Category

Thailand

Nov 17
0

Daily Brief Thailand: Fabrinet and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Fabrinet – Fabrinet: An Insight Into Its Automotive & Industrial Innovation & Other Major Drivers

Fabrinet – Fabrinet: An Insight Into Its Automotive & Industrial Innovation & Other Major Drivers

By Baptista Research

  • Fabrinet’s first-quarter results for fiscal year 2025 reveal both promising growth and challenges.
  • With a revenue of $804 million, the company surpassed the upper end of its guidance range, representing a 17% year-over-year increase and a 7% sequential rise from the previous quarter.
  • This growth was driven by significant performances in its major operating segments, particularly in optical communications.

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Nov 15
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): High Production in 4Q24. Launching a Share Buyback Programme

Valeura Energy (TSX: VLE): High Production in 4Q24. Launching a Share Buyback Programme

By Auctus Advisors

  • The 3Q24 production and cash position at the end of September had been reported previously.
  • Production in September and October stood at ~26.4 mbbl/d. This is very high.
  • The company expects production to be ~26 mbbl/d over 4Q24. We only assumed 24-25 mbbl/d. 

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Nov 14
0

Daily Brief Thailand: GMM Music, Bumrungrad Hospital Pub Co and more

By | Daily Briefs, Thailand

In today’s briefing:

  • GMM Group Pre-IPO: Tuning into Thailand’s Digital Music Boom
  • Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result

GMM Group Pre-IPO: Tuning into Thailand’s Digital Music Boom

By Nicholas Tan

  • GMM Music (2465778D TB) is looking to raise at least US $100m in its upcoming Thai IPO.
  • It is part of the largest, sprawling, public listed media conglomerate, GMM Grammy, and  operates a pure play music business covering the entire value chain.
  • In this note, we look at the firm’s past performance.

Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) reported 5% YoY revenue decline in 3Q24, due to negative geo-political impact (international patient revenue decline) and lower revenue intensity (lesser contribution from inpatient).
  • In 3Q24, Bumrungrad’s international patient revenue declined 7% YoY. Revenue decline was mainly due to downturns in Kuwait (-67% YoY), UAE (-37%), Cambodia (-15%), and Myanmar (-4%).
  • We are anticipating a sequentially weak 4Q24. Since reporting 3Q24 result, Bumrungrad shares have corrected ~20%. We are not seeing any immediate recovery.

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Oct 19
0

Daily Brief Thailand: Bangkok Bank Public and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bangkok Bank – BBL Sees 29% Higher NPLs YTD and Core Manufacturing & Commercial Loans -4% YTD

Bangkok Bank – BBL Sees 29% Higher NPLs YTD and Core Manufacturing & Commercial Loans -4% YTD

By Daniel Tabbush

  • Where there are many other areas of interest in Asia, globally, the figures just out for Bangkok Bank are incredible to us, not in a positive way.
  • The bank has seen its NPLs rise from THB71bn to THB85bn to THB92bn from 4Q23 to 2Q24 to 3Q24, putting YTD growth at 29%
  • The bank has more than 1/4 of its loans in manufacturing & commercial where loan balances are down 4.0% YTD and down 4.3% QoQ

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Oct 15
0

Daily Brief Thailand: Intouch Holdings and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Intouch? Or Perhaps “Out Of” Touch

Intouch? Or Perhaps “Out Of” Touch

By David Blennerhassett

  • Intouch (INTUCH TB)‘s strange journey with Gulf Energy (GULF TB) continues. In April 2021, GULF made a surprising VTO for INTUCH. This past July, the two companies announced an amalgamation. 
  • The merger was not fair to INTUCH shareholders, with an estimated earnings value destruction of ~26.5% (for FY24E). But that didn’t stop shareholders overwhelmingly approving the 3rd October EGM resolutions.
  • What now? The next step  is the low-balled VTOs for Advanced Info Service (ADVANC TB) and Thaicom (THCOM TB). Then amalgamation. Then, arguably, the next unorthodox development will take place.

