reports
- Tanapon Cholkadidamrongkul
Siam Global House (GLOBAL TB) - Profitability Will Improve And Support...
Company Update | Siam Global House (GLOBAL TB/BUY/Bt6.20/Target: Bt9.50) The tone during GLOBAL’s Opportunity Day presentation was neutral. The company maintains its store expansion plan, and will add three new stores in 4Q25, bringing the total number to 96 in 2025. For 2026, it plans to open more than four new stores. Management expects 4Q25 gross margin to exceed 26%, similar to 3Q25. The sales contribution from house-brand products should remain close to 3Q25’s level of 27%. Maintain BUY wit...
- Thanawat Thangchadakorn
Tidlor Holdings (TIDLOR TB) - 3Q25: Results Beat; NPL And Credit Cost ...
Company Results | Tidlor Holdings (TIDLOR TB/HOLD/Bt20.80/Target: Bt22.00) TIDLOR posted 3Q25 net profit of Bt1.4b (+43% yoy, +9% qoq), marking a new high quarterly record. The results beat our and consensus forecasts by 8%. Asset quality improved qoq while credit cost decreased qoq. NPL ratio declined qoq. We expect to see an improvement in asset quality with the company’s focus on maintaining good asset quality. Maintain HOLD with a higher target price of Bt22.00.
- Arsit Pamaranont
Indorama Ventures (IVL TB) - 3Q25: Results In Line With Our Expectatio...
Company Results | Indorama Ventures (IVL/BUY/Bt17.6/Target: Bt27.00) IVL reported 3Q25 core profit of Bt177m and a net loss of Bt818m, both in line with expectations. Core EBITDA fell 15% qoq and 35% yoy to US$279m, pressured by weaker PET spreads and scheduled PO/MTBE maintenance. We see a gradual recovery starting from 4Q25 and stronger 2026 earnings on spread improvement, tariff benefits, and lower energy costs, targeting EBITDA ~US$1.4b. The planned IPOs of Indovinya (IOD) and Indovida (Pack...
- Tanapon Cholkadidamrongkul
GFPT (GFPT TB) - 3Q25: Core Earnings Increase; Chicken Players Deliver...
Company Results | GFPT (GFPT TB/BUY/Bt10.30/Target: Bt15.00) GFPT reported a 3Q25 core profit of Bt710m up 26% yoy and 7% qoq, primarily driven by a strong gross profit margin as the company benefitted from low raw material costs. The outlook for 4Q25 remains strong, supported by an expected improvement in export volume and low raw material costs. Maintain BUY on GFPT with a target price of Bt15.00.
- Thanawat Thangchadakorn
Bangkok Commercial Asset Management (BAM TB) - 3Q25: Results Miss; Co...
Company Results | Bangkok Commercial Asset Management (BAM TB/BUY/Bt6.85/Target: Bt9.00) BAM posted a 3Q25 net profit of Bt184m, down 8% yoy and 86% qoq. The results are lower than our and consensus estimates by 60% and 33%, respectively. BAM recognised additional expected credit loss, which rose 207%, mainly from the provisions made for BAM’s purchase of debtor’s collateral assets from the Legal Execution Department and the provisions for the uncertainties arising from asset management. We main...
- Kasemsun Koonnara
Supalai (SPALI TB) - 3Q25: Earnings Down 41% yoy But Up 6% qoq
Company Results | Supalai (SPALI TB/HOLD/Bt15.90/Target: Bt16.10) SPALI reported 3Q25 earnings of Bt1.17b, down 41% yoy but up 6% qoq, outperforming our expectations primarily due to higher-than-anticipated other income. For 4Q25, presales should be supported by new project launches, while earnings are expected to remain broadly flat qoq but fall yoy due to a high base comparison. We remain cautious about its business outlook, given the backlog, aggressive promotional campaigns, and weak homebuy...
- Thanawat Thangchadakorn
Muangthai Capital (MTC TB) - 3Q25: Results In Line; Loan Portfolio Exp...
