reports
- Andrew Agita Buntoro
- Willinoy Sitorus
XLSMART Telecom Sejahtera (EXCL IJ) - Post-Merger Impact On Full-Year ...
Company Update | XLSMART Telecom Sejahtera (EXCL IJ/HOLD/Rp3,070/Target: Rp3,300) We maintain our HOLD call with a revised target price of Rp3,300 (previously Rp3,100), based on 6x 2026F EV/EBITDA, in line with its post-merger historical average. While ARPU recovery is gaining traction after the merger, with mobile ARPU reaching Rp38,900 (+9.6% qoq), EXCL is expected to remain loss-making in 2025 due to elevated one-off integration costs of about Rp2.5t per quarter, limiting near-term earnings v...
- Andrew Agita Buntoro
- Maskun Ramli
- Willinoy Sitorus
Indonesia Daily - Thursday, February 5, 2026
Company Update | XLSMART Telecom Sejahtera (EXCL IJ/HOLD/Rp3,070/Target: Rp3,300) We maintain our HOLD call with a revised target price of Rp3,300 (previously Rp3,100), based on 6x 2026F EV/EBITDA, in line with its post-merger historical average. While ARPU recovery is gaining traction after the merger, with mobile ARPU reaching Rp38,900 (+9.6% qoq), EXCL is expected to remain loss-making in 2025 due to elevated one-off integration costs of about Rp2.5t per quarter, limiting near-term earnings v...
- Andrew Agita Buntoro
- Bella Lu Yifei
- Chong Lee Len
- Jonathan Koh
- Ken Lee
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, February 05, 2026
Greater China Company Results | Yum China Holdings, Inc (9987 HK/NOT RATED/HK$392.40) In 4Q25, YUMC’s total revenue reached US$2,823m, up 9% yoy. Total system sales grew 7% yoy, with a 3% increase in same-store sales. Operating profit rose 25% yoy to US$187m, with operating margin at 6.6% (+80bp). For 1Q26, management targets positive SSS. It aims to maintain flat yoy restaurant margin and operating profit margin on a high base. For 2026, it expects to open more than 1,900 net new stores, wi...
PTT PTT PUBLIC COMPANY LIMITED
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
YUMC YUM CHINA HOLDINGS INC.
FNH FRASER & NEAVE HOLDINGS BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
PONY PONY AI INC
GULF GULF ENERGY DEVELOPMENT PCL
EXCL XLSMART TELECOM SEJAHTERA
- Chong Lee Len
Singapore Telecommunications (ST SP) - Value-Accretive Data Centre Por...
Singtel and KKR announced the acquisition of STT GDC at an enterprise value of US$13.8b. Singtel will pay S$740m for a 25% stake in STT-GDC, with a further injection of S$400m-500m in equity over the next 2-3 years for capacity expansion. STT GDC owns 673MW of data centre capacity worldwide. The deal is viewed positively as it provides a longer-term earnings growth trajectory and cash flows. Maintain BUY on share price weakness with an SOTP-based target price of S$5.20.
- Jonathan Koh
Frasers Logistics & Commercial Trust (FLT SP) - 1QFY26: Excellence In ...
FLT’s logistics properties in Australia, Europe and the UK maintained full occupancy of 100% in 1QFY26. Its logistics properties in New South Wales, Australia clocked strong positive rental reversion of 43.3%. Occupancy at ATP improved 8.4ppt qoq to 86.3% after securing new ICT and healthcare tenants. Occupancy at Blythe Valley Park in the UK improved 6.8ppt qoq to 85.2% after securing a new technology tenant. Maintain BUY. Target price: S$1.22.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – February 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list. Indonesia Strategy | Alpha Picks: From MSCI Shock To Policy-Driven Rebala...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
PXP PLAINS EXPLORATION & PRODUCTION COMPANY
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Greater China Research Team
- Tham Mun Hon
Greater China Strategy Alpha Picks: February Conviction Calls.
Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list.
