SPA: Weak Demand Continues to Pressure 2H20 Earnings
We downgrade SPA from BUY to HOLD rating and cut our target price by 31% to Bt6.6 to factor in weakening earnings momentum in 2H20.
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The Week that Was in ASEAN@Smartkarma - Consumer Transformation, Indonesian Banks, and Semcorp
This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...
433 Views
SPA: Major Beneficiary of Return Chinese Tourist Arrivals in Thailand
We upgrade our recommendation from HOLD to BUY and roll over our target price in 2021E to Bt9.58 (from Bt5.24 in previous target), derived from...
396 Views
The Week That Was in ASEAN@Smartkarma - Indonesia Cement, Thailand's Recovery, and SG REITs
This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...
384 Views
SPA: 1Q20 Result Was the Lowest Quarter in past Six Years
SPA reported 1Q20 net profit of Bt4m (-93%YoY, -94%QoQ), lowest level in past twenty-three quarters and much below our expectation. • The drop in...
137 Views