Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Thematic (Sector/Industry)

<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

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Sino-Thai Engineering & Construction / Equity Bottom-Up

<p>STEC and CK trade in line with each other even after detailed breakdown to the price-to-backlog level (0.7x). We prefer both companies to market leader ITD, which seems unable to make a profit. If we are forced to choose between the two contractors, we will pick STEC simply because it is more professional and focused. We think there is 14% upside for STEC based on Bt30.3/sh price target, making STEC  a good candidate to replace AIS as one of our top picks.</p><p>On an absolute basis, we actually own BJCHI, which trades under 7x PE and has a high yield of almost 8%. We think BJCHI's valuation is depressed because it does a lot of work for Petrobras, but there seems to be no defaults in Brazil at all.</p>

STEC and CK trade in line with each other even after detailed breakdown to the price-to-backlog level (0.7x). We prefer both companies to market leader ITD, which seems unable to make a profit. If we are forced to choose between the two contractors, we will pick STEC simply because it is more professional and focused. We think there is 14% upside for STEC based on Bt30.3/sh price target, making STEC  a good candidate to replace AIS as one of our top picks.On an absolute basis, we actually own BJCHI, which trades under 7x PE and has a high yield of almost 8%. We think BJCHI's valuation is depressed because it does a lot of work for Petrobras, but there seems to be no defaults in Brazil at all.

CK Vs STEC: The Da Vinci Code for Thai Contractors

Thailand

Ch. Karnchang Public Company Limited provides construction services to public and private sectors including construction of expressways, public utilities, and industrial plants. Through it subsidiaries, the Company distributes construction materials.

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Ch. Karnchang Public (CK TB)

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

CK Vs STEC: The Da Vinci Code for Thai Contractors

STEC and CK trade in line with each other even after detailed breakdown to the price-to-backlog level (0.7x). We prefer both companies to market...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)