Company Results | Muangthai Capital (MTC TB/BUY/Bt39.75/Target: Bt52.00) MTC reported a 3Q25 net profit of Bt1.72b (+16% yoy, +5% qoq). The results are in line with our and market expectations. The company’s NPL ratio stabilised qoq in 3Q25. The loan portfolio grew 10% in 9M25, compared with its 2025 loan growth target of up to 15% yoy. Maintain BUY. Target price: Bt52.00. MTC is our top pick in the finance sector.
- Tanapon Cholkadidamrongkul
CP Axtra (CPAXT TB) - 3Q25: Results Miss; Next Quarter Could Be Better
Company Results | CP Axtra (CPAXT TB/BUY/Bt20.00/Target: Bt24.00) 3Q25 earnings are weaker than our and consensus forecasts by 19% and 14% respectively, mainly due to the lower-than-expected gross margin. However, wholesale SSSG has seen an improvement since end-Oct 25, benefitting from the Half-Half Plus copayment scheme. Maintain BUY with a lower target price of Bt24.00 (previous: Bt26.00).
- Tanapon Cholkadidamrongkul
Betagro (BTG TB) - 3Q25: Sluggish Earnings, Swine Price Bottoms Out
Company Results | Betagro (BTG TB/BUY/Bt16.70/Target: Bt20.00) Betagro’s 3Q25 core profit was reported at Bt1,180m (up 14% yoy, but down 54% qoq). The key pressure on 3Q25 earnings qoq was a lower gross margin due to softer swine prices. We observe an upward trend in domestic swine prices in Nov 25 and expect the trend to continue into 1H26. Upgrade to BUY with a higher target price of Bt20.00.
- Arsit Pamaranont
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, November 12, 2025
Top Stories Company Results | Betagro (BTG TB/BUY/Bt16.70/Target: Bt20.00) Betagro’s 3Q25 core profit was reported at Bt1,180m (up 14% yoy, but down 54% qoq). The key pressure on 3Q25 earnings qoq was a lower gross margin due to softer swine prices. We observe an upward trend in domestic swine prices in Nov 25 and expect the trend to continue into 1H26. Upgrade to BUY with a higher target price of Bt20.00. Company Results | CP Axtra (CPAXT TB/BUY/Bt20.00/Target: Bt24.00) 3Q25 earnings are we...
- Damon Shen
- Jieqi Liu
China And Hong Kong Property: China To Expand C-REITs For POEs; Major ...
On 10 November, the State Council vowed to expand C-REITs for POEs. However, demand stays weak: home sales from 1-10 November in 28 mainland cities fell 45% yoy, with prices trending down. In Hong Kong, the potential supply of private homes rose 1% qoq, yet property prices and rents showed improving fundamentals. Maintain MARKET WEIGHT; favour mainland developers with strong retail portfolios (CR Land, Longfor); in Hong Kong, favour SHKP and Kerry Properties.
- Malaysia Research Team
Malaysia Daily - Wednesday, November 12, 2025
Top Stories Company Results | Hartalega Holdings (HART MK/HOLD/RM1.19/Target: RM1.26) While the challenging outlook continues to pressure sales demand, Hartalega’s focus on internal cost optimisation resulted in earnings improving qoq in 2QFY26. Nevertheless, intensifying China competition and oversupply dynamics will likely continue to impact earnings. We believe that more patience is required for the group to find its inflection point and for earnings to chart a meaningful recovery. Maintain H...
- Damon Shen
- Greater China Research Team
- Jieqi Liu
Greater China Daily: Wednesday, November 12, 2025
Top Stories Sector Update | China And Hong Kong Property On 10 November, the State Council vowed to expand C-REITs for POEs. However, demand stays weak: home sales from 1-10 November in 28 mainland cities fell 45% yoy, with prices trending down. In Hong Kong, the potential supply of private homes rose 1% qoq, yet property prices and rents showed improving fundamentals. Maintain MARKET WEIGHT; favour mainland developers with strong retail portfolios (CR Land, Longfor); in Hong Kong, favour SHKP ...
