reports
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
PTT Global Chemical (PTTGC TB) - Earnings Set To Turn Profitable For T...
Company Update | PTT Global Chemical (PTTGC TB/BUY/Bt35.25/Target: Bt41.00) We expect PTTGC’s 1Q26 net profit to increase qoq and yoy, driven by a broad recovery across all key businesses. This improvement should be sufficient to offset the extra losses arising from impairment. Looking ahead, supported by sustained strength in GRM and petrochemical spreads, 2Q26 core profit is likely to increase both qoq and yoy. We have therefore revised up our 2026 earnings forecast, reflecting higher assumpti...
- Tanapon Cholkadidamrongkul
Betagro (BTG TB) - 1Q26 Earnings To Remain Flat qoq; Short-Term Recove...
Company Update | Betagro (BTG TB/HOLD/Bt23.00/Target: Bt21.00) We expect BTG’s 1Q26 earnings to be flat qoq. 1Q26 core profit should come in at Bt941m (-48.7% yoy and flat qoq) due to the flattish gross profit margin caused by domestic swine prices remaining flat qoq in 1Q26. Although we expect core earnings to improve qoq in 2Q26, we believe the positive factors have already been priced in, with limited new catalysts and unexciting near-term earnings momentum. Maintain HOLD with a target price ...
- Thanawat Thangchadakorn
TMBThanachart Bank (TTB TB) - 1Q26: Results In Line; Higher Provisions...
Company Results | TMBThanachart Bank (TTB TB/HOLD/Bt2.22/Target: Bt2.30) TTB posted 1Q26 net profit of Bt5.17b (+1.4% yoy, -1.3% qoq). The results are in line with our and consensus estimates. Loan portfolio contracted 2.7% yoy and 2.2% qoq. The company set aside provisions of Bt3.99b (-13% yoy, +10% qoq) including a management overlay of Bt1.56b (vs 4Q25’s Bt996m), which led to an increase in credit cost to 136bp (+16bp qoq). TTB still has a remaining tax benefit of Bt4.7b. Maintain HOLD with a...
- Thanawat Thangchadakorn
Kiatnakin Phatra Bank (KKP TB) - 1Q26: Results Beat; A Positive Surpri...
Company Results | Kiatnakin Phatra Bank (KKP TB/HOLD/Bt80.00/Target: Bt78.00) KKP reported a net profit of Bt1.96b for 1Q26, increasing 84% yoy and 10% qoq. The results beat our and consensus expectations by 34% and 23% respectively. The key positive surprise was a non-II coming in 97% higher than our expectation, mainly due to dividend income. KKP's provisions rose qoq, partly due to a special provision made to cushion against the potential impact from the Middle East tensions. Maintain HOLD wi...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Thailand Daily: Tuesday, April 21, 2026
Top Stories Company Results | Kiatnakin Phatra Bank (KKP TB/HOLD/Bt80.00/Target: Bt78.00) KKP reported a net profit of Bt1.96b for 1Q26, increasing 84% yoy and 10% qoq. The results beat our and consensus expectations by 34% and 23% respectively. The key positive surprise was a non-II coming in 97% higher than our expectation, mainly due to dividend income. KKP's provisions rose qoq, partly due to a special provision made to cushion against the potential impact from the Middle East tensions. Mai...
- Julia Pan Mengyao
Baidu Inc (9888 HK): 1Q26 Results Preview: Accelerating Cloud Revenue ...
Baidu will report its 1Q26 results in mid-May. We project a 3% yoy decline in group revenue, with AI-powered businesses contributing about 50% of total revenue. AI cloud infrastructure will be the key growth driver, offsetting continued weakness in legacy search advertising. Margins are expected to improve on operating efficiency gains. The outlook remains solid, with the Kunlun Chip spinoff on track and continued growth in AI applications and marketing. Maintain BUY with a lower target price of...
- Johnny Yum Chung Man
Han’s Laser (002008 CH): 1Q26: Strong Results; Multiple Growth Engines...
Han’s Laser’s core net profit surged 468% yoy to Rmb408m, beating our expectations. Growth was driven by PCB business’ 103.7% yoy revenue surge and a 2.1ppt yoy gross margin expansion to 34.0%, partially offset by forex and fair value losses. Management provided robust guidance overall, of which PCB and consumer electronics revenue is expected to surge to Rmb10b (+73% yoy) and Rmb3.5b (+41.6% yoy) with room for further upside. Upgrade to BUY with a new target price of Rmb105.90.