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Oct 04
0

Daily Brief Thailand: Com7 , Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Four Changes as Adds Outperform Deletes
  • Valeura Energy (TSX: VLE): Another strong quarter

SET50 Index Rebalance Preview: Four Changes as Adds Outperform Deletes

By Brian Freitas

Valeura Energy (TSX: VLE): Another strong quarter

By Auctus Advisors

  • • 3Q24 production was 22.2 mbbl/d.
  • This is well above our conservative forecast of 20.4 mbbl/d that incorporated more provisions for downtime and steeper declines.
  • All the assets appear to be performing very well.

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Oct 01
0

Daily Brief Thailand: Energy Absolute, Berli Jucker and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Energy Absolute: Trying to Be a B+ Credit
  • Berli Jucker (BJC TB) – Freshly Packaged

Energy Absolute: Trying to Be a B+ Credit

By Warut Promboon

  • This flash note is an update for our readers on the indicative probability of default for Energy Absolute Public Company Limited (EA).
  • We plotted EA’s probability of default, using Criat’s iRAP Global Plus PD Toolkit (iRap), against its peers, and we believe the chart indicated a high probability of default still.
  • Given a lack of reliable bond quotes in the THB bond market, we continue to issue our report on EA without a recommendation.

Berli Jucker (BJC TB) – Freshly Packaged

By Angus Mackintosh

  • Berli Jucker (BJC TB) booked a solid result for 2Q2024 although impacted by a seasonal slowdown in retail but has new management in place pushing fresh and private labels. 
  • Big C continues to expand its retail footprint across formats helping to drive positive growth and higher margins. The packaging segment is pushing out new products and costs have fallen. 
  • BJC provides broad exposure to consumption in Thailand and increasingly Southeast Asia with the Big C IPO as a potential positive catalyst. Valuations remain attractive as money flows to Thailand. 

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Sep 27
0

Daily Brief Thailand: Banpu Public, Mr. DIY Holding (Thailand) and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Dec 24: 3 Changes Likely; Some Changes to Expectations
  • MR. D.I.Y. Thailand Pre-IPO – Largest Home Improvement Retailer in Thailand

Quiddity Leaderboard SET50 Dec 24: 3 Changes Likely; Some Changes to Expectations

By Janaghan Jeyakumar, CFA

  • The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
  • In this insight, we take a look at the potential ADDs/DELs for SET 50 during the index rebal event in December 2024.
  • Currently, we see 3 expected ADDs/DELs and given that the 3-month reference period used for average market cap rankings have now started the rankings may be more stable. 

MR. D.I.Y. Thailand Pre-IPO – Largest Home Improvement Retailer in Thailand

By Nicholas Tan

  • Mr. DIY Holding (Thailand) (2472516D TB)  is looking to raise as much as US$300m in its upcoming IPO in Thailand.
  • It is the largest home improvement retailer in Thailand offering value prices i.e. “Always Low Prices” for over 15,000 products across a variety of departments. 
  • In this note, we look at the firm’s past performance.

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Sep 19
0

Daily Brief Thailand: Mr. DIY Holding (Thailand) and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Mr. D.I.Y Holding (Thailand) Pre-IPO Tearsheet

Mr. D.I.Y Holding (Thailand) Pre-IPO Tearsheet

By Nicholas Tan

  • Mr. DIY Holding (Thailand) (2472516D TB) (MRDIYT) is looking to raise as much as US$300m in its upcoming Thai IPO. The deal will be run by CIMB Thai Bank.
  • MRDIYT is the largest and fastest growing home improvement and general lifestyle retailer in Thailand, holding approximately 7.4% market share in 2023.
  • MRDIYT’s proposition is to offer competitive value for over 15,000 products across a variety of departments – hardware/tools, household appliances, electrical appliances, stationery, sporting goods, toys etc.

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Aug 29
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy: Production Guidance Re-Iterated but Lower Capex and Additional Resources

Valeura Energy: Production Guidance Re-Iterated but Lower Capex and Additional Resources

By Auctus Advisors

  • Net production at Nong Yao has reached a stable level of ~12.1 mbbl/d. This compares with 6.3 mbbl/d in 2Q24.
  • This production, when combined with the Wassana field being back online, has resulted in stable aggregate WI oil production over the past week of 26.2 mbbl/d.
  • We are assuming only 20.4 mbbl/d for 3Q24, which might be too conservative.

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