reports
- Tanapon Cholkadidamrongkul
Thaifoods Group (TFG TB) - Integrating Downstream Operations To Streng...
Company Update | Thaifoods Group (TFG TB/BUY/Bt4.64/Target: Bt6.80) TFG expects its revenue to grow by 10-15% in 2026, supported primarily by the retail business through store expansion and a greater mix of non-TFG products. The company expect the retail segment’s revenue to grow 30% yoy in 2026, with its retail network expected to expand to 615 stores in 2025 and 850 stores in 2026. In 2026, despite lower swine ASPs, retail expansion and added non-TFG products are expected to stabilise margin...
- Tanapon Cholkadidamrongkul
Thailand Daily - Thursday, December 04, 2025
Top Stories Company Update | Thaifoods Group (TFG TB/BUY/Bt4.64/Target: Bt6.80) TFG expects its revenue to grow by 10-15% in 2026, supported primarily by the retail business through store expansion and a greater mix of non-TFG products. The company expect the retail segment’s revenue to grow 30% yoy in 2026, with its retail network expected to expand to 615 stores in 2025 and 850 stores in 2026. In 2026, despite lower swine ASPs, retail expansion and added non-TFG products are expected to stabi...
- Chong Lee Len
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Thursday, December 04, 2025
Greater China Strategy | Alpha Picks: December Conviction Calls Market consolidation slowed in November as expectations of a 25bp Fed cut improved sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom amid weak data and limited catalysts. While the upcoming Economic Work Conference may offer a catalyst to end this phase, we remain cautious, preferring defensives and oversold names. We add BeOne Medicines, HKEX, NetEase and Plover Bay to BUY, take profit on AIA, and cut losses on Jacobson,...
00823 LINK REAL ESTATE INVESTMENT TRUST
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
JPFA JAPFA COMFEED INDONESIA
BBCA PT BANK CENTRAL ASIA TBK
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
PDD PINDUODUO INC. SPONSORED ADR CLASS A
T TELEKOM MALAYSIA BHD
DLUM DELEUM BERHAD
TDC TIME DOTCOM BHD
MPM MARCO POLO MARINE LTD
09999 NETEASE INC
2269 WUXI BIOLOGICS (CAYMAN) INC.
WDH WATERDROP INC
06160 BEIGENE LTD.
MDKA MERDEKA COPPER GOLD TBK PT
CDB CELCOMDIGI BHD
02015 LI AUTO INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Tanapon Cholkadidamrongkul
Thaifoods Group (TFG TB) - 3Q25: Results In Line
Company Results | Thaifoods Group (TFG TB/BUY/Bt4.50/Target: Bt6.80) TFG’s 3Q25 core profit came in at Bt1,647m (+39.6% yoy, -36.3% qoq). This is in line with our and the market’s forecasts. We reiterate our positive view on TFG on the back of its retail business' long-term growth potential, as its continued growth helps stabilise earnings during periods of low ASPs. Maintain BUY with a target price of Bt6.80.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Thursday, November 13, 2025
Top Stories Company Results | CP All (CPALL TB/BUY/Bt48.50/Target: Bt65.00) We believe the market has been overly pessimistic. CPALL delivered the strongest performance among retail peers in 3Q25. We also see a 3% upside to our 2025 forecast. It reported an 18% yoy rise in 3Q25 net profit, driven by margin expansion and continued strength in the convenience store segment and other businesses. Maintain BUY with a target price of Bt65.00. Company Results | PTT (PTT TB/BUY/Bt30.25/Target: Bt38.0...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, October 30, 2025
Greater China Company Results | Foxconn Industrial Internet (601138 CH/BUY/Rmb80.80/Target: Rmb89.50) FII registered a stellar quarter, with net profit beating our and consensus estimates on stronger-than-expected margins. Top-line lagged our expectations, likely due to differences in product mix, and also the reason behind margins remaining elevated despite the product ramp-up of the lower-margin GB200 NVL72 racks. With the recent checks continuing to point towards a much stronger-than-expected...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
5243 VELESTO ENERGY
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
0763 ZTE CORPORATION CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
HMN ASCOTT RESIDENCE TRUST
BMRI BANK MANDIRI
600699 JOYSON ELECTRONICS CORP
- Tanapon Cholkadidamrongkul
Thaifoods Group (TFG TB) - Swine Business To Drag 3Q25 Earnings
Company Update | Thaifoods Group (TFG TB/BUY/Bt4.62/Target: Bt6.80) We expect TFG to report 3Q25 core profit of Bt1,672m, up 41.7% yoy but down 35.3% qoq. The drop in swine prices in 3Q25 pressured earnings qoq. However, we believe its stronger fresh food retail business managed to partly offset this. Maintain BUY with a lower target price of Bt6.80.
