reports
- Tanapon Cholkadidamrongkul
Home Product Center (HMPRO TB) - Expect 4Q25 Earnings To Decline
Company Update | Home Product Center (HMPRO TB/HOLD/Bt6.75/Target: Bt6.30) Expect 4Q25 earnings to drop yoy, pressured by weak SSSG, higher SG&A and lower other income. These were partly offset by gross margin expansion. The stock tends to outperform the SET Index in the pre-election period and underperform thereafter. Maintain HOLD with a target price of Bt6.30.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Jieqi Liu
- Kong Ho Meng
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, January 21, 2026
Greater China Company Update | Anta Sports (2020 HK/BUY/HK$82.55/Target: HK$103.40) In 4Q25, the Anta brand’s retail sales missed expectations, recording a low single-digit decline. In contrast, Fila achieved mid-single-digit growth, accelerating from low single-digit growth in 3Q25, and all other brands continued to demonstrate robust growth at 35-40%. For 2026, management expects group-level operating margin to face pressure due to the need for sustained investment in both the Anta brand and F...
AS7 ANTA SPORTS PRODUCTS LTD.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
C09 CITY DEVELOPMENTS LIMITED
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
TMB TMB BANK PUBLIC COMPANY LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
YNS YINSON HOLDINGS BHD
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, January 21, 2026
Top Stories Company Results | Bangkok Bank (BBL TB/SELL/Bt170.50/Target: Bt140.00) BBL posted a 4Q25 net profit of Bt7.76b, -25% yoy and -44% qoq. The results missed both our and consensus expectations by 27% due to a large reduction in investment gain and higher-than-expected opex. We expect no further material investment gains in the future. BBL attributed the jump in opex to the accrued expenses for consulting and numerous investment projects. Downgrade to SELL with a lower target price of B...
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Julia Pan Mengyao
- Kai Jie Tang
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, December 03, 2025
Greater China Sector Update | Consumer We met investors in Thailand and Malaysia during our marketing trip from 24-28 Nov 25. Overall investor interest in the China consumer sector is improving. The most frequently discussed segments and names include Miniso, Shenzhou, Anta, consumer staples (including dairy, beer and baijiu), as well as some new consumption names such as Pop Mart (non-rated) and Laopu Gold (non-rated). Our preferred stocks include: Galaxy, Midea, Miniso, Shenzhou and Sands ...
BJC BERLI JUCKER PUBLIC CO. LTD.
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
JPFA JAPFA COMFEED INDONESIA
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
BURSA BURSA MALAYSIA BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
1368 XTEP INTERNATIONAL HOLDINGS
RSTON RIVERSTONE HOLDINGS LTD
CRC CENTRAL RETAIL CORP
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
HEAL MEDIKALOKA HERMINA
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
09618 JD.COM INC. CLASS A
MNSO MINISO GROUP HOLDING ADS (N SHARES)
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
DOHOME DOHOME PCL
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
09961 CTRIP.COM INTERNATIONAL
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
CPAXT CP AXTRA PUBLIC COMPANY LIMITED
KOPI MK ORIENTAL KOPI HOLDINGS BHD
BRMS IJ BUMI RESOURCES MINERALS
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HERE US HERE GROUP (HERE US)
- Tanapon Cholkadidamrongkul
Home Product Center (HMPRO TB) - Headwinds Persist
Company Update | Home Product Center (HMPRO TB/HOLD/ Bt6.20/Target: Bt6.30) HMPRO’s Oct-25 SSSG declined sharply, with HomePro down 9–10% and Mega Home down 7–9%, worse than peers. We expect 4Q25 earnings to fall yoy, pressure by the sharp drop in SSSG and higher SG&A expenses. Maintain HOLD with a target price of Bt6.30.
