HTC: 4Q17 Result Was in Line but Floating Sugar Price Will Be an Upside
HTC had 4Q17 recurring EPS of Bt0.28 (+110%YoY, -24%QoQ). The FY2017 recurring EPS was Bt1.42 (+14%YoY) and was in line of our forecast. 4Q17 net...
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HTC: Soft Drink King Rules in Southern Thailand
We initiate coverage on HTC with a BUY rating and based on a target price of Bt27, derived from 15.7xPE’18E, which represents its two-year average...
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Reality Check IV: Can "Shop Peau Chart" Revive Thai Retailing?
The military government has revived the "Shop Peau Chart" campaign which aims to spur retail spending in the last days of December 2016. We think...
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Macro to Micro: Thai Consumption Has Stagnated. Consumer Stocks Are near Record Valuations- Hmm.
The Thai consumer faces many headwinds: The household sector is more leveraged than in prior cycles; Thai export performance has been poor and...
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