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily: Thursday, October 30, 2025
Top Stories Company Results | Siam Cement (SCC TB/BUY/Bt207.00/Target: Bt290.00) SCC reported a net loss of Bt669m in 3Q25, larger than both our and the consensus forecasts, mainly due to substantial inventory losses. The weak 3Q25 performance reflected seasonal factors and continued softness in olefins spreads. However, we expect earnings to return to a profit in 4Q25, supported by stronger performance from the cement and packaging businesses. Maintain BUY. Target price: Bt290.00. Company U...
- Tanapon Cholkadidamrongkul
Thai Foods Group (TFG TB) - Key Takeaways From The Asian Gems Conferen...
Asian Gems Corporate Highlights | Thai Foods Group (TFG TB/BUY/Bt4.62/Target: Bt7.20) TFG participated in the Asian Gems Conference, where the overall sentiment and feedback from investors were overwhelmingly positive. Investors showed particular interest in the company’s retail growth and strategic direction. We maintain a positive view on TFG’s long-term growth prospects. However, in the short term, earnings may be pressured by lower livestock prices, while the company continues to expand its ...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily - Wednesday, October 29, 2025
Top Stories Company Results | Home Product Center (HMPRO TB/HOLD/Bt6.70/Target: Bt6.30) HMPRO’s results are in line. 3Q25 earnings declined both yoy and qoq, pressured by negative SSS, lower gross margin, and higher SG&A. 4Q25 SSS are expected to remain weak due to a high base. However, we expect SSSG to normalise in 2026 due to the low base in 2025. Maintain HOLD with a higher target price of Bt6.30. Company Results | Siam Global House (GLOBAL TB/BUY/Bt7.55/Target: Bt9.50) 3Q25 earnings rose...
- Benjaphol Suthwanish
- Benyamin Mikael
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Jonathan Koh
- Philip Wong
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Wednesday, October 29, 2025
Indonesia Company Results | Aneka Tambang (ANTM IJ/BUY/Rp3,100/Target: Rp3,500) ANTM’s 3Q25 net profit fell 50.2% qoq to Rp1.28t on weaker gold and nickel sales, but 9M25 profit rose 167.9% yoy to Rp5.97t, beating expectations. We adjust 2025-26 forecasts on revised gold and nickel assumptions, and expect a volume recovery after the Grasberg suspension in 2H26. Maintain BUY with a lower target price of Rp3,500. Malaysia Company Results | Alpha IVF (ALPHA MK/BUY/RM0.34/Target: RM0.43) Earnings c...
- Tanapon Cholkadidamrongkul
Thaifoods Group (TFG TB) - Retail Expansion Supports Long-term Growth ...
Highlights • We maintain our positive outlook on TFG’s long-term growth, driven by retail expansion to mitigate commodity volatility. • The decline in livestock prices in 3Q25 affected earnings in the food industry qoq. However, we expect TFG to ease part of this impact through the growth of its fresh food retail business. Maintain BUY, target price of Bt7.20.
- Tanapon Cholkadidamrongkul
Thailand Daily - Wednesday, September 24, 2025
Top Stories Company Update | TFG TB (TFG TB/BUY/Bt5.00/Target: Bt7.20) We maintain a positive view on TFG’s long-term growth, supported by its retail expansion, which helps mitigate commodity price volatility. Although the decline in livestock prices in 3Q25 will impact the food industry earnings qoq, we believe TFG can cushion part of the impact through its expanding fresh food retail segment. Higher consumer sales should also enable the company to deliver more stable sales and profitability...
- Chong Lee Len
- Ejann Hiew
- Jonathan Koh
- Lester Siew
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Wednesday, September 24, 2025
Greater China Company Update | Miniso (MNSO US/BUY/US$23.53/Target: US$26.80) Miniso’s qtd business performance was in line with management’s expectations. Domestically, it has 12 Miniso Land stores, with a payback period of 3-4 months. Overseas, adjustments were implemented in the US market following the appointment of the new CEO, who has over 15 years of experience in local retailing. On proprietary IP strategy, Yoyo’s sales are expected to exceed Rmb100m in 2026. Management expects propr...
