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THAILAND Archives | Page 21 of 57 | Smartkarma

May 18
0

Thailand: Central Retail Corp Ltd, Siam City Cement , Krung Thai Bank Pub, Origin Property, Star Petroleum Refining and more

By | Daily Briefs, Thailand

In today’s briefing:

  • CRC: Growth Momentum Intact Despite Uncertainties
  • SCCC: Gradual Recovery Intact
  • KTB: Steady Growth with Resilient Asset Quality
  • ORI: 1Q22 Earnings In-Line with Our Forecast
  • SPRC: Positive 2Q22 Outlook from GRM Uptrend

CRC: Growth Momentum Intact Despite Uncertainties

By Pi Research

  • Last week analyst meeting came out with neutral tone.We reiterate our BUY rating for CRC with a target price of Bt43.0,based on DCF (WACC of 8.2% and TG of 2%)
  • Management maintained its key 2022 financial guidance. CRC targeted 2022 sales growth of 15%-20%YoY, mainly from fashion business and targeted GPM retail sales to expend by 100-120bps YoY.
  • •CRC showed three measures to mitigate the effect from uncertainties under global issue such as(1)cost optimization by controlling OPEX growth to not be higher than 50% of total sales growth

SCCC: Gradual Recovery Intact

By Pi Research

  • Maintain BUY rating with a new TP of B185.00 (down 9% from previous TP) derived from 13.2xPE’22E which is close to -1SD of 10-years trading average.
  • Excluding extraordinary items, 1Q22 core profit was at Bt1.5bn (+45%YoY, +20%QoQ), The YoY rose on solid revenue growth (+21%YoY), and equity income (+23%YoY).
  • We expect earnings trend to gear down QoQ in 2Q22, drag by mounting cost pressures behind the surging input costs upon the unfavorable macro dynamics and seasonality.

KTB: Steady Growth with Resilient Asset Quality

By Pi Research

  • Maintain BUY with a higher target price of Bt16.70. Our BUY call reflects steady net profit growth,resilient asset quality, and attractive valuation.Our valuation is derived from the Gordon growth model 
  • Management maintained its key 2022 financial guidance. It affirmed that the KTB’s coverage ratio was high enough to withstand uncertainties and there was room to reduce provisions ahead.
  • We increased our net profit forecast by 5-9%for 2022-24 to reflect our lower provision estimates.We expect KTB’s net profit growth to be solid at 19%YoY in 2022 and continue rising

ORI: 1Q22 Earnings In-Line with Our Forecast

By Pi Research

  • ORI’s 1Q22 net profit was at Bt 738m (-11%YoY, -9%QoQ),in line with our forecast. Excluding special items from sell of investment at Bt 297 m,normal  profit  was  at  Bt441m (-37%YoY,-27%QoQ).
  • The dropped in YoY and QoQ of net profit was pressured by  lower revenue recognition from real estate sales in non-JV project toBt3.04bn(-12%YoY,-11%QoQ)and the loss from equity income at Bt48m
  • Expect 2Q22 earning to improve QoQ supported by revenue recognition of Park Origin Thonglor JV project worth Bt12bn and two non-JV condominium project worth Bt1.16bn.

SPRC: Positive 2Q22 Outlook from GRM Uptrend

By Pi Research

  • Analyst meeting came out with a positive tone. We expect the refinery margin continue to improve in 2Q22 led by solid gasoline, diesel and jet fuel spread.
  • The 1Q22 net profit spiked to an all time high of Bt5.3bn (+164% YoY, +185% QoQ), supported by higher GRM and Sales volume.
  • We expect 2Q22 recurring profit to improve on the back of rising GRM due to  Russia oil supply disruption and strong oil demand as air travel resumed after COVID impact. 

