reports
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - Weaker yoy Earnings Expected In 3QFY25
AOT is expected to report a net profit of Bt3.62b in 3QFY25 (-20.7% yoy, -28.4% qoq). Top-line could contract yoy due to a yoy decrease in international passenger volumes and a drop in concession revenue from the area reclamation last year. Given the unresolved overhangs with KPD, we remain cautious on AOT until we see a further recovery in the Thai tourism outlook or more positive development in the overhangs. Maintain SELL. Target price: Bt24.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, July 30, 2025
KEY HIGHLIGHTS Results Home Product Center (HMPRO TB/SELL/Bt7.30/Target: Bt5.60) 2Q25: Earnings drop yoy, in line with our forecast. Update Airports of Thailand (AOT TB/SELL/Bt42.00/Target: Bt24.00) Weaker yoy earnings expected in 3QFY25. Amata Corporation (AMATA TB/BUY/Bt15.70/Target: Bt25.00) 2Q25 results preview: Net profit momentum likely to moderate. Central Pattana (CPN TB/BUY/Bt51.75/Target: Bt79.60) Ex...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Lester Siew
- Ming San Soong
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, July 30, 2025
GREATER CHINA Sector Internet WAIC - Battlefield of AI applications and agents to reshape productivity. Results WuXi AppTec (2359 HK/BUY/HK$111.70/Target: HK$146.00) 1H25: Results beat; benefitting from growing CRDMO service demand. Upgrade to BUY. INDONESIA Results AKR Corporindo (AKRA IJ/BUY/Rp1,345/Target: Rp1,525) 2Q25: Momentum builds, but 4Q25 to del...
AKRA PT AKR CORPORINDO TBK
AMATA AMATA CORP
3K1 KINGSOFT CORP. LTD.
C6L SINGAPORE AIRLINES LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
BURSA BURSA MALAYSIA BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
09988 ALIBABA GROUP HOLDING LTD.
HMN ASCOTT RESIDENCE TRUST
KORE KEPPEL PACIFIC OAK US REIT
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
WUXI APPTEC CO. LTD. CLASS H
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - The Worst Fear Has Come True
We attended AOT’s special analyst meeting where the tone was negative. AOT clarified that KPD contacted it to negotiate a lower concession payment for all airports, including BKK. KPD has yet to specify its proposed rate. This development aligns with our earlier concerns, and we do not see sufficient upside in AOT to justify the risk. In our view, AOT’s continued compliance with KPD’s numerous requests leaves a negative impression on investors. Downgrade to SELL. Target price: Bt24.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Thailand Research Team
Thailand Daily - Tuesday, June 17, 2025
KEY HIGHLIGHTS Strategy Impact Of Cambodia-Thailand Tensions After The JBC Accumulate shares of companies that are not severely impacted. Sector Property Update on the residential market. Update Airports of Thailand (AOT TB/SELL/Bt27.25/Target: Bt24.00) The worst fear has come true. Downgrade to SELL.
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Roy Chen Chengzhi
- Thailand Research Team
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, June 17, 2025
GREATER CHINA Economics Economic Activity Mixed bag for May. Sector Property Property market weakens further in May 25, with diverging city-tier performance. INDONESIA Initiate Coverage Bumi Resources Minerals (BRMS IJ/BUY/Rp454/Target: Rp610) Soaring to new heights; initiate coverage with BUY. MALAYSIA Update Press Metal ...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
QH QUALITY HOUSES
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
SPALI SUPALAI PCL
C6L SINGAPORE AIRLINES LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
AP AP THAILAND
CHG CHULARAT HOSPITAL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
PSH PRUKSA HOLDING PCL
BRMS IJ BUMI RESOURCES MINERALS
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - Concerns On Earnings Miss Have Been Al...
We attended AOT’s 2QFY25 analyst meeting and the tone was positive. AOT reported a weak net profit at 15% below our and consensus estimates. Management clarified in the meeting that the earnings miss was due to a one-time item, which should alleviate investor concerns. We believe close monitoring of the monthly concession payment is still required, and the outlook is unlikely to improve in the near term. Maintain HOLD. Target price: Bt39.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Friday, May 16, 2025
KEY HIGHLIGHTS Results CH Karnchang (CK TB/BUY/Bt14.00/Target: Bt20.20) 1Q25: Earnings improve yoy and qoq, beating expectations. Stecon Group (STECON TB/BUY/Bt7.00/Target: Bt9.00) 1Q25: Exceeded expectations; outlook remains positive. Update Airports of Thailand (AOT TB/HOLD/Bt35.00/Target: Bt39.00) Concerns on earnings miss have been alleviated. Central Plaza Hotel (CENTEL TB/BUY/Bt21.30/Target: Bt29.00) A challenging 2Q25 awaits. Charoen Po...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Notes - Friday, May 16, 2025
GREATER CHINA Sector Automobile: Weekly: PEV sales edged up wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Healthcare: The rising robotic surgical system market in China. Results Alibaba Group (9988 HK/BUY/HK$128.90/Target: HK$165.00): 4QFY25: Slight earnings miss; CMR delivers better-than-expected double-digit growth. Geely Auto (175 HK/BUY/HK$19.58/Target: HK$31.00): 1Q25: Earnings beat on forex gain and associate profit. Maintain BUY. Raise target price to HK$31...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