- Damon Shen
- Jieqi Liu
China Property: Weak Fundamentals In 1Q26, But Initial Signs Of Stabil...
Mar 26 data showed China’s property sector remains weak despite moderating declines, with investment, sales, and starts still contracting, while Tier 1 cities saw early price stabilisation and a pick-up in April sales driven by policy support and project launches. However, rents and yields remain under pressure, and the sustainability of the recovery is uncertain as policy effects may fade. Maintain UNDERWEIGHT, with CR Land preferred for its consistent earnings outperformance.
- Malaysia Research Team
Malaysia Daily - Tuesday, April 21, 2026
Top Stories Company Update | CIMB Group (CIMB MK/BUY/RM7.59/Target: RM9.30) Management opines that the company has sufficient levers to manage potential asset quality risks from the knock-on effect of high oil prices on inflation. Maintain BUY on CIMB Group with a target price of RM9.30. Company Update | Hap Seng Plantations (HAPL MK/BUY/RM2.21/Target: RM2.65) We project that HAPL’s earnings could moderate yoy in 1Q26 due to softer CPO prices despite the group delivering a robust operational per...
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
Greater China Daily: Tuesday, April 21, 2026
Top Stories Sector Update | China Property Mar 26 data showed China’s property sector remains weak despite moderating declines, with investment, sales, and starts still contracting, while Tier 1 cities saw early price stabilisation and a pick-up in April sales driven by policy support and project launches. However, rents and yields remain under pressure, and the sustainability of the recovery is uncertain as policy effects may fade. Maintain UNDERWEIGHT, with CR Land preferred for its consisten...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Amerul Iqmal
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kai Jie Tang
- Keith Wee Teck Keong
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, April 21, 2026
Greater China Sector Update | China Property Mar 26 data showed China’s property sector remains weak despite moderating declines, with investment, sales, and starts still contracting, while Tier 1 cities saw early price stabilisation and a pick-up in April sales driven by policy support and project launches. However, rents and yields remain under pressure, and the sustainability of the recovery is uncertain as policy effects may fade. Maintain UNDERWEIGHT, with CR Land preferred for its consiste...
OU8 CENTURION
1023 CIMB GROUP HOLDINGS BHD
TMB TMB BANK PUBLIC COMPANY LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
09888 BAIDU INC
1416286D AMMAN MINERAL INTERNASIONAL
IOIPG IOI PROPERTIES GROUP BHD
BTG BETAGRO PUBLIC COMPANY LIMITED
2008 HANS LASER TECHNOLOGY CO LTD
BKM BENG KUANG MARINE (BKM SP)
- Adrian Loh Tzum Yung
Centurion Corporation (CENT SP) - Mining A New Vein Of Accommodation-b...
The Karratha PBWA acquisition, at appraised value with pro forma 5% EPS accretion for 2025 and at 7.1x PE, appears to be a logical PBWA extension. The Pilbara and Karratha’s resources industry provides a compelling demand backdrop for PBWA assets with the Port Hedland landbank offering a visible medium-term expansion option. Maintain BUY with a target price of S$1.90, implying a 14.5% upside.
- Heidi Mo Jinghui
- Kai Jie Tang
Beng Kuang Marine (BKM SP) - Asset-Light O&G Player Well-Positioned To...
BKM is well positioned to benefit from strong demand for FPSO repair services, supported by an ageing fleet. The acquisition of the remaining 49% stake in ASOM is expected to drive earnings accretion, potentially increasing profits by 2027. BKM trades at 9.0x 2027F PE, below the 14.6x peer average, implying undervaluation. We initiate coverage with BUY and a target price of S$0.64.
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Kai Jie Tang
Singapore Daily: Tuesday, April 21, 2026
Top Stories Initiate Coverage | Beng Kuang Marine (BKM SP/BUY/S$0.48/Target: S$0.64) BKM is well positioned to benefit from strong demand for FPSO repair services, supported by an ageing fleet. The acquisition of the remaining 49% stake in ASOM is expected to drive earnings accretion, potentially increasing profits by 2027. BKM trades at 9.0x 2027F PE, below the 14.6x peer average, implying undervaluation. We initiate coverage with BUY and a target price of S$0.64. Company Update | Centurion ...
