reports
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Jun Sian Tan
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Kong Ho Meng
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, February 15, 2024
GREATER CHINA Update Hong Kong Exchanges and Clearing (388 HK/HOLD/HK$243.60/Target: HK$260.00): Risk-off mode continues. INDONESIA Results Bank Tabungan Negara (BBTN IJ/BUY/Rp1,345/Target: Rp1,700): 4Q23: Net profit up 41% qoq on strong non-interest income and lower CoC. MALAYSIA Results Malaysia Marine and Heavy Engineering Holdings (MMHE MK/BUY/RM0.48/Target: RM0.60): 2023: Performance missed expectations on absence of cost provision/tax recoveries. We still see value in MMHE, as market c...
TOP THAI OIL PUBLIC CO. LTD.
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
FEHT FAR EAST HOSPITALITY TRUST
CVL CIVMEC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
AIRPORT MALAYSIA AIRPORTS HOLDINGS BHD
- Kampon Akaravarinchai
BTS Group Holdings (BTS TB) - 3QFY24: Rip The Band-aid Off, And “MOVE”...
BTS reported a net loss of Bt6,256m (-554% yoy, -1953% qoq) contributed by impairment in KEX and a higher share of losses from associates, coupled with a weaker performance from VGI. This was partially offset by higher construction revenue from the MRT Yellow Line and a higher share of profit from BTSGIF. Maintain HOLD. Target price: Bt6.70.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Ming San Soong
- Stevanus Juanda
- Thailand Research Team
- Tham Mun Hon
Regional Morning Notes - Tuesday, January 02, 2024
GREATER CHINA Economics PMI: December PMI sees general weakness, but FAI improves. Sector Internet: Softening tone from regulatory authority on online game industry. Update Xiaomi Corp (1810 HK/BUY/HK$15.60/Target: HK$21.60): Takeaways from Xiaomi’s EV event. INDONESIA Update Gojek Tokopedia (GOTO IJ/SELL/Rp86/Target: Rp75): Market share decline prompted GOTO to strike a deal with TikTok Shop. MALAYSIA Sector Banking: Nov 23 loans growth recovered but leading loans growth indicators have weake...
- Kampon Akaravarinchai
BTS Group Holdings (BTS TB) - Core Earnings Improved; Positive News Ex...
BTS is expected to report a higher core profit of Bt84m in 3QFY24. However, qoq performance was pressured by lower contribution from construction revenue, which was offset by better-than-expected ridership. On a yoy basis, the performance was pressured by the continuing losses from Yellow Line and higher share of losses from KEX. We expect FY24 to end on a loss. Maintain HOLD. Target price: Bt7.00.
- Kampon Akaravarinchai
- Thailand Research Team
- Kampon Akaravarinchai
BTS Group Holdings (BTS TB) - 2QFY24: Turnaround In Profit From Associ...
BTS reported a core loss of Bt287m in 2QFY24, pressured by: a) weakened core operation, b) higher SGA-to-sales, and c) higher interest expense. Results are below our and consensus expectations. Hence, we still foresee a sluggish earnings improvement in 3QFY24 due to continuing losses of KEX and RABBIT, coupled with upcoming losses from the Yellow Line operation. Maintain HOLD. Target price: Bt7.00.
- Arsit Pamaranont
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, November 15, 2023
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt23.30/Target: Bt30.00) 3Q23: Earnings below estimates; remain positive on outlook ahead. BTS Group Holdings (BTS TB/HOLD/Bt7.30/Target: Bt7.00) 2QFY24: Turnaround in profit from associates and one-off items, still lower than expected. Electricity Generating (EGCO TB/BUY/Bt127.00/Target: Bt200.00) 3Q23: A strong quarter as expected. Indorama Ventures (IVL TB/BUY/Bt24.00/Target: Bt30.00) 3Q23: Better growth profile at discounted valuati...
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
AMATA AMATA CORP
ERW ERAWAN GROUP
IVL INDORAMA VENTURES PUBLIC CO. LTD.
SPALI SUPALAI PCL
IVL-R INDORAMA VENTURES PCL (NVDR)
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
CPF-R CHAROEN POKPHAND FOODS PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
SVI SVI PCL
ONEE THE ONE ENTERPRISE PCL
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kochakorn Sutaruksanon
- Kong Ho Meng
- Leow Huey Chuen
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, November 15, 2023
GREATER CHINA Sector Property: New-home sales still weak; PBOC’s decision to offer PSL/Special Loan will be positive for market stabilisation. INDONESIA Sector Healthcare: 3Q23: Strong patient volume growth and improving revenue intensity. MALAYSIA Results Dialog Group (DLG MK/BUY/RM2.10/Target: RM2.85): 1QFY24: Results in line, as upstream business (higher production) and storage income (ie PITSB) more than offset the continued EPCC cost overruns. Small-Mid Cap Highlights NationGate Holdings ...
- Kampon Akaravarinchai
BTS Group Holdings (BTS TB) - More Positive News But We Expect Operati...
