Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<p>We estimate a 30-40% upside for TIPCO, the unappreciated fruit juice market leader in Thailand. The company controls 30% of the much larger Tipco Asphalt (TASCO), itself the market leader in the Thai asphalt industry. Even naively comparing it with other non-alcoholic beverage makers down here, TIPCO trades at a staggering 70% discount, and there are many other reasons to like it, such as TASCO's own investment merits, the rainy season (which brings down sugar prices), and funny side-deals with True Visions that makes us feel this company may be worth a lot more than the financials suggest.</p>

We estimate a 30-40% upside for TIPCO, the unappreciated fruit juice market leader in Thailand. The company controls 30% of the much larger Tipco Asphalt (TASCO), itself the market leader in the Thai asphalt industry. Even naively comparing it with other non-alcoholic beverage makers down here, TIPCO trades at a staggering 70% discount, and there are many other reasons to like it, such as TASCO's own investment merits, the rainy season (which brings down sugar prices), and funny side-deals with True Visions that makes us feel this company may be worth a lot more than the financials suggest.

Thailand

Tipco Asphalt Public Company Limited manufactures and distributes asphalt emulsion for use in construction and maintenance of roads. The Company sells its products in both domestic and export markets.

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Tipco Asphalt (TASCO TB)

Tipco's Hidden Value

We estimate a 30-40% upside for TIPCO, the unappreciated fruit juice market leader in Thailand. The company controls 30% of the much larger Tipco...

Athaporn Arayasantiparb, CFA

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Market Cap (USDm)

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