Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

In this review, we predict that Thai equities will rally in October and early November before another major correction in December with the Fed rate hike. In the short term, we expect Thai banks to do well, as they and Asian counterparts (eg. Singapore's DBS) benefit in terms of relative growth if the US banks are hampered by the regulator's decision to increase capital requirements of the largest banks. We also see two companies run by Thailand's second richest tycoon Charoen Sirivadhanabhakdi, namely BJC and Thai Beverage, outperforming companies run by the larger CP Group, primarily due to corporate action and a market's tilt towards consumers and retailing sectors. Needless to say, we will be tactically overweight on banks, retailers, and consumers over the next two months.We also discuss: 1) the overall upgrade of Thailand's growth expectations on the back of stronger domestic consumption; and 2) highight the government's five strategic sectors, named 'The 5 S-Curves'.

In this review, we predict that Thai equities will rally in October and early November before another major correction in December with the Fed rate hike. In the short term, we expect Thai banks to do well, as they and Asian counterparts (eg. Singapore's DBS) benefit in terms of relative growth if the US banks are hampered by the regulator's decision to increase capital requirements of the largest banks. We also see two companies run by Thailand's second richest tycoon Charoen Sirivadhanabhakdi, namely BJC and Thai Beverage, outperforming companies run by the larger CP Group, primarily due to corporate action and a market's tilt towards consumers and retailing sectors. Needless to say, we will be tactically overweight on banks, retailers, and consumers over the next two months.We also discuss: 1) the overall upgrade of Thailand's growth expectations on the back of stronger domestic consumption; and 2) highight the government's five strategic sectors, named 'The 5 S-Curves'.

American Capital Requirement Increase: Charoen and Thai Banks to Lead October Rally

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

Thailand

Sri Trang Agro-Industry Public Company Limited produces and markets smoked sheet rubber.  The Company sells its products to tire manufacturers as primary market, and exports to Japan, China, Korea, and Taiwan as secondary market.

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Sri Trang Agro Industry (STA TB)

American Capital Requirement Increase: Charoen and Thai Banks to Lead October Rally

In this review, we predict that Thai equities will rally in October and early November before another major correction in December with the Fed...

Athaporn Arayasantiparb, CFA

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

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52-week Range

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