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

<p>Within the large cap cement makers, we think market leader Siam Cement seems more attractively valued and has better growth potential, but we also question their management vision as well as the other two businesses they operate in (petrochemicals and paper). Rival Siam City Cement may appeal to those who want a pure play with greater stability, while TPI Polene just seems really speculative...an industry disrupter reminiscent of True Corp in the telecom industry.</p><p>Amongst the smaller caps, our favorite would be DCON, a maker of pre-fabricated floor pieces whose CEO seems obsessive with high dividend yields. DCC (Dynasty Ceramics) has the most upcountry exposure, which we do not like in this environment of weak farm incomes. Despite seemingly attractive valuations, we would avoid DRT (Diamond Roofing Tiles) due to its legacy exposure to asbestos litigation.</p>

Within the large cap cement makers, we think market leader Siam Cement seems more attractively valued and has better growth potential, but we also question their management vision as well as the other two businesses they operate in (petrochemicals and paper). Rival Siam City Cement may appeal to those who want a pure play with greater stability, while TPI Polene just seems really speculative...an industry disrupter reminiscent of True Corp in the telecom industry.Amongst the smaller caps, our favorite would be DCON, a maker of pre-fabricated floor pieces whose CEO seems obsessive with high dividend yields. DCC (Dynasty Ceramics) has the most upcountry exposure, which we do not like in this environment of weak farm incomes. Despite seemingly attractive valuations, we would avoid DRT (Diamond Roofing Tiles) due to its legacy exposure to asbestos litigation.

Thailand

Vanachai Group Public Company Limited manufactures and distributes board panels as substitute for natural wood.  The Company's products include medium density fiber boards (MDF) and particle boards.  Its subsidiary also produces glue products.

Premier Products Public Company Limited manufactures and distributes environmental protection products and construction materials. The Company's products include water treatment and water storage systems and Construction Material and industrial support products.

Union Mosaic Industry Public Company Limited manufactures ceramic tiles under its UMI, Duragress, and Lila brand names.  Additionally, the Company produces sanitary ware products.

Union Mosaic Industry Public Co Ltd (UMI TB)

Sino Thai Engineering & Construction Public Company Limited provides engineering and construction services to the public and private sectors.  The Company's activities include energy project construction, building construction, industrial plant construction, environment project construction, as well as transportation project and infrastructure construction.

Sino-Thai Engineering & Construction (STEC TB)

Gunkul Engineering PCL is a power generation and engineering company that supplies hardware and accessory products used in electrical power transmission and distribution systems.

Thai Wire Products Public Company Limited manufactures industrial wires for construction work where strength and durability are required due to heavy weight nature. Such applications include prestressed concrete piles used in buildings, elevated highways and bridges, and prefabricated concrete slabs for walls and bridges.

Italian-Thai Development PCL involves in construction, project management, and engineering and design of large-scale civil works and infrastructure projects in Thailand and Southeast Asia. The Company's projects include industrial plants, building, pipelines, transportation, airport work, dams, tunnels, steel structures and telecommunications.

Gratitude Infinite Public Company Limited distributes solvents. The Company imports industrial grade ethanol both hydrous and anhydrous, and methyl acetate from any countries to support its local client base.

Sahamit Machinery Public Company Limited imports and distributes machinery equipment.

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.

GWA Group Ltd. manufactures building fittings for households and commercial premises.  The Company designs, manufactures, imports and distributes domestic and commercial bathroom, kitchen and laundry products; manufactures and imports hot water and ducted heating and cooling systems; and designs, manufactures, imports and distributes door hardware and fittings and garage doors and openers.

IS Dongseo Co., Ltd. manufactures and markets construction materials, such as tiles, concrete made products, PC pipes, and piles.  The Company also produces sanitary ceramic fixtures and structural wood products.

NORITZ CORPORATION manufactures and sells gas-fired bathes and hot water heaters.  The Company uses advanced technology to produce compact size products. Noritz also expands into system kitchen & bath, air-conditioning equipment, heaters, and other bath-related products.

Sekisui Jushi Corporation is a processor of plastics and other resin materials. The Company's main products used in road traffic-related products such as road signs and noise absorbing walls.  Sekisui Jushi is affiliated with Sekisui Chemical.

BRC Asia Limited designs, manufactures, and markets steel mesh under the BRC brand name.  The Company's products include non-standard and customized mesh, a wide range of prefabricated products including beam and column cages, complete prefabricated beam and column reinforcement, staggered mesh, twin wire mesh, and pile cap cages.

Dare Technology Co., Ltd. manufactures flooring, medium density board, wood, furniture, wood processing and bamboo, rattan, palm fiber and straw products and wood-based panel manufacturing.

Xiamen R&T Plumbing Technology Co.,Ltd. develops, manufactures and sells sanitary products. The Company sells water-saving flushers and other plumbing related products.

Monalisa Group Co., Ltd manufactures ceramic products. The Company produces and sells wall and floor tiles, porcelain panels, ceramic art, and other products. Monalisa Group markets its products worldwide.

Central Glass Co., Ltd. manufactures and sells glass products.  The products are flat glasses and processed glasses used in automobiles, electrics, and construction.  The Company also specializes in chemicals and fertilizers, and develops fine chemicals and glass fiber products as well.

Shanghai Zhezhong Group Co. Ltd manufactures and sells prestressed high-strength concrete pipe.  The Company's products are used in construction of elevated road, highway, power plant, port and bridge.

Dynasty Ceramic Public Company Limited produces ceramic floor tiles used for both indoor and outdoor construction and decoration.

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Dynasty Ceramic Pub (DCC 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

DCON: Missing Links of Thai Construction

Within the large cap cement makers, we think market leader Siam Cement seems more attractively valued and has better growth potential, but we also...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)