Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<p>BEC World has lost one third of its market value this year, and the Street is pushing for the stock to fall further by another 4% to Bt23 (currently Bt24). While we think they will succeed, we also believe the stock will recover to around Bt28, implying a conservative 20x PE and upside of more than 20% from the trough. The Company is still a market leader amongst Bangkok women, the most important spending demographic in Thailand from an advertisers' standpoint, and has over Bt6bn in cash. We also explore other Thai media stocks and find that Major Cineplex is also worth watching in the longer term. We do not recommend buying any Thai media stock immediately. Stocks such as Mono have already done too well, and the future of Grammy remains murky despite recent success.</p>

BEC World has lost one third of its market value this year, and the Street is pushing for the stock to fall further by another 4% to Bt23 (currently Bt24). While we think they will succeed, we also believe the stock will recover to around Bt28, implying a conservative 20x PE and upside of more than 20% from the trough. The Company is still a market leader amongst Bangkok women, the most important spending demographic in Thailand from an advertisers' standpoint, and has over Bt6bn in cash. We also explore other Thai media stocks and find that Major Cineplex is also worth watching in the longer term. We do not recommend buying any Thai media stock immediately. Stocks such as Mono have already done too well, and the future of Grammy remains murky despite recent success.

Thailand

MCOT PCL is a state-owned enterprise. The organization owns interests in communications companies.

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MCOT PCL (MCOT TB)

BEC World: Resurgent TV Giant

BEC World has lost one third of its market value this year, and the Street is pushing for the stock to fall further by another 4% to Bt23...

Athaporn Arayasantiparb, CFA

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