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May 14
0

Thailand: Ichitan Group, Wice Logistics, Indorama Ventures, S Hotels & Resorts PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • ICHI: Disappointing 1Q22 Result Already in the Price
  • WICE: Earnings Still Continue to Expand in 2022 with Potential Upside
  • IVL: Solid PET Performance Drove 1Q22 Profit
  • SHR: 1Q22 Results Indicate Rapid Recovery in 2022

ICHI: Disappointing 1Q22 Result Already in the Price

By Pi Research

  • ICHI reported 1Q22 net profit at Bt104m (-15%YoY, -22%QoQ). The 1Q22 result came out lower than our expectation.
  • Excluding one-time tax items of Bt24m,1Q22 norm profit was at Bt128m(+5.4%YoY). The YoY and QoQ drop in earnings mainly from a contraction in gross profit margin to 14.7% in 1Q22 
  • We expect 2Q22 earnings to recover QoQ from high season quarter. Revised down 2022 earnings by 18% to 20% in 2022-23E to factor in rising cost.

WICE: Earnings Still Continue to Expand in 2022 with Potential Upside

By Pi Research

  • Expect impact from an expected drop in sea freight rate (50% of WICE revenue link to this freight price) is likely to be offset by an increase in cross border
  • We have factored in impact from China border restriction and a gradual drop in sea-air freight,which we anticipated to normalize to pre-COVID-19 gradually.Our revenue forecast at Bt8.2bn is on conservative
  • WICE report 1Q22 net profit at Bt158m (+93%YoY and -13%QoQ). QoQ contraction from all-time high level in 4Q21 was due to a drop in air freight and cross border revenue

IVL: Solid PET Performance Drove 1Q22 Profit

By Pi Research

  • IVL reported 1Q22 net profit of Bt14.1bn (+134% YoY, +161% QoQ), The result came out better than our expectation and beat the consensus by 95%.
  • Excluding onetime items, the recurring profit stood at Bt10.6bn (+175% YoY, +94% QoQ). The earnings growth was supported by record cPET performance, benefiting from tight supply demand environment.
  • The EBITDA margin also rose to a record high level of 15%, compared to 11% in 1Q21 and 4Q21.

SHR: 1Q22 Results Indicate Rapid Recovery in 2022

By Pi Research

  • We maintain BUY rating with TP Bt4.50 derived from 1x PBV’22E, to reflect better outlook post-COVID crisis.
  • The company reported 1Q22 net loss of Bt204m compared to net loss of Bt311m in 1Q21 and net loss of Bt70m in 4Q21, in-line with our expectation.
  • 1Q22 EBITDA remained positive for 3-consecutive quarter at Bt256m compared to a negative EBITDA of Bt59m in 1Q21 due to strong recovery of overall hotel operation. However, EBITDA dropped 15%QoQ 

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May 13
0

Thailand: Thai Oil Pcl, Advanced Info Service, Bangchak Corporation, PTT Global Chemical and more

By | Daily Briefs, Thailand

In today’s briefing:

  • TOP: Solid Refinery Performance Drove 1Q22 Profit
  • ADVANC: 1Q22 ARPU Decline Could Be the Trend Throughout 2022
  • BCP: Solid Refinery Performance Drove 1Q22 Profit to All Time High
  • PTTGC: Weak Petrochemical Spreads Dragged 1Q22 Profit

TOP: Solid Refinery Performance Drove 1Q22 Profit

By Pi Research

  • TOP reported 1Q22 net profit of Bt7.2bn (+114% YoY, +43% QoQ),a 5-quarter high, driven by strong refinery segment performance and stock gain. The result came out better than our expectation.
  • The accounting EBITDA spiked to Bt13.0bn(+58% YoY,+114% QoQ).Despite the weak performance of petrochemical,power and other segments, the strong refinery segment (+124% YoY, +178% QoQ) operation under pinned the overall growth.
  • Positive 2Q22 outlook, The strong GRM should continue in 2Q22 and ahead backed by solid gasoline, jet fuel and diesel spreads from global economic recovery.

ADVANC: 1Q22 ARPU Decline Could Be the Trend Throughout 2022

By Pi Research

  • Maintain BUY rating with TP of Bt259 based on DCF,implying 23.8xPE’22E. Analyst meeting came out with slightly negative news on 2022 prospects. DTAC and TRUE fiercely competing for market share
  • We expect to see soft earnings recovery in 2Q22 from weak top-line growth.Price competition will remain intense, but the strong performances in broadband and CCIID segment will support revenue growth
  • Maintain our 2022 earnings at Bt29bn(+9%YoY).We still believe that in 2H22, 5G ARPU uplift and recovery in tourism to boost consumer confidence will help ARPU reverse and support earnings growth.

