Category

Thailand

Nov 14
0

Daily Brief Thailand: I-Tail and more

By | Daily Briefs, Thailand

In today’s briefing:

  • I-Tail Corporation IPO: A Strong 3Q Results Update

I-Tail Corporation IPO: A Strong 3Q Results Update

By Arun George

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Nov 09
0

Daily Brief Thailand: Intouch Holdings, Dohome PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Singtel Holds The Key To Gulf Energy’s Takeunder For Thaicom
  • DOHOME : Weak 3Q22 Earnings as Expected

Singtel Holds The Key To Gulf Energy’s Takeunder For Thaicom

By David Blennerhassett

  • In April 2021, Gulf Energy (GULF TB)‘s surprising VTO for Intouch (INTUCH TB) was conditional, inter alia, on a waiver NOT to make a downstream offer for Thaicom (THCOM TB).
  • Now Gulf has announced an intention to acquire Intouch’s 41.13% stake in Thaicom for Bt 9.92/share, a 19.3% discount last close, the completion of which triggers an MTO.
  • The acquisition of shares from Intouch requires approval from Intouch shareholders. Gulf, with 46.44% of shares out, is required to abstain. 

DOHOME : Weak 3Q22 Earnings as Expected

By Pi Research

  • Maintain HOLD recommendation for DOHOME with a target price of Bt14.10. DOHOME’s 3Q22 net profit came in at Bt50m (-85%YoY,-84%QoQ),in-line with our forecast but below BB consensus estimated by 34%
  • 3Q22 earnings sink both YoY and QoQ Its net profit came out at Bt50m (-85%YoY, -84%QoQ),the lowest level since listed.The 9M22 result accounted for 88%of full-year net profit in 2022.
  • The significant drop in 3Q22 earnings pressured by lower margin from steel products, clearance sales in decoration materials category, and rising all products cost as a result from rising inflation.

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Nov 08
0

Daily Brief Thailand: I-Tail and more

By | Daily Briefs, Thailand

In today’s briefing:

  • I-Tail Corporation IPO: The Bear Case
  • I-Tail Corporation Pre-IPO – Peer Comparison Update – Adding in Its Only Local Peer

I-Tail Corporation IPO: The Bear Case

By Arun George

  • I-Tail (ITC TB), Thai Union Group (TU TB)’s pet care division, has started pre-marketing an up to US$600 million SET IPO, according to press reports.
  • In I-Tail Corporation IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case. 
  • The key elements of the bear case rest on its under-representation in the dog food category (largest pet food category), margins at or near the peak and declining FCF margin. 

I-Tail Corporation Pre-IPO – Peer Comparison Update – Adding in Its Only Local Peer

By Sumeet Singh

  • I-Tail, an OEM in the wet pet food category, aims to raise around US$500m 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 past performance, undertaken a peer comparison and spoken about valuation. In this note, we will add in its recently listed local peer.

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Nov 07
0

Daily Brief Thailand: I-Tail and more

By | Daily Briefs, Thailand

In today’s briefing:

  • I-Tail Corporation IPO: The Bull Case

I-Tail Corporation IPO: The Bull Case

By Arun George

  • I-Tail (ITC TB), Thai Union Group (TU TB)’s pet care division, has started pre-marketing an up to US$600 million SET IPO, according to press reports.
  • I-Tail is one of the largest original equipment manufacturers (OEMs) for wet cat & dog food in Asia, according to Frost & Sullivan.
  • The key elements of the bull case rest on strong top-line growth, market share gains, ambitious growth plans and the highest margin profile among peers.

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Nov 05
0

Daily Brief Thailand: Sri Trang Gloves (Thailand) Public Company Limited and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Sri Trang Gloves (STGT TB): Revised Capacity Expansion Plan to Arrest Downfall in ASP

Sri Trang Gloves (STGT TB): Revised Capacity Expansion Plan to Arrest Downfall in ASP

By Tina Banerjee

  • As continued strong market competition and excess capacities from major players have capped upward trajectory for ASP, key global glove manufacturers have revised their capex plans lower.
  • To reflect the current industry climate, Sri Trang expects to reach an annual production capacity of 56.6 billion pieces in 2024 from 81.9 billion pieces earlier.
  • The company aims to launch surgical gloves, which command a high margin, in the domestic market in Q4 2022.

