Category

Thailand

Jan 28
0

Daily Brief Thailand: Central Retail Corp Ltd, Krung Thai Bank Pub and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Central Retail Corp Ltd (CRC TB) – Realising a Fashionable Recovery
  • Thai Banks 4Q22 Screener; Krung Thai Back on Top

Central Retail Corp Ltd (CRC TB) – Realising a Fashionable Recovery

By Angus Mackintosh

  • Central Retail Corp remains a core holding to play the retail recovery in Thailand and Vietnam, with the tailwind from the recovery in tourism providing an additional boost. 
  • The company has seen a dramatic recovery in its fashion business along with higher margins plus it is expanding new stores and launching new formats such as Tops CLUB. 
  • Vietnam provides an additional growth driver through BigC and GO Stores, where it is the omnichannel market leader, with Italy under Rinascente already ahead of pre-COVID sales levels.

Thai Banks 4Q22 Screener; Krung Thai Back on Top

By Victor Galliano

  • Krung Thai is our pick; it ranks top in terms of post-provision profitability, as well as screening well on NPL coverage and valuations, including its low PEG ratio
  • We also like Ayudhya, with its strong pre and post-provision profitability in 4Q22, strong credit quality metrics and attractive valuations
  • Kasikorn has had a difficult 4Q22 due to its high cost of risk and its need to bolster provision coverage; Kasikorn may be a 2023 opportunity, but not yet

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Jan 26
0

Daily Brief Thailand: Ramkhamhaeng Hospital and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard for Thailand SET50 Jun 23:Ramkhamhaeng Hospital Is an Interesting Case

Quiddity Leaderboard for Thailand SET50 Jun 23:Ramkhamhaeng Hospital Is an Interesting Case

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential ADDs/DELs for the SET50 index rebalance in June 2023.
  • Based on the latest available data, I expect 3 ADDs/DELs but there are multiple names lurking close to the border.
  • Srisawad (SAWAD TB)  and Sansiri Public (SIRI TB) are leading the SET50 and SET100 Reserve Lists respectively and could become intra-review ADDs if the DTAC-TRUE merger closes in 1H 2023.

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Jan 21
0

Daily Brief Thailand: CP ALL PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • CP ALL PCL (CPALL TB) – A King for All Seasons

CP ALL PCL (CPALL TB) – A King for All Seasons

By Angus Mackintosh

  • CP ALL is a unique and high-quality proxy for the recovery in domestic consumer demand plus increasing tourist arrivals, which should soon see a further boost from China.
  • We would expect a strong finish to the year with an even stronger pickup in 2023 across convenience stores, Lotus supermarkets and hypermarkets, as well as Siam Makro cash-and-carry. 
  • CP ALL is a top growth pick in Thailand, with EPS expected to grow by +35% and 25% for FY2023E and FY2024E, with ongoing expansion and economic recovery.

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Jan 20
0

Daily Brief Thailand: Esso Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Esso Thailand: Ignore Bangchak Corp’s Takeunder

Esso Thailand: Ignore Bangchak Corp’s Takeunder

By David Blennerhassett

  • Back on the 11 January, refiner/retailer Bangchak Corporation (BCP TB)‘s board approved the purchase of a 65.99% stake in Esso Thailand (ESSO TB) from Exxon Mobil.
  • The purchase price remains indeterminate (the indicative price is Bt8.84/share), based on a pricing adjustment mechanism as it relates to Esso’s financial accounts at the close of the stake purchase.
  • Esso is down 17% since the announcement, and 37% from its recent (Oct-22) high. That seems excessive. 

