Thailand Daily Briefs

Jul 21

Daily Brief Thailand: Intouch Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Weekly Deals Digest (21 Jul) – Intouch/Gulf, China TCM, Huafa, Samson, Zhihu, Asics, Kokusai, Timee

Weekly Deals Digest (21 Jul) – Intouch/Gulf, China TCM, Huafa, Samson, Zhihu, Asics, Kokusai, Timee

By Arun George

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: ASICS Corp (7936 JP) and Kokusai Electric (6525 JP) placements; Sanil Electric (062040 KS) and Timee Inc (215A JP) IPOs.
Event-Driven developments China Traditional Chinese Medicine (570 HK), Huafa Property Services Group (982 HK), Samson Holding (531 HK), Zhihu Technology (ZH US), Intouch Holdings (INTUCH TB), Gulf Energy Development (GULF TB).

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Jul 18

Daily Brief Thailand: Intouch Holdings, Gulf Energy Development , Advanced Info Service and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To “Restructure”
GULF-INTUCH Amalgamation
Gulf (GULF TB)/Intouch (INTUCH TB) Merger and ADVANC/THCOM VTOs
GULF/INTUCH Merger & ADVANC/THCOM VTO’s

Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To “Restructure”

By Travis Lundy

Last night, the Board of Intouch Holdings (INTUCH TB) announced an amalgamation with Gulf Energy Development (GULF TB) and Tender Offers for Advanced Info Service (ADVANC TB) (at THB 216.30)
And Thaicom Pcl (THCOM TB) (THB 11.00) shares. This is really big news. It appears to try to cap years of re-arrangement of the capital structure. It’s complicated.
But it is not fair. INTUCH shareholders lose 22% of earnings value per investment value in 2024. 20% in 2025. But, there may be a way to block it…

GULF-INTUCH Amalgamation

By Waraporn Wiboonkanarak

The amalgamation will entail the ratios for allocations of shares in the NewCo to the shareholders of GULF and INTUCH as detailed below.
The amalgamation process and the establishment of the NewCo are expected to be completed in 2Q25.
The restructuring is aimed at reducing duplication in the shareholding structure and facilitating growth opportunities in the energy, infrastructure, and digital businesses.

Gulf (GULF TB)/Intouch (INTUCH TB) Merger and ADVANC/THCOM VTOs

By Arun George

Intouch Holdings (INTUCH TB) and Gulf Energy Development (GULF TB) announced restructuring transactions to merge into NewCo and VTOs for Advanced Info Service (ADVANC TB) and Thaicom Pcl (THCOM TB).
Shareholders will receive 1.69335 NewCo shares per Intouch share (excluding shares held by Gulf) and 1.02974 NewCo shares per Gulf share.
The key conditions are shareholder approvals, completion of VTOs and purchase of dissenting shares. The transaction is long-dated and expected to be completed in 2Q25.

GULF/INTUCH Merger & ADVANC/THCOM VTO’s

By Brian Freitas

In 2021, Gulf Energy Development (GULF TB) made an offer to acquire all Intouch Holdings (INTUCH TB) shares at THB65/share. Singtel (ST SP) did not tender their then 21% stake.
Now Gulf Energy Development (GULF) and Intouch Holdings (INTUCH) are looking to merge and that will result in VTO’s for Advanced Info Service (ADVANC TB) and Thaicom Pcl (THCOM TB).
The merger will result in an inclusion to the SET 50 Index in the first quarter of 2025. There is the December rebalance before that.

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Jul 12

Daily Brief Thailand: Fabrinet and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Fabrinet: Why We Are Pessimistic Despite The Rapid Growth in Datacom Driven by AI Applications! – Major Drivers

Fabrinet: Why We Are Pessimistic Despite The Rapid Growth in Datacom Driven by AI Applications! – Major Drivers

By Baptista Research

Fabrinet Q3 of Fiscal Year 2024 reflects a robust performance exceeding its own forecasts with a notable increase in revenue and earnings per share (EPS).
The company reported a record revenue of $731.5 million, representing a 10% year-over-year growth and a 3% sequential increase from the previous quarter.
Non-GAAP EPS was also impressive at $2.39, marking a significant rise from previous periods and exceeding the guidance provided by the company.

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Jul 11

Daily Brief Thailand: Valeura Energy Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Valeura Energy (TSX: VLE): Operational blip offers an opportunity for investors

Valeura Energy (TSX: VLE): Operational blip offers an opportunity for investors

By Auctus Advisors

2Q24 production was 21.1 mbbl/d, which was very close to our expectations (21.3 mbbl/d).
Production is expected to increase in 3Q24 with the start-up of production at Nong Yao C.
Half of the planned drilling targets have already been drilled.

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Jul 07

Daily Brief Thailand: Berli Jucker and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Berli Jucker (BJC TB) – Big C’s Tourism Factor

Berli Jucker (BJC TB) – Big C’s Tourism Factor

By Angus Mackintosh

Berli Jucker’s modern trade supply chain under Big C continues to benefit from the tourism recovery, with 25 dedicated tourism stores and another 35 secondary tourism stores.
Tourism stores carry a slightly different mix of SKUs versus regular stores, which generate higher margins. Big C continues to expand its store network and margins are moving upwards.
Berli Jucker provides direct exposure to Big C but its other divisions including packaging and consumer supply chain provide exposure to both Thailand and Vietnam. Valuations are attractive versus history.

