Category

Thailand

Aug 23
0

Daily Brief Thailand: Bumrungrad Hospital Pub Co, Srisawad Power 1979, Sansiri Public and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bumrungrad Hospital (BH TB): Cautiously Optimistic on Growth Prospect Amid Intensifying Competition
  • Quiddity Leaderboard SET50 Dec 24: 4 Changes Possible; Reference Period Starts on 1st Sep
  • Sansiri – Hyatt Acquires Standard International

Bumrungrad Hospital (BH TB): Cautiously Optimistic on Growth Prospect Amid Intensifying Competition

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) has reported mixed performance in 2Q24, with revenue growing 3% YoY to THB6,331M. However, bottomline growth outpaced the revenue growth.
  • We are cautiously optimistic about the future growth prospect of the company as well as valuation multiple expansion prospect due to intensifying competition in attracting international patients.
  • In recent times, revenue contribution from international patients has not changed much and is hovering around a range of 53–55%, significantly lower than pre-COVID time’s range of 64–67%.

Quiddity Leaderboard SET50 Dec 24: 4 Changes Possible; Reference Period Starts on 1st Sep

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 December 2024.
  • Currently, we see 4 expected ADDs/DELs but the 3-month reference period used for average market cap rankings starts on 1st September and only after that the rankings will become stable. 

Sansiri – Hyatt Acquires Standard International

By Waraporn Wiboonkanarak

  • We maintain an Outperform rating on SIRI, holding a positive view on the sale of hotel management rights to the Hyatt Group, which is favorable to both the firm’s earnings and financial position.
  • SIRI’s fundamental valuation is attractive, while the tactical factors are viewed neutrally. This should help offset the slower EPS growth expected due to the high base in 2023.
  • The 1H24 dividend yield is 4.0% from the DPS of Bt0.07, with the  XD date scheduled for August 28, 2024.

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Aug 15
0

Daily Brief Thailand: Thanachart Capital and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Four Changes & A Few Close Names

SET50 Index Rebalance Preview: Four Changes & A Few Close Names

By Brian Freitas

  • Couple of weeks from the start of the review period for the December rebalance of SET 50 Index, we see four potential index changes.
  • There are a few stocks that are close to the inclusion zone and there could be a reordering among the non-constituents as stock prices move around.
  • The potential adds have outperformed the potential deletes since the start of the year with most of the outperformance coming over the last 6 weeks.

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Aug 14
0

Daily Brief Thailand: Energy Absolute and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Energy Absolute: Band Aid Secured

Energy Absolute: Band Aid Secured

By Warut Promboon

  • The EA 248A bond meeting on 9-August produced a consent from bondholders to extend the maturity as per the company’s request.
  • EA’s CFO announced that the company has secured 3-year credit facilities from 9 financial institutions and Asset Plus Securities Fund Management.
  • Barring any further negative news , we believe the maturity extension and the long-term bank credit facilities could lead TRIS to at least reverse EA’s credit rating outlook.

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Aug 10
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Production guidance re-iterated but lower capex and additional resources

Valeura Energy (TSX: VLE): Production guidance re-iterated but lower capex and additional resources

By Auctus Advisors

  • • The 2Q24 production and the cash position at the end of June had previously been reported.
  • • Development drilling at Nong Yao C has been completed with the 6 development wells encountering the reservoirs in line with expectations.
  • One appraisal well was successful and will be converted into a seventh production well.

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Aug 03
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Wassana production restart

Valeura Energy (TSX: VLE): Wassana production restart

By Auctus Advisors

  • Through advanced underwater inspection, including magnetic particle inspection, Valeura has concluded that the observed anomaly (a crack within a weld) on the Wassana MOPU is superficial, and accordingly does not constitute a risk to the structural integrity of the facility.
  • Valeura has begun the process of restarting production operations and anticipates achieving pre-suspension oil production rates of ~5,000 bbl/d within a week.
  • Valeura is looking to accelerate the redevelopment of the Wassana field.

