ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a> booked a solid set of results for 4Q2024, with margin improvements across its four major segments, but its modern retail supply chain under Big C stood out.</li>
<li>A call with Big C confirmed strong momentum behind SSSG, driven by its ongoing move into fresh food and private label, which are both outperforming overall growth.</li>
<li>Packaging, consumer, and healthcare &amp; technical supply chains are also seeing strong recovery, whilst valuations look attractive from a historical perspective. </li>
</ul>



Berli Jucker booked a solid set of results for 4Q2024, with margin improvements across its four major segments, but its modern retail supply chain under Big C stood out.
A call with Big C confirmed strong momentum behind SSSG, driven by its ongoing move into fresh food and private label, which are both outperforming overall growth.
Packaging, consumer, and healthcare &amp; technical supply chains are also seeing strong recovery, whilst valuations look attractive from a historical perspective. 


Berli Jucker (BJC TB) - Big C Recovery in Motion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> has started to see better performance from Big C SSSG from 3Q2024, with strong performance in October and November, with an expected strong finish to FY2024. </li>
<li>The company continues to focus on expanding its fresh food offering, introducing more private labels into its modern retail segment, and using AI to improve logistics performance. </li>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a>'s packaging business is benefitting from raw material lower input costs coupled with active hedging as well as a switch to Aluminium cans from PET. Valuations remain attractive. </li>
</ul>



Berli Jucker (BJC TB) has started to see better performance from Big C SSSG from 3Q2024, with strong performance in October and November, with an expected strong finish to FY2024. 
The company continues to focus on expanding its fresh food offering, introducing more private labels into its modern retail segment, and using AI to improve logistics performance. 

Berli Jucker's packaging business is benefitting from raw material lower input costs coupled with active hedging as well as a switch to Aluminium cans from PET. Valuations remain attractive. 


Berli Jucker (BJC TB) - Big C on the Turn

<ul>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> booked a solid result for 2Q2024 although impacted by a seasonal slowdown in retail but has new management in place pushing fresh and private labels. </li>
<li>Big C continues to expand its retail footprint across formats helping to drive positive growth and higher margins. The packaging segment is pushing out new products and costs have fallen. </li>
<li>BJC provides broad exposure to consumption in Thailand and increasingly Southeast Asia with the Big C IPO as a potential positive catalyst. Valuations remain attractive as money flows to Thailand. </li>
</ul>



Berli Jucker (BJC TB) booked a solid result for 2Q2024 although impacted by a seasonal slowdown in retail but has new management in place pushing fresh and private labels. 
Big C continues to expand its retail footprint across formats helping to drive positive growth and higher margins. The packaging segment is pushing out new products and costs have fallen. 
BJC provides broad exposure to consumption in Thailand and increasingly Southeast Asia with the Big C IPO as a potential positive catalyst. Valuations remain attractive as money flows to Thailand. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker'</a>s modern trade supply chain under Big C continues to benefit from the tourism recovery, with 25 dedicated tourism stores and another 35 secondary tourism stores. </li>
<li>Tourism stores carry a slightly different mix of SKUs versus regular stores, which generate higher margins. Big C continues to expand its store network and margins are moving upwards.</li>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a> provides direct exposure to Big C but its other divisions including packaging and consumer supply chain provide exposure to both Thailand and Vietnam. Valuations are attractive versus history.</li>
</ul>



Berli Jucker's modern trade supply chain under Big C continues to benefit from the tourism recovery, with 25 dedicated tourism stores and another 35 secondary tourism stores. 
Tourism stores carry a slightly different mix of SKUs versus regular stores, which generate higher margins. Big C continues to expand its store network and margins are moving upwards.

Berli Jucker provides direct exposure to Big C but its other divisions including packaging and consumer supply chain provide exposure to both Thailand and Vietnam. Valuations are attractive versus history.


Berli Jucker (BJC TB) - Big C's Tourism Factor

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,160/1,164 points and the support at 1,147/1,142 points (10-day EMA).</li><li>In the short term, the index remains in a rally phase after hitting a new low for the year at 1,056.41 points on April 8.</li><li>There are signs of a potential medium-term trend reversal from bearish to bullish, forming patterns such as a bullish flag, double bottom, or W-shape.</li></ul>

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,160/1,164 points and the support at 1,147/1,142 points (10-day EMA).In the short term, the index remains in a rally phase after hitting a new low for the year at 1,056.41 points on April 8.There are signs of a potential medium-term trend reversal from bearish to bullish, forming patterns such as a bullish flag, double bottom, or W-shape.

KTX Zoom: US Earnings Results & Durable Goods Orders - APRIL 24, 2025

Thailand

Berli Jucker PCL is a large Thai conglomerate whose business spans various industries. The Company's operations include the distribution and manufacturing of its own products plus contract distribution and manufacturing for other firms. BJC's core lines of business are packaging, consumer, healthcare, technical and other businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Berli Jucker (BJC TB)