Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<p>In this review, we look at two of Thailand's key industrial export sectors (automobiles and electronics). While net exports continue to drop 2%, Thailand's gross exports rose for the first time this year. We remain cautious on these low margin sectors with the exception of a few bottom up ideas: 1) KCE, top pick in electronics which benefits from backward integration; 2) SAT, the most attractive stock in the automobile sector on both valuations and yield; and 3) ASEFA, an electronics stock that focuses almost entirely on domestic rather than export theme and benefits from growing construction of office buildings.</p>

In this review, we look at two of Thailand's key industrial export sectors (automobiles and electronics). While net exports continue to drop 2%, Thailand's gross exports rose for the first time this year. We remain cautious on these low margin sectors with the exception of a few bottom up ideas: 1) KCE, top pick in electronics which benefits from backward integration; 2) SAT, the most attractive stock in the automobile sector on both valuations and yield; and 3) ASEFA, an electronics stock that focuses almost entirely on domestic rather than export theme and benefits from growing construction of office buildings.

Autos & Electrons: The Slow Road to Recovery

Thailand

Somboon Advance Technology PCL manufactures and sells automotive parts for sale to automobile manufacturers. The Company's products include axle shafts, leaf springs, disk and drum brakes, manifold exhaust, fly wheels, stabilizer bars, and coil springs.

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Somboon Advance Technology P (SAT TB)

Autos & Electrons: The Slow Road to Recovery

In this review, we look at two of Thailand's key industrial export sectors (automobiles and electronics). While net exports continue to drop 2%,...

Athaporn Arayasantiparb, CFA

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52-week Range

Market Cap (USDm)

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