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Jan 19
0

Daily Brief Thailand: CP ALL PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • StubWorld: CPALL Trading “Cheap” To MAKRO

StubWorld: CPALL Trading “Cheap” To MAKRO

By David Blennerhassett

  • 7-11 play CP ALL PCL (CPALL TB) is coming up “cheap” on my monitor versus cash & carry subsidiary Siam Makro Public (MAKRO TB). 
  • Preceding my comments on CPALL/MAKRO are the current setup/unwind tables for Asia-Pacific Holdcos. 
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

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Jan 13
0

Daily Brief Thailand: Esso Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Esso Thailand: Bangchak Corp’s Takeunder

Esso Thailand: Bangchak Corp’s Takeunder

By David Blennerhassett

  • Refiner/retailer Bangchak Corporation (BCP TB)‘s board has approved the purchase of a 65.99% stake in Esso Thailand (ESSO TB) from Exxon Mobil (XOM US).
  • The purchase price is subject to a price adjustment mechanism and will only be known upon completion of the SPA. The indicative Offer Price is THB 8.84, 20% below undisturbed. 
  • Once completed – tentatively anticipated in the 3Q23 – a mandatory tender offer will be triggered for the remaining 34.01% of shares out in Esso. 

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Jan 07
0

Daily Brief Thailand: Intouch Holdings, Krungthai Card and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thaicom: Gulf Energy’s Low-Balled MTO Now Open For Acceptances
  • KTC – The Quiet

Thaicom: Gulf Energy’s Low-Balled MTO Now Open For Acceptances

By David Blennerhassett

  • Back on the 7 November, Intouch Holdings (INTUCH TB)‘s board approved the sale of its 41.13% stake in Thaicom Pcl (THCOM TB) to Gulf Energy Development Public Company (GULF TB).
  • The sale price was Bt 9.92/share, a 19.3% discount last close. Intouch shareholders overwhelmingly approved the sale on the 28 December, which subsequently triggered an MTO. 
  • The Offer is now open for acceptances. The Offer closes on the 9 February. Intouch will pass through 100% of the sale proceeds via a special dividend. 

KTC – The Quiet

By Daniel Tabbush

  • Quietly KTC has seen its bad loans and credit costs rise
  • During last year it saw a final surge in credit costs in the last quarter
  • Market share losses and regulatory risk may continue to pressure its 5x PB

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Jan 06
0

Daily Brief Thailand: HDmall and more

By | Daily Briefs, Thailand

In today’s briefing:

  • HD, the Airbnb for Surgeries in SEA, Secures US$6M Funding

HD, the Airbnb for Surgeries in SEA, Secures US$6M Funding

By e27

  • HD will use the funding to expand its team and develop its technology, enabling over 5,000 healthcare providers and thousands of surgeries by 2024.

  • HD, a Bangkok-headquartered startup operating the healthcare and surgery marketplace HDmall in Thailand and Indonesia, has received US$6 million in new funding.
  • HD is an online marketplace that powers over 1,500 healthcare providers, including hospitals. It connects patients to hospitals, clinics, operating rooms, and surgeons.

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Jan 05
0

Daily Brief Thailand: Minor International and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Minor International (MINT TB) – More Than Just Revenge Tourism

Minor International (MINT TB) – More Than Just Revenge Tourism

By Angus Mackintosh

  • Minor International (MINT TB) represents a unique combination of exposure to a diverse set of hotel and restaurant brands both in Thailand and globally making it a true recovery proxy.
  • The company’s hotel portfolio is well-diversified geographically and across different segments giving it exposure to both tourism in Thailand and globally and to the recovery in business travel. 
  • Minor Food has also seen a strong recovery as revenge dining draws consumers to dine out. Overall valuations look attractive given expected growth rates over the next two years. 

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Dec 28
0

Daily Brief Thailand: Dynasty Ceramic Pub and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Dynasty Ceramic Pub (DCC TB) – Tiling Thailand with Large and Small

Dynasty Ceramic Pub (DCC TB) – Tiling Thailand with Large and Small

By Angus Mackintosh

  • Dynasty Ceramic Pub (DCC TB) is Thailand’s leading ceramic tile manufacturer with a large portion of sales in the mass market as well as upcountry, diversifying sales. 
  • The company continues to build new capacity and is moving into the porcelain tile business to cater for the higher-end market where it will compete with Chinese imports.
  • Dynasty Ceramic Pub (DCC TB) is a high-quality play on the economic recovery in Thailand, with a good governance reputation. Valuations look reasonable plus a dividend yield of over 6%.

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