ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a>'s 1Q2023 results were driven by growth across its segments from modern retail to packaging to the consumer, and healthcare &amp; Technical, with margin improvements at the same time. </li>
<li>The key near-term catalyst for <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a> will be the IPO of Big C Retail, which will provide a separate market valuation for its retail assets. </li>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a> is a beneficiary of the resurgence of tourism in Thailand through both its retail and packaging businesses plus it benefits from lower commodity prices across its other divisions. </li>
</ul>



Berli Jucker's 1Q2023 results were driven by growth across its segments from modern retail to packaging to the consumer, and healthcare &amp; Technical, with margin improvements at the same time. 
The key near-term catalyst for Berli Jucker will be the IPO of Big C Retail, which will provide a separate market valuation for its retail assets. 

Berli Jucker is a beneficiary of the resurgence of tourism in Thailand through both its retail and packaging businesses plus it benefits from lower commodity prices across its other divisions. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> released a strong set of 4Q2022 numbers reflecting the benefit of increasing tourism numbers in Thailand significantly positively impacting 25 of its stores. </li>
<li>The company strategically reduced its B2B business, whilst growing its Don Chai stores quite aggressively. <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a> plans to increase its store numbers further in 2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a>'s packaging supply chain business will see new aluminium can capacity this year in Thailand and should see a 2H2023 growth pick-up. Overall a more positive outlook for 2023.</li>
</ul>



Berli Jucker (BJC TB) released a strong set of 4Q2022 numbers reflecting the benefit of increasing tourism numbers in Thailand significantly positively impacting 25 of its stores. 
The company strategically reduced its B2B business, whilst growing its Don Chai stores quite aggressively. Berli Jucker plans to increase its store numbers further in 2023.

Berli Jucker's packaging supply chain business will see new aluminium can capacity this year in Thailand and should see a 2H2023 growth pick-up. Overall a more positive outlook for 2023.


Berli Jucker (BJC TB) - A Retail and Packaging Fuelled Growth Story

<ul>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> is seeing a recovery underway although it has been masked by YoY comparisons and some pressure from higher raw material costs for its packaging business. </li>
<li>The company is back into expansion mode in retail with 200 new Mini BIGC stores planned for 2023 plus it will increase its aluminium can capacity in Thailand by 10%.</li>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> continues to be an interesting recovery play as an indirect play on tourism and consumption recovery as well as now declining commodity prices. </li>
</ul>



Berli Jucker (BJC TB) is seeing a recovery underway although it has been masked by YoY comparisons and some pressure from higher raw material costs for its packaging business. 
The company is back into expansion mode in retail with 200 new Mini BIGC stores planned for 2023 plus it will increase its aluminium can capacity in Thailand by 10%.

Berli Jucker (BJC TB) continues to be an interesting recovery play as an indirect play on tourism and consumption recovery as well as now declining commodity prices. 


Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

<ul>
<li>Maintain BUY recommendation for BJC with a target price of Bt40. BJC’s 3Q22 core profit came in at Bt890m (+196%YoY,-23%QoQ), lower than our expectation and 25% below BB consensus estimated </li>
<li>3Q22 earnings recover strongly YoY Its net profit came out at Bt932m (+154%YoY, -23%QoQ). The 9M22 result accounted for 73% of our 2022E.</li>
<li>The YoY recovery in earnings driven by an earnings recovery in modern retail business due to higher rental income as lower rent discount provide to tenants compared to last year.</li>
</ul>


Maintain BUY recommendation for BJC with a target price of Bt40. BJC’s 3Q22 core profit came in at Bt890m (+196%YoY,-23%QoQ), lower than our expectation and 25% below BB consensus estimated 
3Q22 earnings recover strongly YoY Its net profit came out at Bt932m (+154%YoY, -23%QoQ). The 9M22 result accounted for 73% of our 2022E.
The YoY recovery in earnings driven by an earnings recovery in modern retail business due to higher rental income as lower rent discount provide to tenants compared to last year.


BJC : A Recovery in BigC Performance Drove 3Q22 Earnings

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Event-Driven

<ul>
<li>In this insight, we take a look at the potential index changes for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> between now and the December 2022 Rebalance.</li>
<li>There is an ongoing market consultation with significant implications for constituent selection and there is also a potential intra-review change due to the DTAC-TRUE merger.</li>
<li>Based on the latest available data, there could three or four index changes during the December 2022 Rebalance depending on the outcome of the DTAC-TRUE merger.</li>
</ul>


In this insight, we take a look at the potential index changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) between now and the December 2022 Rebalance.
There is an ongoing market consultation with significant implications for constituent selection and there is also a potential intra-review change due to the DTAC-TRUE merger.
Based on the latest available data, there could three or four index changes during the December 2022 Rebalance depending on the outcome of the DTAC-TRUE merger.


Thailand SET50 Quiddity Leaderboard Dec 22: BJC Is the Most Interesting Name

Thailand

Berli Jucker PCL is a large Thai conglomerate whose business spans various industries. The Company's operations include the distribution and manufacturing of its own products plus contract distribution and manufacturing for other firms. BJC's core lines of business are packaging, consumer, healthcare, technical and other businesses.

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

Berli Jucker (BJC TB)