Category

Thailand

Jun 06
0

Daily Brief Thailand: CP Axtra and more

By | Daily Briefs, Thailand

In today’s briefing:

  • CP Axtra (CPAXT TB) – Symbiotic Alliance

CP Axtra (CPAXT TB) – Symbiotic Alliance

By Angus Mackintosh

  • CP Axtra (CPAXT TB) is a merger upon a merger combining the Makro wholesale business and the Lotus hypermarket and supermarket businesses, along with a hybrid mall operation. 
  • The combined entity continues to realise operational synergies in sourcing and logistics, with a strong B2B element. Omnichannel makes up more than 16% of sales and is growing rapidly.
  • CP Axtra (CPAXT TB) provides an alternative retail exposure to its parent CP ALL (CPALL TB) with ongoing restructuring benefits still to be realised. Valuations look attractive relative to growth.  

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May 31
0

Daily Brief Thailand: I-TAIL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: 4 Changes as Review Period Ends Today

SET50 Index Rebalance Preview: 4 Changes as Review Period Ends Today

By Brian Freitas

  • With one day left in the review period, we see 4 potential changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the June rebalance.
  • Berli Jucker (BJC TB) could be added to the index following the market consultation that lowered the inclusion thresholds for Average Daily Trading Values and Turnover ratios.
  • An equally weighted basket of potential adds has outperformed the potential deletes but there has been a deterioration in performance over the last month.

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May 29
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Drilling success likely to add further resources

Valeura Energy (TSX: VLE): Drilling success likely to add further resources

By Auctus Advisors

  • Two wells recently drilled at Nong Yao are likely to add some reserves.
  • The 37H development well has been put on production from the primary reservoir at an initial flow rate of ~500 bbl/d net to Valeura’s WI.
  • The well has also encountered 68 feet of net oil pay across eight separate appraisal target intervals.

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May 20
0

Daily Brief Thailand: Bangkok Dusit Medical Services and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bangkok Dusit Medical Services (BDMS TB): Thai and International Patients Drives 1Q24 Result

Bangkok Dusit Medical Services (BDMS TB): Thai and International Patients Drives 1Q24 Result

By Tina Banerjee

  • Bangkok Dusit Medical Services (BDMS TB) posted double-digit growth revenue, EBITDA, and net profit in 1Q24. International and Thai patients reported revenue growth of 12% and 10%, YoY, respectively.
  • EBITDA grew at a faster pace of 13% YoY to THB6.8B, due to tight cost control. Net profit of THB4.1B beat estimates.
  • BDMS opened one secondary care hospital with 113 registered beds in March. Phuket Cancer Center is expected to start operation in 3Q24.

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May 16
0

Daily Brief Thailand: Ngern Tid Lor and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Jun 24: BANPU Vs SAWAD Has to Be Monitored Closely

Quiddity Leaderboard SET50 Jun 24: BANPU Vs SAWAD Has to Be Monitored Closely

By Janaghan Jeyakumar, CFA

  • The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
  • In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.
  • Although 80% of the 3-month reference period is now complete, it is still possible for the rankings to change.

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May 10
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Financials in line. Operations on track.

Valeura Energy (TSX: VLE): Financials in line. Operations on track.

By Auctus Advisors

  • • The 1Q24 production of 21.9 mbbl/d and cash position of ~US$194 mm at the end of March had been reported previously.
  • • Operations are on track.
  • Drilling is underway at the Nong Yao A platform, with two new wells that are expected to be completed in the coming week.

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May 04
0

Daily Brief Thailand: Bumrungrad Hospital Pub Co and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bumrungrad Hospital (BH TB): Record High Margins in 1Q24; Reasonable Growth in Foreign Patients

Bumrungrad Hospital (BH TB): Record High Margins in 1Q24; Reasonable Growth in Foreign Patients

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) reported strong 1Q24 results, with revenue growing 8% YoY to THB6,576M, EBITDA climbing 22% to THB2,676M, and net profit increasing 25% to THB1,985M.
  • International patients revenue increased 6% YoY. Slow growth in the revenue from international patients can be attributable to high base, as it grew by a whopping 105% YoY in 1Q23.
  • With tight control on cost, the company has reported record high margins in 1Q24, with gross, EBITDA, and net margin reaching 51.7%, 40.7%, and 30.2%, respectively.

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Apr 29
0

Daily Brief Thailand: Berli Jucker and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Market Consultation & More Changes in June

SET50 Index Rebalance Preview: Market Consultation & More Changes in June

By Brian Freitas

  • The SET has run a market consultation on relaxing liquidity thresholds for inclusion of stocks in the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) universe.
  • The consultation is the result of an increase in Average Daily Trading Values and lower turnover ratios, especially for large cap stocks.
  • Berli Jucker (BJC TB) is now a potential index inclusion in June and that could result in four constituent changes at the next rebalance.

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Apr 25
0

Daily Brief Thailand: Krung Thai Bank Pub and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Banks 1Q24 Screener; We Stick with Krung Thai for Best Value, Kasikorn for Positive Catalysts

Thai Banks 1Q24 Screener; We Stick with Krung Thai for Best Value, Kasikorn for Positive Catalysts

By Victor Galliano

  • Krung Thai is our value pick among Thai banks, having solid post-provision profitability, close to double digit ROE with a healthy balance sheet, along with undemanding PBV and PE ratios
  • We maintain Kasikorn on the buy list, as its cost of risk was well contained in 1Q24, a key positive catalyst for its improving post-provision returns
  • Bank of Thailand is currently accepting applications for digital banking licenses until 19 September 2024; incumbent banks and domestic big corporates are likely to form the core of applicants

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Apr 19
0

Daily Brief Thailand: Fabrinet and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Fabrinet – Fabrinet: A Tale Of Rapid Growth in Datacom Driven by AI Applications! – Major Drivers

Fabrinet – Fabrinet: A Tale Of Rapid Growth in Datacom Driven by AI Applications! – Major Drivers

By Baptista Research

  • Fabrinet’s recent earnings included a new record set for second quarter revenue and EPS due to rapid growth in datacom, driven specifically by next-gen AI interconnect, with revenue at $712.7 million, an increase of 7% from the previous year and 4% from the first quarter.
  • However, telecom revenue remained impacted by inventory absorption in the ecosystem – a possible note of concern.
  • The company expects telecom revenue to slightly increase in the third quarter as newer optical communication technologies, like extended reach pluggable optics, have seen increasing demand.

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