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

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)

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Dividend (Yield)