Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

The sharing economy encompasses ride hailing and apps encouraging time sharing of property via Airbnb. Apart from obvious risk to community security, increased crime rate, and tax evasion, it also threatens legitimate business owners in the hotel industry who play by the rules and pay corporate (and other) taxes. In Thailand, the largest hotel player in MINT, but smaller players like Laguna (LRH) and Erawan (ERW), one of our five top picks, may be even more affected. Property giant LH also offers service apartments and an 8% yield. They too may be caught in the cross-hairs of Airbnb. We also provide some basic jot-downs from our last meeting with MINT.

The sharing economy encompasses ride hailing and apps encouraging time sharing of property via Airbnb. Apart from obvious risk to community security, increased crime rate, and tax evasion, it also threatens legitimate business owners in the hotel industry who play by the rules and pay corporate (and other) taxes. In Thailand, the largest hotel player in MINT, but smaller players like Laguna (LRH) and Erawan (ERW), one of our five top picks, may be even more affected. Property giant LH also offers service apartments and an 8% yield. They too may be caught in the cross-hairs of Airbnb. We also provide some basic jot-downs from our last meeting with MINT.

Silicon September 5.0: Sharing Economy...Phantom Menace for Hotel Industry

We introduce the last of our top picks, SC Asset, which we believe could rise over 40% to Bt5 within this year given the dynamics of strong growth, relatively small market cap, and very low valuations. We generally favor developers that cater to the rich. Apart from SC Asset, there is the quintessential high-end developer Sansiri. We recommend switching from Supalai, a very accomplished developer, into these two laggard names.We also discuss the investment merits of the low-end market leaders in landed property (Pruksa) and condominiums (LPN) while reiterating our favor for the higher-end developers. Within the LH Group run by the Asavabhokin family (Thailand's leading property tycoons), we recommend sticking with QH (Quality House) as we find LH too diversified and have quality concerns regarding AP (Asian Property).

We introduce the last of our top picks, SC Asset, which we believe could rise over 40% to Bt5 within this year given the dynamics of strong growth, relatively small market cap, and very low valuations. We generally favor developers that cater to the rich. Apart from SC Asset, there is the quintessential high-end developer Sansiri. We recommend switching from Supalai, a very accomplished developer, into these two laggard names.We also discuss the investment merits of the low-end market leaders in landed property (Pruksa) and condominiums (LPN) while reiterating our favor for the higher-end developers. Within the LH Group run by the Asavabhokin family (Thailand's leading property tycoons), we recommend sticking with QH (Quality House) as we find LH too diversified and have quality concerns regarding AP (Asian Property).

Thailand

SC Asset Corporation Public Company Limited develops real estate properties for sale and rental.  The Company owns and manages Shinawatra Tower III office building. Additionally, SC Asset and its subsidiaries own Shinawatra Tower I and Shinawatra Tower II office buildings, develop single house, condominium and office building projects, and provide management consultant services.

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SC Asset Corp (SC TB)

SC Asset: Land for the Rich

We introduce the last of our top picks, SC Asset, which we believe could rise over 40% to Bt5 within this year given the dynamics of strong growth,...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Silicon September 5.0: Sharing Economy...Phantom Menace for Hotel Industry

The sharing economy encompasses ride hailing and apps encouraging time sharing of property via Airbnb. Apart from obvious risk to community...

Athaporn Arayasantiparb, CFA

SC Asset: Land for the Rich

We introduce the last of our top picks, SC Asset, which we believe could rise over 40% to Bt5 within this year given the dynamics of strong growth,...

Athaporn Arayasantiparb, CFA