BCP: Solid Refinery Performance Drove 1Q22 Profit to All Time High

By Pi Research

  • BCP reported 1Q22 net profit of Bt4.4bn (+91% YoY, +148% QoQ), an all time high. The result came out better than our expectation.
  • The earnings spike was mainly supported by improved performance of 1) refinery operations along with a huge stock gain of Bt4.1bn, 2) natural resources business from rise in crude oil 
  • We expect 2Q22 recurring profit continue to grow from better refinery performance backed by rising GRM. The oil retail business should also improve as marketing margin picks up after easing 

PTTGC: Weak Petrochemical Spreads Dragged 1Q22 Profit

By Pi Research

  • PTTGC reported 1Q22 net profit of Bt4.2bn(-57% YoY, +30% QoQ). The result came out lower than our expectation and 24% below consensus.
  • Excluding the stock gain of Bt4.9bn, hedging loss of Bt8.6bn and FX gain of Bt595m etc.,  the recurring profit stood at Bt6.2bn (-29% YoY, +74% QoQ).
  • Dropped YoY mainly due to weak Olefins business performance (lower spreads, 26% YoY decline in EBITDA margin), while improved contribution from performance materials segment from Allnex acquisition in 4Q21 

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May 12
0

Thailand: Jasmine Broadband Internet Infrastructure Fund, JWD Infologistics and more

By | Daily Briefs, Thailand

In today’s briefing:

  • JASIF: 1Q22 Core Profit Remains Flat, In-Line with Our Expectation
  • JWD: Expect Solid Earnings Growth from 2Q22 and Onwards to 2H22

JASIF: 1Q22 Core Profit Remains Flat, In-Line with Our Expectation

By Pi Research

  • Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E.
  • 1Q22 net profit was Bt1.6bn(-9% YoY, -36% QoQ) due to asset revaluation losses.
  • Excluding unrealized loss from asset revaluation of Bt600m,1Q22 core profit remained flat both YoY and QoQ at Bt2.2bn,in line with our forecast due to flat YoY and QoQ revenue atBt2.5bn.

JWD: Expect Solid Earnings Growth from 2Q22 and Onwards to 2H22

By Pi Research

  • We reiterate a BUY rating but trim down target price to Bt20.0 (Previous TP: Bt22.20) after revised down earnings in 2022E by 10%.The target derived from 37xPE’22E, its +1.0 S.D. 
  • Expect solid performance for logistics and warehouse businesses from 2Q22 onward to 2H22
  • Anticipate shared profit from Transimex(Vietnam)to gradually drop from high base in 4Q21which will be pressured by decreasing global freight rate but the impact is likely to be offset with profit 

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May 11
0

Thailand: Tisco Financial Group, Origin Property and more

By | Daily Briefs, Thailand

In today’s briefing:

  • TISCO: Quality Growth with a High Dividend Payment
  • ORI: 1Q22 Earnings Will Drop YoY and QoQ

TISCO: Quality Growth with a High Dividend Payment

By Pi Research

  • We initiate coverage of TISCO with a BUY rating and a target price of Bt106. Our valuation is derived from a Gordon growth model (ROE 17.5%, growth 2%),implying 2.0x PBV’22E
  • Moderate net profit growth at 6% CAGR in 2022-24 on a potential reduction in credit cost and higher NIM
  • Loans will likely pick up in 2022 with a focus on high-yield loans.  Resilient asset quality and high loan loss reserves against uncertainties

ORI: 1Q22 Earnings Will Drop YoY and QoQ

By Pi Research

  • We maintain BUY with a new TP of Bt13.00 (previous at Bt13.70), based on 9.8xPE’22E, 5% discount from its 5 years trading average.We have positive view to its 2022 outlook 
  • We expect  1Q22 net profit at Bt723 m (-12%YoY,-10%QoQ), pressured by 1)  Lower revenue recognition from real estate sales to Bt 3.15 bn (-9%YoY) 2) loss contribution from equity income 
  • Strong 1Q22 presales imply strong earnings momentum. Strong backlog and new project launch will support 2022 earning

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May 10
0

Thailand: Ngern Tid Lor, Global Power Synergy Company Ltd, Quality Houses, Chularat Hospital and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Ngern Tid Lor IPO Lock-Up – A US$660m Overhang. Selldown Is a Question of When, Not If.
  • GPSC: 1Q22 Earnings Hit by Low SPP Margin
  • QH: 1Q22 Earnings Will Grow YoY and QoQ
  • CHG: 1Q22 Earnings to Hold up Strong Amid Surged COVID

Ngern Tid Lor IPO Lock-Up – A US$660m Overhang. Selldown Is a Question of When, Not If.

