reports
- Kampon Akaravarinchai
BTS Group Holdings (BTS TB) - 3QFY25: Core Earnings To Remain In The R...
BTS reported 3QFY25 net profit of Bt3b, up from a net loss in 3QFY24 and 2QFY25. However, it was mainly from one-off items such as the gain from the change in status of RABBIT and ROCTEC from associates to subsidiaries. Looking forward, we still expect a core loss in 4QFY25 following the loss contributions from the Pink and Yellow Lines. Maintain HOLD. Target price: Bt4.79.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Monday, February 24, 2025
KEY HIGHLIGHTS Results BTS Group Holdings (BTS TB/HOLD/Bt6.20/Target: Bt4.79) 3QFY25: Core earnings to remain in the red. Thanachart Capital (TCAP TB/HOLD/Bt50.75/Target: Bt52.00) 4Q24: Earnings below expectations, despite THANI reporting a huge qoq reduction in credit cost. The One Enterprise (ONEE TB/HOLD/Bt3.16/Target: Bt3.10) 4Q24: Earnings below expe...
- Kampon Akaravarinchai
BTS Group Holdings (BTS TB) - Pink Line And Yellow Lines To Remain Key...
BTS reported a 2QFY25 net loss of Bt456m, up from Bt382m in 1QFY25, but down from a net profit of Bt257m in 2QFY24. The key pressures were losses from the Pink and Yellow Lines. Although we expect qoq lower loss contributions from both lines, operations are likely to remain weak yoy. We still project unexciting earnings catalysts and an unattractive valuation. Maintain HOLD. Target price: Bt4.79.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, November 20, 2024
KEY HIGHLIGHTS Update BTS Group Holdings (BTS TB/HOLD/Bt4.84/Target: Bt4.79) Pink Line and Yellow Lines to remain key drags yoy. Minor International (MINT TB/BUY/Bt25.75/Target: Bt38.00) Exciting prospects ahead. PTT (PTT TB/BUY/Bt32.50/Target: Bt37.00) Five-year plan expected to be completed by the end of Dec 24.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, November 20, 2024
GREATER CHINA Results Kingsoft Corp (3888 HK/BUY/HK$29.20/Target: HK$40.00) 3Q24: Revenue and earnings beat; positive outlook for online games growth. Tongcheng Travel Holdings (780 HK/BUY/HK$17.70/Target: HK$20.00) 3Q24: Earnings beat; poised for better margin outlook in 2025. Upgrade to BUY. Trip.com (9961 HK/BUY/HK$505.00/Target: HK$640.00) 3Q24: Solid earnings beat; stepped up investment for interntational market share expansion. XPeng Inc...
UNTR PT UNITED TRACTORS TBK
3K1 KINGSOFT CORP. LTD.
AJBU KEPPEL DC REIT
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
ASII PT ASTRA INTERNATIONAL TBK
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
VSI V.S. INDUSTRY BERHAD
DLG DIALOG GROUP BHD
03319 A-LIVING SMART CITY SERVICES CO. LTD. CLASS H
00780 TONGCHENG-ELONG HOLDINGS LIMITED
FRKN FRENCKEN GROUP LTD
123F 123FAHRSCHULE SE
Z29 029 GROUP SE
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
- 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
- Kampon Akaravarinchai
BTS Group Holdings (BTS TB) - Slightly Negative On BTS’ Transaction De...
BTS and VGI announced shareholding restructuring where BTS will do a tender offer for ROCTEC and RABBIT, which will be funded by BTS’s RO. VGI also plans to raise capital via a PP to invest in a Virtual Bank business. We are slightly negative on BTS as we expect the aforementioned transactions and uncertainty regarding the virtual bank business to have a negative impact on BTS’ bottom line. Maintain HOLD. Target price: Bt4.47.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Thanawat Thangchadakorn
Thailand Daily: Monday, August 05, 2024
KEY HIGHLIGHTS Update Banpu (BANPU TB/HOLD/Bt4.90/Target: Bt5.00) Expect 2Q24 net profit to drop qoq. BTS Group Holdings (BTS TB/HOLD/Bt4.06/Target: Bt4.47) Slightly negative on BTS’ transaction deal. Indorama Ventures (IVL TB/BUY/Bt19.30/Target: Bt22.50) 2Q24 results preview: Expect a huge loss, but earnings should bottom out in 2Q24. Upgrade to BUY. Krung Thai Bank (KTB TB/BUY/Bt17.80/Target: Bt21.50) Maintaining good asset quality a...
