Category

Thailand

May 26
0

Daily Brief Thailand: Berli Jucker and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Berli Jucker (BJC TB) – The Big C Factor

Berli Jucker (BJC TB) – The Big C Factor

By Angus Mackintosh

  • Berli Jucker‘s 1Q2023 results were driven by growth across its segments from modern retail to packaging to the consumer, and healthcare & Technical, with margin improvements at the same time. 
  • The key near-term catalyst for Berli Jucker will be the IPO of Big C Retail, which will provide a separate market valuation for its retail assets. 
  • Berli Jucker is a beneficiary of the resurgence of tourism in Thailand through both its retail and packaging businesses plus it benefits from lower commodity prices across its other divisions. 

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May 25
0

Daily Brief Thailand: Thai Life Insurance and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Jun 23: Final Expectations

Quiddity Leaderboard SET50 Jun 23: Final Expectations

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential ADDs/DELs for Thailand’s SET50 index rebalance in June 2023.
  • There are only few more days left for the base date and we believe there could be two ADDs/DELs for the SET 50 index.
  • The LONG Thai Life Insurance (TLI TB) – SHORT Bangkok Life Assurance (BLA TB) trade had a good spell of performance but now it might be time to rethink.

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May 22
0

Daily Brief Thailand: Delta Electronics Thai and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Taiwan Vs. Thailand Monitor: Delta Thai Stages Sharp Rebound; Should SET50 Index Be Fixed?

Delta Taiwan Vs. Thailand Monitor: Delta Thai Stages Sharp Rebound; Should SET50 Index Be Fixed?

By Vincent Fernando, CFA

  • Delta Thailand has rallied 22.7% from its recent low, despite the local Thai market declining while the Taiwan market rose.
  • Latest Delta Thailand surge unlikely due to Thai market fund flows or company developments. Delta Taiwan generates 2.5x the net profit with similar growth, yet has a smaller market cap.
  • Over time, relative pricing should trend in Delta Taiwan’s favor as valuations are likely to drive longer-term performance — Also, should the SET50 Index be fixed? Seems broken.

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May 12
0

Daily Brief Thailand: SCG Chemicals and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SCG Chemicals Pre-IPO -The Negatives – Recent Performance Has Been Weak

SCG Chemicals Pre-IPO -The Negatives – Recent Performance Has Been Weak

By Sumeet Singh

  • SCG Chemicals (SCGC TB) (SCGC) is looking to raise around US$1bn in its upcoming Thailand IPO.
  • SCG Chemicals, a part of the SCC group, is an integrated chemicals player in ASEAN, involved primarily in manufacturing, marketing and selling a diversified range of petrochemical products.
  • In this note, we talk about the not-so-positive aspects of the deal.

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May 11
0

Daily Brief Thailand: SCG Chemicals and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SCG Chemicals Pre-IPO -The Positives – A Strong Regional Player

SCG Chemicals Pre-IPO -The Positives – A Strong Regional Player

By Sumeet Singh

  • SCG Chemicals (SCGC TB) (SCGC) is looking to raise around US$1bn in its upcoming Thailand IPO.
  • SCG Chemicals, a part of the SCC group, is an integrated chemicals player in ASEAN, involved primarily in manufacturing, marketing and selling a diversified range of petrochemical products.
  • In this note, we talk about the positive aspects of the deal.

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May 05
0

Daily Brief Thailand: Oishi Group PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Oishi Group: Shareholders Back ThaiBev’s Offer

Oishi Group: Shareholders Back ThaiBev’s Offer

By David Blennerhassett

  • Back on the 10th March, Thai Beverage (THBEV SP) launched a Delisting Offer for 79.66%-held Oishi Group (OISHI TB), at THB 59/share, a 26.9% premium to last close. 
  • This two-step Offer required a shareholder vote followed by a tendering process. Yesterday (the 3rd May), Oishi shareholders approved the Delisting Offer. 
  • The tendering period may kick off around this time next month, with an expected payment late August. 

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May 04
0

Daily Brief Thailand: Oishi Group PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Oishi Group (OISHI TB): Shareholders Approve the THB59.00 Delisting Offer

Oishi Group (OISHI TB): Shareholders Approve the THB59.00 Delisting Offer

By Arun George

  • Oishi Group PCL (OISHI TB)’s shareholders overwhelmingly approved Thai Beverage (THBEV SP)’s delisting tender offer of THB59.00 per share. The approval was expected as ThaiBev was allowed to vote.
  • The offer is attractive compared to historical share prices, multiples and the IFA’s fair value of THB53.48-56.42 per share. 
  • The delisting now requires SET approval. At the last close and for an end of July completion, the gross and annualised spread is 2.2% and 9.4%, respectively.

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May 03
0

Daily Brief Thailand: Thai Life Insurance and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Two Changes – One High Probability; One Has Possibilities

SET50 Index Rebalance Preview: Two Changes – One High Probability; One Has Possibilities

By Brian Freitas

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Apr 29
0

Daily Brief Thailand: Krung Thai Bank Pub and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Banks 4Q22 Screener; We Reiterate that Krung Thai Is Our Top Pick

Thai Banks 4Q22 Screener; We Reiterate that Krung Thai Is Our Top Pick

By Victor Galliano

  • Krung Thai Bank Pub (KTB TB) remains our pick; it ranks top in terms of post-provision profitability, screens well on NPL coverage, funding and valuations, including its attractive PEG ratio
  • We also like Bank Of Ayudhya (BAY TB), with its sound pre and post-provision profitability in 1Q23, strong credit quality metrics and very attractive valuations
  • Kasikorn has seen its high cost of risk come down in 1Q23, but this remains elevated versus its domestic peers; Kasikorn may be a 2023 opportunity, one for the watchlist

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Apr 27
0

Daily Brief Thailand: Thai Life Insurance and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard for SET50 Jun 23: TLI Vs BLA Pair Trade Seems Interesting

Quiddity Leaderboard for SET50 Jun 23: TLI Vs BLA Pair Trade Seems Interesting

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential ADDs/DELs for Thailand’s SET50 index rebalance in June 2023.
  • I currently see 2 ADDs and 2 DELs but the next-in-line names are lurking close to the border.
  • Thai Life Insurance (TLI TB) is one of these potential ADDs and there might be an interesting pair trade against Bangkok Life Assurance (BLA TB) for the next few weeks. 

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