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TH : Intouch Holdings - End of share tender may lead to lower price

INTUCH reported in-line 2Q21 core net profit of THB2.7bn (+2.1% yoy, +0.1% qoq) thanks to its THB2.7bn share of core net profit from ADVANC. We cut INTUCH’s core EPS by 4-10% after reducing ADVANC’s core EPS by 4-8% as the mobile business is being.....
CGS-CIMB Wasu
Wasu Mattanapotchanart @ CGS-CIMB 4 August 2021

TH : Economic - Aug MPC meeting

The policy rate was maintained for the tenth consecutive MPC meeting. The BOT has downgraded its GDP growth forecast for 2021 for the third time this year amidst heightened uncertainty in the vaccination roll-out. BOT cut its forecast for tourist a....
CGS-CIMB Michelle
Michelle CHIA @ CGS-CIMB 4 August 2021

Thailand (Bualuang): Media - Sitting out COVID-19 in the TV bunker

Total ad spend was Bt23.3bn in 2Q21, up 25% YoY but flattish QoQ, according to Nielsen. MONO’s bottom-line should turn around YoY and rise QoQ, led by cost-cutting and new sources of revenue.
Bualuang Securities Napon
Napon Jaisan @ Bualuang Securities 4 August 2021

Bangkok Dusit Medical Services PCL: Best play for the long haul

We estimate a core profit of Bt1.5bn for 2Q21, up by 229% YoY and 13% QoQ (following five straight quarters of YoY declines). Healthcare revenue should be posted about Bt17bn, up by 25% YoY and 7% QoQ. We expect core margin to have recovered from 3.3...
Bualuang Securities Narumon
Narumon Ekasamut @ Bualuang Securities 4 August 2021

Advanced Info Service PCL: Results in-line; 2021 service revenue and EBITDA targets revised down

Aligned with our model. ADVANC posted a net profit of Bt7.04bn for 2Q21. Gross profit, EBITDA and after-tax profit were in line with our model.
Bualuang Securities Prasit
Prasit Sujiravorakul @ Bualuang Securities 4 August 2021

Thailand:Refining&Chemical-GRM continued to rise; most chemical spreads weakened

Headline GRM expanded further WoW. Ethylene and Propylene spreads declined WoW. HDPE and PP spreads contracted WoW.
Bualuang Securities Suppata
Suppata Srisuk @ Bualuang Securities 3 August 2021