reports
- Thanawat Thangchadakorn
Aeon Thana Sinsap (Thailand) (AEONTS TB) - 1QFY26: Results In Line; NP...
AEONTS reported a 1QFY26 net profit of Bt772m (+47% yoy, +6% qoq), in line with our and consensus expectations. Its loan portfolio contracted 2.8% yoy but remained flat qoq in 1QFY26. We attribute the qoq increase in 1QFY26 credit cost to management foreseeing future uncertainties and their need for prudence. We expect a continued share buyback to help push the share price to rally from its bottom level. Maintain BUY with a target price of Bt140.00.
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily: Friday, July 11, 2025 [Results: AEONTS TB, UPDATE : CP...
KEY HIGHLIGHTS Results Aeon Thana Sinsap (Thailand) (AEONTS TB/BUY/Bt94.50/Target: Bt140.00) 1QFY26: Results in line; NPL ratio down qoq but credit cost up qoq. Update Charoen Pokphand Foods (CPF TB/HOLD/Bt21.90/Target: Bt21.00) Record-high earnings expected in 2Q25, but outlook turns cautious. Downgrade to HOLD. Siam Cement (SCC TB/HOLD/Bt170.50/Target: Bt160.00) 2Q25 net profit expected to recover qoq.
- Anas Fitri Bin Ahmad
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Chong Lee Len
- Jo Yee Ng
- Julia Pan Mengyao
- Ken Lee
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, July 11, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales down 30% wow as promotions end. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Update JD.com (9618 HK/BUY/HK$123.60/Target: HK$158.00): 2Q25 preview: Intact top-line growth; expecting margin erosion on FD investment. INDONESIA Update Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,720/Target: Rp6,000): We expect 2Q25 results to remain strong; double-digit guidance remains intact. MALAYSIA Sector Plantation: Inventory continues t...
- Thailand Research Team
THAILAND STRATEGY – Key Highlights From BOT Event; Political Situation...
The BOT attended our seminar to provide our clients with Thailand's economic outlook for 2H25. The BOT has revised its 2025 GDP forecast from 2.0% to 2.3% in the meeting. It foresees a softening of exports in 3Q25, due to the front-loading of exports in 1H25. The PM has been suspended, with a caretaker in charge, but there should be no impact on 2026’s budget. We highlight four sectors related to the BOT event. Top picks: KBANK, MTC, CPALL and STECON.
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
COM7 COM7
KBANK KASIKORNBANK PUBLIC CO. LTD.
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
MTC MUANGTHAI CAPITAL PCL
CPALL TB CP ALL
STECON STECON GROUP PUBLIC COMPANY LIMITED
TIDLOR TIDLOR HOLDINGS PCL
Regional Morning Meeting Notes: Thursday, July 03, 2025
GREATER CHINA Strategy Alpha Picks: July Conviction Calls Add CATL, KE Holdings, Longfor, Midea Group, Tencent and TME to our BUY list. Take profit on Prudential. Sector Online Games Upcoming new game releases to capitalise on the summer holiday season. INDONESIA Strategy Alpha Picks: Good Performances In June Our new alpha picks are ANTM, BBCA, ERAA, ICBP, MYOR, MIKA...
AEONTS AEON THANA SINSAP (THAILAND) PCL
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
ANTM PT ANEKA TAMBANG TBK
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AIY IFAST
COM7 COM7
558 UMS HOLDINGS LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
ERAA ERAJAYA SWASEMBADA
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
TCAP THANACHART CAPITAL PCL
MIKA MITRA KELUARGA KARYASEHAT
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
01810 XIAOMI CORP. CLASS B
VSI V.S. INDUSTRY BERHAD
MTC MUANGTHAI CAPITAL PCL
SSG SHENG SIONG GROUP LTD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
01801 INNOVENT BIOLOGICS INC.
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
02618 JD LOGISTICS INC
02423 KE HOLDINGS INC.
CLAR CAPITALAND ASCENDAS REIT
SDG SD GUTHRIE BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
TIDLOR TIDLOR HOLDINGS PCL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Tanaporn Visaruthaphong
Aeon Thana Sinsap (Thailand) (AEONTS TB) - 1QFY26 Results Preview: Sha...
