Category

Thailand

Nov 14
0

Daily Brief Thailand: J&T Global Express and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Q323 Another Tough Quarter for Kerry Express Thailand (KEX) | Negative Read-Through for J&T Global

Q323 Another Tough Quarter for Kerry Express Thailand (KEX) | Negative Read-Through for J&T Global

By Daniel Hellberg

  • KEX’s EBIT margin fell to -38% in Q323, but showed Q/Q improvement vs Q223
  • Q/Q progress on margin most likely due to KEX initiatives, not market recovery
  • Ongoing weakness in Thai domestic express market marginally negative for J&T 

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Oct 31
0

Daily Brief Thailand: KCE Electronics PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

By Brian Freitas

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Oct 27
0

Daily Brief Thailand: Ngern Tid Lor and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Dec 23: 2 ADDs/DELs Likely; DELTA DEL Unlikely

Quiddity Leaderboard SET50 Dec 23: 2 ADDs/DELs Likely; DELTA DEL Unlikely

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 two ADDs and two DELs for the SET50 index but if prices fluctuate significantly in the next month or so there could be more changes.

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Oct 23
0

Daily Brief Thailand: Delta Electronics Thai, Krung Thai Bank Pub and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Taiwan Vs. Thailand Monitor: Market Cap Metric Breaches Key Level For 1st Time Since Dec 2022
  • Thai Banks 3Q23 Screener; Stick with Krung Thai and Ayudhya

Delta Taiwan Vs. Thailand Monitor: Market Cap Metric Breaches Key Level For 1st Time Since Dec 2022

By Vincent Fernando, CFA

  • Delta Thailand shares haven’t recovered from their sharp drop at the end of September, which happened after the parent Delta Taiwan sold a stake in the Thai subsidiary.
  • Delta Thailand shares fell to the point that its market cap finally became smaller than Delta Taiwan, for the first time since December 2022.
  • Delta Thailand’s market cap should be substantially smaller than its parent Delta Taiwan. We analyze what history tells us the further relative downside for Delta Thailand could be.

Thai Banks 3Q23 Screener; Stick with Krung Thai and Ayudhya

By Victor Galliano

  • Krung Thai ranks second from top in terms of post-provision profitability and it has double digit ROE with a healthy balance sheet, along with attractive PBV and PE ratios
  • We also like Ayudhya, with its sound pre and post-provision profitability metrics with healthy ROE and ROA, its sound credit quality metrics and undemanding valuations
  • Kasikorn’s TTM cost of risk remain high versus the peers, and in 3Q23 it continued to worsen; its pre-provision profitability is healthy but there is, as yet, no CoR improvement

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Oct 17
0

Daily Brief Thailand: Hana Microelectronics and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Hana Microelectronics Placement – Stock Has Been Doing Well, Unclear if Deal Is Well Flagged

Hana Microelectronics Placement – Stock Has Been Doing Well, Unclear if Deal Is Well Flagged

By Sumeet Singh

  • Hana Microelectronics (HANA TB) aims to raise up to US$105m to finance expansion of Hana’s silicon carbide strategy including PMS (Power Master Semiconductor).
  • The deal scores well on our framework given the company’s strong recent performance and decent long term track record
  • In this note, we will talk about the deal dynamics.

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Oct 12
0

Daily Brief Thailand: Thai Credit Bank PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Credit Bank Pre-IPO – The Negatives – Although NPLs Are Rising, and Market Seems Fragmented

Thai Credit Bank Pre-IPO – The Negatives – Although NPLs Are Rising, and Market Seems Fragmented

By Clarence Chu

  • Thai Credit Bank PCL (3674238Z TB) is looking to raise US$300m from its upcoming Thailand IPO via selling a mix of primary and secondary shares 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 talk about the not so positive aspects of the deal.

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Oct 11
0

Daily Brief Thailand: Thai Credit Bank PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Credit Bank Pre-IPO – The Positives – Loan Book Has Grown While Earnings Expanded

Thai Credit Bank Pre-IPO – The Positives – Loan Book Has Grown While Earnings Expanded

By Clarence Chu

  • Thai Credit Bank PCL (3674238Z TB) is looking to raise US$300m from its upcoming Thailand IPO via selling a mix of primary and secondary shares 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 talk about the positive aspects of the deal.

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Oct 02
0

Daily Brief Thailand: Delta Electronics Thai and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Electronics (DELTA TB / 2308 TT): Placement Increases Float; Ends Tender Offer Hope?

Delta Electronics (DELTA TB / 2308 TT): Placement Increases Float; Ends Tender Offer Hope?

By Brian Freitas

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Sep 30
0

Daily Brief Thailand: iShares MSCI Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bond Market Monitor: Prime Time Continues

Bond Market Monitor: Prime Time Continues

By Warut Promboon

  • Our thesis has not changed even though the Federal Reserve (the Fed) appears to be more hawkish than many investors thought.
  • We expect countries with lagging rate cycles, such as China and Thailand, to suffer capital outflows and rising yields.
  • In Asia, the spotlights remain on Indonesia and India where macroeconomic fundamentals continue to improve.

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Sep 21
0

Daily Brief Thailand: PTT PCL, Airports of Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • StubWorld: PTT Public Is Trading Cheap
  • Airport of Thailand (AOT): Not the Right Time

StubWorld: PTT Public Is Trading Cheap

By David Blennerhassett

  • The recent share price pullback sees PTT PCL (PTT TB) trading below its long-term averages, and with respect to peers. 
  • Preceding my comments on PTT are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Airport of Thailand (AOT): Not the Right Time

By Henry Soediarko

  • Visa-Free travel for Chinese tourists is certainly a boost for the Airports of Thailand (AOT TB) .
  • Compared to 2019 operational numbers, the 2023 number is still very low despite the large YoY gain thanks to the low base in 2022. 
  • The valuation is still high as the share price has run ahead of its fundamentals.

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