reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thai Oil (TOP TB) - 1Q26 Net Profit Set To Surge qoq And yoy On Strong...
Company Update | Thai Oil (TOP/BUY/Bt52.75/Target: Bt58.00) The CFP project is progressing as planned, with full COD expected by 3Q28. The outlook remains strong, supported by firmer GRM and wider aromatics spreads, driven by solid demand and easing supply. We expect 1Q26 net profit to recover qoq, backed by higher accounting GIM and an additional gain from the bond buyback. Meanwhile, TOP has announced a 2H25 dividend of Bt1.00 per share. Maintain BUY. Target price: Bt58.00.
- Thanawat Thangchadakorn
Tidlor Holdings Pcl (TIDLOR TB) - 2026 Financial Targets With An Impro...
Company Update | Tidlor Holdings Pcl (TIDLOR TB/BUY/Bt19.70/Target: Bt23.00) We attended TIDLOR’s analyst meeting and came away with a slightly positive view. TIDLOR has clarified the increase in provisions, which is attributable to flooding-related impacts, and it is booked as a one-off provision of Bt200m. Truck loans started to pick up in 4Q25 and are expected to recover in 2026. Management has shared its 2026 financial targets. Maintain BUY with an unchanged target price of Bt23.00.
- Tanapon Cholkadidamrongkul
Thai Union Group PCL (TU TB) - 4Q25: Earnings Below Expectations, Ambi...
Company Results | Thai Union Group PCL (TU TB/HOLD/Bt12.70/Target: Bt13.20) TU’s 4Q25 core profit came in at Bt923m, down 24% yoy and 23% qoq. The results are below our and the market’s forecasts. The ambient business remains a key pressure. However, this could be offset by improvements in the pet food and seafood segments. We continue to monitor the recovery in the ambient business following the further increase of retail prices in the US market. Maintain HOLD, with a target price of Bt13.20
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - 4Q25: Slightly Weakened Earnings As Expe...
Company Results | Bumrungrad Hospital (BH TB/BUY/Bt194.00/Target: Bt214.00) BH posted a 4Q25 net profit of Bt1.89b (-0.9% yoy), in line with our forecast and the consensus’, as a higher tax rate offset solid foreign patient growth. Margins improved on lower SG&A from several cost savings. Thai-Cambodia tensions continue to pressure volumes, while influenza cases rose 5.2% yoy, supporting Thai demand. BH announced an additional Bt9.00 dividend (5.7% yield). Maintain BUY with a target price of Bt2...
- Thanawat Thangchadakorn
Krungthai Card (KTC TB) - Expect Dividend Payout Ratio To Be Sustained...
Company Update | Krungthai Card (KTC TB/BUY/Bt34.25/Target: Bt47.00) We came away from KTC’s analyst meeting with a neutral view. The CEO reiterated that the company remains focused on growth without taking excessive risk. KTC guided for 2026's credit cost to be similar or slightly higher than that of 2025. Based on management’s tone, we expect KTC to sustain a dividend payout ratio of 58-59% in the future. Maintain BUY with a higher target price of Bt47.00 (previously: Bt45.00).
- Arsit Pamaranont
CH Karnchang (CK TB) - 4Q25 Net Profit Expected To Recover Strongly yo...
Company Update | CH. Karnchang (CK TB/BUY/Bt16.20/Target: Bt20.40) We anticipate a robust yoy recovery in 4Q25, supported by healthy construction progress and higher contributions from associates, although results may soften qoq due to typical year-end expenses and seasonal performance from associates. We have turned more optimistic on CK as the post-election political stability should boost the pipeline of public projects being put up for bidding. Maintain BUY, with a target price of Bt20.40.
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT (PTT TB) - 4Q25: Net Profit In Line with Our Expectation
Company Results | PTT (PTT TB/BUY/Bt37.50/Target: Bt41.00) PTT’s reported 4Q25 net profit is in line with our forecast and 14% above consensus expectations. Stronger earnings contributions from subsidiaries and associates, along with substantial extra gains, were sufficient to offset weaker profits from the gas business. Looking ahead, we expect 1Q26 net profit to increase both qoq and yoy, supported by a recovery in GSP earnings and higher oil prices, which should benefit PTTEP and the refinery...