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00823 LINK REAL ESTATE INVESTMENT TRUST
002371 NAURA TECHNOLOGY GROUP CO LTD CLASS A
00388 HONG KONG EXCHANGES & CLEARING LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
03690 MEITUAN CLASS B
1772 GANFENG LITHIUM CO. LTD. CLASS H
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
06160 BEIGENE LTD.
09888 BAIDU INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Benjaphol Suthwanish
Thai Airways (THAI TB) - Expect Earnings To Normalise In 4Q25
Company Update | Thai Airways (THAI TB/HOLD/Bt7.00/Target: Bt6.70) Thai Airways is expected to report weaker 4Q25 earnings qoq, with net profit of Bt3.5b, pressured by FX losses, impairments, and higher maintenance and employee costs, despite healthy load factors. Revenue is expected to decline yoy due to yield normalisation. Share price volatility may rise as the first lock-up period expires, releasing 25% of converted shares. Fleet expansion plans remain unchanged. We cut 2025 profit forecasts...
- Kasemsun Koonnara
AP (Thailand) (AP TB) - Expect 4Q25 Earnings To Be Flat yoy But Improv...
Company Update | AP (Thailand) (AP TB/BUY/Bt8.75/Target: Bt10.10) We expect AP to report a net profit of Bt1.28b in 4Q25, flat yoy but up 11% qoq. The qoq improvement should be driven by transfers of backlog. Meanwhile, gross margin is likely to be flat qoq, pressured by intensified competition. AP continues to pursue a more aggressive business strategy than its peers, which should help the company maintain market share and support earnings growth amid market consolidation. Maintain BUY with a t...
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily: Wednesday, February 04, 2026
Top Stories Company Update | AP (Thailand) (AP TB/BUY/Bt8.75/Target: Bt10.10) We expect AP to report a net profit of Bt1.28b in 4Q25, flat yoy but up 11% qoq. The qoq improvement should be driven by transfers of backlog. Meanwhile, gross margin is likely to be flat qoq, pressured by intensified competition. AP continues to pursue a more aggressive business strategy than its peers, which should help the company maintain market share and support earnings growth amid market consolidation. Maintai...
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Focusing On Laggards And Selective Catalysts
Alpha Picks: Focusing On Laggards And Selective Catalysts Highlights Our Jan 26 Alpha Picks outperformed the FBMKLCI on a price-weighted (+5.2%) and market cap-weighted (+5.9%) basis. IOI Properties Group (IOIPG) (+20.8%) and Lagenda Properties (+20.0%) led the gains while Pekat (-14.6%) and VSI (-13.4%) lagged. For Feb 26, we favour stocks with firmer domestic earnings visibility amid lingering external uncertainties and names with company-specific catalysts amid sector rotation. Feb 26...
- Malaysia Research Team
Malaysia Daily - Wednesday, February 4, 2026
Top Stories Strategy | Alpha Picks: Focusing On Laggards And Selective Catalysts Our Jan 26 Alpha Picks outperformed the FBMKLCI on a price-weighted and market cap-weighted basis. For Feb 26, we favour stocks with firmer domestic earnings visibility amid lingering external uncertainties and names with company-specific catalysts amid sector rotation. Feb 26 Alpha Picks: Bursa Malaysia, IJM Corporation, Lagenda Properties, Oxford Innotech, Pekat Group, RHB Bank, Tenaga Nasional, VS Industry, Yinso...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Singapore Research Team
Singapore Daily: Wednesday, February 4, 2026
Top Stories Strategy | Monthly Market Radar Singapore equities delivered a strong January performance, with the STI rising 5.6% to fresh record highs amid heightened geopolitical tensions that drove flight-to-safety flows. Manufacturing activity remained in mild expansion, led by electronics and AI-related demand. Market/corporate catalysts during the month include REIT earnings, IPO interest in Catalist and continued strength in gold-linked counters. Company Results | Parkway Life REIT (PREIT ...
- Curtis Yeung
- Greater China Research Team
- Tham Mun Hon
Greater China Daily: Wednesday, February 4, 2026
Top Stories Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list. Technical Analysis China Mobile | 941 HK Support levels: HK$76.55/HK$75....