- Arsit Pamaranont
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
Thailand Daily - Wednesday, November 05, 2025
Top Stories Company Results | IRPC (IRPC TB/HOLD/Bt1.02/Target: Bt1.20) IRPC’s 3Q25 performance turnaround to a net profit of Bt340m stemmed from better GRM and inventory gains offset by petrochemical weakness. 9M25 loss narrowed yoy to Bt2.2b from a core loss of Bt3.2b. We expect core earnings to turn positive in 4Q25 but we foresee potential huge inventory losses to reflect weaker oil prices in 4Q25. Company Update | CH. Karnchang (CK TB/BUY/Bt14.40/Target: Bt20.20) We expect CK’s 3Q25 ear...
- Andrew Agita Buntoro
- Arsit Pamaranont
- Audrey Celia
- Chong Lee Len
- Jonathan Koh
- Kasemsun Koonnara
- Kong Ho Meng
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, November 05, 2025
Greater China Company Results | COSCO SHIPPING Holdings (1919 HK/HOLD/HK$13.67/Target: HK$14.54) CSH’s 3Q25 net profit fell 55% yoy to Rmb9.5b but beat expectations on resilient freight rates and higher volumes. The recent rebound in freight indices and suspension of US-China port fees should support 4Q25 earnings. While oversupply risks remain in 2026, accelerated scrapping could ease pressure. Its strong net cash position (63% of market cap) should allow CSH to navigate the downcycle with ...
CK CH. KARNCHANG PCL
IRPC IRPC PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
NETLINK NETLINK NBN TRUST
WPRTS WESTPORTS HOLDINGS BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
KORE KEPPEL PACIFIC OAK US REIT
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Tanapon Cholkadidamrongkul
Home Product Center (HMPRO TB) - 3Q25: Results In Line; Earnings Drop ...
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.
- 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...
- Bella Lu Yifei
- Ken Lee
- Posmarito Pakpahan
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, October 20, 2025
Greater China Company Results | Fuyao Glass (3606 HK/BUY/ HK$67.50/Target: HK$105.00) Fuyao Glass’ 3Q25 earnings miss stems from its margins, dragged by the US division and higher effective tax rate. Revenue grew 19% yoy on 11% sales volume growth and 7% ASP hike. Based on the lower margins, we trim our 2025-27 net profit forecasts by 5%/3%/2% to Rmb9.61b/Rmb10.98b/Rmb12.71b respectively, implying 19% CAGR. Earnings prospects remain positive on overseas market share gains, optimisation of pr...
BJC BERLI JUCKER PUBLIC CO. LTD.
KTC KRUNGTHAI CARD PCL
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
COM7 COM7
INKP PT INDAH KIAT PULP & PAPER TBK
BBCA PT BANK CENTRAL ASIA TBK
CPALL TB CP ALL
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
BBNI BANK NEGARA INDONESIA PERSER
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
AADI IJ ADARO ANDALAN INDONESIA
- Tanapon Cholkadidamrongkul
Home Product Center (HMPRO TB) - 3Q25 Results Preview: Expect Earnings...
Company Update | Home Product Center (HMPRO TB/HOLD/Bt7.05/Target: Bt6.30) HMPRO’s 3Q25 earnings are expected to be unexciting, declining both yoy and qoq, pressured by negative same-store sales, lower gross margin, and higher SG&A. 4Q25 same-store sales 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. Upgrade to HOLD with a higher target price of Bt6.30, as we roll over to 2026F PE.
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily - Thursday, October 16, 2025
Top Stories Company Update | Asset World Corporation (AWC TB/BUY/Bt2.08/Target: Bt3.30) AWC’s Jurassic World at Asiatique, launched in Aug 25 with Bt1.4b capex, exceeds targets with 2,400-2,800 visitors and Bt2m daily revenue. The park attracted mainly Thai families and school groups, with rising foreign visitors, particularly from China and Korea. It boosted Asiatique’s retail traffic, strengthening rental demand. AWC has planned periodic content refreshes to sustain interest and may replica...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, October 16, 2025
Greater China Economics | Inflation September’s CPI inflation improved slightly to -0.3% yoy (+0.1ppt), with core CPI reaching a ytd high of 1.0% yoy. However, food prices remained weak (-4.4% yoy), led by a 17% yoy fall in pork prices. PPI deflation eased to -2.3% yoy (+0.6ppt), with broad recovery in mining and quarrying and raw metal materials. Looking ahead, look out for improvement in consumer goods PPI inflation, which should be indicative of a sustainable improvement in pricing power....