AEONTS will announce its 1QFY26 earnings results on 9 Jul 25. We expect the company to post a 1QFY26 net profit of Bt751m (+43% yoy, +4% qoq). AEONTS guides that it typically sells written-off receivables twice a year. Meanwhile, the share repurchase programme should help to limit share price downside. Currently, AEONTS has already bought back 1.12m shares, accounting for 44.6% of the total budget. Maintain BUY. Target price: Bt140.00.
- Thanawat Thangchadakorn
- Anas Fitri Bin Ahmad
- Claire Wang Kelai
- Heidi Mo Jinghui
- Lester Siew
- Llelleythan Tan Tan
- Philip Wong
- Posmarito Pakpahan
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Wednesday, June 11, 2025
GREATER CHINA Sector Metals And Mining: Copper: Trade uncertainties cloud 2H25; decarbonisation anchors long-term bull case. INDONESIA Sector Banking: Banking liquidity: Measures underway. MALAYSIA Sector Plantation: Higher production and inventory build-up in May 25. Update QL Resources (QLG MK/HOLD/RM4.56/Target: RM4.80): Fairly insulated from trade tariff war but overall outlook is unexciting. Maintain HOLD. SINGAPORE Update ComfortDelGro Corporation (CD SP/BUY/S$1.41/Target: S$1.71): Incr...
- Thanawat Thangchadakorn
Aeon Thana Sinsap (Thailand) (AEONTS TB) - 4QFY25: Results In Line; Cr...
AEONTS reported a 4QFY25 net profit of Bt725m (-34% yoy, -8% qoq), in line with our and consensus expectations. FY25 net profit was Bt2.86b, -12.2% yoy. Loan portfolio contracted 2.6% yoy in FY25. AEONTS reported an impressive qoq reduction in credit cost and NPL ratio in 4QFY25. We expect to see a loan growth of 3% yoy in FY26. The expected policy rate cuts will serve as tailwinds. Maintain BUY. Target price is Bt152.00.
- Thanawat Thangchadakorn
- Benyamin Mikael
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Kate Luang
- Kenny Yong Hui Lim
- Lester Siew
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, April 10, 2025
GREATER CHINA Sector Banking Playing safe amid tariff fears. Small/Mid Cap Highlights JBM Healthcare (2161 HK/BUY/HK$1.75/Target: HK$2.42) FY26: New rounds of marketing campaigns to fuel growth. INDONESIA Results Merdeka Copper Gold (MDKA IJ/BUY/Rp1,040/Target: Rp1,900) FY24: Below our and street’s expectations MALAYSIA Sector Gloves ...
KTC KRUNGTHAI CARD PCL
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
5168 HARTALEGA HOLDINGS BHD.
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
002161 INVENGO INFORMATION TECHNOLOGY (A)
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
SAWAD SRISAWAD CORPORATION PUBLIC COMPANY LTD
MTC MUANGTHAI CAPITAL PCL
KLK KUALA LUMPUR KEPONG BHD
PROP PROPNEX LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
TIDLOR NGERN TID LOR PCL
MDKA MERDEKA COPPER GOLD TBK PT
OTEK OILTEK INTERNATIONAL (OTEK SP)
- Thanawat Thangchadakorn
Aeon Thana Sinsap (Thailand) (AEONTS TB) - 4QFY25 Results Preview: Abs...
AEONTS will announce its 4QFY25 results on 9 Apr 25. We expect the company to post a 4QFY25 net profit of Bt734m (-33% yoy, -7% qoq). The qoq reduction can be mainly attributed to the absence of a gain on the sale of investment. Moreover, the company has guided that there will be no gains from selling written-off receivables in 4QFY25. However, we are convinced that there will be a continuous improvement in asset quality. Maintain BUY. Target price: Bt152.00.
- Thanawat Thangchadakorn
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Notes - Thursday, March 20, 2025
GREATER CHINA Results Anta Sports (2020 HK/BUY/HK$97.90/Target: HK$108.80): 2024: Revenue beats estimates but profit in line; lower sales target and conservative margin outlook for Fila. Fuyao Glass Industry Group (3606 HK/BUY/HK$56.35/Target: HK$68.00): 4Q24: Earnings up 34% yoy, in line with estimates. Maintain BUY. HUTCHMED (China) (13 HK/BUY/HK$23.90/Target: HK$30.00): 2024: Became self-sustainable; Fruquintinib continues to drive growth in 2025. Kerry Properties (683 HK/BUY/HK$18.74/Target:...