- Tanapon Cholkadidamrongkul
GFPT (GFPT TB) - 4Q25: Unexciting Earnings Momentum In 2026 And Intens...
Company Results | GFPT (GFPT TB/HOLD/Bt10.10/Target: Bt11.00) GFPT reported a 4Q25 core profit of Bt494m (+59% yoy but -31% qoq). The results exceeded our and the market’s expectations. 2025’s net profit was Bt2,439m (+23.51%), while core profit stood at Bt2,441m (+30% yoy). Expect unexciting earnings momentum in 2026 due to global competition and lower gross profit margin yoy. Downgrade to HOLD with a lower target price of Bt11.00 (previously Bt13.50).
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily - Friday, February 20, 2026
Top Stories Company Results | GFPT (GFPT TB/HOLD/Bt10.10/Target: Bt11.00) GFPT reported a 4Q25 core profit of Bt494m (+59% yoy but -31% qoq). The results exceeded our and the market’s expectations. 2025’s net profit was Bt2,439m (+23.51%), while core profit stood at Bt2,441m (+30% yoy). Expect unexciting earnings momentum in 2026 due to global competition and lower gross profit margin yoy. Downgrade to HOLD with a lower target price of Bt11.00 (previously Bt13.50). Company Results | PTT (PTT...
- Bella Lu Yifei
- Ken Lee
ECARX Holdings Inc (ECX US) : 4Q25: Marks Second Consecutive Quarter O...
ECARX posted a second profitable quarter in 4Q25 with net profit of $2.6m (up 550% qoq), missing expectations due to lower revenue of $305m. We cut our 2026/27 net profit forecasts by 15%/28% to $30.5m/$71.8m and introduce our 2028 forecast of $125.1m. Despite the cuts, we stay positive on growth and margins. Maintain BUY, cut target price to $3.00 from $3.40.
- Bella Lu Yifei
- Ken Lee
Automobile : Weekly: 2026 Local Car Purchase Subsidies Summary
As of mid-Feb 26, over 20 Chinese provinces and cities have announced 2026 vehicle purchase subsidy schemes, aligning with the national policy that has shifted to percentage-based subsidies (favouring mid-range to high-end vehicles) from 2025’s fixed amounts. This supports premium segments and market stability but may not fully counter the new 5% EV tax. 2026 sales forecasts: PV ‒ 30.4m units (+3% yoy); PEV ‒ 18.2m units (+19% yoy). Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth ...
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
2050 ZHEJIANG SANHUA INTELLIGENT CONTROLS
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
PONY JOYSON ELECTRONICS CORP
3750 PONY AI INC
002050 CH CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
2026 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Bella Lu Yifei
- Curtis Yeung
- Greater China Research Team
- Ken Lee
Greater China Daily: Friday, February 20, 2026
Top Stories Sector Update | Automobile As of mid-Feb 26, over 20 Chinese provinces and cities have announced 2026 vehicle purchase subsidy schemes, aligning with the national policy that has shifted to percentage-based subsidies (favouring mid-range to high-end vehicles) from 2025’s fixed amounts. This supports premium segments and market stability but may not fully counter the new 5% EV tax. 2026 sales forecasts: PV ‒ 30.4m units (+3% yoy); PEV ‒ 18.2m units (+19% yoy). Maintain MARKET WEIGHT. ...
- Heidi Mo Jinghui
- Kai Jie Tang
- Roy Chen Chengzhi
Singapore Daily: Friday, February 20, 2026
Top Stories Initiate Coverage | Huationg Global (HUAGL SP/BUY/S$0.845/Target: S$1.15) The BCA A1-graded civil engineering contractor has over 40 years’ track record and a S$512m orderbook tied to public projects. In view of its S$56m net cash (around 35% of market cap) and Mainboard transfer potential, we initiate with BUY and a target price of S$1.15. Trading at 8x 2026F PE (5x ex-cash), Huationg is deeply undervalued (37% discount vs peers) with no research coverage. Company Results | SIA Eng...
