Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<p>In this review, we look at two of Thailand's key industrial export sectors (automobiles and electronics). While net exports continue to drop 2%, Thailand's gross exports rose for the first time this year. We remain cautious on these low margin sectors with the exception of a few bottom up ideas: 1) KCE, top pick in electronics which benefits from backward integration; 2) SAT, the most attractive stock in the automobile sector on both valuations and yield; and 3) ASEFA, an electronics stock that focuses almost entirely on domestic rather than export theme and benefits from growing construction of office buildings.</p>

In this review, we look at two of Thailand's key industrial export sectors (automobiles and electronics). While net exports continue to drop 2%, Thailand's gross exports rose for the first time this year. We remain cautious on these low margin sectors with the exception of a few bottom up ideas: 1) KCE, top pick in electronics which benefits from backward integration; 2) SAT, the most attractive stock in the automobile sector on both valuations and yield; and 3) ASEFA, an electronics stock that focuses almost entirely on domestic rather than export theme and benefits from growing construction of office buildings.

Autos & Electrons: The Slow Road to Recovery

Thailand

Delta Electronics (Thailand) PCL designs and manufactures electronic equipment. The Company produces power systems for telecommunications, medical equipment, and industrial automation.  Delta also produces fans, electromagnetic interference filters, and solenoids.

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Delta Electronics Thailand (DELTA TB)

Autos & Electrons: The Slow Road to Recovery

In this review, we look at two of Thailand's key industrial export sectors (automobiles and electronics). While net exports continue to drop 2%,...

Athaporn Arayasantiparb, CFA

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52-week Range

Market Cap (USDm)

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