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Aug 01
0

Daily Brief Thailand: KCE Electronics PCL, Energy Absolute and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Dec 24: 3 Changes Likely; INTUCH-GULF Merger Should Be Monitored
  • Energy Absolute: Absolutely Negative Energy

Quiddity Leaderboard SET50 Dec 24: 3 Changes Likely; INTUCH-GULF Merger Should Be Monitored

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 December 2024.
  • At present, we see 3 ADDs and 3 DELs but since the reference period is yet to start, the rankings can fluctuate significantly before the base date.

Energy Absolute: Absolutely Negative Energy

By Warut Promboon

  • Energy Absolute Public Company Limited (EA)’s negative headlines have gradually emerged since the beginning of the year.
  • The most negative news came on 12-July when Thailand’s Securities Exchange Commission (SEC) accused Mr. Ahunai together with his deputy CEO and his business partner of committing fraud during 2013-2015.
  • Our liquidity analysis of EA’s latest financial statements ending in March tells us EA does not necessarily have to resort to bankruptcy.

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Jul 30
0

Daily Brief Thailand: Krung Thai Bank Pub and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Banks 2Q24 Screener; We Stick with Krung Thai for Best Value, We Downgrade Kasikorn to Neutral

Thai Banks 2Q24 Screener; We Stick with Krung Thai for Best Value, We Downgrade Kasikorn to Neutral

By Victor Galliano

  • Krung Thai is our sole best value pick among the Thai banks, having solid post-provision profitability, near double digit ROE, a sound balance sheet and attractive PBV and PE ratios
  • We downgrade Kasikorn from buy to neutral, as it has an unattractive PEG and we believe it is more exposed to credit quality deterioration and potential cost of risk reversal
  • Bank Ayudhya is suffering from further credit quality deterioration which led to spike in its cost of risk; it now has the lowest NPL coverage relative to the peer group

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Jul 21
0

Daily Brief Thailand: Intouch Holdings and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Weekly Deals Digest (21 Jul) – Intouch/Gulf, China TCM, Huafa, Samson, Zhihu, Asics, Kokusai, Timee

Weekly Deals Digest (21 Jul) – Intouch/Gulf, China TCM, Huafa, Samson, Zhihu, Asics, Kokusai, Timee

By Arun George

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Jul 18
0

Daily Brief Thailand: Intouch Holdings, Gulf Energy Development , Advanced Info Service and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To “Restructure”
  • GULF-INTUCH Amalgamation
  • Gulf (GULF TB)/Intouch (INTUCH TB) Merger and ADVANC/THCOM VTOs
  • GULF/INTUCH Merger & ADVANC/THCOM VTO’s

Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To “Restructure”

By Travis Lundy

GULF-INTUCH Amalgamation

By Waraporn Wiboonkanarak

  • The amalgamation will entail the ratios for allocations of shares in the NewCo to the shareholders of GULF and INTUCH as detailed below.
  • The amalgamation process and the establishment of the NewCo are expected to be completed in 2Q25.
  • The restructuring is aimed at reducing duplication in the shareholding structure and facilitating growth opportunities in the energy, infrastructure, and digital businesses.

Gulf (GULF TB)/Intouch (INTUCH TB) Merger and ADVANC/THCOM VTOs

By Arun George

GULF/INTUCH Merger & ADVANC/THCOM VTO’s

By Brian Freitas

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Jul 12
0

Daily Brief Thailand: Fabrinet and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Fabrinet: Why We Are Pessimistic Despite The Rapid Growth in Datacom Driven by AI Applications! – Major Drivers

Fabrinet: Why We Are Pessimistic Despite The Rapid Growth in Datacom Driven by AI Applications! – Major Drivers

By Baptista Research

  • Fabrinet Q3 of Fiscal Year 2024 reflects a robust performance exceeding its own forecasts with a notable increase in revenue and earnings per share (EPS).
  • The company reported a record revenue of $731.5 million, representing a 10% year-over-year growth and a 3% sequential increase from the previous quarter.
  • Non-GAAP EPS was also impressive at $2.39, marking a significant rise from previous periods and exceeding the guidance provided by the company.

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