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>The visa-free privilege for Chinese tourists may be being reviewed due to the suspected illegal arms network in Pattaya. Chinese tourists contributed up to 20% of the total in 2024. </li>
<li>As of mid last year, Thailand officially restricted cannabis to medical use only; thus, everyone must obtain a a mandatory prescription, although implementation may be harder. </li>
<li>Alcohol consumption is banned in public places, but it won't impact the alcohol distributors. The 2-5 pm ban on alcohol sales did a lot of damage back then. </li>
</ul>


The visa-free privilege for Chinese tourists may be being reviewed due to the suspected illegal arms network in Pattaya. Chinese tourists contributed up to 20% of the total in 2024. 
As of mid last year, Thailand officially restricted cannabis to medical use only; thus, everyone must obtain a a mandatory prescription, although implementation may be harder. 
Alcohol consumption is banned in public places, but it won't impact the alcohol distributors. The 2-5 pm ban on alcohol sales did a lot of damage back then. 


<ul>
<li>Thailand has accelerated plans to make health insurance a mandatoryrequirement for international arrivals. Previously optional, this coverage protects the healthcare budget against rising costs of emergencies involving uninsured tourists.</li>
<li>The triple tax will hit <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> revenue, PSC and landing (~60% of revenue): 1,120 THB PSC, a potential 300 THB entry fee, and mandatory insurance. </li>
<li>Hospital operators like <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> and <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> will see a reduction in "uncompensatedcare" while guaranteeing revenue at private market rates. </li>
</ul>


Thailand has accelerated plans to make health insurance a mandatoryrequirement for international arrivals. Previously optional, this coverage protects the healthcare budget against rising costs of emergencies involving uninsured tourists.
The triple tax will hit Airports of Thailand (AOT TB) revenue, PSC and landing (~60% of revenue): 1,120 THB PSC, a potential 300 THB entry fee, and mandatory insurance. 
Hospital operators like Bangkok Dusit Medical Services (BDMS TB) and Bumrungrad Hospital Pub Co (BH TB) will see a reduction in "uncompensatedcare" while guaranteeing revenue at private market rates. 


<ul>
<li>Noting the absence of DFS in the arrival gates, is <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> benefiting from the tourists' spending in Thailand or others like <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL PCL (CPALL TB)</a>?</li>
<li>The PSC rate hike is not free, as the Thai government expects AOT to use its own operational cash flow to build the South Terminal development of Suvarnabhumi Airport. </li>
<li>Are the 44x PER, 5.7x PBR and 28x EV/EBITDA justified when AOT is transforming from high growth stocks to a more utility play?</li>
</ul>


Noting the absence of DFS in the arrival gates, is Airports of Thailand (AOT TB) benefiting from the tourists' spending in Thailand or others like CP ALL PCL (CPALL TB)?
The PSC rate hike is not free, as the Thai government expects AOT to use its own operational cash flow to build the South Terminal development of Suvarnabhumi Airport. 
Are the 44x PER, 5.7x PBR and 28x EV/EBITDA justified when AOT is transforming from high growth stocks to a more utility play?


Airport of Thailand (AOT): Become a Utility Play?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.


Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

Thailand

Airports of Thailand Public Company Limited (AOT) operates and manages six international airports in Thailand, including Suvarnabhumi Airport and Don Mueang International Airport. The company provides aeronautical services such as landing and parking, passenger service, and aircraft service charges. It also offers non-aeronautical services, including concession revenues, office and property rentals, hotel and restaurant businesses, ground services, and security services. AOT was founded in 1979 and is headquartered in Bangkok, Thailand.

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Airports of Thailand (AOT TB)

On the Ground - Thailand

Chinese tourist visa privilege under review due to illegal arms network in Pattaya; alcohol consumption banned in public places but not impacting...

Henry Soediarko

AOT Vs. Hospitals: The Case of Insurance

Thailand makes health insurance mandatory for international arrivals to protect healthcare budget and reduce costs of uninsured tourists,...

Henry Soediarko

Airport of Thailand (AOT): Become a Utility Play?

Is Airports of Thailand benefiting from tourist spending or others like CP ALL PCL? PSC rate hike not free as AOT expected to use own cash flow...

Henry Soediarko

Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), PTT GlobalChem...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital (BH TB), Delta Electronics...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

On the Ground - Thailand

​Chinese tourist visa privilege under review due to illegal arms network in Pattaya; alcohol consumption banned in public places but not impacting...

Henry Soediarko

AOT Vs. Hospitals: The Case of Insurance

​Thailand makes health insurance mandatory for international arrivals to protect healthcare budget and reduce costs of uninsured tourists,...

Henry Soediarko

Airport of Thailand (AOT): Become a Utility Play?

​Is Airports of Thailand benefiting from tourist spending or others like CP ALL PCL? PSC rate hike not free as AOT expected to use own cash flow...

Henry Soediarko

Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), PTT GlobalChem...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital (BH TB), Delta Electronics...

Ke Yan, CFA, FRM

Chinese tourist visa privilege under review due to illegal arms network in Pattaya; alcohol consumption banned in public places but not impacting...

Thailand makes health insurance mandatory for international arrivals to protect healthcare budget and reduce costs of uninsured tourists,...

Is Airports of Thailand benefiting from tourist spending or others like CP ALL PCL? PSC rate hike not free as AOT expected to use own cash flow...