Thailand Daily Briefs | Page 8 of 58

Jul 26

Daily Brief Thailand: Delta Electronics Thai and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Quiddity Leaderboard SET50 Dec 23: DELTA Deletion Fears Unrealistic

Quiddity Leaderboard SET50 Dec 23: DELTA Deletion Fears Unrealistic

By Janaghan Jeyakumar, CFA

In this insight, we take a look at the potential ADDs/DELs for Thailand’s SET50 index rebalance in December 2023.
Delta Electronics Thai (DELTA TB) – one of the largest SET 50 members – has been in the Market Surveillance Measure list a couple of times already this year.
Although this creates some doubts over the fate of DELTA’s SET50 membership, at present, I believe DELTA will escape deletion in December 2023.

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Jul 15

Daily Brief Thailand: Bangkok Chain Hospital and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Bangkok Chain Hospital (BCH TB): High COVID-Related Base Effect Impacted 1Q23 Result

Bangkok Chain Hospital (BCH TB): High COVID-Related Base Effect Impacted 1Q23 Result

By Tina Banerjee

In 1Q23, Bangkok Chain Hospital (BCH TB) recorded 62% YoY decline in revenue from hospital operation, dragged by 39% YoY decline in revenue from general patients (66% of total revenue).
COVID-19 revenue contributed 48% of revenue in 1Q22, thereby creating a high base for 1Q23. Even if we exclude COVID-19 revenue received in 1Q22, 1Q23 revenue was down 28% YoY.
BCH will need time to recover and record growth. Consensus expects BCH to report revenue and EPS decline of 34% and 47%, YoY, respectively in 2023.

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Jul 13

Daily Brief Thailand: Bangkok Dusit Medical Services and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Bangkok Dusit Medical Services (BDMS TB): Returning of International Patients Drove 1Q23 Performance

Bangkok Dusit Medical Services (BDMS TB): Returning of International Patients Drove 1Q23 Performance

By Tina Banerjee

Bangkok Dusit Medical Services (BDMS TB) recorded 4% YoY growth in hospital revenue in 1Q23, driven by higher patient intensity at Center of Excellence (COE) and returning of international patients.
However, Thai patient revenues decreased 6% YoY due to a decrease of COVID-19 related revenues, in line with improving COVID-19 situation in Thailand.
BDMS targets to increase its bed capacity to ~9,000 beds in 2027 from 8,400 beds in 2022. BDMS targets revenue CAGR of 6–8% during 2023–2025.

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Jul 10

Daily Brief Thailand: Bumrungrad Hospital Pub Co and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Bumrungrad Hospital (BH TB): International Business Is Roaring Back; Greenfield Project Approved

Bumrungrad Hospital (BH TB): International Business Is Roaring Back; Greenfield Project Approved

By Tina Banerjee

Bumrungrad Hospital Pub Co (BH TB) recorded 48% YoY increase in revenue from hospital operation to THB6 billion in 1Q23, mainly driven by 78% YoY revenue growth from non-Thai patients.
International patients contributed 55% of total revenue in 1Q23. Middle East and Indochina remained the two most important growth drivers, with YoY revenue growth of 147% and 60%, respectively.
The company is constructing a 150-bed boutique hospital in Phuket, one of the world’s most coveted island travel destinations, thereby opening immense opportunity for medical tourism.

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Jul 08

Daily Brief Thailand: TOA Paint (Thailand) and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

TOA Paint (Thailand) (TOA TB) – An Unfortunate Turn of Events

TOA Paint (Thailand) (TOA TB) – An Unfortunate Turn of Events

By Angus Mackintosh

TOA Paint is Thailand’s leading decorative paints player with a 48% market share and a good track record but it has become caught up by association with STARK Corporation.
This looks like a guilt by association sell down given there are no visible business connections between STARK and TOA Paint but the eldest son of the family controls Stark.
The second son of the Patriarch is CEO of TOA Paint, which is otherwise enjoying a strong recovery in demand plus lower input costs. Valuations have declined to attractive levels.

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Jul 05

Daily Brief Thailand: Energy Absolute and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

ASEAN EV Ecosystem Series: Committed Towards Building a Regional EV Ecosystem

ASEAN EV Ecosystem Series: Committed Towards Building a Regional EV Ecosystem

By Shifara Samsudeen, ACMA, CGMA

EV adoption in the ASEAN is very low compared to developed markets including the US, the Europe and China due to higher ASPs and lack of logistics, maintenance and repair.
However, there has been a rapid growth in EV related investment in the region recently, focusing on developing domestic EV markets to make them more affordable while conserving the environment.
The governments have put forward several incentives such as government funding, tax incentives to buy EVs, while introducing measures to discourage the use of ICE vehicles.

