In today’s briefing:
- Energy Absolute: Trying to Be a B+ Credit
- Berli Jucker (BJC TB) – Freshly Packaged
Energy Absolute: Trying to Be a B+ Credit
- This flash note is an update for our readers on the indicative probability of default for Energy Absolute Public Company Limited (EA).
- We plotted EA’s probability of default, using Criat’s iRAP Global Plus PD Toolkit (iRap), against its peers, and we believe the chart indicated a high probability of default still.
- Given a lack of reliable bond quotes in the THB bond market, we continue to issue our report on EA without a recommendation.
Berli Jucker (BJC TB) – Freshly Packaged
- Berli Jucker (BJC TB) booked a solid result for 2Q2024 although impacted by a seasonal slowdown in retail but has new management in place pushing fresh and private labels.
- Big C continues to expand its retail footprint across formats helping to drive positive growth and higher margins. The packaging segment is pushing out new products and costs have fallen.
- BJC provides broad exposure to consumption in Thailand and increasingly Southeast Asia with the Big C IPO as a potential positive catalyst. Valuations remain attractive as money flows to Thailand.
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