Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> share price has been quite beaten down in the last few years and has not recovered since COVID.</li>
<li>A few near-term catalysts that could revive the share price i.e. government subsidies for tourist flights, Chinese tourists are back, and the lifting of the alcohol sales ban in afternoon.</li>
<li>Cheapest earnings multiple, pays higher dividend yield, high ROE, and also generated USD 420 million free cash flow. </li>
</ul>



Thai Beverage (THBEV SP) share price has been quite beaten down in the last few years and has not recovered since COVID.
A few near-term catalysts that could revive the share price i.e. government subsidies for tourist flights, Chinese tourists are back, and the lifting of the alcohol sales ban in afternoon.
Cheapest earnings multiple, pays higher dividend yield, high ROE, and also generated USD 420 million free cash flow. 


Thai Beverage (THBEV): Undervalued with Catalysts Coming

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage(THBEV SP)</a>  has proposed a share swap-deal with a promoter company to acquire additional stake in <a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">FraserAnd Neave(FNN SP)</a>  in exchange for <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670:1" rel="noopener">Frasers Property</a> at negotiated valuations, not market prices.</li>
<li>Post-Completion of the swap deal with the promoter-owned entity, which requires shareholder approval, Thai Bev will hold a 69.6% stake in F&amp;N and no stake in Fraser Property (FPL).</li>
<li>If the stake swap were valued at yesterday's closing share prices, it would imply a drop in the total stake value for Thai Bev after the proposed deal.</li>
</ul>



Thai Beverage(THBEV SP)  has proposed a share swap-deal with a promoter company to acquire additional stake in FraserAnd Neave(FNN SP)  in exchange for Frasers Property at negotiated valuations, not market prices.
Post-Completion of the swap deal with the promoter-owned entity, which requires shareholder approval, Thai Bev will hold a 69.6% stake in F&amp;N and no stake in Fraser Property (FPL).
If the stake swap were valued at yesterday's closing share prices, it would imply a drop in the total stake value for Thai Bev after the proposed deal.


Thai Bev (THBEV SP): Exits Property, Boosts F&N Stake. Deal Valuation Seem Excessive

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> has trended lower over the last couple of years and the stock is trading very close to its lows.</li>
<li>There has been a contraction in multiples and <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> trades cheaper than a lot of its Asia listed peers.</li>
<li>A potential index inclusion could bring in significant passive inflows and result in a rerating of the stock.</li>
</ul>



Thai Beverage (THBEV SP) has trended lower over the last couple of years and the stock is trading very close to its lows.
There has been a contraction in multiples and Thai Beverage (THBEV SP) trades cheaper than a lot of its Asia listed peers.
A potential index inclusion could bring in significant passive inflows and result in a rerating of the stock.


Thai Beverage (THBEV SP): Cheaper than Peers with an Upcoming Catalyst

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a>  reported marginal revenue growth and a slight decline in EBITDA for the December quarter (1QFY25), even as its spirits segment experienced a sharper drop in both.</li>
<li>With its primarily Thailand-based spirits segment seemingly in a structural decline, growth in other segments must offset the impact on overall sales.</li>
<li>With limited potential to unlock value from its beer division, particularly amid the sharp decline in BeerCo's valuations, Thai Bev seems increasingly off investors' radar.</li>
</ul>



Thai Beverage (THBEV SP)  reported marginal revenue growth and a slight decline in EBITDA for the December quarter (1QFY25), even as its spirits segment experienced a sharper drop in both.
With its primarily Thailand-based spirits segment seemingly in a structural decline, growth in other segments must offset the impact on overall sales.
With limited potential to unlock value from its beer division, particularly amid the sharp decline in BeerCo's valuations, Thai Bev seems increasingly off investors' radar.


Thai Beverage: In Low Spirits. Now a Low- Risk Dividend Play

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>SAC Capital gives Reclaims Global a 'buy' rating with a target of 49.7 cents.</li><li>JP Morgan raises DBS TP to $70; upgrades OCBC, SGX to 'overweight', UOB to 'neutral'.</li><li>UOB Kay Hian rates Soon Hock Enterprise as 'buy' with a target price of 68 cents.</li></ul>

SAC Capital gives Reclaims Global a 'buy' rating with a target of 49.7 cents.JP Morgan raises DBS TP to $70; upgrades OCBC, SGX to 'overweight', UOB to 'neutral'.UOB Kay Hian rates Soon Hock Enterprise as 'buy' with a target price of 68 cents.

Singapore Market Roundup (28-Nov-2025): SAC Capital rates Reclaims Global 'buy' at 49.7 cents.

Singapore

Thai Beverage Public Company Limited produces a wide range of branded beer and spirits in Thailand.

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Thai Beverage (THBEV SP)

Thai Beverage (THBEV): Undervalued with Catalysts Coming

Thai Beverage (THBEV SP) share price has been beaten down, but potential catalysts like government subsidies and lifted alcohol sales ban could...

Henry Soediarko

Thai Bev (THBEV SP): Exits Property, Boosts F&N Stake. Deal Valuation Seem Excessive

Proposed share swap deal with promoter company based on negotiated values not market prices. Acquisition value for F&N seem excessive and...

Devi Subhakesan