reports
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - A Revision Of Master Plan Is Imminent
AOT will soon change the direction of its project development to correspond with the new government’s policy reform. The South Terminal along with Runway 4 will become the main focus for AOT as it looks to expand passenger capacity at Suvarnabhumi Airport to up to 120m per year. We are positive on the clear development plan from AOT, but there could be headwinds from the approval process and questions on the additional capacity. Maintain BUY. Target price: Bt70.00.
- Benjaphol Suthwanish
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Julia Pan Mengyao
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Sunny Chen
Regional Morning Meeting Notes: Friday, September 27, 2024
GREATER CHINA Results New World Development (17 HK/SELL/HK$8.19/Target: HK$7.02) FY24: Temporarily halts dividends; recovery of profitability takes time. Update Alibaba Health Information Technology (241 HK/BUY/HK$3.90/Target: HK$4.70) Non-drug healthcare products and marketing business to drive growth in FY25-27. Baidu Inc (9888 HK/HOLD/HK$95.75/Target: HK$90.00) Key highlights from Baidu Cloud Intelligence Conference 2024. INDONESIA Update Bank Negara Ind...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Kampon Akaravarinchai
- Ken Lee
- Kitpon Praipaisarnkit
- Philip Wong
- Posmarito Pakpahan
- Thailand Research Team
Regional Morning Meeting Notes: Monday, September 09, 2024
GREATER CHINA Sector Automobile Weekly: PV sales rebound by 10% yoy, beating estimates. Maintain MARKET WEIGHT. Top BUYs: CATL and Desay SV. Top SELL: XPeng. INDONESIA Update Pertamina Geothermal Energy (PGEO IJ/BUY/Rp1,130/Target: Rp1,400) Additional capacity of 55MW by Dec 24. Upgrade to BUY with target price unchanged. MALAYSIA Initiate Coverage 99 Speed Mart Retail (99SMART MK/BUY/RM1.65/Target: RM2.00) ...
300014 EVE ENERGY CO. LTD. CLASS A
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
COM7 COM7
KBANK KASIKORNBANK PUBLIC CO. LTD.
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
1772 GANFENG LITHIUM CO. LTD. CLASS H
WHA TB WHA CORP PCL
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
PGEO PERTAMINA GEOTHERMAL ENERGY
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
- 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
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - The Increase In PSC Is Becoming More L...
The tone from AOT’s analyst meeting in reviewing 3QFY24 results was positive. The results were solid, supported by strong growth in international passengers and flights. A target of 130m passengers has been set for FY25 and we are seeing a lift in passenger arrival momentum going into 4QFY24. We believe AOT’s prospects are promising as we seeing more concrete progress in the current projects. Maintain BUY. Target price: Bt70.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Friday, August 16, 2024
KEY HIGHLIGHTS Results Central Pattana (CPN TB/BUY/Bt54.25/Target: Bt83.00) 2Q24: Strong results; expect 2024 earnings to hit a new record high. Electricity Generating PCL (EGCO TB/BUY/Bt99.50/Target: Bt150.00) 2Q24: Results in line, optimistic on 2H24. Star Petroleum Refining (SPRC TB/BUY/Bt7.05/Target: Bt9.50) 2Q24: Results below estimates but bottom out. Upgrade to BUY. Update Airports of Thailand (AOT TB/BUY/Bt58.25/Target: Bt7...
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Heidi Mo Jinghui
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, August 16, 2024
GREATER CHINA Economics Economic Activity Another month of lacklustre growth. Sector Automobile Weekly: PEV market share tops record 53% on increased subsidies. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Desay SV. Top SELLs: XPeng and Nexteer. Results Alibaba Group (9988 HK/BUY/HK$76.40/Target: HK$95.00) 1QFY25: Solid cloud re...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
600132 CHONGQING BREWERY CO.LTD CLASS A
ERW ERAWAN GROUP
7148 DUOPHARMA BIOTECH
F34 WILMAR INTERNATIONAL LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
SPRC STAR PETROLEUM REFINING
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
DLG DIALOG GROUP BHD
CPN-R CENTRAL PATTANA PCL NVDR
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
338 WEICHAI POWER
709 GIORDANO INTERNATIONAL LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
123F 123FAHRSCHULE SE
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH TBK PT
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Benjaphol Suthwanish
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Kasemsun Koonnara
- Kate Luang
- Ken Lee
- Nurul Nazira Binti Abdullah
- Philip Wong
- Posmarito Pakpahan
- Stevanus Juanda
Regional Morning Notes - Friday, July 26, 2024
GREATER CHINA Sector Automobile: Weekly: PV insurance registration down 6.5% yoy and up 9% wow; in line. Maintain MARKET WEIGHT. Top BUYs: CATL and Desay SV. Top SELL: XPeng. Property: Trim earnings estimates for Chinese developers amid ASP pressure and weakening consumption. Property Management: 1H24 preview: Development largely on track despite pressure on VAS. Results Plover Bay Technologies (1523 HK/BUY/HK$4.02/Target: HK$6.05): 1H24: Accelerated brand recognition fuels greater product deplo...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
MLT MAPLETREE LOGISTICS TRUST
SIDO INDUSTRI JAMU DAN FARMASI SI
IGBREIT IGB REAL ESTATE INVESTMENT T
NESZ NESTLE (MALAYSIA) BERHAD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - The Only Way Is Up
AOT’s 3QFY24 earnings are expected to come in at Bt4.6b (+47% yoy, -19.8% qoq). The strong yoy growth is mainly driven by the continued inflow of international passengers. The recent bad news has spooked investors and driven them to sell AOT stocks. We believe that all of the negatives have already been priced into the current share price, and hence there is plenty of upside to the stock. Maintain BUY. Target price: Bt70.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily - Friday, July 26 , 2024
KEY HIGHLIGHTS Sector Property Expect earnings rebound in 2Q24; challenges persist in 2H24. Update Airports of Thailand (AOT TB/BUY/Bt58.25/Target: Bt70.00) The only way is up. Minor International (MINT TB/BUY/Bt32.00/Target: Bt39.00) Expect busy Europe to contribute to a record-high core profit in 2Q24.
