Category

Thailand

Aug 30
0

Daily Brief Thailand: Berli Jucker and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Berli Jucker (BJC TB) – Well-Packaged Recovery Proxy

Berli Jucker (BJC TB) – Well-Packaged Recovery Proxy

By Angus Mackintosh

  • Berli Jucker (BJC TB) 2Q2022 results saw continue momentum to sales from the recovery in Thailand and Vietnam with some impacy from higher raw material costs on margins.
  • It packaging supply chain saw a strong recovery from both glass bottling and aluminium cans with the latter seeing the biggest rebound. Retail under BigC also saw strong growth.
  • Berli Jucker remains a top proxy for the recovery in domestic consumption in both Thailand and Vietnam through its packaging plus for the retail recovery in Thailand through BigC.

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Aug 29
0

Daily Brief Thailand: True Corp Pcl, Bumrungrad Hospital Pub Co and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Merger Arb Mondays (29 Aug) – Ramsay, DTAC/True, Pendal, Link Admin, Ramsay, Infomedia, ResApp, MACA
  • Bumrungrad Hospital Pub Co (BH TB): Flying High on Return of Medical Tourism

Merger Arb Mondays (29 Aug) – Ramsay, DTAC/True, Pendal, Link Admin, Ramsay, Infomedia, ResApp, MACA

By Arun George

Bumrungrad Hospital Pub Co (BH TB): Flying High on Return of Medical Tourism

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) reported strong Q2 2022 results, with revenue growth of 64% y/y, mainy driven by a 121% y/y increase in revenue from non-Thai patients.
  • Despite international patient volume is recovering, it is still lower than pre-COVID levels. Non-Thai patients contributed 66.2% of total revenue in Q2 2019, higher than 62.3% reported for Q2 2022.
  • Thailand targets 10 million foreign tourist arrivals this year, which should augur well for Bumrungrad.

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Aug 25
0

Daily Brief Thailand: Intouch Holdings and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Intouch’s NAV Discount Not Supported By Higher Look-Through Payout

Intouch’s NAV Discount Not Supported By Higher Look-Through Payout

By David Blennerhassett

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Aug 23
0

Daily Brief Thailand: BA Airport Leasehold REIT and more

By | Daily Briefs, Thailand

In today’s briefing:

  • BAREIT IPO – Maiden Airport-REIT Listing Should Garner Interest. Yield Is Better as Well.

BAREIT IPO – Maiden Airport-REIT Listing Should Garner Interest. Yield Is Better as Well.

By Clarence Chu

  • BA Airport Leasehold REIT (BAREIT TB) is looking to raise up to US$173m in its Thailand IPO.
  • BA Airport Leasehold REIT (BAREIT), sponsored by Bangkok Airways, is Thailand’s first airport REIT.
  • We selected an amalgamation of Thai-listed REITs to get a sense of where they trade, in their respective yield offered.

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Aug 20
0

Daily Brief Thailand: BA Airport Leasehold REIT and more

By | Daily Briefs, Thailand

In today’s briefing:

  • BA Airport Leasehold REIT Pre-IPO – First Airport-REIT, Expect Stable Income

BA Airport Leasehold REIT Pre-IPO – First Airport-REIT, Expect Stable Income

By Clarence Chu

  • BA Airport Leasehold REIT (BAREIT TB) (BAREIT) is looking to raise about US$290m in its Thailand IPO. 
  • BA Airport Leasehold REIT (BAREIT), sponsored by Bangkok Airways, is Thailand’s first airport REIT.
  • It aims to utilise the IPO proceeds, combined with a debt issuance to lease a number of properties located in Samui Airport. 

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Aug 16
0

Daily Brief Thailand: Bangkok Expressway and Metro, Sappe Pcl and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bangkok Express and Metro (BEM): Marching On
  • SAPPE : Solid Export Sales Drove 2Q22 Profit to New High

Bangkok Express and Metro (BEM): Marching On

By Henry Soediarko

  • Q2 22 result was healthy derived from both increase in ridership as well as ASP in both expressway and rail. 
  • Cost increase but not as high as revenue increase therefore margin expanded while net profit went up 3x YoY. 2H 2022 will be even better. 
  • Compared to AOT, BEM’s PBR is 63% cheaper while its share price still underperformed AOT this year by 11%. 