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Jul 04

Daily Brief Thailand: Sermsuk PCL and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Sermsuk (SSC TB): THBEV’s Delisting Offer

Sermsuk (SSC TB): THBEV’s Delisting Offer

By David Blennerhassett

Thai Beverage (THBEV SP) is proposing to take 64.67%-held Sermsuk PCL (SSC TB) private by way of a voluntary Delisting Offer.
The Offer price is THB 63/share, a 27.9% premium to last close.
This Delisting Offer requires a Scheme-like shareholder vote. Payment may occur late 4Q24. This is an illiquid arb.

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Jun 28

Daily Brief Thailand: Valeura Energy Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Valeura Energy (TSX: VLE): Operational Blip Offers an Opportunity for Investors

Valeura Energy (TSX: VLE): Operational Blip Offers an Opportunity for Investors

By Auctus Advisors

Production at Wassana has been suspended following the discovery of a crack within one of the MOPU’s steel jack-up legs that could pose a risk to the structural integrity of the MOPU.
The company is conducting further inspections and analysis to plan next steps.
Further visibility is expected in the coming weeks.

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Jun 19

Daily Brief Thailand: Ngern Tid Lor and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Quiddity SET 50 Jun 24 Rebal: 4 Changes Confirmed; LONGs up 5.2% Vs SHORTs in a Month

Quiddity SET 50 Jun 24 Rebal: 4 Changes Confirmed; LONGs up 5.2% Vs SHORTs in a Month

By Janaghan Jeyakumar, CFA

The June 2024 index changes for Thailand’s SET 50 index were announced after market close yesterday (17th June 2024).
Initially we expected only three changes but after the index methodology was revised in May 2024, we revised our expectations and we had 4 expected ADDs/DELs.
All 4 expected ADDs/DELs turned out to correct. In this insight, we take a look at our estimation of expected flows and potential trade ideas based on the flow dynamics.

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Jun 18

Daily Brief Thailand: Berli Jucker and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

SET50 Index Rebalance: 4 Changes Next Week; One Could Surprise

SET50 Index Rebalance: 4 Changes Next Week; One Could Surprise

By Brian Freitas

There will be 4 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the close on 28 June.
All changes are in line with our forecasts, but one stock could be a surprise inclusion for some.
Passive trackers will need to buy 3.9% of float in I-TAIL, 3.7% of float in Berli Jucker, 1.5% of float in Ngern TidLor and 1% of float in Bangchak Corporation.

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Jun 07

Daily Brief Thailand: Energy Absolute and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

ASEAN EV Ecosystem Update: Initiatives to Build a Regional EV Ecosystem Continues

ASEAN EV Ecosystem Update: Initiatives to Build a Regional EV Ecosystem Continues

By Shifara Samsudeen, ACMA, CGMA

Countries across the ASEAN region continue to invest on developing their respective EV markets with governments introducing new initiatives and offering further incentives.
The price war among Chinese EV players has escalated in recent month, causing pressure on non-Chinese players. European and Japanese EV makers are increasingly looking at ASEAN for cost advantage.
The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.

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Thailand

Daily Brief Thailand: Intouch Holdings and more

Weekly Deals Digest (21 Jul) – Intouch/Gulf, China TCM, Huafa, Samson, Zhihu, Asics, Kokusai, Timee

Daily Brief Thailand: Intouch Holdings, Gulf Energy Development , Advanced Info Service and more

Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To “Restructure”

GULF-INTUCH Amalgamation

Gulf (GULF TB)/Intouch (INTUCH TB) Merger and ADVANC/THCOM VTOs

GULF/INTUCH Merger & ADVANC/THCOM VTO’s

Daily Brief Thailand: Fabrinet and more

Fabrinet: Why We Are Pessimistic Despite The Rapid Growth in Datacom Driven by AI Applications! – Major Drivers

Daily Brief Thailand: Valeura Energy Inc and more

Valeura Energy (TSX: VLE): Operational blip offers an opportunity for investors

Daily Brief Thailand: Berli Jucker and more

Berli Jucker (BJC TB) – Big C’s Tourism Factor

Daily Brief Thailand: Sermsuk PCL and more

Sermsuk (SSC TB): THBEV’s Delisting Offer

Daily Brief Thailand: Valeura Energy Inc and more

Valeura Energy (TSX: VLE): Operational Blip Offers an Opportunity for Investors

Daily Brief Thailand: Ngern Tid Lor and more

Quiddity SET 50 Jun 24 Rebal: 4 Changes Confirmed; LONGs up 5.2% Vs SHORTs in a Month

Daily Brief Thailand: Berli Jucker and more

SET50 Index Rebalance: 4 Changes Next Week; One Could Surprise

Daily Brief Thailand: Energy Absolute and more

ASEAN EV Ecosystem Update: Initiatives to Build a Regional EV Ecosystem Continues

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