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Total Access Communication (DTAC.BK/DTAC TB)*: 2Q12 earnings review: Below our estimate
The overall tone of DTAC’s conference last night was still positive. As anticipated, the firm finally raised the dividend payout ratio to a minimum of 80% from 50%, but the…
PTT Global Chemical (PTTG.BK/PTTGC TB)
PTT Global Chemical (PTTG.BK/PTTGC TB)*: Downgrade to reflect weaker than expected sentiment We downgrade PTTGC to Neutral with a new target price of Bt63.00, from Bt83.00. In the short-term, we…
Thailand strategy: Correction reaches tactical target; near-term consolidation likely
As the SET Index has reached our tactical target for correction at 13x consensus PE band, we change our near-term view from negative to neutral and expect the market to…
C.P. All (CPAL.BK/CPALL TB)*: 1Q12 earnings review: Beat consensus by 12.8%
CPALL announced 1Q12 net profit of Bt2.7bn, beating the Bloomberg consensus by 12.8%. The better than expected earnings were driven by an improved gross profit margin (GPM) from new product…
Bangkok Dusit Medical Services (BGH.BK/BGH TB)*: No sign of fatigue (Short report)
BGH’s recent increase of its stake in Bumrungrad Hospital (BH.BK/BH TB)’s* to 20.28% (from 14.22%) and the announcement of planned capital raising in the future leads us to believe an…
PTT Global Chemical (PTTG.BK/PTTGC TB)*: Downgraded on absence of new catalysts
We downgraded PTTGC to Neutral, from Outperform, with an unchanged target price of Bt75.00. Since our initial coverage in October 2011, the share price has risen 60% and outperformed SET…
Siam Makro (MAKR.BK/MAKRO TB)*: Cash and carry king
Siam Makro (MAKR.BK/MAKRO TB)*: Cash and carry king Reinitiate coverage with Outperform rating and target price of Bt308.00 We reinitiate coverage on MAKRO with an Outperform rating and a DCF-based…
Industrial estate sector
Industrial estate sector: 4Q11 and 2011 earnings preview We expect the industrial estate (IE) sector to report mixed performances in 4Q11 and 2011, with total net profit forecast at just…
Diamond Building Products (DRT.BK/DRT TB)
Diamond Building Products (DRT.BK/DRT TB): 4Q11 earnings preview: High margin to boost earnings While recent flooding blocked all transportation in central Thailand and resulted in sluggish sales volume for DRT…
Robinson Department Stores Pruksa Real Estate
Robinson Department Stores (ROBI.BK/ROBINS TB)*: Still growing We expect ROBINS to deliver core earnings growth of 23% YoY for 2011, with largely flat earnings forecasted for 4Q11 despite the impact…