544 CSE GLOBAL LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MYOR MAYORA INDAH
CENTEL CENTRAL PLAZA HOTEL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
SPOST SINGAPORE POST LTD
DLG DIALOG GROUP BHD
DBB DUOPHARMA BIOTECH BHD
09999 NETEASE INC
02423 KE HOLDINGS INC.
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - Mild Growth Expected
We expect AOT to report 2QFY25 earnings of Bt5.92b (+2.3% yoy, +10.7% qoq). Top-line should be Bt18.4b (+0.7% yoy, +4.0% qoq), with the main growth contribution coming from both international and domestic passengers. Despite the positive sign that KPD has resumed its payment schedule, monitoring of monthly concession payments remains necessary. We remain doubtful about AOT moving forward, as the tourism outlook continues to be bleak. Maintain HOLD. Target price: Bt43.00.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Friday, May 09, 2025
KEY HIGHLIGHTS Sector Construction 1Q25 results preview: CK and STECON set to rebound. Results IRPC (IRPC TB/BUY/Bt0.94/Target: Bt1.10) 1Q25: Net loss deepens on lower margins, but share price already reflects bad news. LPN Development (LPN TB/SELL/Bt2.06/Target: Bt1.50) 1Q25: Results slightly beat expectation, but recovery remains...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Notes - Friday, May 09, 2025
GREATER CHINA Sector Automobile: Weekly: PEV sales down wow due to holiday. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Internet: Expecting ample monetisation potential on promising game pipelines in 2025. Results Budweiser APAC (1876 HK/BUY/HK$8.31/Target: HK$12.00): 1Q25: EBITDA declines 11% yoy; China’s consumer confidence and on-premise channels show no significant recovery; expects sell-in to match sell-through in 2H25. Galaxy Entertainment Group (27 HK/BUY/HK$3...
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
ASII PT ASTRA INTERNATIONAL TBK
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
2209 YESASIA HOLDINGS LTD
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - Miscommunication
The announcement made yesterday by AOT clarified its miscommunication regarding the details of the payment postponement period for KPD and KPS. As a result, we expect further negative impact to FY25 earnings and have revised down our FY25 earnings by 8%. We are concerned about AOT as this miscommunication will trigger negative sentiment in the market and KP’s concession payment still requires monthly monitoring. Maintain HOLD. Target price: Bt49.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Thailand Research Team
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Malaysia Research Team
- Stevanus Juanda
- Vincent Khoo Boo Aik
Regional Morning Notes - Wednesday, March 05, 2025
GREATER CHINA Strategy Alpha Picks: March Conviction Calls: Add Geely, JD, SHKP and Zijin Mining to our BUY list. Take profit on CATL, Desay, JD Logistics, Mengniu, Plover Bay and Tencent. INDONESIA Results Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,320/Target: Rp6,000): 4Q24: NPAT up 32.1% yoy; rises 22.4% in 2024. MALAYSIA Strategy Alpha Picks: Unprecedented Combo Of Disappointments: Our Feb 25 Alpha Picks sorely underperformed. Mar 25 picks: 99SpeedMart, Alpha IVF, KPJ Healthcare, MrDIY, MYEG,...
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - Uncertainty Arises
The tone of the analyst meeting for AOT’s 1QFY25 earnings results was negative. There was a negative surprise on the liquidity issue of KP which led to lower-than-expected earnings. In our view, the impact on AOT’s FY25 earnings will be limited due to the reduction in concession revenue, and we see this as merely a delay in revenue recognition. We are still concerned about AOT due to KP’s doubtful financial capability. Downgrade to HOLD. Target price: Bt52.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Monday, February 17, 2025
KEY HIGHLIGHTS Results Delta Electronics (DELTA TB/SELL/Bt113.00/Target: Bt99.00) 4Q24: Huge earnings miss on lower GPM and higher SG&A-to-sales. Downgrade to SELL. I-TAIL Corporation (ITC TB/BUY/Bt18.00/Target: Bt23.00) 4Q24: Undemanding valuation with high dividend yield. Upgrade to BUY. Thai Oil (TOP TB/HOLD/Bt24.60/Target: Bt27.00) 4Q24: Net profit rebounds qoq. Update Airports of Thailand (AOT TB/HOLD/Bt47.00/Target: Bt52.00) Uncertainty aris...
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Monday, February 17, 2025
GREATER CHINA Economics Money Supply: Liquidity growth edges lower. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/Rp3,860/Target: Rp4,500): 15.0% net profit cut in 2025 on higher credit cost and lower loan growth. MALAYSIA Update Gas Malaysia (GMB MK/HOLD/RM4.23/Target: RM4.40): Expect a strong 4Q24 finish. Share price is close to our fair value; downgrade to HOLD. The stock offers a 6% dividend yield. SINGAPORE Results Civmec (CIVMEC SP/HOLD/S$0.895/Target:S$0.98): 1HFY25: Results belo...
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - Robust Growth Expected
AOT is expected to report a net profit of Bt5.78b in 1QFY25 (+26.7% yoy, +35.3% qoq). The key driver is strong yoy growth in international passenger volumes during the high travel season (+23.4% yoy). We are not too concerned by the negative sentiment on the Chinese market as the number of international arrivals and the pace of Chinese arrivals are still seeing strong yoy and wow growths. Maintain BUY. Target price: Bt70.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, February 05, 2025
KEY HIGHLIGHTS Update Airports of Thailand (AOT TB/BUY/Bt55.00/Target: Bt70.00) Robust growth expected. Supalai (SPALI TB/HOLD/Bt16.60/Target: Bt18.20) Expect muted performance for 4Q24 due to weak demand. WHA Corporation (WHA TB/BUY/Bt4.82/Target: Bt6.60) 4Q24 results preview: Net profit is not expected to be remarkable, but improvement is anticipated in 1Q25
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