reports
- Arsit Pamaranont
Bangchak Corporation (BCP TB) - Earnings Recovery Gaining Momentum
Company Update | Bangchak Corporation (BCP TB/BUY/Bt30.25 /Target: Bt45.00) We expect BCP to post a strong recovery in 3Q25 with a net profit of Bt1.9b and a core profit of Bt3.8b (+437% yoy, +206% qoq), driven by a higher GRM of US$7.50/bbl, strong run rate (90%), and solid contributions from the renewable and marketing businesses. Momentum should continue into 4Q25, supported by rising diesel spreads and stable margins. Maintain BUY with a target price of Bt45.00.
- 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 ...
- Benjaphol Suthwanish
SCG Packaging (SCGP TB) - New M&A Boosts SCGP’s Indonesian Business
Company Update | SCG Packaging (SCGP TB/BUY/Bt18.30/Target: Bt26.00) We are positive on SCGP’s newly-announced M&A, given its strong synergy with SCGP’s packaging operations in Indonesia, particularly Fajar. The transaction is expected to be finalised in 4Q25. We expect SCGP’s 4Q25 net profit to grow qoq and yoy, supported by higher sales and a seasonal rebound in Fajar’s performance. SCGP’s 3Q25 net profit was in line with our forecast but 6% below consensus estimate. SCGP remains one of our to...
- Tanapon Cholkadidamrongkul
Siam Global House (GLOBAL TB) - 3Q25: Earnings In Line, Up yoy On Mar...
Company Results | Siam Global House (GLOBAL TB/BUY/Bt7.55/Target: Bt9.50) 3Q25 earnings rose yoy, in line with our and consensus forecasts, supported by increased sales and higher gross margin. We believe 2026 will be a strong year for GLOBAL as its SSSG should recover from the low base in 2025. Maintain BUY with a target price of Bt9.50.
- 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...
- Malaysia Research Team
Malaysia Daily - Wednesday, October 29, 2025
Top Stories Company Results | Alpha IVF Group (ALPHA MK/BUY/RM0.34/Target: RM0.43) Earnings came in within expectations off another quarter with record-high sales. Margins eased amid frontloaded marketing expenses and a high effective tax rate that should moderate in subsequent quarters. Maintain BUY with an unchanged target price of RM0.43. Asian Gems Corporate Highlights | Gamuda (GAM MK/HOLD/RM5.10/Target: RM5.75) Gamuda’s growth prospects are fuelled by the progressive roll-out of domestic m...
- 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...
- Heidi Mo Jinghui
- John Cheong Ming Chern
UMS Integration (UMSH SP) - Continued Production Ramp-up For New Custo...
UMS continues to ramp up production and has successfully overcome various production issues for its new customer. However, UMS is waiting for its new customer to pull in more orders in the coming quarters as demand is slower than anticipated. UMS expects to benefit from the AI-driven global chip sector rebound and the rising shift in supply chains. Maintain BUY and target price of S$1.73.
- Jonathan Koh
CapitaLand Integrated Commercial Trust (CICT SP) - 3Q25: Steady Execut...
Office occupancy improved 1.6ppt qoq to 96.2% in 3Q25, driven by new tenants at 100 Arthur Street in North Sydney and MAC in Frankfurt. CICT benefits from a full year’s contribution of its 50% stake in ION Orchard in 2025, while CapitaSpring would contribute based on 100% interest starting from 26 Aug 25. Maintain BUY. Target price: S$2.79.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
Singapore Daily: Wednesday, October 29, 2025
Top Stories Company Results | CapitaLand Integrated Commercial Trust (CICT SP/BUY/S$2.40/Target: S$2.79) Office occupancy improved 1.6ppt qoq to 96.2% in 3Q25, driven by new tenants at 100 Arthur Street in North Sydney and MAC in Frankfurt. CICT benefits from a full year’s contribution of its 50% stake in ION Orchard in 2025, while CapitaSpring would contribute based on 100% interest starting from 26 Aug 25. Maintain BUY. Target price: S$2.79. Asian Gems Corporate Highlights | UMS Integration...
- Benyamin Mikael
Aneka Tambang (ANTM IJ) - 3Q25: Weak Performance On Lower Gold And Nic...
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. Highlights • Following the temporary suspension of the Grasberg mine, we expect gold sales vol...
