Category

Thailand

Feb 21
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): 219% reserve replacement ratio in 2023

Valeura Energy (TSX: VLE): 219% reserve replacement ratio in 2023

By Auctus Advisors

  • YE23 1P and 2P reserves are estimated at 29.9 mmbbl and 37.9 mmbbl respectively. This represents a reserve replacement ratio of 219%.
  • The reserves addition is much greater than we expected.
  • Valeura has booked 7 mmbbl at Wassana (we expected only 5 mmbbl) and has replaced 112-147% of the 2023 production at each of the other fields. 

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Feb 14
0

Daily Brief Thailand: I-TAIL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Three Potential Changes in June

SET50 Index Rebalance Preview: Three Potential Changes in June

By Brian Freitas

  • Early days, but there could be three changes for the Stock Exchange of Thailand SET 50 Index at the June rebalance. Two names are reversals of the December changes.
  • Passive trackers will need to buy between 1.5-3.6 days of ADV on the inclusions and sell 1.1-1.4 days of ADV on the deletions.
  • There are a couple of stocks that are close to passing/failing the liquidity tests and a couple close to cutoff ranks. That could result in further changes to the index.

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Feb 10
0

Daily Brief Thailand: Regional Container Line and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Asian Dividend Gems: Regional Container Line (RCL)

Asian Dividend Gems: Regional Container Line (RCL)

By Douglas Kim

  • Regional Container Line is the largest container shipping company in Thailand. It has attractive valuations, strong balance sheet, and has a major tailwind of higher global shipping freight rates. 
  • RCL’s dividend yield averaged 9.6% from 2019 to 2022. The biggest factor driving higher shipping freight rates in 2024 has been the Suez crisis resulting from Houthi drone attacks. 
  • We used Smartkarma’s Smart Score Screener system to find Regional Container Line (RCL TB).

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Feb 09
0

Daily Brief Thailand: Thai Credit Bank PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Credit Bank IPO Trading – Half the Deal Already Spoken For, the Other Half Should Be Liquid

Thai Credit Bank IPO Trading – Half the Deal Already Spoken For, the Other Half Should Be Liquid

By Clarence Chu

  • Thai Credit Bank PCL (3674238Z TB) raised around US$281m in its Thailand IPO.
  • TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.
  • We had looked at the firm’s past performance and shared our thoughts on TCB’s valuation in earlier notes. In this note, we will look at the trading dynamics.

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Jan 31
0

Daily Brief Thailand: Krung Thai Bank Pub, THAI CDS USD SR 5Y D14 and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Banks 4Q23 Screener; Stick with Krung Thai, Switch Out of Ayudhya into Kasikorn
  • Bond Market Monitor: Thai Bonds Are for Issuers

Thai Banks 4Q23 Screener; Stick with Krung Thai, Switch Out of Ayudhya into Kasikorn

By Victor Galliano

  • Krung Thai has solid post-provision profitability, close to double digit ROE with a healthy balance sheet, along with attractive PBV and PE ratios
  • We add Kasikorn to the buy list, as its cost of risk sharply improved in 4Q23, suggesting that it peaked in 3Q23; this should improve post-provision returns going forward
  • We remove Ayudhya from the buy list, as its worsening cost of risk trends are eroding post-provision returns; it is also relatively weak in terms of capital adequacy

Bond Market Monitor: Thai Bonds Are for Issuers

By Warut Promboon

  • Here we are revisiting the Thai bond market, as per requests from our Thai readers, to see the impact of the global rate trajectory on Thailand.
  • The Thai bond market will remain unattractive to foreign institutional investors, in our view.
  • The attempt to increase yield should involve a material change in Thailand’s financial structure and regulatory mindset.

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Jan 26
0

Daily Brief Thailand: Thai Credit Bank PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Credit Bank IPO – Sentiment Isn’t the Best, but Valuations Aren’t Demanding

Thai Credit Bank IPO – Sentiment Isn’t the Best, but Valuations Aren’t Demanding

By Clarence Chu

  • Thai Credit Bank PCL (3674238Z TB) is looking to raise up to US$281m in its Thailand IPO.
  • TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.
  • In this note, we will look at the updates since, undertake a quick peer comparison, and share our thoughts on valuation.

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Jan 25
0

Daily Brief Thailand: Com7 and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

By Janaghan Jeyakumar, CFA

  • The SET50 index tracks the performance of the top 50 largest and most liquid names listed in 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.
  • There could be three ADDs and three DELs as things stand. There are a couple of names lurking close to the border too.

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Jan 19
0

Daily Brief Thailand: Berli Jucker and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Berli Jucker (BJC TB) – Well-Crafted Consumer Package

Berli Jucker (BJC TB) – Well-Crafted Consumer Package

By Angus Mackintosh

  • Berli Jucker remains a core proxy for consumer recovery and increasing tourism numbers in Thailand, with earnings set to recover in 2024 driven by modern retail and packaging.
  • Modern retail through Big C has resumed its expansion momentum across all formats with Big C Mini driving growth and supporting its omnichannel efforts, with rental income also recovering.
  • The packaging business was impacted by the sluggish Vietnamese economy which impacted aluminium cans but new products and strong performance from glass should support growth in 2024. Valuations look depressed.

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Jan 18
0

Daily Brief Thailand: Fabrinet and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Fabrinet: Initiation of Coverage – Revolution in Optics: Can They Dominate The AI Interconnect Market? – Major Drivers

Fabrinet: Initiation of Coverage – Revolution in Optics: Can They Dominate The AI Interconnect Market? – Major Drivers

By Baptista Research

  • This is our first report on Fabrinet, a leading provider of advanced manufacturing services.
  • The company reported new quarterly records for both revenue and earnings per share (EPS), while free cash flow also hit a new quarterly high.
  • Furthermore, this strong revenue growth contributed to record non-GAAP net income of $2 per share.

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Jan 17
0

Daily Brief Thailand: Airports of Thailand, Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Airport of Thailand (AOT): Near Term Gain
  • Valeura Energy Inc (Tsx: Vle/Otcqx: Vlerf)

Airport of Thailand (AOT): Near Term Gain

By Henry Soediarko

  • Chinese tourists are back, and the Thai government has launched a series of initiatives to woo them back.
  • Discounts to airlines offered by Airports of Thailand (AOT TB) will not hurt earnings much, although if extended for >12 months,  AOT earnings could lag their peers.
  • Valuation is still expensive, although it is expected to normalize once earnings are back. Collapse the RV trade against Malaysia Airports Holdings (MAHB MK) and buy for the short term.

Valeura Energy Inc (Tsx: Vle/Otcqx: Vlerf)

By Auctus Advisors

  • 4Q23 production was 19,165 bbl/d (we expected ~21,300 boe/d) with minimal production at Wassana and declining production at Jasmine only partially offset by growing production at Nong Yao.
  • The capex programme includes US$50 mm for Jasmine and US$47 mm for the new Nong Yao C development.
  • YE23 net cash and YE24 net cash forecast Valeura held ~US$150.9 mm in net cash at YE23.

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