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Greater China Research Team
- Jonathan Koh
- Kasemsun Koonnara
- Malaysia Research Team
- Posmarito Pakpahan
- Singapore Research Team
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, February 04, 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom, respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, while adding Meituan to our SELL list. Indonesia Company Results | Bank Negara Indonesia (BBNI IJ/B...
AES AES CORPORATION
OXB OXFORD BIOMEDICA PLC
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
THAI THAI AIRWAYS INTERNATIONAL PCL
5347
Z74 TENAGA NASIONAL BHD
O39 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 MINTH GROUP LIMITED
AP4 THAI BEVERAGE PUBLIC CO. LTD.
BN4 RIVERSTONE HOLDINGS
Q5T KEPPEL CORPORATION LIMITED
AP FAR EAST HOSPITALITY TRUST
SE AP THAILAND
SATS SP SEA ADS
D01 SATS LTD.
G13 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
TENAGA GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
VSI V.S. INDUSTRY BERHAD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
IJM IJM CORP BHD
MINT MAPLETREE INDUSTRIAL TRUST
BURSA BURSA MALAYSIA BHD
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
06160 BEIGENE LTD.
9CI CAPITALAND INVESTMENT LTD
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
ZETRIX MK ZETRIX AI (ZETRIX MK)
OXB MK OXFORD INNOTECH BHD (OXB MK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Jonathan Koh
Parkway Life REIT (PREIT SP) - 2H25: 18th Year Of Uninterrupted DPU Gr...
PREIT’s three Singapore hospitals provided a fixed 3% annual step-up in rents in 2H25. The strategic acquisition of 11 nursing homes in France contributed 8.1% of group NPI. It has obtained tax exemption for all 11 nursing homes. PREIT is evaluating AEI for GEH and PEH to improve workflow and operating efficiency. Work on one of the hospitals could commence in 2027. Maintain BUY. Target price: S$5.45.
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Monthly Market Radar
Singapore equities delivered a strong January performance, with the STI rising 5.6% to fresh record highs amid heightened geopolitical tensions that drove flight-to-safety flows. Manufacturing activity remained in mild expansion, led by electronics and AI-related demand. Market/corporate catalysts during the month include REIT earnings, IPO interest in Catalist and continued strength in gold-linked counters.
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Posmarito Pakpahan
Bank Negara Indonesia (BBNI IJ) - 4Q25: Solid Core Profit, Higher Over...
Company Results | Bank Negara Indonesia (BBNI IJ/BUY/Rp4,570/Target: Rp5,100) BBNI posted a solid 4Q25 core operating performance, with PPOP up 10.9% qoq on margin expansion and stronger fee income. However, higher overlay provisions and write-offs lifted credit cost and weighed on earnings. NIM improved on lower funding costs but is guided to normalise in 2026 amid yield pressure and liquidity seasonality. Loan growth was boosted by programme lending, while MSME continued its growth momentum. A...
- Maskun Ramli
- Posmarito Pakpahan
Indonesia Daily - Wednesday, February 4, 2026
Company Results | Bank Negara Indonesia (BBNI IJ/BUY/Rp4,570/Target: Rp5,100) BBNI posted a solid 4Q25 core operating performance, with PPOP up 10.9% qoq on margin expansion and stronger fee income. However, higher overlay provisions and write-offs lifted credit cost and weighed on earnings. NIM improved on lower funding costs but is guided to normalise in 2026 amid yield pressure and liquidity seasonality. Loan growth was boosted by programme lending, while MSME continued its growth momentum. A...
- Benjaphol Suthwanish
Minor International (MINT TB) - 4Q25 Results Preview: Strong Results E...
Company Update | Minor International (MINT TB/BUY/Bt22.90/Target: Bt38.00) MINT is expected to deliver solid earnings momentum in 4Q25, driven by strong post-renovation hotel performance and RevPar growth across Thailand, Europe, and the Maldives, alongside easing interest expenses that support margin expansion. Core profit should rise both yoy and qoq. Looking ahead, leverage will hinge on the planned REIT and food IPO, which are expected to support deleveraging. We maintain BUY with a Bt38.00 ...
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