Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

The OEM of seafoods. An OEM (original equipment manufacturer) is basically someone who builds for other people’s brand. Normally, that’s what you typically do in the computer hardware, electronics, or auto sectors. But Asia Seafood says they are the OEM of seafoods. Basically, they can do anything like Thai Union: can your tuna, process or freeze your shrimp, even turn it into simple dishes. The only thing they don’t do is branding and marketing. Their expertise is in manufacturing yo. The…

The OEM of seafoods. An OEM (original equipment manufacturer) is basically someone who builds for other people’s brand. Normally, that’s what you typically do in the computer hardware, electronics, or auto sectors. But Asia Seafood says they are the OEM of seafoods. Basically, they can do anything like Thai Union: can your tuna, process or freeze your shrimp, even turn it into simple dishes. The only thing they don’t do is branding and marketing. Their expertise is in manufacturing yo. The…

Asian Seafoods: These Days, Even Shrimps Need an OEM

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<ul><li>Good price momentum, low price-to-sales, and strong sales momentum relative to its sector </li><li>ASIAN is enjoying a strong recovery in its main frozen seafood business thanks to improving prices of shrimp and squid </li><li>The company is continuing to improve its product mix by shifting to higher-margin premium pet food, together with planned capacity increases, and this is boosting overall group profit margins </li><li>ASIAN has shown solid sales growth in 2016 and 2017YTD as well as a good expansion in operating margin </li><li>Risk: Reduced supply of fish due to over-fishing or another outbreak of disease </li></ul>

Good price momentum, low price-to-sales, and strong sales momentum relative to its sector ASIAN is enjoying a strong recovery in its main frozen seafood business thanks to improving prices of shrimp and squid The company is continuing to improve its product mix by shifting to higher-margin premium pet food, together with planned capacity increases, and this is boosting overall group profit margins ASIAN has shown solid sales growth in 2016 and 2017YTD as well as a good expansion in operating margin Risk: Reduced supply of fish due to over-fishing or another outbreak of disease 

ASIAN: Premium Pet Food Offers Premium Margins

Thailand

Khon Kaen Sugar Industry PCL produces sugar, energy and agricultural products. The Company produces sugar and molasses, fertilizers, ethanol, and electricity.

Siam Food Products Public Company Limited produces canned pineapple, canned fruit salad, and concentrate pineapple juice under Siam Food brand name. Majority of its products are exported to North America, Germany, and the United Kingdom.

Univanich Palm Oil Public Company Limited produces and distributes crude palm oil to both domestic and oversea market.  The Company owns and operate oil palm plantations and palm oil factories which produce crude palm oil, crude palm kernel oil, palm kernel, palm kernel cake, palm seeds and seedlings.

Patum Rice Mill and Granary Public Company Limited produces and distributes packaged rice under Kao Mah Boonkrong brand name. Its products are sold domestically and exported to overseas markets.  The company is also involved in power generation and distribution.

TSTE Public Company Limited is a supplier of sugar products. The Company offers ship transfer, warehouse rental, dock, and warehousing services. TSTE also operate a warehouse business for both bulk and sack types, including cargo handling and packaging change services.

Malee Group Public Company Limited produces and exports canned food and drink products including fruits, fruit juices, juice concentrate, vegetables and meat under its Malee, First Choice, Hunter and Farmer brand names.

TIPCO Foods PCL produces and bottles fruit juices and other beverages.  The Company produces orange, mixed fruit and vegetable juices; spring water; and mineral water.

Exotic Food Public Company Limited manufactures Thai food products that are sold in independent food stores globally.

AgriPure Holding Public Company Limited is an agricultural holding company, through its subsidiaries, the Company produces, distributes and exports processed sweet corn, fresh and organic tropical vegetables.

Buriram Sugar Pcl produces and distributes white and raw sugar throughout Thailand.

Guangdong Jialong Food Company Limited is a food research, development, production, and sales company.  The Company's products include chicken powder and chicken essence. Guangdong Jialong Food Company Limited sells its products in China.

DCM Shriram Industries Ltd.  produces diverse products.  The company makes fertilizers, chemicals, cement, silk fabrics, textiles and PVC components.

Fuji Nihon Seito Corporation mainly produces refined sugar, honey, and confectionery based in eastern Japan.  The Company also operates real estate business.

Lifeway Foods, Inc. manufactures cultured, probiotic food products in the health food industry.  The Company's products include kefir, Basics Plus dairy based immune-supporting dietary supplement beverage, and Kefir Starter for consumers to make their own kefir.  Lifeway also manufactures and markets SoyTreat nondairy soy kefir.

Morozoff Limited produces, markets, and sells chocolate, candy, cake, and other confectionery products.  The Company sells its products at its own retail shops, most of which are located in department stores.  Morozoff also operates coffee shops and restaurants throughout Japan.

Fwusow Industry Co Ltd manufactures and markets cooking oil, animal food, flour, canned and frozen food.  The Company also produces fertilizers.

PT FKS Multi Agro Tbk manufactures animal feeds such as fish meal, fish oil and feather meal. The Company also trades soybean meal, meat and bone meal, corn.

ROKKO BUTTER CO., LTD. produces and sells dairy products.  The Company's products include cheese and cheese cake, as well as nuts and chocolates.

Malayan Flour Mills Berhad mills and sells wheat flour. The Company, through its subsidiaries, manufactures and sells animal feeds, provides transportation services, and breeds chicks. Malayan Flour Mills also manufactures and sells polypropylene and polyethylene woven bags and operates training and research center.

Nippon Beet Sugar Manufacturing Co. Ltd. is a refiner and producer of sugar. The Company sells beet sugar, refined sugar, imported sugar and fodder.  Nippon Beet Sugar is affiliated with Meiji Seika group.

Asian Sea Corporation Public Company Limited processes and exports frozen seafood and Pet Food. The Company offers frozen shrimp, canned tuna, breaded sillago fish fillet, and pet foods in canes and pouches. Asian Sea serves customers worldwide.

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Asian Sea (ASIAN TB)

Asian Seafoods: These Days, Even Shrimps Need an OEM

The OEM of seafoods. An OEM (original equipment manufacturer) is basically someone who builds for other people’s brand. Normally, that’s what you...

Athaporn Arayasantiparb, CFA

ASIAN: Premium Pet Food Offers Premium Margins

Good price momentum, low price-to-sales, and strong salesmomentum relative to its sector ASIAN is enjoying a strong recovery in its main frozen...

A. Stotz Investment Research

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