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Wednesday, October 29, 2025
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. Technical Analysis Mitra Adiperkasa | MAPI IJ Trading Buy Range: We have a technical Buy at Rp...
- Bella Lu Yifei
- Ken Lee
Huizhou Desay SV (002920 CH): 3Q25: A brief bump along a fast-growth p...
Highlights 3Q25 results miss expectations with revenue growth slowing to 5.6% yoy and net profit dipping 0.6% yoy. We cut 2025-27 EPS by 14-29%, implying a 24% CAGR. DSV’s long-term prospects remain robust, based on the 20-30% industry growth, and its strong product line-ups are backed by sustainable R&D investments. We maintain BUY with target price unchanged at Rmb190.00, as we roll over our target PE of 36x from 2025 to 2026, offsetting a lower 2026 EPS estimate.
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
CHAGEE Holdings (CHA US): Investor group call takeaways.
Highlights We hosted a Chagee investor group call. Key takeaways are as follows. Chagee did not participate in the delivery platform price war so as to protect its profit level and brand positioning. This led to a temporary decline in market share during 2Q-3Q25, as some customers shifted to third-party platforms and chose lower-priced alternatives. 3Q25 revenue was under pressure due to market share erosion. Furthermore, the price war hampered Chagee’s ability to launch additional marke...
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Anta Sports (2020 HK): Anta Brand 3Q25 Sales Miss Forecasts; Full-Year...
In 3Q25, Anta brand’s retail sales missed expectations, recording a low single-digit growth. Fila/all other brands recorded low single-digit/45-50% retail sales growth respectively. According to management, sales in early-October were weak, mainly due to the adverse weather, and sales during the 11.11 pre-sale period were slightly below expectation. Therefore, management has a cautious outlook for 4Q25, and has lowered its full-year retail sales target for the Anta brand from a mid-single digit ...
- Carol Dou Xiao Qin
- Sunny Chen
WuXi AppTec (2359 HK): 9M25: Results Beat; Continues To Improve Operat...
WuXi surpassed market estimates, reporting total revenue and adjusted earnings growth of 18.6% and 43.4% yoy respectively in 9M25. With a strong backlog, the company has raised its 2025 revenue growth target to 17-18%. WuXi plans to sell its China-based clinical research services business to strengthen its core CRDMO operations and accelerate global capacity expansion. We believe its ongoing business optimisation will enhance margins and drive earnings growth from 2025-27. Maintain BUY with a hi...
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Tsingtao Brewery (168 HK): 3Q25: Slight Volume Growth With ASP Decline...
Tsingtao Brewery’s 3Q25 revenue declined 0.2% yoy, due to a 0.3% volume growth yet offset by a 0.5% ASP decline. EBIT totalled Rmb1,683m (+10% yoy), and EBIT margin was 19.0% (+1.7ppt yoy), driven by gross margin expansion and lower selling expense. Net profit was Rmb1,370m (+2% yoy), and net margin was 15.4% (+0.3ppt yoy), with the EBIT margin expansion offset by higher tax and lower interest income. Product mix saw improvement yoy. Maintain BUY; target price unchanged at HK$69.90.
- Carol Dou Xiao Qin
- Sunny Chen
Sinopharm Group (1099 HK): 9M25: Results In Line; Continues To Improve...
Sinopharm reported in-line 9M25 results, with revenue down 2.5% yoy and adjusted net earnings up slightly by 0.5% yoy. The company has continued to cut costs and improve operating efficiency, leading to significant improvements in margins and adjusted earnings growth in 3Q25. As an industry leader, Sinopharm expects to benefit from the continued market consolidation and policy changes in the longer term. Upgrade to HOLD with a higher target price of HK$20.00.
- Claire Wang Kelai
- Ziv Ang Sze Champ
China Resources Building Materials Technology (1313 HK): 9M25: Below E...
CR Building Mat Tech’s 9M25 results were below expectations, with earnings up 7.3% yoy to Rmb331m on lower coal costs. Weather disruptions weighed on 3Q25 cement sales volume, while Guangdong prices stayed soft. Aggregates turned lossmaking, prompting capex cuts. Management guided 2025 sales of 55m tonnes (-10.9% yoy) and highlighted a planned capacity-exit fund as a medium-term catalyst. We maintain BUY with a lower target price of HK$2.06.
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