KTC posted a 1Q24 net profit of Bt1.8b (-4% yoy, +2% qoq). The results were in line with consensus estimate. Credit costs rose qoq due to the accelerated write-off criteria. Regarding adopting a faster bad-debt write-off policy, the company revised down the original loan growth of 10% to 6-7% in 2024. Based on the increase in minimum payment for credit cards, most of the company’s debtors could pay a minimum payment of 8% in 1Q24. Maintain HOLD. Target price: Bt48.00.
KEY HIGHLIGHTS Results Kiatnakin Phatra Bank (KKP TB/HOLD/Bt51.25/Target: Bt55.00) 1Q24: Surprising results; a significant qoq drop in provisioning. Krung Thai Bank (KTB TB/BUY/Bt16.00/Target: Bt19.00) 1Q24: Positive results surprise, more positive on asset quality outlook. Upgrade to BUY with a higher target price of Bt19.00. Krungthai Card (KTC TB/HOLD/Bt42.75/Target: Bt48.00) 1Q24: Results in line with consensus estimate. SCB X (SCB TB/BUY/Bt103.00/Target: Bt128.00) ...
A director at The Erawan Group Public Co Ltd sold 366,700 shares at 4.780THB and the significance rating of the trade was 69/100. 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 the last tw...
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. INDONESIA Strategy Alpha Picks: Outperformance In Mar 24 and 1Q24: Our picks are ACES, BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, and AKRA. MALAYSIA Strategy Alpha Picks: Expanding The Variety Of Events Bets: Our Alpha Picks trounced the KLCI in Mar 24. Apr 24 picks: GENM, Inari, Mah Sing, MrDIY, MY...
ERW is expected to deliver a strong performance in 1Q24 with the inflow of international arrivals in the high season. In addition to the increasing number of tourists, ERW’s hotel statistics have been consistently vigorous in the past quarters. On top of the promising tourism outlook, ERW can expect a few more positives such as the high season in Japan in 2Q24 and the interest rate downtrend. Maintain BUY. Target price: Bt6.50.
GREATER CHINA Sector Aviation Airlines: Expecting a turnaround in profitability in 2024 with moderate international travel recovery. Maintain MARKET WEIGHT. Results China Longyuan Power (916 HK/BUY/HK$5.48/Target: HK$6.50) 2023: Below expectations; slower-than-expected pace of capacity expansion. China Overseas Land & Investment (688 HK/BUY/HK$11.26/Target: HK$19.42) 2023: Results beat expectations; watching for stabilisation of profitability in 2024. China Resources Gas (1193 HK/BUY/HK$24.9...
GREATER CHINA Strategy China And Hong Kong Property: Channel checks and observations of Shanghai/Hong Kong primary markets. Results AAC Technologies (2018 HK/BUY/ HK$22.70/ Target: HK$27.20): 2H23: Slight beat in results; outlook in 2024 seems promising. Sunny Optical (2382 HK/BUY/HK$46.85/Target: HK$63.00): 2023: Results in line but forward shipment guidance weaker than expected. Small/Mid Cap Highlights Crystal International (2232 HK/NOT RATED/HK$3.30): 2023: Results in line with guidance, bul...
We expect KTC to post a 1Q24 net profit of Bt1,497m (-20% yoy, -15% qoq). The main drag will be higher credit costs due to an uneven economic recovery. The increased minimum payment in the credit card business and implementation of Persistent Debt will be issues. However, the unexpected rate cut will be a positive catalyst for KTC. Maintain HOLD. Target price: Bt48.00.
Earnings in 4Q23 were quite weak. Stock under our coverage reported aggregate net profit of Bt678.997m in 2023 (vs our estimate of Bt730.176m), declining 9.5% yoy. The poor earnings were pressured by energy, petrochemical and consumer staples (food), while positive earnings were seen in retail and healthcare. Given the strong international tourists arrival driven by Chinese tourists, we see the services sector (tourism and healthcare) maintaining its momentum.
