Category

Thailand

Jan 13
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Positive drilling update

Valeura Energy (TSX: VLE): Positive drilling update

By Auctus Advisors

  • Valeura has drilled three development wells and one appraisal well at Nong Yao A.
  • The three development wells were in line with expectations and are now in production.
  • The appraisal well has exceeded expectations confirming 50 feet of new net oil pay over several intervals that were not producing. 

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Jan 01
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Restarting Wassana

Valeura Energy (TSX: VLE): Restarting Wassana

By Auctus Advisors

  • • Production at Wassana has restarted, in line with management’s guidance. • The drilling rig will be mobilized to Wassana in the coming days to drill three horizontal production wells. • In 2024, Valeura will also drill wells targeting reserve adds including at Wassana North, Jasmine and Nong Yao.

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Dec 29
0

Daily Brief Thailand: Delta Electronics Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Taiwan Vs. Thailand Monitor: Parent Could Sell More of Its Stake; Thai 50x PER Vs. Taiwan 20x

Delta Taiwan Vs. Thailand Monitor: Parent Could Sell More of Its Stake; Thai 50x PER Vs. Taiwan 20x

By Vincent Fernando, CFA

  • Delta Thailand vs. Taiwan valuation differential has returned to an historically extreme level.
  • For 2024E & 2025E growth expectations continue to be similar for the two companies, yet Delta Thailand’s FY2024E PER is 50x while Delta Taiwan’s is 20x.
  • We see substantial relative value in Delta Taiwan and expect likely reversion of relative valuation due to latest return to historically extreme mismatch.

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Dec 27
0

Daily Brief Thailand: Thonburi Healthcare Group and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thonburi Healthcare Group (THG TB): High Debt Has Clouded Near-Term Growth Prospect

Thonburi Healthcare Group (THG TB): High Debt Has Clouded Near-Term Growth Prospect

By Tina Banerjee

  • Thonburi Healthcare Group (THG TB) has underperformed most of its peers over the last six months. Thus far this year, the company’s financial performance also remained unimpressive.
  • Despite a healthy 29% YoY increase in normalized medical services revenue, normalized net profit decreased 8% YoY in 3Q23 as the company experienced significantly higher financial costs.
  • Although the company is repaying debts, debt level is still elevated and is expected to remain so in the near-term due to upcoming capex plans.

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Dec 22
0

Daily Brief Thailand: Airports of Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • AOT Vs MAHB: Part Deux

AOT Vs MAHB: Part Deux

By Henry Soediarko

  • Airports of Thailand (AOT TB) 6m24 revenue growth rates are healthy, supported by the growth in departure passenger service charges and the coming back of concession revenues.
  • AOT labor expenses have expanded at an unprecedented level, even higher than pre-COVID levels, while Malaysia Airports Holdings (MAHB MK) kept them under control.
  • Book profit on half of the exposure and wait for the next quarter to see if AOT labor expenses will stay high.

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Dec 20
0

Daily Brief Thailand: Ngern Tid Lor and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance: KCE Replaces TIDLOR

SET50 Index Rebalance: KCE Replaces TIDLOR

By Brian Freitas

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Dec 01
0

Daily Brief Thailand: KCE Electronics PCL, Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: KCE Could Replace TIDLOR
  • Valeura Energy (TSX: VLE): Another good quarter. Re-iterating FY23 guidance

SET50 Index Rebalance Preview: KCE Could Replace TIDLOR

By Brian Freitas

Valeura Energy (TSX: VLE): Another good quarter. Re-iterating FY23 guidance

By Auctus Advisors

  • • 3Q23 production of 19,961 bbl/d and net cash at the end of September of ~US$103 mm had already been announced.
  • Current aggregate production from these two wells is ~1,600 bbl/d, which will support production from the field in 4Q23.
  • Our YE24 estimated net cash (>US$460 mm) represents ~1.5x the current market cap of the company.

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Nov 24
0

Daily Brief Thailand: KCE Electronics PCL, Bumrungrad Hospital Pub Co and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Dec 23: Final Expectations; Only ONE Change Likely
  • Bumrungrad Hospital (BH TB): Strong 3Q23 Performance; Middle-East Tension Plays Spoilsports

Quiddity Leaderboard SET50 Dec 23: Final Expectations; Only ONE Change Likely

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 Thailand’s SET50 index rebalance in December 2023.
  • I currently see only one ADD and one DEL for the SET 50 index and with more than 90% of the reference period complete, these are my final expectations.

Bumrungrad Hospital (BH TB): Strong 3Q23 Performance; Middle-East Tension Plays Spoilsports

By Tina Banerjee

  • In 3Q23, Bumrungrad Hospital Pub Co (BH TB) reported 18% YoY revenue growth to THB6.8 billion, driven by 27% and 20% YoY growth in Thai and expat patients revenue, respectively.
  • Revenue from international patients grew 16% YoY, driven by Middle-east and China, which grew 31% and 21%, YoY, respectively. EBITDA, PAT, and their respective margins reached record high in 3Q23.
  • Due to heavy revenue exposure in Middle-east, the ongoing tension in the region is acting as a setback. Bumrungrad shares tumbled ~15% over the last one month.

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Nov 19
0

Daily Brief Thailand: Bangkok Dusit Medical Services and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bangkok Dusit Medical Services (BDMS TB): Highest Ever Quarterly Sales in 3Q; 2023 Guidance Raised

Bangkok Dusit Medical Services (BDMS TB): Highest Ever Quarterly Sales in 3Q; 2023 Guidance Raised

By Tina Banerjee

  • Bangkok Dusit Medical Services (BDMS TB) reported Q3 revenue of RHB26.7 billion, up 11% YoY, driven by international and Thai patients revenue growth of 19% and 9%, YoY, respectively.
  • International patient revenues increased from a recovery of fly-in patients from Qatar (+81% YoY), China (+42% YoY), and Cambodia (+11% YoY). Moreover, Thai patient revenue was aided by seasonal epidemics.
  • BDMS has revised 2023 hospital revenue growth guidance upward to 9–10% YoY from 6–8% previously. However, EBITDA margin guidance was kept unchanged at ~24%.

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Nov 15
0

Daily Brief Thailand: SCG Decor PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SCG Decor Pre-IPO – Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead

SCG Decor Pre-IPO – Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead

By Clarence Chu

  • SCG Decor PCL (SCGD TB) is looking to raise around US$180m in its Thailand IPO.
  • SCG Decor (SCGD) is Siam Cement Group’s flagship company in the decor surfaces and sanitaryware business.
  • In this note, we look at the firm’s past performance.

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