By Sumeet Singh

  • Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021.
  • NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance. 
  • The lock-up on its two main shareholders will expire today.

GPSC: 1Q22 Earnings Hit by Low SPP Margin

By Pi Research

  • GPSC reported 1Q22 net profit of Bt313m (-84%YoY, -73% QoQ),an all time low. The result came out lower than our expectation, mainly dragged by the slump in SPP margins due 
  • The gross profit margin in 1Q22 fall to an all time low of 3%,compared to 20% in 1Q21 and 8% in 4Q21, following the rise in natural gas fuel cost
  • We turn negative on GPSC 2022 earnings outlook,the SPP margins are expected to remain under pressure in 1H22 and gradually pick up 3Q22 onwards as the fuel price begins normalizing.

QH: 1Q22 Earnings Will Grow YoY and QoQ

By Pi Research

  • Maintain BUY rating with target price of Bt2.66 based on 11.8xPE’2022E, its five-years trading average. We are positive to its 2022 outlook and beyond backed by 6 new projects launch 
  • We expect 1Q22 net profit at Bt535 m(+24%YoY, +8.4%QoQ),driven by higher revenue recognition from real estate sales at Bt 2.08 bn(+11.3%YoY) and higher equity income recognition at Bt403 m (+4.2%YoY,23.4%QoQ).
  • High-End low-rise project launch will support 1Q22 earnings to grow YoY.

CHG: 1Q22 Earnings to Hold up Strong Amid Surged COVID

By Pi Research

  • Reiterate HOLD rating with a TP of B3.90, derived from 15xPE’22E, which is close to -2SD of 10-years trading mean. Although 22E earnings on a downhill path
  • We estimate 1Q22E earnings to be the peak quarter at Bt1.3bn (+418%YoY,-28%QoQ) underpin by YoY growth in COVID-revenue, but QoQ fall from weaker EBIT margin.
  • We believe earnings momentum to slow down in 2Q22, pressured by lower COVID-19 contribution, as a result of lower infection patients and stopped RT-PCR requirement.

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May 07
0

Thailand: Bangkok Bank Public, Bangkok Chain Hospital, Erawan Group, Home Product Center, Land & Houses PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • BBL: Growth Momentum Intact Despite Uncertainties
  • BCH: Solid Start Expected in 1Q22
  • ERW: Spike in International Tourists Will Speed up the Recovery
  • HMPRO: Unexciting Short-Term Earnings
  • LH: 1Q22 Earnings Will Grow YoY

BBL: Growth Momentum Intact Despite Uncertainties

By Pi Research

  • Maintain our BUY call with a lower target price of Bt159 (from Bt162) reflecting an earnings downgrade.Our BUY call reflects steady earnings growth,a resilient balance sheet, and an undemanding valuation.
  • Management maintained its 2022 financial targets and affirmed that the bank had solid fundamentals against uncertainties ahead.
  • Given the elevated volatility in the capital market ahead, we reduced our net profit projections by 4-5% for 2022-24 to reflect weaker non-interest income growth.

BCH: Solid Start Expected in 1Q22

By Pi Research

  • Reiterate HOLD rating with a TP of B21.00 derived from 14.36xPE’22E, which is close to -2SD of 3-years trailing average.Despite significant drop in 2022E earnings, we recommend a trading approach 
  • We estimate 1Q22E earnings to be the peak quarter at Bt2.3bn (+613%YoY,-7%QoQ), supported by YoY rise in COVID-revenue, but QoQ decline by margin erosion.
  • We foresee earnings momentum to weaken in 2Q22, underscored by lower COVID-19 contribution, resulting from falling infection patients and stopped RT-PCR requirement.

