Category

Thailand

Sep 18
0

Daily Brief Thailand: I-TAIL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Two Potential Changes in December

SET50 Index Rebalance Preview: Two Potential Changes in December

By Brian Freitas

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Aug 30
0

Daily Brief Thailand: Delta Electronics Thai and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Dec 23: JMT Network Addition and Centel Plaza Deletion Likely

Quiddity Leaderboard SET50 Dec 23: JMT Network Addition and Centel Plaza Deletion Likely

By Janaghan Jeyakumar, CFA

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Aug 25
0

Daily Brief Thailand: Intouch Holdings and more

By | Daily Briefs, Thailand

In today’s briefing:

  • StubWorld: Intouch “Cheap” As Thaksin Returns

StubWorld: Intouch “Cheap” As Thaksin Returns

By David Blennerhassett

  • Intouch Holdings (INTUCH TB) plumbs new 12-month lows for its implied stub, and NAV discount as the former PM returns from exile. 
  • Preceding my comments on Intouch 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%.

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Aug 24
0

Daily Brief Thailand: Bangkok Dusit Medical Services and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bangkok Dusit Medical Services (BDMS TB): International Patients Drove 2Q23 Performance

Bangkok Dusit Medical Services (BDMS TB): International Patients Drove 2Q23 Performance

By Tina Banerjee

  • Bangkok Dusit Medical Services (BDMS TB) recorded 10% YoY growth in revenue from hospital operations in 2Q23, driven by 22% YoY from international patients, which contributed 26% of revenue.
  • Thai patient revenues increased 7% YoY, despite COVID-19 related revenue decreased sharply from year-ago quarter.
  • EBITDA margin declined 70 basis points YoY to 22.6% due to lower occupancy rate and economies of scales from a decline in number of COVID-19 patients.

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Aug 18
0

Daily Brief Thailand: Bumrungrad Hospital Pub Co and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bumrungrad Hospital (BH TB): Robust Performance Across All Segments Drove Q2 Result

Bumrungrad Hospital (BH TB): Robust Performance Across All Segments Drove Q2 Result

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) recorded 23% YoY increase in revenue from hospital operation to THB6 billion in 2Q23, mainly driven by 29% YoY revenue growth from non-Thai patients.
  • Revenue from Thai patients increased 14% YoY and contributed 35% of total revenue. Revenues from Thai and Expat exceeded pre-COVID levels since 3Q20 and continued to grow.
  • Despite an increase in SG&A expenses, EBITDA increased 40% YoY to THB2 billion in 2Q23, with an EBITDA margin of 38.9% in 2Q23 compared to 34.4% in 2Q22.

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Aug 16
0

Daily Brief Thailand: Home Product Center and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Home Product Center (HMPRO TB): Return To Growth

Home Product Center (HMPRO TB): Return To Growth

By Steve Zhou, CFA

  • Home Product Center (HMPRO TB) is a play on improving Thailand consumer sentiment driven by easing inflation, formation of new Thai government, and continued return of tourists.
  • The company is expected to open 10 new stores in 2023, a major pick up in growth from only 1.7% sales CAGR in 2017-2023. 
  • Strong track record of management in execution and reputation. Valuation also reasonable. 

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Aug 11
0

Daily Brief Thailand: PTT Oil & Retail Business and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Earnings Review – PTT Oil and Retail Business Plc. (OR)

Earnings Review – PTT Oil and Retail Business Plc. (OR)

By Waraporn Wiboonkanarak

  • OR delivered a 2Q23 NP of Bt2.76bn (-58% YoY, -7% QoQ), in line with our projection of Bt2.77bn.
  • The core profit marked at Bt2.56bn in 2Q23 (-59% YoY, -15.5% QoQ).
  • Its core earnings were pressured on a YoY basis by the mobility business, whose gross margin per liter narrowed to Bt0.96/liter in 2Q23 (vs. the high base of Bt1.61/liter in 2Q22).

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Aug 01
0

Daily Brief Thailand: SCG Decor PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SCG Decor Pre-IPO Tearsheet

SCG Decor Pre-IPO Tearsheet

By Clarence Chu

  • SCG Decor PCL (SCGD TB) is looking to raise at least US$100m in its upcoming Thailand IPO.
  • SCG Decor (SCGD) is Siam Cement Group’s core company in the decor surfaces and bathroom business.
  • Primarily operating via its subsidiaries, the firm is a manufacturer of floor and wall tiles domestically and abroad, including ASEAN markets such as Vietnam, the Philippines and Indonesia.

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Jul 31
0

Daily Brief Thailand: Delta Electronics Thai and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Taiwan Vs. Thailand Monitor: Short Term Trade This Week on Delta Earnings; Or Pair Long/Short

Delta Taiwan Vs. Thailand Monitor: Short Term Trade This Week on Delta Earnings; Or Pair Long/Short

By Vincent Fernando, CFA

  • Delta Thailand has surged 22% in NT$ terms since our last piece, while Delta Taiwan rose only 6%. We see two potential trades here.
  • Delta Thailand reported its results on 27 July and beat expectations by 22%. Delta Taiwan will release its results on August 1st with its analyst call at 15:00 Taiwan time.
  • 1) Potential Long Delta Taiwan event trade into Taiwan earnings 2) Long Delta Taiwan vs. Short Delta Thailand based on the relative prices reverting back to their end June ratio.

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Jul 27
0

Daily Brief Thailand: Krung Thai Bank Pub and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Banks 2Q23 Screener; We Reiterate Our Positive Picks Krung Thai and Ayudhya

Thai Banks 2Q23 Screener; We Reiterate Our Positive Picks Krung Thai and Ayudhya

By Victor Galliano

  • Krung Thai remains our pick; it ranks second from top in terms of post-provision profitability, screens well on NPL coverage, funding as well as PBV ratios and PE multiples
  • We also like Ayudhya, with its sound pre and post-provision profitability metrics in 2Q23, its sound credit quality metrics and attractive valuations
  • Kasikorn has seen its TTM cost of risk remain high, and it is the negative outlier versus its peers; yet Kasikorn’s poor share performance makes it one for the watchlist

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