Category

Thailand

Feb 20
0

Daily Brief Thailand: Intouch Holdings and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Changes from Now to June

SET50 Index Rebalance Preview: Changes from Now to June

By Brian Freitas

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Feb 10
0

Daily Brief Thailand: Minor International and more

By | Daily Briefs, Thailand

In today’s briefing:

  • The 2023 Box Office Looks Promising

The 2023 Box Office Looks Promising

By Michael Fritzell

  • The cinema industry has been suffering from COVID-19 restrictions, in particular social distancing measures that have kept cinema operating rates low.
  • Now that the release pipeline looks strong again, cinemas will be on a path to recovery. I doubt that the global box office will reach the 2019 level this year, but it will get closer to that number.
  • Cinema operators worth mentioning include North America’s Cinemark, Cineplex and Marcus Corporation, China’s IMAX China and Thailand’s Major Cineplex.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Feb 09
0

Daily Brief Thailand: Bank Of Ayudhya and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bank Of Ayudhya (BAY TB) – Thai Retail Wizard Moving to ASEAN

Bank Of Ayudhya (BAY TB) – Thai Retail Wizard Moving to ASEAN

By Angus Mackintosh

  • Bank Of Ayudhya (BAY TB), now branded as Krungsri, is a unique Thai bank with high-quality retail exposure, a low-risk corporate loan book, and a growing SME book. 
  • The bank is growing its digital exposure through its KMB app, its GO app for auto customers plus its UChoose lifestyle app and it collaborates with Grab and Shopee.
  • Krungsri’s move to acquire Nomura Thailand’s broking business and its acquisition of Home Credit in Indonesia and the Philippines provide an additional edge and ASEAN exposure. Valuations are inexpensive.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Feb 08
0

Daily Brief Thailand: Srisawad Power 1979 and more

By | Daily Briefs, Thailand

In today’s briefing:

  • DTAC/TRUE Merger: Index Flows & Potential SET50 Replacement

DTAC/TRUE Merger: Index Flows & Potential SET50 Replacement

By Brian Freitas

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Feb 07
0

Daily Brief Thailand: Delta Electronics Thai and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Electronics (DELTA TB / 2308 TT): Waiting for a Reversal

Delta Electronics (DELTA TB / 2308 TT): Waiting for a Reversal

By Brian Freitas

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Feb 06
0

Daily Brief Thailand: Bangkok Bank Public, Minor International and more

By | Daily Briefs, Thailand

In today’s briefing:

  • BBL/KBANK: Huge Outperformance as BBL Nears NVDR Limit
  • Minor International (MINT): The Best Stock for Thai Tourism Recovery?

BBL/KBANK: Huge Outperformance as BBL Nears NVDR Limit

By Brian Freitas

Minor International (MINT): The Best Stock for Thai Tourism Recovery?

By Henry Soediarko

  • Minor International (MINT TB) is trading at 2.4x PBR, slightly higher than during the pre-COVID level at 2x.
  • Most of its hotels are in Europe (77%) and only half of the food business is in Thailand. 
  • Other Thai stocks have higher exposure to Thai tourism-related activities.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Feb 01
0

Daily Brief Thailand: Siam Commercial Bank and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Siam Commercial Bank (SCB TB) – Traversing Generations

Siam Commercial Bank (SCB TB) – Traversing Generations

By Angus Mackintosh

  • Siam Commercial Bank (SCB TB) booked a solid set of 4Q2022 results, with the first NIM expansion in two years and record high net interest income.
  • The bank also provided details of its mothership strategy, which has now come to fruition, with the restructuring process now complete with its increasingly strong digital credentials becoming clearer.
  • Siam Commercial Bank remains attractive on valuations and probably deserves to trade at a premium to peers given its digital credentials but more data may be required to get there.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Jan 31
0

Daily Brief Thailand: Kasikornbank PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Kasikornbank PCL (KBANK TB) – Replanting the Seeds of Growth

Kasikornbank PCL (KBANK TB) – Replanting the Seeds of Growth

By Angus Mackintosh

  • Kasikornbank PCL (KBANK TB) remains one of Thailand’s top-tier banks with particular strength in SME lending and consumer lending making it a beneficiary of both consumption and tourism recovery. 
  • The bank continues to grow its digital banking and business through its K PLUS app which now has more than 21m users, with multiple use cases and self-apply loan applications. 
  • Kasikornbank remains a core holding for exposure to Thailand’s tourism-driven recovery through its SME exposure. Valuations are attractive with the bank trading at 0.7x FY2023 PBV and 8.3% FY2023E ROE. 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Jan 30
0

Daily Brief Thailand: Alibaba (ADR) and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Aequitas ASEAN IPOs Bookrunner Performance (2019-2022)

Aequitas ASEAN IPOs Bookrunner Performance (2019-2022)

By Ethan Aw

  • In this note, we will take a look at bookrunner performance for ASEAN IPOs from 2019-2022. 
  • The following dataset includes all ASEAN IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 41 deals.
  • The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
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

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free