According to an analysis by Kiatnakin Phatra Securities (KKPS), the brokerage firm outlined a range of outlooks for key Thai-listed corporates, highlighting sectoral resilience alongside persistent challenges for the months ahead.
KKPS remains conservative on Amata Corporation (SET: AMATA) with an ‘Underperform’ rating as the company targets 3,000 rai in new land sales for Thailand and Vietnam in 2025, notwithstanding transshipment risks and delays in Laos, where 500 rai have been postponed. Despite these headwinds, management anticipates a 5-10% rise in industrial land prices, and negotiations continue on four data center projects spanning a collective 300 rai.
For AP (Thailand) (SET: AP), rated ‘Neutral,’ the company is maintaining its 2025 revenue target of THB 53 billion, buoyed by an expected decrease in funding costs. While AP projects an improvement in residential gross profit margins by 1.0-1.5% half-on-half, it also faces higher marketing expenses amid intensified competition in the single-detached housing market. There are currently no plans for share buybacks or interim dividends despite its robust balance sheet.
i-Tail Corporation (SET: ITC), also flagged as ‘Neutral,’ projects resilience in the pet food market despite the imposition of a 19% Trump tariff. The company expects only a moderate 6% uptick in retail prices, thanks to substantial local sourcing of raw materials.
Supalai (SET: SPALI) received a ‘Buy’ recommendation, with management expecting gross profit margins for residential sales to recover in the third quarter on the back of improving condo margins. However, Supalai is likely to revise down its launch targets for 2025, while focusing on maintaining dividend payments and a resilient strategy.
True Corporation (SET: TRUE), with a ‘Buy’ rating, is betting on sustainable average revenue per user (ARPU) growth led by fixed broadband and value-added bundled services. The company’s strategy emphasizes boosting revenue from the business to business (B2B) segment, which TRUE aims to expand to a 15% share of its overall earnings.
The Erawan Group (SET: ERW) also lands a ‘Buy’ as third-quarter RevPAR performance is expected to exceed earlier guidance, and advance bookings point to flat results year-on-year for the fourth quarter. The hotel company’s Hop Inn brand may expand into a new country next year, with plans for a future stock market listing. Meanwhile, there has been no update on the Grand Hyatt Erawan lease extension.
The analyst gives a ‘Buy’ recommendation for Bumrungrad Hospital (SET: BH) as the company is optimistic following a governmental review of Kuwaiti patient referrals. Selective referrals to Thailand are expected to resume. BH is set to open its new Phuket facility in 2027, targeting an EBITDA margin of 23-25% within three years post-launch. The hospital expects to increase billings by 3-4% annually.
Lastly, Home Product Center (SET: HMPRO), also rated ‘Buy,’ faces softness in quarter-to-date sales, with HomePro posting negative same-store sales growth of 3-5%. By contrast, Mega Home sees low single-digit growth. The company is prioritizing cost controls, operational efficiency, and spending incentives, while shoring up shareholder returns through high dividend payouts and share buybacks.
