Category

Thailand

Feb 24
0

Daily Brief Thailand: Siam Commercial Bank and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Siam Commercial Bank (SCB TB) – Creating Wealth Inside and Out

Siam Commercial Bank (SCB TB) – Creating Wealth Inside and Out

By Angus Mackintosh

  • Siam Commercial Bank stands out from its peers for its focus on its new-generation businesses, which have started to bear fruit, whilst the bank provides a solid base.  
  • The bank’s key focus is improving efficiency and asset quality, with the meaningful deployment of AI across the group, while targeting stable growth in its core banking business.
  • Siam Commercial Bank also expects growing contributions from its 2nd generation businesses including Cardd X and Auto X. Valuations are attractive given the bank’s relatively high ROE and future prospects.

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Feb 14
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): 245% Reserves Replacement Ratio. 2C Resources ~x2.5. Decommissioning down by 35%

Valeura Energy (TSX: VLE): 245% Reserves Replacement Ratio. 2C Resources ~x2.5. Decommissioning down by 35%

By Auctus Advisors

  • • YE24 2P reserves were estimated at 50 mmbbl (up from 38 mmbbl at YE23).
  • This represents a Reserves Replacement Ratio of 245%, significantly above our expectations of ~100%.
  • • The reserves revision reflects (1) upward revision of STOIIP estimates (the high achieved recovery factors suggest that the volumes initially in place had been underestimated), (ii), positive drilling results which reflect Valeura’s application of advanced drilling and completion technologies including geosteering and inflow control and (iii) better well performance with lower decline rates than initially estimated.

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Feb 11
0

Daily Brief Thailand: Haad Thip Public and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Haad Thip (HTC TB): Monopoly Coca-Cola Bottler at 10x P/E and 7% Dividend Yield

Haad Thip (HTC TB): Monopoly Coca-Cola Bottler at 10x P/E and 7% Dividend Yield

By Michael Fritzell

  • Haad Thip (HTC TB — US$194 million) is a Coca-Cola bottler responsible for Thailand’s 14 southern provinces.
  • It was mentioned by the Twitter account Nate, who suggested I read through Haad Thip’s annual report. And I’m happy I did.
  • A bottler works with the Coca-Cola Company in the United States to manufacture and distribute its products.

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Feb 08
0

Daily Brief Thailand: CP ALL PCL, Fabrinet and more

By | Daily Briefs, Thailand

In today’s briefing:

  • CP ALL (CPALL TB) – Caught in a Force Seven Gale
  • Fabrinet – Fabrinet: Expansion of Manufacturing Capacity For Resurgence In Telecom!

CP ALL (CPALL TB) – Caught in a Force Seven Gale

By Angus Mackintosh

  • CP ALL (CPALL TB) has seen a rout in its share price as investors worry that it may be drawn into investing in Seven & I Holdings.
  • Indications suggest that if it was to invest, the stake would be much smaller than previously reported and it would likely come with some beneficial concessions.
  • CP ALL (CPALL TB) continues to see a strong recovery in both sales and profitability, with a positive outlook for FY2025, whilst valuations have been compressed to attractive levels.

Fabrinet – Fabrinet: Expansion of Manufacturing Capacity For Resurgence In Telecom!

By Baptista Research

  • Fabrinet reported robust results for the second quarter of fiscal year 2025, showcasing significant topline and bottom-line improvements.
  • Revenue for the quarter reached $834 million, marking a 17% increase year-over-year and a 4% sequential rise.
  • This growth exceeded expectations and translated into a record non-GAAP earnings per share of $2.61.

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Feb 06
0

Daily Brief Thailand: VGI PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Jun 25: Delta Is Finally Safe; Three Changes Possible

Quiddity Leaderboard SET50 Jun 25: Delta Is Finally Safe; Three Changes Possible

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 50 during the index rebal event in June 2025.
  • Currently, we see three expected changes. However, since the reference period is yet to start, the rankings can fluctuate significantly before the base date.

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Feb 04
0

Daily Brief Thailand: SGX Rubber Future TSR20 and more

By | Daily Briefs, Thailand

In today’s briefing:

  • La Nina-triggered Floods Make Serious Dent In Thai Rubber Production

La Nina-triggered Floods Make Serious Dent In Thai Rubber Production

By Vinod Nedumudy

  • Rubber production in December suffers a loss of 30%  
  • Yokohama Rubber plays Good Samaritan in hour of crisis  
  • CMO enabling FSC Certification for Thai rubber for EUDR

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Jan 30
0

Daily Brief Thailand: Krung Thai Bank Pub and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Banks 4Q24 Screener; Krung Thai (KTB TB) Is in the Early Re-Rating Stages

Thai Banks 4Q24 Screener; Krung Thai (KTB TB) Is in the Early Re-Rating Stages

By Victor Galliano

  • Krung Thai remains our core value pick among the Thai banks driving its solid post-provision profitability higher, delivering double-digit ROE, a sound balance sheet and attractive PBV and PE ratios
  • Krung Thai has the highest core capital ratios as well as delivering the best ROE of the peer group, along with one of the best efficiency ratios versus its peers
  • Its share price performance has been strong, yet we believe that this positive momentum should continue as Krung Thai still has scope to narrow the valuation gap with SCBx

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Jan 21
0

Daily Brief Thailand: Krungthai Card and more

By | Daily Briefs, Thailand

In today’s briefing:

  • KTC – Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

KTC – Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

By Daniel Tabbush

  • KTC has just released its 4Q24 results and presentation, with a stand out diagram on BOT debt relief measures
  • With the several measures in place by the BOT, including lowering minimum card payment, lengthening loan term and lowering rate, there are clear stresses.
  • ROA is under pressure, and part of this will be due to rising credit costs, which are up from 470bps to 610bps from FY22 to FY24

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Jan 16
0

Daily Brief Thailand: Delta Electronics Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Electronics (DELTA TB / 2308 TT): Off the Peak; SET50 Deletion Risk Increases
  • Delta Taiwan Vs. Thailand Monitor: Convertible Sale; Delta Thailand Should Underperform Vs Parent Co

Delta Electronics (DELTA TB / 2308 TT): Off the Peak; SET50 Deletion Risk Increases

By Brian Freitas

Delta Taiwan Vs. Thailand Monitor: Convertible Sale; Delta Thailand Should Underperform Vs Parent Co

By Vincent Fernando, CFA

  • Delta Thailand Weakness Amid Block Trade and Convertible Bond News
  • Delta Taiwan Offering Convertible Bonds, Convertible into Delta Thailand Shares
  • Delta Thailand Still Overvalued Relative to Delta Taiwan — Short Delta Thailand vs. Long Delta Taiwan

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Jan 10
0

Daily Brief Thailand: Thanachart Capital and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Jun 25: One Change Possible; Delta on Thin Ice Again

Quiddity Leaderboard SET50 Jun 25: One Change Possible; Delta on Thin Ice Again

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 50 during the index rebal event in June 2025.
  • Currently, we see one expected change, but since the market cap reference period is yet to start, the rankings can fluctuate significantly before the base date.

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