Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<p>BEC World has lost one third of its market value this year, and the Street is pushing for the stock to fall further by another 4% to Bt23 (currently Bt24). While we think they will succeed, we also believe the stock will recover to around Bt28, implying a conservative 20x PE and upside of more than 20% from the trough. The Company is still a market leader amongst Bangkok women, the most important spending demographic in Thailand from an advertisers' standpoint, and has over Bt6bn in cash. We also explore other Thai media stocks and find that Major Cineplex is also worth watching in the longer term. We do not recommend buying any Thai media stock immediately. Stocks such as Mono have already done too well, and the future of Grammy remains murky despite recent success.</p>

BEC World has lost one third of its market value this year, and the Street is pushing for the stock to fall further by another 4% to Bt23 (currently Bt24). While we think they will succeed, we also believe the stock will recover to around Bt28, implying a conservative 20x PE and upside of more than 20% from the trough. The Company is still a market leader amongst Bangkok women, the most important spending demographic in Thailand from an advertisers' standpoint, and has over Bt6bn in cash. We also explore other Thai media stocks and find that Major Cineplex is also worth watching in the longer term. We do not recommend buying any Thai media stock immediately. Stocks such as Mono have already done too well, and the future of Grammy remains murky despite recent success.

Thailand

BEC World Public Company Limited is diversified media holding company. The Company is involved in broadcasting and media businesses, including television and radio broadcasting and news media; Programme Sourcing-Production, Distribution and Extended and Supporting Businesses, including producing shows and music and marketing activities.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BEC World Public (BEC TB)

BEC World: Resurgent TV Giant

BEC World has lost one third of its market value this year, and the Street is pushing for the stock to fall further by another 4% to Bt23...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)