AJBU KEPPEL DC REIT
5347 TENAGA NASIONAL BHD
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
MLK MALAKOFF CORP BHD
T TELEKOM MALAYSIA BHD
PEP PPB GROUP BERHAD
GMB GAS MALAYSIA BHD
TDC TIME DOTCOM BHD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
BRIS BANK BRISYARIAH TBK
CDB CELCOMDIGI BHD
PEKAT PEKAT GROUP BHD
SAMAIDEN SAMAIDEN GROUP BHD
SVS SOLARVEST BIOENERGY INC
Thai Foods Group Public Company Limited: 1 director
A director at Thai Foods Group Public Company Limited sold 3,800,000 shares at 5.600THB and the significance rating of the trade was 95/100. 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 ...
- Tanapon Cholkadidamrongkul
Thai Foods Group (TFG TB) - 2Q25: All-time High Earnings
TFG reported record-high earnings of Bt2,552.1m, surging 198.6% yoy and 25.3% qoq, in line with our and consensus estimates. TFG’s 2H25 earnings are also expected to maintain a positive momentum, underpinned by its retail business. We have raised our 2025-26 forecasts to reflect better-than-expected livestock prices and raw material costs. Maintain BUY with a higher target price of Bt7.20.
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, August 13, 2025
KEY HIGHLIGHTS Results Asset World Corporation (AWC TB/BUY/Bt2.34/Target: Bt3.30) 2Q25: Weaker core earnings as expected. Quality Houses (QH TB/HOLD/Bt1.45/Target: Bt1.30) 2Q25: Results below expectation, down yoy and qoq. Thai Foods Group (TFG TB/BUY/Bt5.25/Target: Bt7.20) 2Q25: All-time high earnings. Thanachart Capital (TCAP TB/HOLD/Bt49.25/Target: Bt50.00) 2Q25: Earnings beat; dividend income boo...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Ejann Hiew
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Lester Siew
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, August 13, 2025
GREATER CHINA Results Galaxy Entertainment Group (27 HK/BUY/HK$40.18/Target: HK$45.00) 2Q25: Normalised EBITDA up 7% qoq; expects reinvestment efficiency to optimise. Increased dividend payout to remain sustainable. Kweichow Moutai (600519 CH/BUY/Rmb1,437.04/Target: Rmb1,722.00) 2Q25: On track to achieve full-year target; expect wholesale price pressure to persist into 2H25. Tencent Music Entertainment Group (1698 HK/BUY/HK$88.30/Target: HK$105.00) ...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
QH QUALITY HOUSES
F34 WILMAR INTERNATIONAL LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
CAB CARLSBERG BREWERY MALAYSIA B
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
SREIT SUNWAY REAL ESTATE INVESTMEN
PROP PROPNEX LTD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
WHA TB WHA CORP PCL
SE US SEA LIMITED
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
BBYB BANK NEO COMMERCE
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, July 31, 2025
GREATER CHINA Sector Healthcare Bi-Weekly: Expecting strong 1H25 results. Maintain OVERWEIGHT. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb277.09 /Target: Rmb390.00) 2Q25: Earnings in line, with margins hitting record-high levels. Maintain A-share at BUY. Downgrade H-share to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$44.37/Target: US$55.00) ...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
5168 HARTALEGA HOLDINGS BHD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
COM7 COM7
SCC SIAM CEMENT PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
KREIT HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 KEPPEL REIT
DLG THE UNITED LABORATORIES INTE
2877 DIALOG GROUP BHD
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
300750 CSPC PHARMACEUTICAL GROUP LTD
2269 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
BTG WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
OTEK BETAGRO PUBLIC COMPANY LIMITED
ASSA IJ DIAN DIAGNOSTICS GROUP CO
OILTEK INTERNATIONAL (OTEK SP)
ADI SARANA ARMADA TBK PT (ASSA IJ)
- Kampon Akaravarinchai
Thai Foods Group (TFG TB) - 1Q25: Record-high Earnings
TFG reported a record-high earnings of Bt2,037m, surging 1,072% yoy and 138% qoq, beating our and consensus estimates by 12% due to gross profit margin. Looking forward, we expect TFG to report another record-high earnings in 2Q25 on the back of better ASPs and lower raw material costs qoq. We foresee potential upside to our and consensus forecasts for 2025. Maintain BUY. Target price: Bt6.70.
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