BTS is expected to report a yoy net profit improvement in 2Q24. This is mainly driven by core operation and transit construction revenue recognition, better performance from its associates and joint venture entities, and VGI’s one-time gain. However, we do expect losses from KEX and RABBIT, which will continue to pressure the bottom line. Downgrade to HOLD. Target price: Bt7.00.
- Kampon Akaravarinchai
- Adrian Loh Tzum Yung
- Anas Fitri Bin Ahmad
- Greater China Research Team
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Leow Huey Chuen
- Limartha Adhiputra
- Ming San Soong
- Nurul Nazira Binti Abdullah
Regional Morning Notes - Monday, November 06, 2023
GREATER CHINA Sector Internet: 11.11 Campaign – Value-for-money strategy to support growth revival. Update AIA Group (1299 HK/BUY/ HK$70.90/Target: HK$95.00): Maintain high VONB growth in 3Q23; outperforms peers. Xiaomi Corp (1810 HK/BUY/HK$15.24/Target: HK$16.80): 3Q23 results preview: Expect strong earnings beat on elevated margins. INDONESIA Sector Cement: Earnings in line, potential double-digit growth for 2023-24 NPAT. Maintain OVERWEIGHT. MALAYSIA Sector Property: Property companies und...
- Waritthorn Kaewmuang
BTS Group Holdings (BTS TB) - 4QFY23: Net Loss Dragged By Associates A...
BTS posted disappointing 4QFY23 results dragged by VGI and its associates RABBIT, KEX and JMART, despite the mass transit business showing a strong performance. We are optimistic going into FY24 due to the forthcoming commencement of monorail lines and the progress of the Green Line. Maintain BUY. Target price: Bt8.80.
- Chong Lee Len
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kate Luang
- Keith Wee Teck Keong
- Kelvin Chau Siu Pong
- Philip Wong
- Posmarito Pakpahan
- Stella Guo Yuting
- Waritthorn Kaewmuang
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, May 30, 2023
GREATER CHINA Strategy Small-Mid Cap Biweekly: The only Hong Kong-listed luxury brand name, recent share price pullback offers a good entry point. Sector Commodities: Weekly: US dollar strengthens on hawkish Fed expectations; rebar price plunges to lowest level since Apr 17. Update China Mengniu Dairy (2319 HK/BUY/HK$30.20/Target: HK$39.30): Takeaways from Mengniu factory visit; full-year guidance unchanged. INDONESIA Update Bank Tabungan Pensiunan Nasional Syariah (BTPS IJ/BUY/Rp1,970/Target: ...
- Waritthorn Kaewmuang
BTS Group Holdings (BTS TB) - A Brighter Business Outlook Ahead In FY2...
We are optimistic on BTS for FY24 as the most austere business circumstances are expected to have passed and the overhang issues are likely to be resolved. In addition, the commencement of two monorail lines and improvement from BTS’ non-rail businesses will alleviate BTS’ liquidity concerns. Upgrade to BUY. Target price: Bt9.60.
- Kwanchai Atiphophai
- Waritthorn Kaewmuang
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Kwanchai Atiphophai
- Philip Wong
- Tham Mun Hon
- Waritthorn Kaewmuang
Regional Morning Notes - Wednesday, April 19, 2023
GREATER CHINA Economics Economic Activity: 1Q23 growth beats expectations but accommodative policies still necessary. Sector Property: Imbalanced recovery of property industry in March; expect policies to revive investment. MALAYSIA Update QL Resources (QLG MK/HOLD/RM5.80/Target: RM6.20): Overall prospects appear intact, driven by its ILF and FM segments. However, as valuations are lofty, we maintain our HOLD recommendation. SINGAPORE Results Keppel Pacific Oak US REIT (KORE SP/BUY/US$0.365/Ta...
- Adrian Loh Tzum Yung
- Ariel Poh Yun Li
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kong Ho Meng
- Malaysia Research Team
- Waritthorn Kaewmuang
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, March 14, 2023
KEY STORY GREATER CHINA Initiate Coverage KE Holdings Inc (2423 HK/BUY/HK$44.80/Target: HK$65.00): Largest Chinese online+offline housing transactions platform set to reaccelerate growth. GREATER CHINA Sector Commodities: Weekly: Seeking shelter from safe haven assets; US Feb 23 CPI in focus. Initiate Coverage KE Holdings Inc (2423 HK/BUY/HK$44.80/Target: HK$65.00): Largest Chinese online+offline housing transactions platform set to reaccelerate growth. Results Q Technology Group (1478 HK/HOLD...
- Waritthorn Kaewmuang
BTS Group Holdings (BTS TB) - NACC Alleges Unlawful Green Line Extensi...
BTSC clarified the allegation by NACC on the malpractice related to the signing of the O&M contract in 2012 for the Green Line Extension until 2042, stating the compliance with relevant laws. Nonetheless, we expect the issue to remain unresolved as there are no catalysts on the existing business operations but the concern on rising finance cost remains. Maintain HOLD. Target price: Bt8.70.
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