Bualuang Securities
23 Nov 2023
Osotspa PCL: Thailand: OSP - Ongoing margin recovery
2023 recovery is driven by margin expansion. Neutral tone at analyst meeting. Expect YoY and QoQ earnings growth for 4Q23.
Bualuang Securities
23 Nov 2023
Carabao Group PCL: New venture is a booster
Earning beat for 3Q23. Management is confident over new venture’s margins. Expect YoY and QoQ earnings growth for 4Q23.
Bualuang Securities
21 Nov 2023
Airports of Thailand PCL: Back in black!
2023 core earnings were in line with our estimate and consensus. AOT reported an FY23 core profit of Bt9.25bn. FY23 sales & services revenue was Bt48.14bn.
Bualuang Securities
10 Nov 2023
GFPT PCL: Slightly below our estimate
Core profit was 6% below our estimates and the consensus. GFPT posted a net profit for 3Q23 of Bt319m. 3Q23 revenue was Bt4.77bn.
Bualuang Securities
10 Nov 2023
MK Restaurants Group PCL: Missed our estimate!
3Q23 result was 14% below our estimate, 4% shy of consensus. M reported earnings of Bt389m for 3Q23. 3Q23 revenue rose 1% YoY but fell 8% QoQ.
Bualuang Securities
10 Nov 2023
Minor International PCL: 3Q23 earnings down seasonally QoQ, as expected
3Q23 result in line with our estimate and consensus. MINT reported core earnings of Bt2.27bn for 3Q23. We expect 4Q23 earnings to be reported down slightly YoY.
Bualuang Securities
7 Nov 2023
Thai Union Group PCL: 3Q23 result beat our estimate
3Q23 profit beat our expectation and the street. TU reported net earnings of Bt1,206m for 3Q23. 3Q23 revenue slid 17% YoY (flattish QoQ).
Bualuang Securities
24 Oct 2023
Thai: Beverage - Outlook for 3Q23 not too bad; 4Q23 high season about to start
Valuation metrics are undemanding. CBG—3Q23 earnings should rise marginally YoY and QoQ. OSP—3Q23 earnings look set to rise YoY but decline QoQ.
Bualuang Securities
18 Oct 2023
Thailand: Hotel - Factors supporting growth
New govt measures to boost inbound tourism. 3Q23 performance check. Prefer CENTEL, ERW, AWC, and MINT for 2H23 (in that order).
Bualuang Securities
18 Oct 2023
GFPT PCL: 3Q23 core profit set to be flattish QoQ; 4Q23 outlook better
3Q23 core profit now looks to set to dive 54% YoY but rise 1% QoQ. Declining raw material costs will boost margins. Better numbers expected for 4Q23.
Bualuang Securities
20 Sep 2023
Thailand: Tourism - AOT and CENTEL are our top picks
Visa waivers to accelerate tourism revival. 3Q23-to-date performance check. Prefer AOT, CENTEL, AWC, ERW, and MINT for 2H23.
Bualuang Securities
12 Sep 2023
Thailand:Agro & Food - Weaker raw tuna, salmon and shrimp prices—positive for TU
Raw tuna price started dropping in Jul-Aug 2023. Raw salmon price downtrend through Sep; a slight uptick in 4Q23. The 13-year low of Thai shrimp price in Aug 2023.
Bualuang Securities
12 Sep 2023
Thai Union Group PCL: Substantial HoH growth ahead
Key businesses are improving in 2H23. Declining raw material costs. Stronger demand for pet care products in 2H23.
Bualuang Securities
7 Sep 2023
Thailand: Beverage - Potential impact of higher sugar prices
What could the impact be on beverage operators? CBG—we still expect 4Q23 earnings to rise YoY and QoQ. OSP—only minimally affected by a global sugar price increase.
Bualuang Securities
29 Aug 2023
Thailand: Beverage - Back in growth mode!
Coverage 2023 earnings should rise YoY. CBG—upbeat outlook. OSP—upgrade from HOLD to BUY.
Bualuang Securities
28 Aug 2023
Thailand: Tourism - Arrivals rose MoM in July
Arrivals rose 11% MoM in July 2023. TAT targets Bt3trn in tourism-related revenue in 2024. New Thai plans tourism stimulus.
Bualuang Securities
23 Aug 2023
Carabao Group PCL: Upbeat outlook
New information boosts our profit forecasts and target price. Potential target price could ramp up to Bt121. Expect YoY and QoQ earnings growth for 3Q23 and 4Q23.
Bualuang Securities
22 Aug 2023
Erawan Group PCL/The: Best Thailand tourism play
Strategic shift creates solid growth profile and earnings resiliency. Big earnings beat for 2Q23. Expect QoQ earnings growth for 3Q23.
Bualuang Securities
16 Aug 2023
Erawan Group PCL/The: Big beat for 2Q23
2Q23 profit was significantly above our estimate and consensus. ERW reported a 2Q23 core profit of Bt112m. Hotel revenue was Bt1,606m in 1Q23.
Bualuang Securities
15 Aug 2023
Airports of Thailand PCL: Weaker 3Q23 result than expected
3Q23 core profit missed our estimate and the consensus. AOT reported a 3Q23 (Apr-Jun 2023) core profit of Bt3.25bn. 3Q23 revenue from sales & services was Bt12.9bn.
Bualuang Securities
15 Aug 2023
Central Plaza Hotel PCL: Deep miss for 2Q23!
Result missed our estimate by 52% and the street by 50%. CENTEL reported a 2Q23 core profit of Bt121m. CENTEL’s 2Q23 Hotel biz revenue jumped 46% YoY.
Bualuang Securities
15 Aug 2023
Minor International PCL: Strong 2Q23 earnings, as expected
2Q23 result in line with our estimate and consensus. MINT reported core earnings of Bt3bn for 2Q23. The YoY profit growth was driven by NH Hotel Group.
Bualuang Securities
10 Aug 2023
Osotspa PCL: Better numbers for 2Q23
Result was in line with our estimate and consensus. OSP reported a net profit of Bt549m for 2Q23. The company will pay a DPS of Bt0.40 for 1H23.
Bualuang Securities
8 Aug 2023
Thai Union Group PCL: 2Q23 result beat our estimate
2Q23 result beat our expectation (in line with street). TU reported net earnings of Bt1,029m for 2Q23. 2Q23 revenue slid 13% YoY but rose 4% QoQ.
Bualuang Securities
3 Aug 2023
Thailand: Hotel - Expect solid 2Q23 results for MINT and ERW
Expanded expectations for 2Q23 numbers of MINT and ERW. CENTEL 2Q23 estimate stands; diminished expectation for AWC. Arrivals totaled 2.4m persons in July.
Equity Research Analyst
@
Bualuang Securities
Kalvalee has 10 years experience of Equity Analysis, specializing in the hotel, agriculture and food & beverage, and media industries. She also has 5 years experience as an Investor Relations Manager at Central Pattana Plc. and was Head of Investor Relations at Thai Union Group Plc. She holds a BBA (Finance, First-class honor) at Kasetsart University and a Master of Commerce (Finance) at The University of Sydney.
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