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Nov 02
0

Daily Brief Thailand: Betagro and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Betagro IPO Trading – Seems Fairly Valued

Betagro IPO Trading – Seems Fairly Valued

By Clarence Chu

  • Betagro (BTG TB) raised about US$460m in its Thailand IPO. 
  • Betagro is an integrated agro-industrial and food business in Thailand.
  • In this note we will talk about the trading dynamics.

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Oct 22
0

Daily Brief Thailand: Jasmine International PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Jasmine International: Last Minute Wrinkle To Broadband Sale

Jasmine International: Last Minute Wrinkle To Broadband Sale

By David Blennerhassett

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Oct 19
0

Daily Brief Thailand: Berli Jucker and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thailand SET50 Quiddity Leaderboard Dec 22: BJC Is the Most Interesting Name

Thailand SET50 Quiddity Leaderboard Dec 22: BJC Is the Most Interesting Name

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential index changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) between now and the December 2022 Rebalance.
  • There is an ongoing market consultation with significant implications for constituent selection and there is also a potential intra-review change due to the DTAC-TRUE merger.
  • Based on the latest available data, there could three or four index changes during the December 2022 Rebalance depending on the outcome of the DTAC-TRUE merger.

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Oct 18
0

Daily Brief Thailand: Stock Exchange of Thailand SET 50 Index and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thailand SET50 and SET100: Quiddity Index Rebalance Primer

Thailand SET50 and SET100: Quiddity Index Rebalance Primer

By Janaghan Jeyakumar, CFA

  • Thailand SET Index (SET INDEX) is a composite index which represents the price movement for all common stocks trading on the SET.
  • SET50 and SET100 indices are calculated, respectively, from the stock prices of the top 50 and 100 listed companies on SET in terms of market capitalization and liquidity.
  • In this insight, we take a look at the selection criteria and the historical price performance of past Rebalance Events.

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Oct 13
0

Daily Brief Thailand: Total Access Communication, Betagro and more

By | Daily Briefs, Thailand

In today’s briefing:

  • True/DTAC: NBTC’s Last Roll Of The Dice?
  • Betagro Pre-IPO – Thoughts on Valuation
  • DTAC/True Merger: NBTC Set to Decide on the Merger on 20 October

True/DTAC: NBTC’s Last Roll Of The Dice?

By David Blennerhassett

  • With near-on nine-month having lapsed since True Corp Pcl (TRUE TB) and Total Access Communication (DTAC TB) submitted an amalgamation report, the NBTC may conclude/clarify a sweeping resolution today.
  • That resolution, prompted by DTAC and True, is expected to establish the NBTC has no authority to consider approving or rejecting the merger, although remedial measures may be enforced.
  • Further rumours abound as I type that the NBTC decision may be delayed another week. 

Betagro Pre-IPO – Thoughts on Valuation

By Clarence Chu

  • Betagro (BTG TB) is looking to raise about US$460m in its Thailand IPO. 
  • Betagro is an integrated agro-industrial and food business in Thailand.
  • In our previous note, we undertook a peer comparison. In this note, we will talk about valuations.

DTAC/True Merger: NBTC Set to Decide on the Merger on 20 October

By Arun George

  • The NBTC Board has confirmed that it will decide on the DTAC/True merger on 20 October as it will receive yet another report from consultants on 14 October. 
  • The Bangkok Post reported today that NBTC would conclude that it has no authority to consider approving or rejecting the deal but will issue measures to govern it. 
  • The current share price ratio of 8.873x vs implied swap ratio of 10.221x is the lowest since the announcement of the potential VTO. Buy the share price ratio.

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