- Alden Gabriel Lam
- Benyamin Mikael
Amman Mineral Internasional (AMMN IJ) - A Sleeping Giant Awakens
Small/Mid Cap Highlights | Amman Mineral Internasional (AMMN IJ/NOT RATED/Rp 5,550) AMMN posted a turnaround in 4Q25 as smelter recovery and exports lifted earnings. While 1Q26 should soften due to maintenance and rainfall, utilisation should normalise in 2Q26 and strengthen in 2H26. Consensus expects net profit to grow 426% yoy in 2026. Despite this, AMMN trades at 12x 2026F EV/EBITDA, below peers and near -2SD to its three-year EV/EBITDA. Highlights • Strong 4Q25 recovery restored earnings. S...
- Alden Gabriel Lam
- Benyamin Mikael
- Maskun Ramli
Indonesia Daily - Tuesday, April 21, 2026
Small/Mid Cap Highlights | Amman Mineral Internasional (AMMN IJ/NOT RATED/Rp 5,550) AMMN posted a turnaround in 4Q25 as smelter recovery and exports lifted earnings. While 1Q26 should soften due to maintenance and rainfall, utilisation should normalise in 2Q26 and strengthen in 2H26. Consensus expects net profit to grow 426% yoy in 2026. Despite this, AMMN trades at 12x 2026F EV/EBITDA, below peers and near -2SD to its three-year EV/EBITDA. Technical Analysis Bank Central Asia | BBCA IJ Trading...
- Heidi Mo Jinghui
- Kai Jie Tang
Beng Kuang Marine (BKM SP) - Asset-Light O&G Player Well-Positioned To...
Highlights • BKM is well-positioned to capture strong demand for FPSO repair services, especially for its corrosion prevention services, amid an ageing fleet. • Acquisition of the entire 49% minority stake of ASOM will enable high earnings accretion of three to fourfold in 2027 vs 2025. • Initiate coverage with BUY and a target price of S$0.64. Catalysts are higher revenue and profit recognition from ASOM following consolidation, as well as winning of more high-value FPSO extension of life jobs...
- Kitpon Praipaisarnkit
KCE (Thailand) (KCE TB) - 1Q26 Results Preview: 1Q26 Expected To Impro...
Company Update | KCE (Thailand) (KCE TB/BUY/Bt28.25/Target: Bt32.00) We expect KCE to report a 1Q26 net profit of Bt155m (-32% yoy, +26% qoq), supported by the resumption of gold-plated PCB production in Feb 26. 2H26 earnings are expected to improve hoh, driven by cost reduction from automation replacing labour. Upgrade to BUY with a higher target price of Bt32.00, underpinned by a gradual recovery in the automation segment in 2027.
- Johnny Yum Chung Man
NAURA Technology Group Co (002371 CH): 4Q25: Results Miss On Margins A...
NAURA’s 4Q25 results missed estimates on weaker-than-expected margins and a surge in operating expenses. Revenue grew 26.3% yoy to Rmb12.1b, but gross margin deteriorated 2.7ppt yoy to 37.2%, while opex ballooned to 37.2% of sales on higher headcount and year-end incentives, pushing operating profit into a Rmb90m loss and net profit down 66% yoy to Rmb394m. 1H26 is expected to remain a transition period before operating scale picks up. Maintain BUY; cut target price to Rmb528.00.
- Thanawat Thangchadakorn
Krungthai Card (KTC TB) - 1Q26: Results In Line; Credit Cost And NPL R...
Company Results | Krungthai Card (KTC TB/BUY/Bt29.25/Target: Bt47.00) KTC reported a net profit of Bt2.17b in 1Q26, up 17% yoy and 5% qoq. The results were in line with our and consensus estimates. Credit costs and NPL ratio increased qoq in 1Q26. Although we have seen a qoq deterioration in asset quality, we believe KTC will maintain a prudent approach to ensuring good asset quality. We will continue to monitor asset quality closely in 2Q26. Maintain BUY; target price: Bt47.00.
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