Category

Thailand

Jun 24
0

Daily Brief Thailand: JMT Network Services and more

By | Daily Briefs, Thailand

In today’s briefing:

  • JMT Network Services – SET Elimination, ROA Halving, Worsening Credit Metrics

JMT Network Services – SET Elimination, ROA Halving, Worsening Credit Metrics

By Daniel Tabbush

  • JMT Network services does debt collection for banks in Thailand
  • Earnings are good but not relative to its asset growth with worsening provisions
  • Its ROA appears to be in structural decline, with worsening credit metrics in 1Q23

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Jun 22
0

Daily Brief Thailand: Big C Supercenter and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Big C Retail Pre-IPO – The Negatives – Hasn’t Recovered from COVID

Big C Retail Pre-IPO – The Negatives – Hasn’t Recovered from COVID

By Sumeet Singh

  • Big C Supercenter (BIGC TB)  is looking to raise around US$1bn in its upcoming Thailand IPO. 
  • Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand
  • In this note, we talk about the not-so-positive aspects of the deal.

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Jun 21
0

Daily Brief Thailand: Las Vegas Sands, Big C Supercenter and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thailand Casinos: A Game Changer in Early Stages that Could Move Faster than Believed at This Point
  • Big C Retail Pre-IPO – The Positives – Has a Strong Presence

Thailand Casinos: A Game Changer in Early Stages that Could Move Faster than Believed at This Point

By Howard J Klein

  • Initial positive study by legislative group completed in 2021. Regulatory follow up could move faster than generally believed igniting a process for market leaders in Asia.
  • Initial study recommended Bangkok and 22 regional, smaller scale properties including world famous resort area Phuket.
  • Baseline tourism to Thailand in 2019 rated as the 5th largest on the globe.

Big C Retail Pre-IPO – The Positives – Has a Strong Presence

By Sumeet Singh

  • Big C Supercenter (BIGC TB) is looking to raise around US$1bn in its upcoming Thailand IPO. 
  • Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand
  • In this note, we talk about the company background and the positive aspects of the deal.

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Jun 19
0

Daily Brief Thailand: Delta Electronics Thai and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Taiwan Vs. Thailand Monitor: Delta Thai Surges On No News; When Will SET50 Be Fixed?

Delta Taiwan Vs. Thailand Monitor: Delta Thai Surges On No News; When Will SET50 Be Fixed?

By Vincent Fernando, CFA

  • Delta Thailand surged 20% since our last trade monitor piece. This was without any significant news and the company received another query from the stock exchange as a result.
  • Delta Taiwan increased by a higher 22%, thus the extreme valuation mismatch between the two has corrected slightly. Delta Taiwan is still only 0.78x the market cap of Delta Thailand.
  • Delta Taiwan last week announced the acquisition of a German company that makes components for vehicles. This will strengthen Delta’s battery management product portfolio and add client relationships.

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Jun 18
0

Daily Brief Thailand: Thai Life Insurance and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance: TLI, WHA to Replace JMART, JMT

SET50 Index Rebalance: TLI, WHA to Replace JMART, JMT

By Brian Freitas

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Jun 15
0

Daily Brief Thailand: Intouch Holdings and more

By | Daily Briefs, Thailand

In today’s briefing:

  • StubWorld: Intouch Not As Attractive As At First Glance

StubWorld: Intouch Not As Attractive As At First Glance

By David Blennerhassett

  • Intouch Holdings (INTUCH TB) is coming up cheap versus Advanced Info Service (ADVANC TB). Yet the longer-term view suggests otherwise. 
  • Preceding my comments on Intouch are the weekly setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn on a 90-day moving average, and a % market capitalisation threshold of at least 20%.

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Jun 10
0

Daily Brief Thailand: CP ALL PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • CP ALL Pcl (CPALL TB) – Omnipresent Operator

CP ALL Pcl (CPALL TB) – Omnipresent Operator

By Angus Mackintosh

  • CP ALL is increasingly one of the best proxies for consumption in Thailand, with its broad exposure to convenience stores, hypermarkets, supermarkets, wholesale through Makro’s cash & carry stores.
  • The company continues to expand its store footprint and improve margins through a better product mix towards fresh and private labels, as well as group synergies around growing omnichannel sales. 
  • CP ALL is the largest weighting in MSCI Thailand and has seen pressure from foreign outflows due to political uncertainty but this may be about to work in its favour. 

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Jun 01
0

Daily Brief Thailand: Thai Life Insurance and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Should Be Two Changes in June

SET50 Index Rebalance Preview: Should Be Two Changes in June

By Brian Freitas

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May 27
0

Daily Brief Thailand: Thai Foods Group Public Company Limited and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thaifoods Group (TFG TB) – 2024E Earnings to Grow by 15%; Expecting a HoH Recovery in 2H23E

Thaifoods Group (TFG TB) – 2024E Earnings to Grow by 15%; Expecting a HoH Recovery in 2H23E

By Waraporn Wiboonkanarak

  • KTX has revised up our rating to Buy (fair value of Bt5.55, based on the earnings yield and a required rate of return of 9.0%).
  • The valuation metrics suggest that the tactical downside risk is limited after the share price drop of over 20% since before Songkran, and we have a positive view on the fundamentals in both the short and long term; we expect earnings growth of 15% YoY in 2024E due to the recovery in the gross profit margin and the expansion of the retail business.
  • TFG should also see the lowest operating expenses to sales amongst peers at around 6.2%, making the profit margin immune to pressure from meat price fluctuations.

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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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