Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Tan Passakornatee is the Thailand's leading green tea tycoon. He founded Oishi, the market leader which now includes the largest Japanese restaurant chain in Thailand, sold it to the second richest man in Thailand (Charoen Sirivadhanabhakdi) via Thai Beverage, and then founded a second act called Ichitan. This time, he separated the listed green tea business from the non-listed restaurant business. One of the best known faces in Thailand, the cartoonish tycoon uses himself as the company's mascot, which is a brilliant strategy in our view.Investment-wise, we continue to prefer TIPCO, which trades at 6x PE and has all manners of hidden asset. It's soared 20% since we bought it, but still has room to go. But that doesn't mean we can't appreciate Ichitan and their quirky founder, warts and all. The Indonesia challenge, the swashbuckling snow fiasco...Tan may not be the richest tycoon in Thailand, but his story is probably one of the most entertaining yo.

Tan Passakornatee is the Thailand's leading green tea tycoon. He founded Oishi, the market leader which now includes the largest Japanese restaurant chain in Thailand, sold it to the second richest man in Thailand (Charoen Sirivadhanabhakdi) via Thai Beverage, and then founded a second act called Ichitan. This time, he separated the listed green tea business from the non-listed restaurant business. One of the best known faces in Thailand, the cartoonish tycoon uses himself as the company's mascot, which is a brilliant strategy in our view.Investment-wise, we continue to prefer TIPCO, which trades at 6x PE and has all manners of hidden asset. It's soared 20% since we bought it, but still has room to go. But that doesn't mean we can't appreciate Ichitan and their quirky founder, warts and all. The Indonesia challenge, the swashbuckling snow fiasco...Tan may not be the richest tycoon in Thailand, but his story is probably one of the most entertaining yo.

Rabble Rousers (Season Finale: The Sugar Water Salesman)

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.

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.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thailand has beautiful beaches, delicious food, and TIPCO juice that is making strong inroads to the Korean juice beverage market. Our store checks reveal that TIPCO is gaining momentum in Korea, for its juices. TIPCO juices first started to appear in some hypermarkets a few years ago in Korea. Starting about 6-12 months ago, we started to notice that the shelf spaces of TIPCO were getting bigger with better locations in major hypermarkets such as E-Mart and Homeplus. In addition, TIPCO juices…

Thailand has beautiful beaches, delicious food, and TIPCO juice that is making strong inroads to the Korean juice beverage market. Our store checks reveal that TIPCO is gaining momentum in Korea, for its juices. TIPCO juices first started to appear in some hypermarkets a few years ago in Korea. Starting about 6-12 months ago, we started to notice that the shelf spaces of TIPCO were getting bigger with better locations in major hypermarkets such as E-Mart and Homeplus. In addition, TIPCO juices…

Thailand

AgriPure Holding Public Company Limited is an agricultural holding company, through its subsidiaries, the Company produces, distributes and exports processed sweet corn, fresh and organic tropical vegetables.

TSTE Public Company Limited is a supplier of sugar products. The Company offers ship transfer, warehouse rental, dock, and warehousing services. TSTE also operate a warehouse business for both bulk and sack types, including cargo handling and packaging change services.

Lam Soon (Thailand) Public Company Limited produces and distributes refined palm oil products under the Yok, Moonlight, and Knife brand names, shortening and margarine under Zest, Yok, Golden Leaf, Fry Fry, HighFat, K-One and Do-Fat brand names.  Additionally, the Company produces detergent under Zip, L.Q. and Zippy brand names, and steel polisher under the Brasso brand name.

Patum Rice Mill and Granary Public Company Limited produces and distributes packaged rice under Kao Mah Boonkrong brand name. Its products are sold domestically and exported to overseas markets.  The company is also involved in power generation and distribution.

Malee Group Public Company Limited produces and exports canned food and drink products including fruits, fruit juices, juice concentrate, vegetables and meat under its Malee, First Choice, Hunter and Farmer brand names.

Buriram Sugar Pcl produces and distributes white and raw sugar throughout Thailand.

Tropical Canning Thailand PCL produces canned seafood products. Through its subsidiaries, the Company develops real estate properties and operates agribusiness.

Khonburi Sugar Pcl manufactures sugar.  The Company buys sugar cane and processes it into sugar.

Thai Wah Public Company Limited, through its subsidiaries, is principally engaged in the manufacture and distribution of vermicelli, noodle, and tapioca products.

Siam Food Products Public Company Limited produces canned pineapple, canned fruit salad, and concentrate pineapple juice under Siam Food brand name. Majority of its products are exported to North America, Germany, and the United Kingdom.

Lifecore Biomedical, Inc. operates as a contract development and manufacturing company. The Company offers sterile injectable pharmaceutical products in syringes and vials as well as the manufactures pharmaceutical-grade sodium hyaluronate. Lifecore Biomedical serves customers worldwide.

TH Plantations Bhd is an investment holding company. The Company also cultivates palm oil, processes FFB, Markets CPO, PO, and FFB, as well as provides management services.

AOHATA Corporation produces and sells processed foods including various types of jams, sources, canned fruits, and desserts.  The Company mainly sells those products through Q.P. Corp. and Nakashimato Co., Ltd..

PT Austindo Nusantara Jaya Tbk ("ANJ") is a food and renewable energy company. The Company engages principally in palm oil and sago palm production and processing for food. As for renewable energy, it engages in power generation from geothermal and bio-gas. Austindo Nusantara Jaya also has less than 10% of its investments remaining in legacy businesses.

Teo Seng Capital Bhd. is an investment holding company principally involved in poultry farming. The Company is also involved in the manufacture and marketing of paper egg trays and animal feeds, along with the distribution of animal health products.

NAKAMURAYA CO., LTD. produces and sells Japanese cakes and crackers.  The Company also provides processed foods including Indian curry, pasta sauce and canned food under the NAKAMURAYA brand.

Del Monte Pacific Limited produces and markets packaged vegetable and fruit, beverage and culinary products. The Group has the exclusive right to use the Del Monte brand for packaged products in the USA, South America, Philippines, the Indian subcontinent and Myanmar, and the S&W brand for both packaged and fresh products globally except Australia and New Zealand.

Yunnan Yuntou Ecology and Environment Technology Co Ltd provides landscaping services in China including design, construction and plantation services.

China Starch Holdings Limited manufactures cornstarch. The Company also manufactures L-lysine hydrochloride salt and other ancillary corn-refined and corn-base products such as corn slurry, corn germ, corn fiber, corn glutten meal, and agricultural fertilizers.

Hanwell Holdings Ltd. manufactures, markets, and sells household consumer products, soya bean products, and paper products.  The Company also provides healthcare consultancy and hospital and hotel management services, develops properties, and provides management services to the Econ Minimart chain of stores.

TIPCO Foods PCL produces and bottles fruit juices and other beverages.  The Company produces orange, mixed fruit and vegetable juices; spring water; and mineral water.

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Tipco Foods (TIPCO TB)

Rabble Rousers (Season Finale: The Sugar Water Salesman)

Tan Passakornatee is the Thailand's leading green tea tycoon. He founded Oishi, the market leader which now includes the largest Japanese...

Athaporn Arayasantiparb, CFA

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

Storechecks of TIPCO Juice in Seoul

Thailand has beautiful beaches, delicious food, and TIPCO juice that is making strong inroads to the Korean juice beverage market. Our store checks...

Douglas Kim

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