Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Khon Kaen Sugar Industry / Equity Bottom-Up

We looked at soft commodities plays such as sugar and rubber but could not find any rice-based stocks, so we examined two noodle makers instead. Our favorite within this group would be TWPC, a company that makes vermicelli. They stood out in terms of valuation and margins, though most people would argue that they like TFG more since yellow noodle is more popular down here.While rubber prices are dependent on global car demand recovery, STA could benefit from rubber subsidies, especially if the next Prime Minister is a Democrat. Valuation for the sugar stocks all look really inflated; KSL is probably the best managed of the lot.

We looked at soft commodities plays such as sugar and rubber but could not find any rice-based stocks, so we examined two noodle makers instead. Our favorite within this group would be TWPC, a company that makes vermicelli. They stood out in terms of valuation and margins, though most people would argue that they like TFG more since yellow noodle is more popular down here.While rubber prices are dependent on global car demand recovery, STA could benefit from rubber subsidies, especially if the next Prime Minister is a Democrat. Valuation for the sugar stocks all look really inflated; KSL is probably the best managed of the lot.

TWPC: Our Foray into Noodles Vs Soft Commodities

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

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Thematic (Sector/Industry)

<ul>
<li>Industry Associations see ongoing transformation of Singapore’s F&amp;B industry as manufacturers look towards innovation, growth, and internationalisation.</li>
<li>The 10 biggest Packaged Foods &amp; Meats stocks in Singapore have averaged a 12.6% total return in the year thus far. This compared to 10.1% for Asia Pacific’s biggest Packaged Foods &amp; Meats stocks and 8.9% for the world’s biggest Packaged Foods &amp; Meats stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/19714" target="_blank" data-smartkarma-citation="entities:19714:1">Delfi Ltd (DELFI SP)</a>, <a href="https://www.smartkarma.com/entities/15597" target="_blank" data-smartkarma-citation="entities:15597:1">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/20972" target="_blank" data-smartkarma-citation="entities:20972:1">Super Group Ltd (SUPER SP)</a>, <a href="https://www.smartkarma.com/entities/9051" target="_blank" data-smartkarma-citation="entities:9051:1">Yeo Hiap Seng Ltd</a>…</li>
</ul>


Industry Associations see ongoing transformation of Singapore’s F&amp;B industry as manufacturers look towards innovation, growth, and internationalisation.
The 10 biggest Packaged Foods &amp; Meats stocks in Singapore have averaged a 12.6% total return in the year thus far. This compared to 10.1% for Asia Pacific’s biggest Packaged Foods &amp; Meats stocks and 8.9% for the world’s biggest Packaged Foods &amp; Meats stocks.

Delfi Ltd (DELFI SP), Japfa Ltd (JAP SP), Super Group Ltd (SUPER SP), Yeo Hiap Seng Ltd…


Key Drivers of the Packaged Food Industry

Thailand

Kaset Thai International Sugar Corp PCL produces and distributes sugar to domestic and international clients.  The Company also produces bio products, which are used by-products from sugar production as raw materials, such as paper pulp from bagasse, and, ethanol from molasses and electrical energy from biomass.

Kaset Thai International Sugar Corp (KTIS TB)

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Kaset Thai International Sugar Corp (KTIS TB)

TWPC: Our Foray into Noodles Vs Soft Commodities

We looked at soft commodities plays such as sugar and rubber but could not find any rice-based stocks, so we examined two noodle makers instead....

Athaporn Arayasantiparb, CFA

Key Drivers of the Packaged Food Industry

Industry Associations see ongoing transformation of Singapore’s F&B industry as manufacturers look towards innovation, growth, and...

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

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