ERW: Spike in International Tourists Will Speed up the Recovery

By Pi Research

  • We upgrade to BUY rating from SELL rating and raise TP by +75% to Bt4.2 derived from DCF valuation (WACC=7% & Terminal growth= 2%) implying 10% discount to 23.1xPE’23. 
  • We expect ERW to post net loss of Bt296m  against loss of Bt492m in 1Q21 and Bt246 in 4Q21 despite strong  revenue growth.
  • Strong revenue growth is underpinned by the growth in domestic and international tourism due to the introduction of Test and go scheme and ‘Rao Tiew Duay Kan phase-4’ in 1Q22

HMPRO: Unexciting Short-Term Earnings

By Pi Research

  • Yesterday analyst meeting came out with a neutral tone. We reiterate our BUY rating for HMPRO with a target price of Bt17.0, which is derived from 35xPE’22E, a 40% premium 
  • In 1Q22, HMPRO’s SSSG was at 3.1% and GPM expanded by 26bps,which is in-line with our assumption and management targets (SSSG close to Thailand GDP growth and GPM +20bps YoY).
  • We expect 2Q22 earnings to continue to grow YoY and flat QoQ supported by demand for air conditioner and promotional activities(Homepro Super Expo)together with restoring consumer confidence following an increase

LH: 1Q22 Earnings Will Grow YoY

By Pi Research

  • Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP and implies 13.4xPE’22E, +0.5SD from its five years trading average. Our rating reflects strong recovery in 2022 performance 
  • We expect  1Q22 net profit to grow YoY at Bt1.94 bn(+11%YoY, -3.6%QoQ), driven by higher revenue recognition from real estate business at Bt 7.7 bn (+8.1%YoY) and higher equity income
  • New projects Launch to support  1Q22. Earnings momentum will continue in remaining quarters.

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May 06
0

Thailand: CP FOODS, One Enterprise Public Co Ltd, Central Retail Corp Ltd and more

By | Daily Briefs, Thailand

In today’s briefing:

  • CP Food (CPF TB): Vietnamese Ops To List On HCM Exchange
  • ONEE: Expect Earnings to Grow YoY and QoQ in 1Q22
  • CRC: Expect Strong Earnings Growth YoY in 1Q22

CP Food (CPF TB): Vietnamese Ops To List On HCM Exchange

By David Blennerhassett

  • CP Vietnam (CPV), an 82%-held unlisted subsidiary of CP FOODS (CPF TB) (CPF), has applied for a listing on the Ho Chi Minh Stock Exchange
  • CPV, an integrated agro-industrial and food business play in Vietnam, generated Bt111.1bn of sales in FY21, accounting for 21.7% of CPF’s revenue.
  • CPV forms part of Cp Pokphand (43 HK) which was privatised in January this year. 

ONEE: Expect Earnings to Grow YoY and QoQ in 1Q22

By Pi Research

  • We anticipate channel ONE average all day rating to climb back to top-5 tier channel by 2H22after fell down to no.7 in 1Q22.A recovery in rating will instantly benefit group 
  • We expect the company to report 1Q22 net profit at Bt219m (+13%YoY +7%QoQ), the highest level in the past three quarter.
  • NEE still hold strong position in the digital TV industry with high potential growth of contents distribution via online platforms, other businesses that started to contribute great portion of profit

CRC: Expect Strong Earnings Growth YoY in 1Q22

By Pi Research

  • We reiterate our BUY rating for CRC with a target price of Bt43.0, based on DCF (WACC of 8.2% and TG of 2%), implying 35xPE’23E, close to Thai commerce sector.
  • We expect CRC to report 1Q22 net profit at Bt1.2bn (+208%YoY, -48%QoQ).
  • YoY growth will be supported by a recovery in sales from fashion business both Thailand and Italy, a solid demand recovery from tourism related parties, and government stimulus 

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May 05
0

Thailand: JMT Network Services and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: +JMT, JMART, BJC / -RATCH, STGT, IRPC

SET50 Index Rebalance Preview: +JMT, JMART, BJC / -RATCH, STGT, IRPC

By Brian Freitas

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