Waraporn Wiboonkanarak

Krungthai XSpring

Equity Bottom-Up

<h2>Thai Airways International Plc. (THAI)</h2>
<p>Transport &amp; Logistics  </p>
<p><strong>Weak results as expected </strong></p>
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<p>THAI’s earnings continued weakening in 4Q19, even though this was the high-season quarter, due mainly to price competition in the market. We maintain our Sell recommendation for THAI.</p>
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<p><strong>Reported core loss of Bt2.5bn in 4Q19, in line with forecast </strong><br>THAI reported a net loss of Bt923mn in 4Q19, including FX gain of Bt1.6bn on the strengthening of the Thai baht. Stripping out FX gain and extra items, THAI still…</p>

Dr. Andrew Stotz, CFA

A. Stotz Investment Research

<ul>
<li>Good price momentum and cheap on a gross profit basis relative to companies across its sector</li>
<li>The national flag carrier of Thailand is benefitting from the substantial 25% YoY drop in its total fuel costs, which is more than offsetting lower fuel surcharges paid by passengers</li>
<li>THAI has plans for more rationalization of its network, including better connections for routes, which should help to improve profit margins</li>
<li>Trades below ASEAN Transportation at 16CE* 12.8x PE with an expected massive…</li>
</ul>

Thailand

Thai Airways International Public Company Limited is Thailand's national airline providing air transportation, freight and mail services on domestic and international routes including Asia, Europe, North America, Africa and South West Pacific.  The Company is a state enterprise which is controlled by the government and partly owned by the public.

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