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Jul 01

Daily Brief Thailand: STARK Corporation and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Stark Corporation: Not the Guy from the Movie

Stark Corporation: Not the Guy from the Movie

By Warut Promboon

STARK Corporation (STARK TB) (Stark) defaulted on its interest payments on 2-June, leading to a default event.
Stark’s default has exposed the structural weakness in the Thai bond market which is worth discussion.
We do not believe there is a reasonable basis for calculating the bond recovery value at this juncture.

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Jun 30

Daily Brief Thailand: Delta Electronics Thai and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Delta Electronics (DELTA TB): Potential SET50 Index Delete in December?

Delta Electronics (DELTA TB): Potential SET50 Index Delete in December?

By Brian Freitas

Delta Electronics Thai (DELTA TB) has been added to the Market Surveillance Measure List twice in the last few months. That increases the probability of index deletion in December.
Given the big turnover every time Delta Electronics is added to and deleted from the index, there could be another go at weighting the SET50 Index by free-float market cap.
Deletion from the index will have a big impact on Delta Electronics Thai (DELTA TB) and the passive selling could help narrow the gap with Delta Electronics (2308 TT).

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Jun 29

Daily Brief Thailand: Kasikornbank PCL and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

BBL/KBANK: Hitting a Wall

BBL/KBANK: Hitting a Wall

By Brian Freitas

Bangkok Bank Public (BBL TB) is trading very close to its historic highs versus Kasikornbank PCL (KBANK TB) and keeps hitting a wall at that level.
The number of NVDRs issued on Bangkok Bank Public (BBL TB) has been rangebound while there has been a steady decrease for Kasikornbank PCL (KBANK TB).
At current level, the risk/reward looks favourable to a short Bangkok Bank Public (BBL TB) / long Kasikornbank PCL (KBANK TB) position for the near to medium term.

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Jun 25

Daily Brief Thailand: Thonburi Healthcare Group and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Thonburi Healthcare Group (THG TB): Improving Core Operation and Future Expansion to Drive Growth

Thonburi Healthcare Group (THG TB): Improving Core Operation and Future Expansion to Drive Growth

By Tina Banerjee

Thonburi Healthcare Group (THG TB) recorded 23% YoY increase in non-COVID medical services revenue in 1Q23, mainly driven by higher pay per bed and utilization of inpatient division.
With the recovery in core healthcare services, THG expects its revenue to grow 10% YoY this year, accelerating from 6% revenue growth recorded in 2022.
In the next 3 years, THG plans to increase 195 outpatient rooms and 419 beds and is set to spend nearly THB5 billion on capex during 2023–2025.

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Thailand

Daily Brief Thailand: Delta Electronics Thai and more

Quiddity Leaderboard SET50 Dec 23: DELTA Deletion Fears Unrealistic

Daily Brief Thailand: Bangkok Chain Hospital and more

Bangkok Chain Hospital (BCH TB): High COVID-Related Base Effect Impacted 1Q23 Result

Daily Brief Thailand: Bangkok Dusit Medical Services and more

Bangkok Dusit Medical Services (BDMS TB): Returning of International Patients Drove 1Q23 Performance

Daily Brief Thailand: Bumrungrad Hospital Pub Co and more

Bumrungrad Hospital (BH TB): International Business Is Roaring Back; Greenfield Project Approved

Daily Brief Thailand: TOA Paint (Thailand) and more

TOA Paint (Thailand) (TOA TB) – An Unfortunate Turn of Events

Daily Brief Thailand: Energy Absolute and more

ASEAN EV Ecosystem Series: Committed Towards Building a Regional EV Ecosystem

Daily Brief Thailand: STARK Corporation and more

Stark Corporation: Not the Guy from the Movie

Daily Brief Thailand: Delta Electronics Thai and more

Delta Electronics (DELTA TB): Potential SET50 Index Delete in December?

Daily Brief Thailand: Kasikornbank PCL and more

BBL/KBANK: Hitting a Wall

Daily Brief Thailand: Thonburi Healthcare Group and more

Thonburi Healthcare Group (THG TB): Improving Core Operation and Future Expansion to Drive Growth

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