Category

Thailand

Feb 09
0

Thailand: JWD Infologistics, PTG Energy PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • JWD: Solid Earnings Growth Profile in 4Q21 and Onward to 2022E
  • PTG: Low Marketing Margin to Drag 4Q21 Earnings to Net Loss

JWD: Solid Earnings Growth Profile in 4Q21 and Onward to 2022E

By Research Group at Country Group Securities

  • We expect the company to report 4Q21 net profit at Bt159m.(+110%YoY +14%QoQ), an all-time high level. YoY and QoQ expansion will be driven by a spike in equity income Bt102m 
  • Anticipate revenue to hit all-time high at Bt1.4bn in 4Q21, mainly driven by high season for logistics segment and consolidation of overseas business.
  • Solid outlook for warehouse & yard management in 2022, Potential upside from business expansion via multi-model strategy with JVs

PTG: Low Marketing Margin to Drag 4Q21 Earnings to Net Loss

By Research Group at Country Group Securities

  • We expect PTG to post a net loss of Bt174m in 4Q21E, a first-time quarterly loss dragged by decline in marketing margin of oil retail business.
  • The price cap implemented by government on diesel during 4Q21 dragged the marketing margin to Bt1.35/liter (-30% YoY, -28% QoQ), well below the breakeven level of Bt1.6/liter.
  • We expect the earnings to recover from loss 1Q22 onwards and gradually pick up each quarter in 2022, We are more positive on the 2H22-2023 outlook.

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Feb 08
0

Thailand: Global Green Chemicals and more

By | Daily Briefs, Thailand

In today’s briefing:

  • GGC: Growth Momentum in 4Q21 Priced In

GGC: Growth Momentum in 4Q21 Priced In

By Research Group at Country Group Securities

  • Downgrade to HOLD rating due to limited upside from current market price, with a TP of Bt14.60 based on 1.4xPBV’22E, which is ASIA ex-Japan Material sector. In our view
  • We expect 4Q21 earnings at Bt310m (-45%YoY,+27%QoQ), on the back of revenue growth, together with margin expansion.
  • Maintain 2022 positive view, following better biodiesel and fatty alcohol demand volume after lockdown easing, upswing in personal healthcare products, and new Bio-complex project.

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Feb 07
0

Thailand: Home Product Center and more

By | Daily Briefs, Thailand

In today’s briefing:

  • HMPRO: Expect 4Q21 Earnings to Be the Highest of This Year

HMPRO: Expect 4Q21 Earnings to Be the Highest of This Year

By Research Group at Country Group Securities

  • We maintain BUY rating for HMPRO with a target price to Bt16.10, derived from 35xPE’22E, or implying 40% premium to Thai Consumer Discretionary.
  • We expect HMPRO to report 4Q21 net profit at Bt1.57bn (+2%YoY, +80%QoQ),thanks to stores sales recovery (SSSG at +10%YoY) supported by pent-up demand, demand from home renovation after a flood
  • We foresee 2022E earnings to grow to Bt6bn close to pre-COVID levels (+16%YoY) supported by 1) a solid revenue growth at 4% close to Thailand GDP growth from re-opening stores

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Feb 05
0

Thailand: Major Cineplex Group and more

By | Daily Briefs, Thailand

In today’s briefing:

  • MAJOR: Expect EBITDA to Turn Positive from 4Q21 and Onward to 2022

MAJOR: Expect EBITDA to Turn Positive from 4Q21 and Onward to 2022

By Research Group at Country Group Securities

  • We expect the company’s operating performance to improve gradually from the bottom in 3Q21as there are number of quality movies to be released after been postponed upon restricted measures induced 
  • Expect the company to report Bt47m net profit in 4Q21, seven-quarter high in terms of core business operation
  • EBITDA in 4Q21 is expected to turn positive as it driven by pent-up demand after lockdown together with impressive ticket sales from Spider-Man: No Way Home.

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Feb 04
0

Thailand: Bangkok Bank Public and more

By | Daily Briefs, Thailand

In today’s briefing:

  • BBL: Growth Momentum to Continue

BBL: Growth Momentum to Continue

By Research Group at Country Group Securities

  • Maintain our BUY call with a target price of Bt162. Our BUY call reflects steady earnings growth; a resilient balance sheet; and undemanding valuation.
  • BBL was optimistic about the economic growth in 2022 given the limited impacts of the Omicron variant and successful vaccination rollout.
  • The bank’s lending strategy in 2022 remained concentrated on a rise in corporate and international loans. 