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
Gamuda (GAM MK) - Galloping Through Lower Grounds
Galloping Through Lower Grounds Highlights A misalignment between consensus earnings forecasts and the company’s earnings delivery has resulted in several rounds of earnings cut in the past two months. Nevertheless, Gamuda is still poised to cultivate exponential earnings delivery in FY27-28, lifted by compounding orderbook growth amidst a sector upcycle and deepening exposure in key markets. Valuations appear highly attractive with decent-sized capital upside after correction. Maintain BU...
- Malaysia Research Team
Malaysia Daily - Friday, February 20, 2026
Top Stories Company Update | Gamuda (GAM MK/BUY/RM4.15/Target: RM5.25) While share price has declined meaningfully in the last three months following several rounds of earnings cuts by consensus, current discounted valuations offer decent-sized capital upside. Gamuda is still poised to deliver commendable earnings growth in FY27-28, lifted by a higher domestic project mix and progress billings within the construction segment. The group’s mid-long-term earnings visibility is also well supported b...
- Audrey Celia
- Willinoy Sitorus
Japfa Comfeed Indonesia (JPFA IJ) - Strong Momentum In 4Q25, But Margi...
Company Update | Japfa Comfeed Indonesia (JPFA IJ/HOLD/Rp2,480/Target: Rp2,800) We downgrade JPFA to HOLD from BUY, with a new target price of Rp2,800. Near-term catalysts remain supportive, driven by solid 4Q25 results that may extend into 1Q26, as well as firm live bird and DOC prices. However, we lower our 2026 target PE to 8x (from 9x), reflecting higher risks beyond 1Q26, including potential margin pressure from SBM import centralisation and emerging supply-demand imbalance risk. Highlight...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Kai Jie Tang
- Kasemsun Koonnara
- Ken Lee
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, February 20, 2026
Greater China Sector Update | Automobile As of mid-Feb 26, over 20 Chinese provinces and cities have announced 2026 vehicle purchase subsidy schemes, aligning with the national policy that shifted to percentage-based subsidies (favouring mid-range to high-end vehicles) from 2025’s fixed amounts. This supports premium segments and market stability but may not fully counter the new 5% EV tax. 2026 PV sales forecast: 30.4m units (+3% yoy); PEV sales: 18.2m units (+19% yoy). Maintain MARKET WEIG...
CK CH. KARNCHANG PCL
KTC KRUNGTHAI CARD PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
PTT PTT PUBLIC COMPANY LIMITED
JPFA JAPFA COMFEED INDONESIA
GFPT GFPT
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
ECX ECARX HOLDINGS INC
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Audrey Celia
- Hendri Effendi
- Willinoy Sitorus
Indonesia Daily - Friday, February 20, 2026
Company Update | Japfa Comfeed Indonesia (JPFA IJ/HOLD/Rp2,480/Target: Rp2,800) We downgrade JPFA to HOLD from BUY, with a new target price of Rp2,800. Near-term catalysts remain supportive, driven by solid 4Q25 results that may extend into 1Q26, as well as firm live bird and DOC prices. However, we lower our 2026 target PE to 8x (from 9x), reflecting higher risks beyond 1Q26, including potential margin pressure from SBM import centralisation and emerging supply-demand imbalance risk. Technical...
- Roy Chen Chengzhi
SIA Engineering (SIE SP) - 3QFY26: Results Broadly In line; Steady Ear...
3QFY26 reported net profit of S$41.9m (+9.7% yoy) was broadly in line with our expectations. Operating profit and JV/association contribution rose 27.7% and 20.5% yoy respectively, driven by steady demand for MRO services and higher flight-handling volume. Overall, a respectable set of results, especially given the sizeable gestation costs related to SIAEC’s ongoing expansion projects. The recent non-binding LOI with Safran, if materialised, would add to SIAEC’s growth in engine MRO services. Ma...
- Heidi Mo Jinghui
- Kai Jie Tang
Huationg Global (HUAGL SP) - Under-The-Radar Leading Infrastructure Co...
The BCA A1-graded civil engineering contractor has over 40 years’ track record and a S$512m orderbook tied to public projects. In view of its S$56m net cash (around 35% of market cap) and Mainboard transfer potential, we initiate with BUY and a target price of S$1.15. Trading at 8x 2026F PE (5x ex-cash), Huationg is deeply undervalued (37% discount vs peers) with no research coverage.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.