Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

Delta Electronics Thailand  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a> is a prominent data center and EV charging solution provider in Thailand.</li>
<li>Rich valuation, especially against the parent company, but its PEG ratio says otherwise.</li>
<li>It is proven that the share price weakness due to SET suspension is a buying opportunity.</li>
</ul>



Delta Electronics Thailand (DELTA TB) is a prominent data center and EV charging solution provider in Thailand.
Rich valuation, especially against the parent company, but its PEG ratio says otherwise.
It is proven that the share price weakness due to SET suspension is a buying opportunity.


Delta Electronics Thailand (Delta.BK): Buying Opportunity

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Delta Thailand Still Grossly Overvalued Even After Recent Correction; Under Market Surveillance Until December 11th</li>
<li>Delta Taiwan's Market Cap Remains at Just 57% of Delta Thailand</li>
<li>Further Valuation Correction Likely Between the Two Names; We Believe Delta Taiwan Should Outperform</li>
</ul>


Delta Thailand Still Grossly Overvalued Even After Recent Correction; Under Market Surveillance Until December 11th
Delta Taiwan's Market Cap Remains at Just 57% of Delta Thailand
Further Valuation Correction Likely Between the Two Names; We Believe Delta Taiwan Should Outperform


Delta Taiwan Vs. Thailand Monitor: Delta Thai Remains at Extreme Relative Value Even After Sell-Off

<ul>
<li>Delta Thailand 130% Rally -- Massive Valuation Mismatch vs. Parent (Again)</li>
<li>Consensus Forecasts Show Higher Earnings Growth Profile for Delta Taiwan</li>
<li>Valuation Mismatch Is Not Sustainable -- Long Delta Taiwan vs. Short Delta Thailand</li>
</ul>


Delta Thailand 130% Rally -- Massive Valuation Mismatch vs. Parent (Again)
Consensus Forecasts Show Higher Earnings Growth Profile for Delta Taiwan
Valuation Mismatch Is Not Sustainable -- Long Delta Taiwan vs. Short Delta Thailand


Delta Taiwan Vs. Thailand Monitor: Thai Shares' Extreme Valuation Is Back; Unsustainable Mismatch

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.

<ul><li>We maintain an Underperform rating, as the stock’s valuation appears stretched, with very limited tactical upside.</li><li>However, the long-term outlook on DELTA’s earnings remains strong, driven by robust demand growth in AI-related businesses.</li></ul><ul><li>DELTA reported a 3Q24 net profit of Bt5.91bn (+8.9% YoY but -10.0% QoQ), exceeding market expectations by 3.8%. </li></ul>

We maintain an Underperform rating, as the stock’s valuation appears stretched, with very limited tactical upside.However, the long-term outlook on DELTA’s earnings remains strong, driven by robust demand growth in AI-related businesses.DELTA reported a 3Q24 net profit of Bt5.91bn (+8.9% YoY but -10.0% QoQ), exceeding market expectations by 3.8%. 

Delta Electronics (Thailand) - Strong 3Q24 Net Profit but Share Price Fully Valued

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 20th.We estimate that they had an aggregated short interest worth USD2.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 20th.We estimate that they had an aggregated short interest worth USD2.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank, Gulf Energy Development.


Thailand Short Interest Weekly (Dec 20th): PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank

Thailand

Delta Electronics (Thailand) PCL designs and manufactures electronic equipment. The Company produces power systems for telecommunications, medical equipment, and industrial automation.  Delta also produces fans, electromagnetic interference filters, and solenoids.

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Delta Electronics Thailand (DELTA TB)

Delta Electronics Thailand (Delta.BK): Buying Opportunity

Delta Electronics Thailand share price has weakened due to recent suspension by SET but it will bounce back, as historically proven.

Henry Soediarko

Delta Taiwan Vs. Thailand Monitor: Delta Thai Remains at Extreme Relative Value Even After Sell-Off

Despite recent correction, Delta Thailand is still overvalued compared to Delta Taiwan. Market cap of Delta Taiwan is only 57% of Delta Thailand....

Vincent Fernando, CFA

Delta Taiwan Vs. Thailand Monitor: Thai Shares' Extreme Valuation Is Back; Unsustainable Mismatch

There is once again a significant valuation mismatch between Delta Thailand and Delta Taiwan. Go Long Delta Taiwan and Short Delta Thailand due to...

Vincent Fernando, CFA

Thailand Short Interest Weekly (Dec 20th): PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in PTT, CP AXTRA NON-VOTING DR, Bangchak,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Delta Electronics Thailand (Delta.BK): Buying Opportunity

Delta Electronics Thailand share price has weakened due to recent suspension by SET but it will bounce back, as historically proven.

Henry Soediarko

Delta Taiwan Vs. Thailand Monitor: Delta Thai Remains at Extreme Relative Value Even After Sell-Off

​Despite recent correction, Delta Thailand is still overvalued compared to Delta Taiwan. Market cap of Delta Taiwan is only 57% of Delta Thailand....

Vincent Fernando, CFA

Delta Taiwan Vs. Thailand Monitor: Thai Shares' Extreme Valuation Is Back; Unsustainable Mismatch

There is once again a significant valuation mismatch between Delta Thailand and Delta Taiwan. Go Long Delta Taiwan and Short Delta Thailand due to...

Vincent Fernando, CFA

Delta Electronics (Thailand) - Strong 3Q24 Net Profit but Share Price Fully Valued

We maintain an Underperform rating, as the stock’s valuation appears stretched, with very limited tactical upside. However, the long-term outlook...

Krungthai XSpring

Thailand Short Interest Weekly (Dec 20th): PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in PTT, CP AXTRA NON-VOTING DR, Bangchak,...

Ke Yan, CFA, FRM

Despite recent correction, Delta Thailand is still overvalued compared to Delta Taiwan. Market cap of Delta Taiwan is only 57% of Delta Thailand....