Category

Thailand

Dec 25
0

Daily Brief Thailand: Delta Electronics Thai and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Index Rebalance & ETF Flow Recap: SET50, Stock Connect, Kanzhun, Futu, AMFI

Index Rebalance & ETF Flow Recap: SET50, Stock Connect, Kanzhun, Futu, AMFI

By Brian Freitas

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Dec 22
0

Daily Brief Thailand: Delta Electronics Thai and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thailand SET 50 Dec 22 Rebal: Good Hit Rate, Successful Pre-Event Trade, Unwind Now

Thailand SET 50 Dec 22 Rebal: Good Hit Rate, Successful Pre-Event Trade, Unwind Now

By Janaghan Jeyakumar, CFA

  • The index changes for the Thailand SET Index (SET INDEX) for the December 2022 Rebalance were announced yesterday (20th December 2022) after the close.
  • There will be four ADDs/DELs for the SET 50 index. 
  • In this insight, we take a closer look at our expectations for index flows and potential trading ideas.

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Dec 21
0

Daily Brief Thailand: Delta Electronics Thai and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance: CENTEL, COM7, DELTA, RATCH Added; BLA, IRPC, KCE, SAWAD Out

SET50 Index Rebalance: CENTEL, COM7, DELTA, RATCH Added; BLA, IRPC, KCE, SAWAD Out

By Brian Freitas

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Dec 14
0

Daily Brief Thailand: Total Access Communication and more

By | Daily Briefs, Thailand

In today’s briefing:

  • DTAC/True Merger: The Court Dismisses the Consumer Council’s Petition

DTAC/True Merger: The Court Dismisses the Consumer Council’s Petition

By Arun George

  • The Administrative Court has dismissed the Thai Consumers Council petition to impose an injunction on the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger.
  • Telenor ASA (TEL NO) and CP Group are currently seeking clarification on certain NBTC conditions such as tariff adjustments and MVNOs network capacity. 
  • Completion is targeted for 1Q23. The current share price ratio of 9.072x vs exchange ratio of 10.221x is attractive. Timing and tweaks to the exchange ratio are risks.

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Dec 09
0

Daily Brief Thailand: I-Tail and more

By | Daily Briefs, Thailand

In today’s briefing:

  • I-Tail Corporation IPO Trading – Should Be Able to Provide Some Holiday Cheer
  • I-Tail Corporation IPO: Trading Debut

I-Tail Corporation IPO Trading – Should Be Able to Provide Some Holiday Cheer

By Sumeet Singh

  • I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB).
  • As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
  • In our previous notes, we have looked at the company’s past performance, undertaken a peer comparison and spoken about valuation. In this note, we will talk about the trading dynamics

I-Tail Corporation IPO: Trading Debut

By Arun George

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Dec 03
0

Daily Brief Thailand: Bumrungrad Hospital Pub Co and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bumrungrad Hospital Pub Co (BH TB): Robust International Business Push Revenue Above Pre-COVID Level

Bumrungrad Hospital Pub Co (BH TB): Robust International Business Push Revenue Above Pre-COVID Level

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) is seeing continued business recovery. Robust inflows of international business and solid Thai and expat revenue lifted hospital revenue 20% higher than pre-COVID level.
  • Sustained high volumes of inquiries and appointment requests remain a strong forward indicator. Bed availability is expected to increase in 4Q after the completion of latest phase of renovations.
  • Net profit margin reached to a record high of 26.2% in 3Q. Favorable payor mix, cost management, continued discount reduction, and economies of scale should further drive margin gains.    

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Dec 01
0

Daily Brief Thailand: Berli Jucker and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Berli Jucker (BJC TB) – Back on the Boil

Berli Jucker (BJC TB) – Back on the Boil

By Angus Mackintosh

  • Berli Jucker (BJC TB) is seeing a recovery underway although it has been masked by YoY comparisons and some pressure from higher raw material costs for its packaging business. 
  • The company is back into expansion mode in retail with 200 new Mini BIGC stores planned for 2023 plus it will increase its aluminium can capacity in Thailand by 10%.
  • Berli Jucker (BJC TB) continues to be an interesting recovery play as an indirect play on tourism and consumption recovery as well as now declining commodity prices. 

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Nov 24
0

Daily Brief Thailand: Total Access Communication and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Disaster As VTOs Cancelled Under DTAC/True Merger

Disaster As VTOs Cancelled Under DTAC/True Merger

By David Blennerhassett

  • “The conditions precedent to the VTO have not been satisfied within one year from 22 November 2021 … the parties have declined to carry out the VTO.“
  • This statement was lifted from Telenor’s (the major shareholder of Total Access Communication (DTAC TB)) brief announcement. Telenor/CP Group aim to complete the transaction within the first quarter of 2023
  • This appears a cop-out on behalf of both Tender Offerors (Telenor & CP Group), who probably could have pushed for an extension.  And why weren’t the scrip terms addressed?

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Nov 23
0

Daily Brief Thailand: Delta Electronics Thai, Total Access Communication and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Four Potential Changes in December
  • DTAC/True Merger to Proceed but Without the VTOs

SET50 Index Rebalance Preview: Four Potential Changes in December

By Brian Freitas

  • The market cap review period for the December rebalance of the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) ends in 6 trading days.
  • Following the market consultation and reduction in the turnover ratio, there could be four changes to the index. The DTAC/TRUE merger could result in another inclusion in Q1 2023.
  • Estimated one-way turnover at the December rebalance is 8.1% and will result in a one-way trade of THB 7.4bn. More than 1x ADV to trade on most stocks.

DTAC/True Merger to Proceed but Without the VTOs

By Arun George

  • Telenor and CP Group will proceed with the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger but without the VTO due to missing the VTO conditions precedent deadline.
  • The likely real reason for the VTO cancellation was the realisation that the VTO prices were too generous, particularly in the context of the NBTC’s harsh conditions.
  • Completion is targeted for 1Q23. The current share price ratio of 8.750x vs the exchange ratio of 10.221x is attractive. Timing and potential tweaks to the exchange ratio are risks. 

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Nov 16
0

Daily Brief Thailand: I-Tail and more

By | Daily Briefs, Thailand

In today’s briefing:

  • I-Tail Corporation IPO – Blowout 3Q22, Revised Earnings, Updated Thoughts on Valuation
  • I-Tail Corporation IPO: Valuation Insights

I-Tail Corporation IPO – Blowout 3Q22, Revised Earnings, Updated Thoughts on Valuation

By Sumeet Singh

  • I-Tail, an OEM in the wet pet food category, aims to raise around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB)  .
  • As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
  • In our previous notes, we have looked at various aspects of the deal. In this note, we talk about its 3Q22 updates and run the deal through our ECM framework.

I-Tail Corporation IPO: Valuation Insights

By Arun George

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