ab 15 August 2024 Global Research and Evidence Lab Greater China Banks Daily QIFU Q2 results; First-home mortgage rate can be as low as 2.9% in Guangzhou Equities China Banks Registration: APAC Financials, Fintech and Property Corporate Day and Tour During the two-day tour in Beijing (24 Sept) and Shenzhen (25 Sept), you will meet with macro experts, senior think-tank advisors, foreign business representatives, property agents, and developers for a pulse check on China's macro economy and property market. W ...

First Read Samsonite Q224 top-line and guidance miss, margin under control Miss on top-line and guidance likely cushioned by already low valuation Samsonite's Q224 adjusted EBITDA was broadly in line with the ballpark of market expectations, but its top-line appeared to fall short of them. While the market has widely expected macro headwinds, primarily in China and India, to weigh on Samsonite's sales performance, Q224 sales and the new guidance appeared to fall slightly short of market expectations, which ...

ab 15 August 2024 Global Research and Evidence Lab SP Setia Land sales to outshine Battersea fears Q: How did the results compare with expectations? We think the latest results missed expectations. Key highlights include higher losses at its UK JV, slower residential sales and fairly muted guidance on potential land sales ahead. In H124, lumpy land sales recognition drove the significant +234% YoY increase in PAT to RM404m, though core profit (excluding land sales, Battersea losses) only formed 44% of our e ...

ab 15 August 2024 Global Research and Evidence Lab First Read Central Retail Corporation Q224: Results were in line as fashion and food segments led the growth How did the results compare vs expectations? Central Retail Corporation reported Q224 core net profit of Bt1,613m (-36% QoQ, -6% YoY), in line with UBSe and consensus. CRC's top line of Bt56,242m (-7% QoQ, +5% YoY) and its total gross margin of 28.7% (+111bps QoQ, +7bps YoY) were also in line. SG&A-to-total revenue increased by 148bps QoQ to 28.2%, b ...

ab 14 August 2024 Global Research and Evidence Lab First Read BTS Group Q125: Deeper net loss vs expectations How did the results compare vs expectations? BTS reported its pre-ex net loss of Bt382m, widening from a core net loss of Bt127m in Q124, excluding the impact of one-time impairment of its subsidiary investment reported in Q124. This result missed our estimate of a Bt170m net loss for the quarter. We attribute the miss vs our estimate to a weaker EBITDA contribution from the MIX (Media and digital s ...

ab 15 August 2024 Global Research and Evidence Lab First Read Qifu Technology A clean beat underpinned by robust asset quality Q: How did the results compare vs expectations? QFIN reported Q224 non-GAAP net income of Rmb1,417m, +17% QoQ and beat company guidance by 13%. Despite muted top-line growth (flattish QoQ), operating profit showed much stronger momentum (+46% QoQ), primarily driven by a sizable write-back of past prudent provisions (Rmb480m) after asset quality showed continued improvement YTD. With ...

ab 15 August 2024 Global Research and Evidence Lab First Read Ayala Corp H124: Strong results across all core subsidiaries How did the results compare vs expectations? Ayala Corporation (AC) reported Q224 core net profit of P12.5bn (+6% QoQ and +12% YoY), bringing H124 core net profit to P24.3bn, up 18% YoY and slightly ahead at 52% of VA consensus and UBS estimates. AC's results were driven by strong YoY growth in the core net incomes (stand-alone) of its core subsidiaries: BPI (+22% as higher NIM and abov ...

ab 14 August 2024 Global Research and Evidence Lab First Read Srisawad Corporation Q224A: profit beat on asset quality improvement Q: How did the results compare vs expectations? A: Net profit of Bt1.3bn (+14% yoy, +3% qoq) was in line with BBGe of Bt1.3bn and beat UBSe of Bt1.14bn by 14%. The earnings beat came from lower-than-expected loss on car repossession and provision expense. Overall result shows that asset quality control began to shore up profit growth. H124 profit accounts 48-50% of BBG/UBS full ...

ab 14 August 2024 Global Research and Evidence Lab First Read Osotspa PCL Q224: Earnings in line after excluding one-off impairment How did the results compare vs expectations? Osotspa (OSP) reported Q224 net profit of Bt604m (-28% QoQ, +10% YoY), below both consensus and UBS estimates on higher than expected one-off impairment from the divestment in non-core business. Excluding this, core net profit came in at Bt923m (+11% QoQ, +68% YoY), in line with UBS and consensus estimates. Similarly, both top line a ...

Investment Rating - The report maintains a "Sell" rating for Airports of Thailand (AOT) with a 12-month price target of Bt54.00, while the current price is Bt55.75 [7][21]. Core Insights - AOT reported a Q324 pre-tax net profit of Bt4.6 billion, representing a 42% year-over-year increase but a 21% decrease quarter-over-quarter. This result was in line with consensus estimates and 7% above the report's estimates [2][3]. - Aeronautical revenue increased by 29%, driven by a 34% year-over-year rise in departure passenger service charge (PSC) revenue, as tourist volume grew by 16% year-over-year. Concession revenue surged by 39% year-over-year, primarily due to higher duty-free minimum guarantee revenue [3][9]. - The EBITDA margin expanded by 2 percentage points year-over-year to 56%, attributed to improved operating leverage and a decline in utility costs [3][9]. Summary by Sections Financial Performance - Q324 revenue was Bt16.4 billion, a 27% increase year-over-year, while the operating cost was Bt7.2 billion, up 22% year-over-year. The EBITDA for Q324 was Bt9.2 billion, reflecting a 31% increase year-over-year [9]. - The net profit for Q324 was reported at Bt4.6 billion, a 45% increase from the previous year, with an adjusted net profit of Bt4.6 billion, marking a 42% year-over-year increase [9]. Revenue Breakdown - Aeronautical revenue for Q324 was Bt7.8 billion, a 29% increase year-over-year, while concession revenue reached Bt5.8 billion, a 39% increase year-over-year [9]. - The passenger service charge revenue was Bt6.2 billion, up 34% year-over-year, indicating strong recovery in passenger traffic [9]. Outlook and Guidance - No new guidance was provided by the company, with an analyst meeting scheduled for 15 August to discuss the outlook and updates on transit PSC adoption and expansion plans [4]. Valuation and Market Metrics - The report indicates that AOT lacks re-rating catalysts beyond short-term trading sentiment, maintaining a DCF-based price target of Bt54.00 [5][7]. - The forecasted stock return is -1.7%, with a forecast dividend yield of 1.4% [10]. Company Overview - Airports of Thailand operates six major airports in Thailand, handling about 90% of the country's air traffic and servicing over 130 scheduled airlines. The revenue split is approximately 57% aeronautical and 43% non-aeronautical [11].