Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<p>During the months of May and June, we visited roughly 30 companies and found ourselves most impressed with five of these: BTS, Erawan, Comanche, ASAP, and Christieni-Nielsen. With the exception of ASAP, we already have stakes in all of them. While there are more detailed reviews on these visits, this serves as a handy summary of why we liked these stocks yo.</p><table class="table table-striped"><tbody>
<tr>
<td>Stocks</td>
<td>Business</td>
<td style="text-align: center;">Shr pr (Bt/sh)</td>
<td style="text-align: center;">Mkt cap (US$ m)</td>
<td style="text-align: center;">PE (x)</td>
<td style="text-align: center;">Yld (%)</td>
</tr>
<tr>
<td>BTS</td>
<td>Skytrain</td>
<td style="text-align: center;">8.45</td>
<td style="text-align: center;">3,000</td>
<td style="text-align: center;">50</td>
<td style="text-align: center;">4</td>
</tr>
<tr>
<td>ERW (Erawan)</td>
<td>Hotel</td>
<td style="text-align: center;">4.84</td>
<td style="text-align: center;">350</td>
<td style="text-align: center;">32.9</td>
<td style="text-align: center;">1.2</td>
</tr>
<tr>
<td>COMAN</td>
<td>Software</td>
<td style="text-align: center;">8.1</td>
<td style="text-align: center;">32</td>
<td style="text-align: center;">26.8</td>
<td style="text-align: center;">0.6</td>
</tr>
<tr>
<td>ASAP</td>
<td>L</td>
</tr>
</tbody></table>…

During the months of May and June, we visited roughly 30 companies and found ourselves most impressed with five of these: BTS, Erawan, Comanche, ASAP, and Christieni-Nielsen. With the exception of ASAP, we already have stakes in all of them. While there are more detailed reviews on these visits, this serves as a handy summary of why we liked these stocks yo.

Stocks
Business
Shr pr (Bt/sh)
Mkt cap (US$ m)
PE (x)
Yld (%)


BTS
Skytrain
8.45
3,000
50
4


ERW (Erawan)
Hotel
4.84
350
32.9
1.2


COMAN
Software
8.1
32
26.8
0.6


ASAP
L

…

The Chef's Selection: The Best of May/June Company Visits

Comanche International / Equity Bottom-Up

<p>We first introduced <strong>Comanche </strong>in the forked review. This is our first live visit with them, and we gotta admit we are rather impressed yo. These guys cater to three and four star hotels, but they are also willing to sell hotel software to cheapo guesthouses and motels as well as some pretty decent restaurants yo. On the same day, we also met up with <strong>ND Rubber. </strong>Though the CEO answered well, the truth is that the company’s prospects are quite ho-hum. Earnings are actually declining, even though…</p>

We first introduced Comanche in the forked review. This is our first live visit with them, and we gotta admit we are rather impressed yo. These guys cater to three and four star hotels, but they are also willing to sell hotel software to cheapo guesthouses and motels as well as some pretty decent restaurants yo. On the same day, we also met up with ND Rubber. Though the CEO answered well, the truth is that the company’s prospects are quite ho-hum. Earnings are actually declining, even though…

Thailand

Comanche International Public Company Limited operates as an information technology solutions company. The Company develops, maintains, and sells information technology software solutions for hotel and service apartment industries. Comanche International serves customers in Asia.

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Comanche International (COMAN TB)

The Chef's Selection: The Best of May/June Company Visits

During the months of May and June, we visited roughly 30 companies and found ourselves most impressed with five of these: BTS, Erawan, Comanche,...

Athaporn Arayasantiparb, CFA

Thailand's Hotel Software Honcho

We first introduced Comanche in the forked review. This is our first live visit with them, and we gotta admit we are rather impressed yo. These...

Athaporn Arayasantiparb, CFA

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