reports
- Arsit Pamaranont
IRPC (IRPC TB) - Earnings To Turn Positive within Expectation
Company Results | IRPC (IRPC TB/HOLD/Bt1.29/Target: Bt1.4) IRPC reported a 4Q25 net loss of Bt574m due to inventory losses, but core operations improved significantly with core profit of Bt1.3b, supported by stronger GIM at US$11.56/bbl. Full-year 2025 core loss narrowed to Bt1.4b from Bt3.9b in 2024, reflecting operational recovery. We expect core profit to continue in 1Q26, driven by strong diesel demand and healthy GIM around US$11/bbl. However, with share price up 30% ytd, valuation appears ...
- Thanawat Thangchadakorn
Muangthai Capital (MTC TB) - 4Q25: Results In Line; 2025 Net Profit Re...
Company Results | Muangthai Capital (MTC TB/BUY/Bt39.25/Target: Bt52.00) MTC reported a 4Q25 net profit of Bt1.78b (+16% yoy, +3% qoq). The results are in line with market expectations but beating our forecasts by 8%. The credit costs and the NPL ratio decreased qoq, achieving 2025 targets. The 2025 net profit was Bt6.7b, +14.8% yoy and be the record high. Maintain BUY with an unchanged target price of Bt52.00. MTC is one of our top picks in the finance sector.
- Arsit Pamaranont
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, February 18, 2026
Top Stories Company Results | Muangthai Capital (MTC TB/BUY/Bt39.25/Target: Bt52.00) MTC reported a 4Q25 net profit of Bt1.78b (+16% yoy, +3% qoq). The results are in line with market expectations but beating our forecasts by 8%. The credit costs and the NPL ratio decreased qoq, achieving 2025 targets. The 2025 net profit was Bt6.7b, +14.8% yoy and be the record high. Maintain BUY with an unchanged target price of Bt52.00. MTC is one of our top picks in the finance sector. Company Results | ...
- Benyamin Mikael
Oil & Gas - Reawakening The Animal Spirits
Sector Update | Oil & Gas Indonesia’s upstream revival is gaining momentum as structural import dependence drives policy support and “animal spirits” across operators. Pertamina anchors a multi-year growth cycle with rising production, expanding capex, and restructuring backed by Danantara. Listed beneficiaries such as ELSA, ENRG, WINS, SOCI, RAJA, RATU, and PGAS offer exposure across upstream services, offshore logistics, and gas infrastructure as sector activity improves. Highlights • Upstrea...
- Benyamin Mikael
- Hendri Effendi
Indonesia Daily - Wednesday, February 18, 2026
Sector Update | Oil & Gas Indonesia’s upstream revival is gaining momentum as structural import dependence drives policy support and “animal spirits” across operators. Pertamina anchors a multi-year growth cycle with rising production, expanding capex, and restructuring backed by Danantara. Listed beneficiaries such as ELSA, ENRG, WINS, SOCI, RAJA, RATU, and PGAS offer exposure across upstream services, offshore logistics, and gas infrastructure as sector activity improves. Technical Analysis H...
- Thanawat Thangchadakorn
Krung Thai Bank (KTB TB) - Announce 2026 Financial Targets With A Gui...
Company Update | Krung Thai Bank (KTB TB/BUY/Bt30.25/Target: Bt34.00) BCP reported a 4Q25 net profit of Bt2.2b, largely in line with our estimate, doubling qoq and rebounding strongly yoy. Core profit rose to Bt4.1b (+125% yoy, +27% qoq), driven by a higher GRM of US$10.80/bbl and record-high run rate of 280kbd. FY25 core profit increased 67% yoy to Bt10.2b. We expect earnings momentum to remain solid in 2026, supported by resilient distillate demand, renewable contributions, and BSRC integratio...
- Kitpon Praipaisarnkit
Delta (Thailand) (Delta TB) - Healthy 4Q25 Operating Margin; Strong Da...
