In today’s briefing:
- SET50 Index Rebalance Preview: 4 Changes Coming Up in December
- Delta Taiwan Vs. Thailand Monitor: Delta Thai Remains at Extreme Relative Value Even After Sell-Off
- Energy Absolute: Energy Limited
SET50 Index Rebalance Preview: 4 Changes Coming Up in December
- With 3 trading days left in the review period, we forecast 4 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the December rebalance.
- Passive trackers will need to buy between 1.2-3.6 days of ADV on the inclusions and sell between 0.3-3.1 days of ADV on the deletions.
- The forecast adds have continued to outperform the forecast deletes and there could be more movement in stocks with relatively high ADV to trade.
Delta Taiwan Vs. Thailand Monitor: Delta Thai Remains at Extreme Relative Value Even After Sell-Off
- Delta Thailand Still Grossly Overvalued Even After Recent Correction; Under Market Surveillance Until December 11th
- Delta Taiwan’s Market Cap Remains at Just 57% of Delta Thailand
- Further Valuation Correction Likely Between the Two Names; We Believe Delta Taiwan Should Outperform
Energy Absolute: Energy Limited
- EA’s Q3 results on 14-November was disappointing as expected on the declining EBITDA.
- Criat’s iRAP Global Plus PD Toolkit (iRap) still indicates the implied international credit rating of “B+” which gives us relative comfort for the credit.
- EA’s story rests on the usage of its network to extend debt maturity and sell assets, and not so much on cashflow which may be generated in the near term.
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