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
Singapore Daily: Wednesday, November 12, 2025
Top Stories Company Results | Riverstone Holdings (RSTON SP/BUY/S$0.81/Target: S$1.05) Riverstone’s 3Q25 results were in line, with earnings of RM52m (+15% qoq) as stronger cleanroom demand was driven by AI-related industries. Maintain BUY with a 7% higher target price of S$1.05. Current share price weakness presents a good buying opportunity, as the market may have overlooked the lumpy dividend payout in 4Q25. The stock is trading at a >7% yield for 2025. Company Results | SEA (SE US/BUY/...
- Alden Gabriel Lam
- Andrew Agita Buntoro
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Kai Jie Tang
- Kasemsun Koonnara
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, November 12, 2025
Greater China Sector Update | China And Hong Kong Property On 10 November, the State Council vowed to expand C-REITs for POEs. However, demand stays weak: home sales from 1-10 November in 28 mainland cities fell 45% yoy, with prices trending down. In Hong Kong, the potential supply of private homes rose 1% qoq, yet property prices and rents showed improving fundamentals. Maintain MARKET WEIGHT; favour mainland developers with strong retail portfolios (CR Land, Longfor); in Hong Kong, favour SHKP...
- Heidi Mo Jinghui
- John Cheong Ming Chern
CSE Global (CSE SP) - Game-changing Partnership With Amazon; Raise Tar...
CSE will be issuing around 63m warrants to Amazon which could then hold an 8% substantial stake in CSE. The vesting condition indicates major contract wins of US$1.5b over five years. This partnership is a major win for CSE, which could boost its DC-related revenue from about 10% to approximately 30% annually. Maintain BUY with a 44% higher target price of S$1.22.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
SEA (SE US) - 3Q25: Minor Reinvestment To Unlock Bigger Potential
SEA reported a softer 3Q25 as Shopee’s reinvestment in marketing and logistics compressed margins, offsetting robust growth in Monee and Garena. While near-term profitability moderates, core fundamentals remain strong. We cut 2025-27 earnings by 25-28% and lower our target price by 2% to US$200.18. Maintain BUY on SEA’s long-term growth prospects, supported by continued user acquisition and logistics enhancement.
- Heidi Mo Jinghui
Riverstone Holdings (RSTON SP) - 3Q25: Good AI Proxy With >7% Yield; R...
Riverstone’s 3Q25 results were in line, with earnings of RM52m (+15% qoq) as stronger cleanroom demand was driven by AI-related industries. Maintain BUY with a 7% higher target price of S$1.05. Current share price weakness presents a good buying opportunity, as the market may have overlooked the lumpy dividend payout in 4Q25. The stock is trading at a >7% yield for 2025.
- Alden Gabriel Lam
- Andrew Agita Buntoro
Folago Global Nusantara (IRSX IJ) - From Vouchers To Digital Entertain...
Small/Mid Cap Highlights | Folago Global Nusantara (IRSX IJ/NOT RATED/Rp230) IRSX has transformed from a mobile voucher business into a digital talent management company, rebranded as Folago Global Nusantara. It operates TikTok-based e-commerce and gifting businesses and will expand into short movies via a 51%-owned OTT platform, AI-powered live commerce, and interactive talent shows. To fund growth, IRSX plans a rights issue of up to 12.39b shares and 1.86b warrants, with potential synergy with...
- Alden Gabriel Lam
- Andrew Agita Buntoro
- Maskun Ramli
Indonesia Daily - Wednesday, November 12, 2025
Small/Mid Cap Highlights | Folago Global Nusantara (IRSX IJ/NOT RATED/Rp230) IRSX has transformed from a mobile voucher business into a digital talent management company, rebranded as Folago Global Nusantara. It operates TikTok-based e-commerce and gifting businesses and will expand into short movies via a 51%-owned OTT platform, AI-powered live commerce, and interactive talent shows. To fund growth, IRSX plans a rights issue of up to 12.39b shares and 1.86b warrants, with potential synergy with...
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