AS7 ANTA SPORTS PRODUCTS LTD.
AAON AAON INC.
00683 KERRY PROPERTIES LIMITED
3K1 KINGSOFT CORP. LTD.
AJBU KEPPEL DC REIT
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
HCM HUTCHISON CHINA MEDITECH LIMITED
DBB DUOPHARMA BIOTECH BHD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
- Thanawat Thangchadakorn
Aeon Thana Sinsap (Thailand) (AEONTS TB) - 3QFY25: Results Beat; Gain ...
AEONTS posted a 3QFY25 net profit of Bt789m (+12% yoy, -4% qoq). The results were above our and consensus expectations by 14% and 15% respectively. However, there was a gain on sale of investment in 3QFY25. If we strip out this gain, the bottom line would be Bt695m, which in line with our estimation. Management guided for a continuous improvement in asset quality and resumption of growth in loan portfolio. We maintain BUY with a higher target price of Bt160.00.
- Kampon Akaravarinchai
Thailand Daily -Thursday, January 09, 2025
KEY HIGHLIGHTS Results Aeon Thana Sinsap (Thailand) (AEONTS TB/BUY/Bt121.00/Target: Bt160.00) 3QFY25: Results beat; gain picks up in the bottom line with lower credit costs. Update I-TAIL Corporation (ITC TB/HOLD/Bt20.10/Target: Bt22.00) Less exciting earnings growth in 2025. Downgrade to HOLD.
- Jack Goh Tooan Orng
- Kampon Akaravarinchai
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Thanawat Thangchadakorn
Regional Morning Notes - Thursday, January 09, 2025
GREATER CHINA Update Anta Sports (2020 HK/BUY/HK$75.25/Target: HK$120.60): Improved 4Q24 sales; Fila the bright spot; mid-to-long term sales targets maintained. Hong Kong Exchanges and Clearing (388 HK/BUY/HK$284.00/Target: HK$352.00): 4Q24 results preview: Strong earnings growth on reviving turnover. INDONESIA Update Kalbe Farma (KLBF IJ/BUY/Rp1,275/Target: Rp1,800): Higher sales growth in pharma and medical devices expected in 2025. MALAYSIA Sector Gloves: After the stellar share price perfo...
- Kampon Akaravarinchai
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, December 11, 2024
KEY HIGHLIGHTS Sector Media Recommend selective plays amid unexciting sector earnings momentum. Update Aeon Thana Sinsap (Thailand) (AEONTS TB/BUY/Bt125.00/Target: Bt158.00) 3QFY24 results preview: Resuming loan growth signals good prospects. Upgrade to BUY.
- Anas Fitri Bin Ahmad
- Gigi Cheuk
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kate Luang
- Lester Siew
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, December 11, 2024
GREATER CHINA Economics Trade: Nov 24 exports growth slowed; in line with weak PMI new export orders. Sector Logistics: Nov 24 industry data remained healthy; expect positive sector outlook in 2025. Maintain OVERWEIGHT, with JDL being our top pick. Small/Mid Cap Highlights JBM Healthcare (2161 HK/NOT RATED/HK$1.98): Strategic marketing efforts driving robust growth. INDONESIA Sector Banking: Investor feedback: Investors remain cautious on rate cut uncertainty and liquidity tightening. MALAYSIA...
- Tanaporn Visaruthaphong
Aeon Thana Sinsap (Thailand) (AEONTS TB) - 2QFY24: Results Beat; Gain ...
AEONTS posted a 2QFY24 net profit of Bt822m, down 2% yoy but up 57% qoq. The results were far above our and consensus expectations by 25% and 18% respectively. The qoq jump in earnings was primarily due to a gain in sales and lower-than-expected provision expenses. We reckon that the qoq reduction in credit cost indicates a good asset quality outlook. However, we will cautiously monitor the asset quality. We maintain HOLD with an unchanged target price of Bt150.00.
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