Company Results | Delta (Thailand) (Delta TB/HOLD/Bt216/Target: Bt210) Healthy 4Q25 Operating Margin; Strong Data Centre And Better Product Mix To Support 2026 Margin. DELTA reported a 4Q25 net profit of Bt7.26b (+237 yoy, -2% qoq), exceeding our and Bloomberg estimates by 10% and 8%, respectively.Management maintains 20% yoy revenue growth guidance in 2026 (20% yoy in 2025). However, we are positive on the strong 2026 operating margin guidance, driven by a better-product mix from Data Centre. W...
- Kitpon Praipaisarnkit
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, February 17, 2026
Top Stories Company Results | Delta (Thailand) (Delta TB/HOLD/Bt216/Target: Bt210) Healthy 4Q25 Operating Margin; Strong Data Centre And Better Product Mix To Support 2026 Margin. DELTA reported a 4Q25 net profit of Bt7.26b (+237 yoy, -2% qoq), exceeding our and Bloomberg estimates by 10% and 8%, respectively.Management maintains 20% yoy revenue growth guidance in 2026 (20% yoy in 2025). However, we are positive on the strong 2026 operating margin guidance, driven by a better-product mix from D...
- Arsit Pamaranont
Star Petroleum Refining (SPRC TB) - 2025: Strong GRM Supports Earning...
Company Results | Star Petroleum Refining (SPRC TB/HOLD/Bt7.25/Target: Bt7.00) SPRC reported 4Q25 core profit of Bt2.4b and net profit of Bt1.1b, in line with expectations, driven by a strong GRM of US$9.30/bbl and a solid 93% run rate. 2025 core profit rose 32% yoy to Bt4.2b. However, 1Q26 earnings will face pressure from a 30-day turnaround, with US$10m-15m to be booked in 1Q26. After maintenance, yields and cost efficiency should improve. Maintain HOLD, as the recent share price gains have la...
- Tanapon Cholkadidamrongkul
Plan B Media (PLANB TB) - 4Q25: All-time High Earnings
Company Results | Plan B Media (PLANB TB/BUY/Bt4.54/Target: Bt6.00) MINT posted 4Q25 net profit of Bt2.95b, below our and consensus estimates due to a Bt550m non-recurring item from MHEA. Excluding this, core profit rose strongly by 20.7% yoy. Revenue grew by 5.2% yoy, with RevPar up 9% across all regions, along with an expansion in margins. The strong Chinese tourist arrivals in early-26 is a promising sign for the upcoming Chinese New Year, and supports the robust 1Q26 earnings outlook. Mainta...
- Benjaphol Suthwanish
Minor International (MINT TB) - 4Q25: Strong Core Earnings Reported
Company Results | Minor International (MINT TB/BUY/Bt26.50/Target: Bt38.00) MINT posted 4Q25 net profit of Bt2.95b, below our and consensus estimates due to a Bt550m non-recurring item from MHEA. Excluding this, core profit rose strongly by 20.7% yoy. Revenue grew by 5.2% yoy, with RevPar up 9% across all regions, along with an expansion in margins. The strong Chinese tourist arrivals in early-26 is a promising sign for the upcoming Chinese New Year, and supports the robust 1Q26 earnings outlook...
- Kasemsun Koonnara
Stecon Group (STECON TB) - Expect 4Q25 Earnings To Improve yoy And qoq
Company Update | Stecon Group (STECON TB/HOLD/Bt10.10/Target: Bt10.80) We expect STECON’s 4Q25 earnings to improve both yoy and qoq, driven by revenue reaching a peak and a sustained healthy gross margin. However, upside appears limited as its current share price largely reflects the improved political clarity. We downgrade to HOLD from BUY with a target price of Bt10.80.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - 2026 Turnaround Locked In – Aromatics...
Company Update | PTT Global Chemical (PTTGC TB/BUY/Bt26.50/Target: Bt31.00) We maintain our 2026 net profit forecast. Key positive drivers include higher capacity utilisation, lower production and financing costs, and the ongoing performance enhancement programme, all of which should support a return to profitability in 2026. The overall petrochemical outlook is turning more constructive, particularly in aromatics. While long-term oversupply in olefins is gradually easing, near-term supply press...