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Benjaphol Suthwanish
- Damon Shen
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Malaysia Research Team
- Paula Ruth
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Wei Xiang Ku
Regional Morning Notes - Monday, August 05, 2024
GREATER CHINA Update LINK REIT (823 HK/BUY/HK$33.55/Target: HK$42.76): Takeaways from visits to Hong Kong and Shenzhen malls near the border. INDONESIA Strategy Alpha Picks: Underperformance in Jul 24: Our picks are BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. Results Mayora Indah (MYOR IJ/HOLD/Rp2,470/Target: Rp2,500): 2Q24: Rising raw material costs impact gross margin. Telkom Indonesia (TLKM IJ/BUY/Rp2,850/Target: Rp4,200): 2Q24: 6% yoy growth in core profit; to improve cost effi...
PTT PTT PUBLIC COMPANY LIMITED
IVL INDORAMA VENTURES PUBLIC CO. LTD.
MYOR MAYORA INDAH
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
FEHT FAR EAST HOSPITALITY TRUST
KTB-R KRUNG THAI BANK PCL NVDR
SMELT MALAYSIA SMELTING CORP BHD
DFI DFI RETAIL GROUP HOLDINGS LIMITED
STM SEATRIUM LTD
- Kampon Akaravarinchai
BTS Group Holdings (BTS TB) - 4QFY24: Pink Line And Yellow Line Contin...
BTS reported a 4QFY24 net profit of Bt36m. BTS announced the absence of dividend payment in FY24 and also the utilisation of legal reserves to offset the negative retained earnings. We revised down our FY25-26 forecasts to factor in a slower-than-expected ramp-up of average daily ridership for the Pink Line and Yellow Line. We do not expect any share price catalysts. Maintain HOLD. Target price: Bt4.52.
- Kampon Akaravarinchai
- Thailand Research Team
Thailand Daily - Tuesday, June 04, 2024
KEY HIGHLIGHTS Strategy Alpha Picks: Jun 24 Portfolio More bullish on 2H24 outlook. Good time to buy in Jun 24. Cut losses on ERW, take profit on TFG and add SCGP to our portfolio. Results BTS Group Holdings (BTS TB/HOLD/Bt4.80/Target: Bt4.52) 4QFY24: Pink Line and Yellow Line continue to impact earnings.
- Chong Lee Len
- Damon Shen
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Leow Huey Chuen
- Paula Ruth
- Thailand Research Team
Regional Morning Meeting Notes: Tuesday, June 4, 2024
GREATER CHINA Sector Property - Hong Kong Limited Downside Risks To Property Price in Near Term; Watch For Policy Support For Hong Kong Tourism. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,320/Target: Rp2,900) 2024 net profit could grow 45% yoy, partly driven by network improvement. MALAYSIA Sector Oil & Gas Petrona...
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
1023 CIMB GROUP HOLDINGS BHD
CPIN PT CHAROEN POKPHAND INDONESIA TBK
5681 PETRONAS DAGANGAN BHD.
5218 SAPURA ENERGY BHD
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
5347 TENAGA NASIONAL BHD
AW9U FIRST REAL ESTATE INVESTMENT TRUST
O5RU AIMS APAC REIT
SK6U SPH REIT
5243 VELESTO ENERGY
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
UZMA UZMA BHD
MISC MISC BHD
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
BTS BTS GROUP HOLDINGS PUBLIC CO. LTD.
FEHT FAR EAST HOSPITALITY TRUST
BAB BUMI ARMADA BERHAD
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
DLG DIALOG GROUP BHD
MMHE MALAYSIA MARINE AND HEAVY EN
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
DLUM DELEUM BERHAD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
00017 NEW WORLD DEVELOPMENT CO. LTD.
DHLT DAIWA HOUSE LOGISTICS TRUST
DCREIT DIGITAL CORE REIT
EXCL XL AXIATA TBK PT
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
Z29 029 GROUP SE
1737144D TB BETAGRO GROUP
- 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
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