-than-expected results; trim revenue guidance but maintain margin expectation for 2024. Upgrade to BUY. ZTE Corporation (763 HK/BUY/HK$16.76/Target: HK$19.00): 2Q24: Product mix deterioration offset by cost controls. INDONESIA Update Bukalapak.com (BUKA IJ/BUY/Rp120/Target: Rp270): Sustainable positive adjusted EBITDA. MALAYSIA Small/Mid C...
SAWAD reported 2Q24 earnings of Bt1,265m (+10% yoy, flat qoq). The results are in line with consensus expectations but below our forecast by 8%. The qoq rise in credit cost and NPL ratio indicates a deterioration in asset quality. However, the upward NPL trend is in line with management’s guidance. We reckon that the asset quality issue will drag SAWAD’s earnings in the future. Maintain HOLD with a lower target price of Bt32.00.
KEY HIGHLIGHTS Strategy Uncertainties Arise as Court Removes PM from Office The court’s verdict raises concerns for the equities market and sector regarding policy continuity and economic stimulus, especially commerce. Results Central Plaza Hotel (CENTEL TB/SELL/Bt32.75/Target: Bt46.00) 2Q24: Weaker-than-expected results. CH Karnchang PCL (CK TB/BUY/Bt18.00/Target: Bt26.50) 2Q24: In line with expectations; expect volatility from polit...
GREATER CHINA Initiate Coverage Joyson Electronics Corp (600699 CH/BUY/Rmb16.71/Target: Rmb26.00) Riding on the vehicle electrification and intelligentisation trends. Initiate coverage with BUY. Target price: Rmb26.00. Results Li Auto (2015 HK/SELL/HK$99.90/Target: HK$70.00) 1Q24: Results miss estimates with unexpected operating loss. Cut target price from HK$85.00 to HK$70.00. Maintain SELL. INDONESIA Update United Tractors (UNTR IJ/SELL/Rp22,850/Target: Rp20,...
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