Category

Thailand

Dec 20
0

Daily Brief Thailand: Cal Comp Electronics Thailand, Berli Jucker, CP Axtra and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance: Four Changes; Cal Comp🚀
  • Berli Jucker (BJC TB) – Big C on the Turn
  • CP AXTRA (CPAXTRA TB) – Governance Concerns over Property Investment

SET50 Index Rebalance: Four Changes; Cal Comp🚀

By Brian Freitas

Berli Jucker (BJC TB) – Big C on the Turn

By Angus Mackintosh

  • Berli Jucker (BJC TB) has started to see better performance from Big C SSSG from 3Q2024, with strong performance in October and November, with an expected strong finish to FY2024. 
  • The company continues to focus on expanding its fresh food offering, introducing more private labels into its modern retail segment, and using AI to improve logistics performance. 
  • Berli Jucker‘s packaging business is benefitting from raw material lower input costs coupled with active hedging as well as a switch to Aluminium cans from PET. Valuations remain attractive. 

CP AXTRA (CPAXTRA TB) – Governance Concerns over Property Investment

By Angus Mackintosh

  • CP Axtra (CPAXT TB) has seen a heavy impact on its share price following an announcement it would invest THB12-15bn in a mixed-use property project with a related party. 
  • Investing in malls is part of CP Axtra’s business although its major focus is on its retail business which includes wholesale under Makro and its Lotus hypermarket and supermarket businesses.  
  • The sell-off looks overdone but has been clouded by the sale of shares in parent CP ALL by its vice-chairman ahead of the announcement raising further governance concerns. 

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Dec 17
0

Daily Brief Thailand: CP Axtra and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Cp Axtra – CP Day: CPAXT Investing Bt8bn in Happitat Project

Cp Axtra – CP Day: CPAXT Investing Bt8bn in Happitat Project

By Waraporn Wiboonkanarak

  • Neutral view on recent deal: In the short term, it may pose downside risk of 2.8% and 1.1% to the 2025-26E profit forecasts due to an immediate increase in interest expenses from higher debt.
  • However, revenue generation is expected to begin in 2Q26E. Medium-term risks may arise from intensified competition in the same area, but the long-term prospects are positive for CPAXT, as the project could provide stable income if executed as planned.
  • Maintain a Neutral recommendation: The valuation metrics reflect a neutral view on the current fundamentals (the stock price sees 2.4% downside risk from its fair value) and the long- term growth prospects (profit growth expected at a 14% CAGR over the next two years). 

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Nov 29
0

Daily Brief Thailand: Banpu Public, Delta Electronics Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Dec 24: Final Expectations; LONGs up +6% Vs SHORTs in a Month
  • Delta Electronics Thailand (Delta.BK): Buying Opportunity

Quiddity Leaderboard SET50 Dec 24: Final Expectations; LONGs up +6% Vs SHORTs in a Month

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 our final expected ADDs/DELs for SET 50 during the index rebal event in December 2024.
  • We see four ADDs/DELs in December 2024. While the expected DELs list remains unchanged since last month, there is a change in our expected ADDs list.

Delta Electronics Thailand (Delta.BK): Buying Opportunity

By Henry Soediarko

  • Delta Electronics Thailand (DELTA TB) is a prominent data center and EV charging solution provider in Thailand.
  • Rich valuation, especially against the parent company, but its PEG ratio says otherwise.
  • It is proven that the share price weakness due to SET suspension is a buying opportunity.

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Nov 28
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Higher flow rates than expected and potential reserves upside at Jasmine

Valeura Energy (TSX: VLE): Higher flow rates than expected and potential reserves upside at Jasmine

By Auctus Advisors

  • • Production at Jasmine has increased to 9,8mbbl/d over the last seven days following the drilling of five new infill wells.
  • This is higher than we expected and represents an increase of >2 mbbl/d.
  • • Corporate production in September and October was already at ~26.4 mbbl/d.

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Nov 27
0

Daily Brief Thailand: Com7 , Delta Electronics Thailand , Energy Absolute and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: 4 Changes Coming Up in December
  • Delta Taiwan Vs. Thailand Monitor: Delta Thai Remains at Extreme Relative Value Even After Sell-Off
  • Energy Absolute: Energy Limited

SET50 Index Rebalance Preview: 4 Changes Coming Up in December

By Brian Freitas

  • With 3 trading days left in the review period, we forecast 4 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the December rebalance.
  • Passive trackers will need to buy between 1.2-3.6 days of ADV on the inclusions and sell between 0.3-3.1 days of ADV on the deletions.
  • The forecast adds have continued to outperform the forecast deletes and there could be more movement in stocks with relatively high ADV to trade.

Delta Taiwan Vs. Thailand Monitor: Delta Thai Remains at Extreme Relative Value Even After Sell-Off

By Vincent Fernando, CFA

  • Delta Thailand Still Grossly Overvalued Even After Recent Correction; Under Market Surveillance Until December 11th
  • Delta Taiwan’s Market Cap Remains at Just 57% of Delta Thailand
  • Further Valuation Correction Likely Between the Two Names; We Believe Delta Taiwan Should Outperform

Energy Absolute: Energy Limited

By Warut Promboon

  • EA’s Q3 results on 14-November was disappointing as expected on the declining EBITDA.
  • Criat’s iRAP Global Plus PD Toolkit (iRap) still indicates the implied international credit rating of “B+” which gives us relative comfort for the credit.
  • EA’s story rests on the usage of its network to extend debt maturity and sell assets, and not so much on cashflow which may be generated in the near term. 

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Nov 22
0

Daily Brief Thailand: Bangkok Dusit Medical Services and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bangkok Dusit Medical Services (BDMS TB): Both Thai and Foreign Patient Drive Growth, Margins Expand

Bangkok Dusit Medical Services (BDMS TB): Both Thai and Foreign Patient Drive Growth, Margins Expand

By Tina Banerjee

  • Bangkok Dusit Medical Services (BDMS TB) posted 6% rise in revenue from hospital operations in 3Q24 as both International and Thai patients revenue reported growth of 8% and 6%, respectively.
  • EBITDA grew at 8% YoY to THB7.1B, due to cost control while net profit also rose 9% YoY to THB4.2B on lower interest cost.
  • BDMS opened Phuket Cancer Center in October 2024 which will help expand cancer patient coverage in Southern part of Thailand.

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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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