SAPPE : Solid Export Sales Drove 2Q22 Profit to New High

By Pi Research

  • Excluding onetime items, SAPPE’s 2Q22 core profit came in at Bt179m (+41%YoY, +18%QoQ), all-time-high, above our expectation and BB consensus estimated. Impressive result supported by a record high
  • MOGU MOGU drove 2Q22 earnings The 2Q22 net profit rose to all-time-high of Bt167m (+32%YoY, +9%QoQ) driven by a solid Mogu Mogu sales (the best-selling products in export markets).
  • The 2Q22 revenue rose to all-time-high of Bt1.2bn (+39%YoY, +21%QoQ), thanks to continues growth in international markets especially from Asia (+85%YoY) and EU & America (+63%YoY) due to re-stocking products 

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Aug 12
0

Daily Brief Thailand: Kasikornbank PCL, Betagro Group and more

By | Daily Briefs, Thailand

In today’s briefing:

  • MSCI August 2022 Index Rebalance: The Last QIR Throws Up One Big Surprise
  • Betagro Pre-IPO – The Negatives – Muted Long Term Track Record and Operating on Razor Thin Margins

MSCI August 2022 Index Rebalance: The Last QIR Throws Up One Big Surprise

By Brian Freitas

  • As announced, there are 8 adds and 3 deletes for the MSCI Standard indices in Asia Pacific. To trade, there are 8 adds and 2 deletes.
  • Most of the changes are inline with what we forecast. The non-inclusion of Gcl Poly Energy Holdings Limited (3800 HK) is the big surprise, though that could change.
  • All the adds in China are potential inclusions to the FTSE All-World Index in September and that will add to the passive inflows on the stocks.

Betagro Pre-IPO – The Negatives – Muted Long Term Track Record and Operating on Razor Thin Margins

By Clarence Chu

  • Betagro Group (1737144D TB) is looking to raise about US$600m in its upcoming Thailand IPO. 
  • Betagro is an integrated agro-industrial and food business in Thailand. The firm’s products cover all stages of the food value chain including upstream, midstream and downstream.
  • Margins have fluctuated and operating/net margins are razor thin. Over a longer term period, track record hasn’t been the greatest as well.

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Aug 11
0

Daily Brief Thailand: Betagro Group, True Corp Pcl and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Betagro Pre-IPO – The Positives – Vertically Integrated and Weathered COVID Well
  • True/​​​DTAC: Merger Support Increasingly Tenuous

Betagro Pre-IPO – The Positives – Vertically Integrated and Weathered COVID Well

By Clarence Chu

  • Betagro Group (1737144D TB) is looking to raise about US$600m in its upcoming Thailand IPO.
  • Betagro is an integrated agro-industrial and food business in Thailand. The firm’s products cover all stages of the food value chain including upstream, midstream and downstream.
  • Betagro operates a vertically integrated model with its own production and processing capabilities. Furthermore, it utilizes a range of distribution channels for both domestic and international sales.

True/​​​DTAC: Merger Support Increasingly Tenuous

By David Blennerhassett

  • Reportedly, the board of the National Broadcasting and Telecommunications Commission (NBTC), Thailand’s telco regulator, has called for a more detailed analysis of the deal’s impact on competition, consumers and industry. 
  • This follows recent calls by Thailand’s opposition Move Forward party urging the NBTC to block Total Access Communication (DTAC TB) / True Corp Pcl (TRUE TB)‘s merger.
  • Both DTAC and True are trading tight to terms – especially True. Time to take down borrow.

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Aug 08
0

Daily Brief Thailand: Total Access Communication and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Weekly Deals Digest (07 Aug) – Hongjiu Fruit, Link, Infomedia, Atlas Arteria, ResApp, DTAC/True

Weekly Deals Digest (07 Aug) – Hongjiu Fruit, Link, Infomedia, Atlas Arteria, ResApp, DTAC/True

By Arun George

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Aug 03
0

Daily Brief Thailand: Quality Houses and more

By | Daily Briefs, Thailand

In today’s briefing:

  • QH : 2Q22 Results Will Expand YoY

QH : 2Q22 Results Will Expand YoY

By Pi Research

  • Maintain BUY rating with target price of Bt2.66 based on 11.8xPE’2022E,implying its five-years trading average.We have positive view to its 2022 outlook backed by 6 projects launch in 2022worth Bt9.5bn(+66%YoY)
  • Expect YoY drop in  2Q22 presales We expect 2Q22 presales at Bt2.1 bn (-4% YoY, +2% QoQ), representing (1) Low-rise presales value of Bt1.77bn (-10%YoY,-10%QoQ)        
  • Meanwhile, we expect presales should remain strong in 2022 and inline with management guidance at Bt9.2bn (+23%YoY), backed by (1) 4 new projects launch in 2H22E worth Bt5.5bn 

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