- Thanawat Thangchadakorn
Bangkok Bank (BBL TB) - 2026 Financial Year Targets Announced, With Cr...
Company Update | Bangkok Bank (BBL TB/SELL/Bt164.00/Target: Bt140.00) We came away from BBL’s analyst meeting with a neutral view. BBL will focus on corporate and international loans, which are expected to drive loan growth in 2026. 2026’s financial year targets have been set, with credit cost and asset quality outlook similar to last year’s. Meanwhile, we reckon there will be no change in dividend policy and other capital management methods in 2026 based on the CEO’s tone. Maintain SELL with an...
- Benjaphol Suthwanish
Airports of Thailand (AOT TB) - No More Overhangs
Company Update | Airports of Thailand (AOT TB/BUY/Bt57.50/Target: Bt80.00) AOT delivered a positive 1QFY26 analyst meeting, with PSC hike approval signed on 9 Feb 26 and implementation expected in 4QFY26, prompting an 11% upgrade to our 2026 earnings forecast. AOT reported a 1QFY26 profit of Bt4.6b, beating our expectation despite the weaker concession revenue. Costs were below estimates and revenue was slightly stronger than expected. Overhangs from KPD and PSC are resolved. Upgrade to BUY with...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Monday, February 16, 2026
Top Stories Company Update | Airports of Thailand (AOT TB/BUY/Bt57.50/Target: Bt80.00) AOT delivered a positive 1QFY26 analyst meeting, with PSC hike approval signed on 9 Feb 26 and implementation expected in 4QFY26, prompting an 11% upgrade to our 2026 earnings forecast. AOT reported a 1QFY26 profit of Bt4.6b, beating our expectation despite the weaker concession revenue. Costs were below estimates and revenue was slightly stronger than expected. Overhangs from KPD and PSC are resolved. Upgra...
- Carol Dou Xiao Qin
- Sunny Chen
Healthcare - Bi-Weekly: Poised For Strength
The HSHCI rose 1.8%, outperforming the HSI, which declined by 3.8% in the first two weeks of Feb 26. InSilico took the lead with a 16.9% share price increase, while CRO leaders WuXi AppTec and WuXi Bio gained 11.7% and 8.1% respectively. Innovent also outperformed its peers with a 9.2% rise. Fuelled by strong innovation, business development momentum, and robust 2025 results, the Chinese healthcare sector is expected to remain resilient in 2026. Maintain OVERWEIGHT.
01177 SINO BIOPHARMACEUTICAL LIMITED
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
- Claire Wang Kelai
- Tham Mun Hon
China Economics: Money Supply -- New Credit Surges But Outstanding Loa...
M0 growth was weaker in Jan 26 due to Chinese New Year effects, while M2 growth rose to 9.0% yoy, the highest since 2023. New bank loans surged to Rmb4.71t and new TSF rose to Rmb7.22t, both above consensus forecasts. However, outstanding bank loan growth fell to a record-low 6.1% yoy, highlighting fragile underlying credit demand despite strong front-loaded lending.
- Philip Wong
99 Speed Mart Retail Holdings (99SMART MK) - 4Q25: Within Expectations...
4Q25: Within Expectations As SSSG Remains Robust Highlights Results fell within expectations as the previous quarter’s robust SSSG was sustained. Margins were largely unchanged, save for a higher effective tax rate that marginally lowered core margins. Dividend payout was raised. Maintain HOLD with an unchanged target price of RM3.80.
- Malaysia Research Team
Malaysia Daily - Monday, February 16, 2026
Top Stories Company Results | 99 Speed Mart Retail Holdings (99SMART MK/HOLD/RM3.95/Target: RM3.80) Results fell within expectations as the previous quarter’s robust SSSG was sustained. Margins were largely unchanged, save for a higher effective tax rate that marginally lowered core margins. Dividend payout was raised. Maintain HOLD with an unchanged target price of RM3.80. Market Spotlight The FBMKLCI continued to slide lower for the second consecutive day by 11.31pt to close at 1,739.54 last...
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