GREATER CHINA Strategy Alpha Picks: March Conviction Call: Adding CMB, COLI, CR Beer, Kuaishou and TUL to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Significant Outperformance In Feb 24: Our picks are BBTN, CMRY, SIDO, EXCL, MAPI, JSMR, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Focusing On Earnings Momentum: Our Alpha Picks underperformed the KLCI in Feb 24 (-0.9% vs 2.5%). Mar 24 picks significantly feature companies with good earnings momentum. SINGAPORE...
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. INDONESIA Strategy Alpha Picks: Outperformance in Jan 24: Our picks are EXCL, MAPI, BMRI, JSMR, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Eyes Also On Results Season Winners: Our Alpha Picks performance again trounced the KLCI in Jan 24 (+9.6% vs +4.0%). Feb 24 pic...
Our Alpha Picks’ performance again trounced the KLCI in Jan 24 (+9.6% vs +4.0%), led by Iskandar 2.0 beneficiaries Sunway Bhd and Ekovest, followed by RGB International. Feb 24 picks: Bursa Malaysia (Bursa), Eco World Development Group (EcoWorld), Ekovest, IOI Corp, Genting Malaysia (GENM), Inari Amertron (Inari), Malaysia Airports Holdings (MAHB) and RGB International (RGB). EcoWorld replaces Sunway Bhd which has delivered blistering returns. Meanwhile, some expected winners in the upcoming res...
GREATER CHINA Strategy Alpha Picks: February Conviction Calls We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. Sector Automobile: Weekly: EV sales remain lukewarm in the fourth week of 2024. Top SELLs: BYD, XPeng and Li Auto. Update Shenzhen Mindray Bio-Medical Electronics (300760 CH/BUY/Rmb273.19/Target: Rmb360.00): Acquires 21.12% stake in APT Medical; embracing tremendous business opportu...
4Q23: ADV To Continue Charting Positive Recovery Bursa reported in-line 4Q23 results that expanded 20% yoy and dipped slightly qoq. Looking ahead, we expect ADV to continue charting a recovery, in line with our expectations for the equity market to sustain its risk-on-mode in 2024. Jan 24 ADV of RM3.2b is well ahead of our full-year forecast of RM2.5b. Stock valuation remains appealing at -0.5SD to historical mean valuations. Maintain BUY and target price of RM8.05 based on +0.5SD to historical ...
Positioned For A Strong ADV Recovery Bursa’s share price has outperformed the FBMKLCI since our Aug 23 upgrade (+7% vs FBMKLCI’s +3%). We expect it to continue outperforming, in line with our expectation for the equity market to sustain its risk-on mode in 2024. Jan 24’s ADV of RM3.2b is well ahead of our full-year forecast of RM2.5b. Stock valuation remains appealing at -0.5SD to historical mean valuations. Maintain BUY with a higher target price of RM8.05 from RM7.85 after an earnings revision...
GREATER CHINA Sector IT Hardware: Better visibility for specification upgrade trend. Maintain OVERWEIGHT. Update CSPC Pharmaceutical Group (1093 HK/BUY/HK$5.99/Target: HK$7.80): Optimising allocation of assets to unlock market value and support business development. INDONESIA Results Bank Central Asia (BBCA IJ/BUY/Rp9,350/Target: Rp10,400): 4Q23: Strong loan growth and higher opex. MALAYSIA Update Bursa Malaysia (BURSA MK/BUY/RM7.35/Target: RM8.05): We expect a favourable re-rating for Bursa...
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We add the potential beneficiaries of the upcoming CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy reduction. INDONESIA Strategy Alpha Picks: Underperformance in 4Q23 and 2023: Our picks are MAPI, BMRI, JSMR, TLKM, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Domestic Event Winners: Our Alpha Picks outperformed the KLCI in Dec 23. Jan 24 pick...
Alpha Picks: Domestic Event Winners Our Alpha Picks outperformed the FBMKLCI again in Dec 23 (+2.2% vs. +0.1%) as multiple names provided solid returns. Despite the shaky start of the year for global equities, Malaysian equities should benefit from many domestic-oriented events. Jan 24 picks: Bursa Malaysia (Bursa), Ekovest, IOI Corp, Genting Malaysia (GENM), Inari Amerton (Inari), Malaysia Airports Holdings (MAHB), RGB International (RGB) and Sunway Bhd. We reintroduce MAHB in lieu of KPJ Healt...
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