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Feb 03
0

Thailand: THB, TOA Paint (Thailand) and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Drivers Behind the Turnaround of Asian Currencies
  • TOA: Expect Earnings to Recover Slowly in 2022

Drivers Behind the Turnaround of Asian Currencies

By Gautam Jain, PhD, CFA

  • The turnaround of Asian currencies is likely to continue with growth resurfacing in the region ex-China and the interest rate differential with the rest of emerging markets narrowing.
  • The main risks to watch are whether the slowdown in China worsens and weighs on the region as a whole and whether central banks embark on FX interventions again.
  • While the overall view on Asian currencies is constructive, I prefer cross-country trades to take advantage of differences arising from idiosyncratic drivers and to eliminate the dollar risk.

TOA: Expect Earnings to Recover Slowly in 2022

By Research Group at Country Group Securities

  • We believe a high raw material cost will not be sustain given U.S. Energy Information Administration (EIA) forecasts crude oil prices to decline in 2022.We reiterate BUY rating for TOA
  • We expect TOA to report 4Q21 net profit at Bt365m (-26%YoY, +36%QoQ),
  • We forecast 2022E earnings to hit Bt2bn (+13%YoY) supported by 1) demand for painting and construction materials from hotel, restaurants, and other related tourism destinations (re-painting demand)

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Feb 02
0

Thailand: Asian Sea and more

By | Daily Briefs, Thailand

In today’s briefing:

  • ASIAN: Unlock Value and Potential Growth of AAI Via IPO

ASIAN: Unlock Value and Potential Growth of AAI Via IPO

By Research Group at Country Group Securities

  • Maintain BUY rating and roll forward valuations to FY22E, with a new target price of Bt23 (up 5% from previous TP),based on 10.3xPE’22, which is close to its 10-years historical
  • Our ratings reflect positive view on pet food, frozen VAP, and aqua feed demand recovery post lockdown, and solid margin from baht weakening.
  • The spin-off of AAI via IPO issuance will unlock its value and growth potential and we leave it as an upside to our TP.

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Feb 01
0

Thailand: PTT E&P and more

By | Daily Briefs, Thailand

In today’s briefing:

  • PTTEP: Bright 2022 Outlook from Sales Growth & Rising Oil Price

PTTEP: Bright 2022 Outlook from Sales Growth & Rising Oil Price

By Research Group at Country Group Securities

  • Last week analyst meeting came out in a positive tone. The improving sales volume and rising oil price should aid the earnings momentum in 1Q22 and ahead.We maintain the BUY
  • Expect 1Q22 earnings to improve both YoY and QoQ on the back of 1) 4% and 2% QoQ growth in sales volume and ASP, respectively. And 2) No significant impairment
  • Positive 2022 earnings outlook as the sales volume is expected to increase by +12% YoY to 467kBOED, and ASP by 5% to US$46/BOE.

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Jan 31
0

Thailand: Total Access Communication, Kasikornbank PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • DTAC/TRUE Merger: Stocks Trading Near Their VTO Prices
  • KBANK: More Focusing on Growth

DTAC/TRUE Merger: Stocks Trading Near Their VTO Prices

By Brian Freitas

KBANK: More Focusing on Growth

By Research Group at Country Group Securities

  • We reiterate our BUY rating with a new target price of Bt174. Our BUY call reflects (1) steady growth ahead from improving economic recovery; (2) adequate reserves against new NPLs
  • Focus on the quality of growth and NPL management ahead.
  • The bank guided lending growth of 6-8% YoY in 2022 with an emphasis on a rise in retail loans and SME loans.

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Jan 29
0

Thailand: Bangkok Dusit Medical Services, VGI PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bangkok Dusit Medical (BDMS TB): Thailand Reopening+ Less Severe Omicron= Continued Business Revival
  • VGI: Positive for Short-Term Outlook While Long-Term Remain Promising

Bangkok Dusit Medical (BDMS TB): Thailand Reopening+ Less Severe Omicron= Continued Business Revival

By Tina Banerjee

  • Bangkok Dusit Medical Services (BDMS TB) should benefit from Thailand’s resumption of quarantine-free travel from February 1. International patients contributed 30% of total revenue of BDMS in pre-pandemic period.
  • With the less severe Omicron variant, BDMS non-COVID revenue is expected to recover. Its revenue and net profit through first nine months of 2021 are still lower than pre-pandemic levels.
  • Digitalization initiatives of BDMS will be a stable source of income and long-term growth driver for the company, contributing 10–15% of total revenue in next five years.

VGI: Positive for Short-Term Outlook While Long-Term Remain Promising

By Research Group at Country Group Securities

  • We maintain BUY rating for VGI with the new target price of Bt6.50 (Previous TP: Bt8.10), derived from SOTP method or 50% premium to Thai media peers.  Target price downgrade 
  • Bt12.9bn from Capital raising will be utilized to pay loan repayment from JMART 15% stake investment (Bt8.2bn) and future business expansion via M&A.
  • Expect 4QFY22 earnings (Jan’22-Mar’22) to face a hiccup given Omicron virus spread in Jan’22.We anticipate the media revenue stream to retreat to 70%of the level we have seen during pre-pandemic 

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