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
AXIATA HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
MAXIS AXIATA GROUP BERHAD
T MAXIS BHD
3933 TELEKOM MALAYSIA BHD
2877 THE UNITED LABORATORIES INTE
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
AWC GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 ASSET WORLD CORP PUBLIC COMPANY LTD
TDC CSPC PHARMACEUTICAL GROUP LTD
603259 TIME DOTCOM BHD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
CDB WUXI APPTEC CO. LTD. CLASS H
8AZ CSPC INNOVATION PHARMACEUTICAL CO L
BTG CELCOMDIGI BHD
300244 AZTECH GLOBAL LTD
DKFT IJ BETAGRO PUBLIC COMPANY LIMITED
ONC@US@ DIAN DIAGNOSTICS GROUP CO
CENTRAL OMEGA RESOURCES
BEONE MEDICINE INC
- Suryaputra Wijaksana
Regional Morning Meeting Notes: Friday, October 3, 2025
Greater China Sector Update | Automobile China’s EV sales surged 25% wow in the 39th week of 2025 but slowed to 10.5% yoy amid a high base and anti-involution efforts. Geely and XPeng outperformed, while BYD and Li Auto saw yoy sales declines. Maintain MARKET WEIGHT on the sector, with top BUYs on CATL and Geely; we downgrade Ganfeng Lithium from BUY to HOLD with an unchanged target price of HK$40.00, as the stock price has hit our target. Indonesia Economics | Indonesia’s Trade Balance Hits Mu...
BJC BERLI JUCKER PUBLIC CO. LTD.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
544 CSE GLOBAL LTD.
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
002594 BYD COMPANY LIMITED CLASS A
AMRT SUMBER ALFARIA TRIJAYA TBK PT
COM7 COM7
558 UMS HOLDINGS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
AP4 RIVERSTONE HOLDINGS
ADRO PT ADARO ENERGY TBK
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
VSI V.S. INDUSTRY BERHAD
CPALL TB CP ALL
IGBREIT IGB REAL ESTATE INVESTMENT T
SREIT SUNWAY REAL ESTATE INVESTMEN
CPALL-R CP ALL PCL NVDR
AXRB AXIS REAL ESTATE INVESTMENT
KLCCSS KLCCP STAPLED GROUP
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LI LI AUTO INC. SPONSORED ADR CLASS A
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
CMMT CAPITALAND MALAYSIA TRUST
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
HRUM HARUM ENERGY TBK PT
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
Home Product Center Public Co Ltd: 1 director
A director at Home Product Center Public Co Ltd sold 210,000 shares at 7.150THB 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...
- 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
- Tanapon Cholkadidamrongkul
Home Product Center (HMPRO TB) - Weak Outlook Expected Throughout The ...
We expect 2Q25 earnings to come in at Bt1.35b, declining both yoy and qoq due to sluggish same-store sales and a lower gross margin. The unusually cold summer significantly impacted sales of cooling products. We also anticipate continued weakness in same-store sales in 2H25, which could weigh on both top-line and profitability. Given the downside risk to consensus forecast, we downgrade HMPRO to SELL with a lower target price of Bt5.60.
- Tanapon Cholkadidamrongkul
Thailand Daily - Tuesday, July 15 , 2025
KEY HIGHLIGHTS Update Betagro (BTG TB/HOLD/Bt17.60/Target: Bt18.50) 2Q25 earnings will be the peak of 2025, but swine price downcycle pressures outlook. Home Product Center (HMPRO TB/SELL/Bt6.70/Target: Bt5.60) Downgrade to SELL. Weak outlook expected throughout the year.
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