- MarketLine Department
Grupo Aeroportuario del Centro Norte SAB de CV - Company Profile and S...
Summary Grupo Aeroportuario del Centro Norte SAB de CV - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Grupo Aeroportuario del Centro Norte SAB de CV (OMA) holds concessions to operate, maintain, and develop 13 airports in Mexico through its subsidiaries. The airports opera...
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - Remain Hopeful Going Into 2HFY24
AOT concluded 1HFY24 with 61.2m passengers, 51% of its FY24 target of 120m. 2QFY24 results of Bt5.8b were in line with our and consensus expectations. Going into the low travel season in 2HFY24, we see an encouraging tourist momentum, but at the same time, there is still a potential downside if the tourism recovery pace is slower than expected. Maintain BUY. Target price: Bt75.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Friday, May 17, 2024
KEY HIGHLIGHTS Update Airports of Thailand (AOT TB/BUY/Bt67.00/Target: Bt75.00) Remain hopeful going into 2HFY24. Banpu (BANPU TB/HOLD/Bt5.30/Target: Bt5.00) Gas prices still pressuring core profit in 2Q24. Central Plaza Hotel (CENTEL TB/HOLD/Bt45.75/Target: Bt46.00) A challenging 2Q24 awaits. Origin Property (ORI TB/BUY/Bt6.10/Target: Bt7.50) Expect improvement in 2Q24, but business outlook remains challenging.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Roy Chen Chengzhi
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, May 17, 2024
GREATER CHINA Sector Automobile: Weekly: PV sales rebound on delayed booking of sales. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Tuopu and Yadea. Top SELLs: Li Auto and XPeng. Results Baidu Inc (9888 HK/BUY/HK$108.40/Target: HK$126.00): 1Q24: Earnings beat; subdued ad revenue growth stemming from soft macro. JD.com (9618 HK/BUY/HK$132.40/Target: HK$151.00): 1Q24: Solid earnings beat; high single-digit revenue growth on track. Update Grand Pharmaceutical Group (512 HK/NOT RATED/HK$5.05): Nuc...
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - On A Path To Recovery After The High S...
We expect AOT’s 2QFY24 earnings to continue to rise yoy and qoq, mainly contributed by an increase in air traffic with the 12% qoq growth in international passenger numbers. 2QFY24 earnings are expected to come in at Bt6.1b, with 2024 earnings based on our assumption of 119m passengers vs AOT’s target of 120m. With visible positive catalysts, we believe AOT will gradually recover along with Thailand’s tourism. Maintain BUY. Target price: Bt75.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, May 08, 2024
KEY HIGHLIGHTS Results AP Thailand (AP TB/BUY/Bt10.70/Target: Bt13.50) 1Q24: Earnings down by 32% yoy and 24% qoq, in line with expectations. Ngern Tid Lor (TIDLOR TB/BUY/Bt21.70/Target: Bt30.00) 1Q24: Results beat forecasts; an improvement in credit costs. Muangthai Capital (MTC TB/BUY/Bt45.25/Target: Bt54.00) 1Q24: Earnings in line with market expectations; peaking of credit cost and Update Airports of Thailand (AOT TB/BUY/Bt65.75/Target: Bt75.00) On a path to recovery after the high s...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Kasemsun Koonnara
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, May 08, 2024
GREATER CHINA Sector Healthcare: From surviving to thriving. Hong Kong Property: Expect normalised primary transactions and continued weakness of retail sales in May; watch for possible policy support. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$83.35/Target: HK$99.60): Optimistic on order growth in 2024; margin expansion a key driver. INDONESIA Results Kalbe Farma (KLBF IJ/HOLD/Rp1,445/Target: Rp1,500): 1Q24: Excellent SG&A management results in double-digit NPAT growth. Mitra...
PTT PTT PUBLIC COMPANY LIMITED
KLBF PT KALBE FARMA TBK
MAPI MITRA ADIPERKASA
AP AP THAILAND
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
CTOS CTOS DIGITAL BHD
- Kochakorn Sutaruksanon
Airports of Thailand (AOT TB) - Limited Downside, Awaiting Robust Earn...
4QFY23 earnings are likely to improve yoy and qoq to Bt3.7b (+379% yoy, +18% qoq), driven by a continued increase in passengers and new revenue collection methods. Although we have revised FY24 earnings down by 14%, we believe the downside risk is limited. We prefer AOT as it stands to benefit significantly from the recovery of Thailand's tourism sector. Maintain BUY. Target price: Bt76.00.
- Kampon Akaravarinchai
- Kochakorn Sutaruksanon
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