Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

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

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tipco Foods (TIPCO 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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)