In today’s briefing:
- Dynasty Ceramic Pub (DCC TB) – Tiling Thailand with Large and Small
- AviChina Industry (2357 HK): Another Step in Restructuring
Dynasty Ceramic Pub (DCC TB) – Tiling Thailand with Large and Small
- Dynasty Ceramic Pub (DCC TB) is Thailand’s leading ceramic tile manufacturer with a large portion of sales in the mass market as well as upcountry, diversifying sales.
- The company continues to build new capacity and is moving into the porcelain tile business to cater for the higher-end market where it will compete with Chinese imports.
- Dynasty Ceramic Pub (DCC TB) is a high-quality play on the economic recovery in Thailand, with a good governance reputation. Valuations look reasonable plus a dividend yield of over 6%.
AviChina Industry (2357 HK): Another Step in Restructuring
- AviChina Industry & Tech (2357 HK) announced plan to consolidate helicopter business by disposing Changhe Aircraft and Harbin Aircraft to its subsidiary Avic Helicopter (600038 CH).
- AviChina can achieve synergy at its helicopter business, realise capital gains from disposal and enjoy higher valuations on these assets while maintaining its controlling ownership.
- The resultant increase in stake in Avicopter will further widen AviChina’s discount to its holdings in four listed A-share subsidiaries. Its current 66% discount is just too steep.
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