Category

Thailand

Oct 12
0

Daily Brief Thailand: Bangkok Expressway and Metro and more

By | Daily Briefs, Thailand

In today’s briefing:

  • BEM : Expect 3Q22 Earnings to Hit 12 Quarter High

BEM : Expect 3Q22 Earnings to Hit 12 Quarter High

By Pi Research

  • Maintain BUY recommendation for BEM with a new target price of Bt11.40 (Previous TP: Bt9.90) after we incorporate value from orange line project into our valuation. We expect the company 
  • Expect solid profit recovery in 3Q22 and onwards Expect BEM’ revenue in 3Q22 to touch Bt3.6bn (+69%YoY +12%QoQ) supported by solid rebound in daily average MRT ridership to 313k trips 
  • Gross profit margin is assumed to expand to three-quarter high at 42% thanks to benefit from high operating leverage,which should help absorb the impact from an increase in MRT revenue 

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Oct 09
0

Daily Brief Thailand: Betagro and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Betagro Pre-IPO Peer Comparison – Margins Historically Weaker than Peers, but Playing Catch Up

Betagro Pre-IPO Peer Comparison – Margins Historically Weaker than Peers, but Playing Catch Up

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. 
  • Betagro identified three Thailand-listed companies which we included in our peer comparison exercise to determine how it has fared against its direct peers. 

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Oct 06
0

Daily Brief Thailand: I-Tail and more

By | Daily Briefs, Thailand

In today’s briefing:

  • I-Tail Corporation Pre-IPO – The Positives – For the Pampered Pets
  • I-Tail Corporation Pre-IPO – The Negatives – Non-Uniform Growth

I-Tail Corporation Pre-IPO – The Positives – For the Pampered Pets

By Sumeet Singh

  • I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC 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 this note, we talk about the positive aspects of the deal.

I-Tail Corporation Pre-IPO – The Negatives – Non-Uniform Growth

By Sumeet Singh

  • I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC 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 this note, we talk about the not-so-positive aspects of the deal.

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Oct 04
0

Daily Brief Thailand: Betagro Group and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Betagro IPO: The Bull Case

Betagro IPO: The Bull Case

By Arun George

  • Betagro Group (1737144D TB), Thailand’s leading integrated food company, is seeking to raise US$554 million through a SET IPO, according to press reports
  • Betagro plans to offer 500 million shares or 25% of the total issued shares after IPO. This will be Thailand’s second-largest listing this year after Thai Life Insurance (TLI TB). 
  • The key elements of the bull case rest on top quartile growth rates, a well-functioning core business, rising profitability, cash generation and declining leverage.

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Sep 29
0

Daily Brief Thailand: Jasmine International PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Soon-To-Be Cashed-Up Jasmine After Broadband Sale

Soon-To-Be Cashed-Up Jasmine After Broadband Sale

By David Blennerhassett

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Sep 28
0

Daily Brief Thailand: Delta Electronics Thai and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index: Market Consultation & DTAC/TRUE Merger Impact

SET50 Index: Market Consultation & DTAC/TRUE Merger Impact

By Brian Freitas

  • The SET has commenced a market consultation on lowering the turnover ratio level from 5% to 2% while selecting stocks to be added to and deleted from the SET50 INDEX.
  • The change to the turnover ratio level could lead to three changes in December that result in one-way turnover of 7.44% and in a one-way trade of THB 6.79bn.
  • Separately, the Total Access Communication (DTAC TB) / True Corp Pcl (TRUE TB) merger could result in an ad hoc inclusion prior to the regular rebalance in December.

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Sep 22
0

Daily Brief Thailand: Total Access Communication and more

By | Daily Briefs, Thailand

In today’s briefing:

  • True/DTAC Pop As Council Of State Rules NBTC Has No Teeth
  • DTAC/True Merger: Council of State’s Decree Paves the Way for Completion

True/DTAC Pop As Council Of State Rules NBTC Has No Teeth

By David Blennerhassett

  • According to media reports, Thailand’s Council of State has ruled the NBTC has no authority to approve or reject the True Corp (TRUE TB) / Total Access Communication (DTAC TB) merger.
  • The NBTC can prescribe measures to govern the deal but these appear almost of no consequence.
  • The ruling is a positive development for the merger getting over the line. Both stocks enjoyed strong gains today. 

DTAC/True Merger: Council of State’s Decree Paves the Way for Completion

By Arun George

  • The press reports that the Council of State has stated that the regulator, NBTC, can only prescribe measures to govern the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger.
  • The Council of State decree paves the way for the merger to complete and the launch of the VTOs. The NBTC remedial measures will likely focus on consumer protection measures.
  • The current share price ratio is 9.150x vs the swap ratio of 10.221x. At last close, DTAC and True’s gross spread to the VTO price is 4.4% and 1.8%, respectively.

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Sep 15
0

Daily Brief Thailand: Asset World Corporation, Gulf Energy Development Public Company and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Three Potential Changes in December
  • GULF : Expansion in the US Plant

SET50 Index Rebalance Preview: Three 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) started on 1 September and will end 30 November.
  • We currently see one high probability change and two lower probability changes to the index at the upcoming rebalance.
  • There are a couple of lower probability adds/deletes that will have between 3-5 days of ADV to trade from passive funds and could be interesting from a trading angle.

GULF : Expansion in the US Plant

By Pi Research

  • We maintain the BUY call while raising the TP by 7%to Bt62.0 on the back of SOTP adjustment to factor in acquisition of new 588MWe Jackson Generation power project (US) 
  • 49% holding in the US project will add Bt4 in SOTP The company informs the SET about acquiring 49% stake in 1,200 MW (588MWe) Gas power plant “Jackson Generation”
  • The company supplies electricity to the PJM (Pennsylvania, New Jersey, and Maryland) which is a regional transmission organization (RTO) that coordinates the movement of wholesale electricity in the US

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Sep 12
0

Daily Brief Thailand: Total Access Communication and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Merger Arb Mondays (12 Sep) – DTAC/True, Link Admin, Ramsay, Genex, Tyro, EVOC, Giordano, 111

Merger Arb Mondays (12 Sep) – DTAC/True, Link Admin, Ramsay, Genex, Tyro, EVOC, Giordano, 111

By Arun George

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Sep 08
0

Daily Brief Thailand: True Corp Pcl and more

By | Daily Briefs, Thailand

In today’s briefing:

  • DTAC/​True Merger: NBTC Likely to Set Measures to Approve Merger

DTAC/​True Merger: NBTC Likely to Set Measures to Approve Merger

By Arun George

  • The Bangkok Post reports that the Thai regulator (NBTC) will propose ten remedial measures to approve the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger.
  • The NBTC board is not expected to issue a final decision as it waits for an interpretation by the Council of State if it can approve or reject the merger.
  • The current share price ratio is 9.511x vs the swap ratio of 10.221x. At last close, DTAC and True’s gross spread to the VTO price is 9.2% and 10.7%, respectively.

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