Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Government owned or quasi-state entities control a huge swathe of Thai corporate interest. In this review, we highlight PTT Group, the country's state oil company and arguably one of the largest industrial groups since it is the only one that regularly makes the Fortune 500. With interests spanning oil, gas, pipelines, refineries, and petrochems, some people claim it virtually controls the country's energy sector, and they wouldn't be too far off the mark. From humble beginnings of the Three Soldiers, PTT has taken on global giants like Shell and ExxonMobil and surprised the world with its ingenuity through the Amazon Coffee concept. On a stock basis, we would not really recommend any stock here, though there is still a little upside left for PTT, Thai Oil, and BAFS in our view.

Government owned or quasi-state entities control a huge swathe of Thai corporate interest. In this review, we highlight PTT Group, the country's state oil company and arguably one of the largest industrial groups since it is the only one that regularly makes the Fortune 500. With interests spanning oil, gas, pipelines, refineries, and petrochems, some people claim it virtually controls the country's energy sector, and they wouldn't be too far off the mark. From humble beginnings of the Three Soldiers, PTT has taken on global giants like Shell and ExxonMobil and surprised the world with its ingenuity through the Amazon Coffee concept. On a stock basis, we would not really recommend any stock here, though there is still a little upside left for PTT, Thai Oil, and BAFS in our view.

Big Brother (Season Premiere): Empire of Oil

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

Thailand Mourns Fallen King, Healing Will Take Some Time

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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<ul>
<li>Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.</li>
<li>ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.</li>
<li>A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.</li>
<li>Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.</li>
<li>BUY…</li>
</ul>


Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.
ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.
A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.
Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.
BUY…


Takeaways from ASEAN - Investment Opportunities

In this new two-part series, we examine how low oil prices and the resulting boon to consumption affects the Thai economy and markets and some interesting Buy ideas from them. In the first part, we think PTT, Thailand's flagship oil &amp; gas stock, still has some upside to go thanks in part to the hotels they plan to build and the potential IPO of PTT Retail.Upside in Thai energy is rather limited due to their strong price performance this year, and we are fairly bearish since we believe Iran will raise capacity in the longer run and hurt global energy prices. In general, we are less impressed with other stocks in the sector. Even BAFS, which has a great business model and monopoly on fuel aviation, seems expensive right now. We also took a look at PTT's many subsidiaries and honestly, we weren't that impressed. Maybe, Thai Oil comes a close second.

In this new two-part series, we examine how low oil prices and the resulting boon to consumption affects the Thai economy and markets and some interesting Buy ideas from them. In the first part, we think PTT, Thailand's flagship oil &amp; gas stock, still has some upside to go thanks in part to the hotels they plan to build and the potential IPO of PTT Retail.Upside in Thai energy is rather limited due to their strong price performance this year, and we are fairly bearish since we believe Iran will raise capacity in the longer run and hurt global energy prices. In general, we are less impressed with other stocks in the sector. Even BAFS, which has a great business model and monopoly on fuel aviation, seems expensive right now. We also took a look at PTT's many subsidiaries and honestly, we weren't that impressed. Maybe, Thai Oil comes a close second.

The New Abnormal (Part I): Low Energy Prices...Dude, Where's My Exit?

Thailand

Bangkok Aviation Fuel Services Public Company Limited is provider of aviation fuel services including aviation depot and aircraft refueling services at the Bangkok International Airport (Donmuang) and the New Bangkok International Airport at Suvarnabhumi.

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Bangkok Aviation Fuel Services (BAFS TB)

Big Brother (Season Premiere): Empire of Oil

Government owned or quasi-state entities control a huge swathe of Thai corporate interest. In this review, we highlight PTT Group, the country's...

Athaporn Arayasantiparb, CFA

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

The New Abnormal (Part I): Low Energy Prices...Dude, Where's My Exit?

In this new two-part series, we examine how low oil prices and the resulting boon to consumption affects the Thai economy and markets and some...

Athaporn Arayasantiparb, CFA

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52-week Range

Market Cap (USDm)

P/E

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