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 (BJC TB)</a>  is an unsung hero of ASEAN Consumption as one of the leading retailers in Thailand through Big C, and soon to be in Vietnam through MMVN.</li>
<li>Our recent conversation with management revealed a solid finish to 2025, with improving margins across all of its four divisions, including modern retail, packaging, consumer products, and healthcare &amp; technical.</li>
<li>BJC continues to grow Big C through expanding stores, with MMVN also starting to expand in Vietnam. Valuations remain attractive on 12x forward PER with a dividend yield of 4.4%.</li>
</ul>



Berli Jucker (BJC TB)  is an unsung hero of ASEAN Consumption as one of the leading retailers in Thailand through Big C, and soon to be in Vietnam through MMVN.
Our recent conversation with management revealed a solid finish to 2025, with improving margins across all of its four divisions, including modern retail, packaging, consumer products, and healthcare &amp; technical.
BJC continues to grow Big C through expanding stores, with MMVN also starting to expand in Vietnam. Valuations remain attractive on 12x forward PER with a dividend yield of 4.4%.


Berli Jucker (BJC TB) - ASEAN Consumption Proxy

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

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<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: five stocks remain, nine new join the fray</li>
<li>Since inception, it has gained 141% versus the SET 100 Index’s return of 67%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: five stocks remain, nine new join the fray
Since inception, it has gained 141% versus the SET 100 Index’s return of 67%


The Stocks to Own in Thailand – Vol. 54

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 Sep 25th. We estimate that they had an aggregated short interest worth USD3.5bn.</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 Delta Electronics, Minor International, Bangkok Dusit, Gulf Energy Development, IRPC, Delta Electronics, Gulf Energy Development, Bangkok Dusit, Irpc, Minor International.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 25th. We estimate that they had an aggregated short interest worth USD3.5bn.
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 Delta Electronics, Minor International, Bangkok Dusit, Gulf Energy Development, IRPC, Delta Electronics, Gulf Energy Development, Bangkok Dusit, Irpc, Minor International.


Thailand Short Interest Weekly (Sep 25th): Delta Electronics, Minor International, Bangkok Dusit

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>After a prolonged slump characterized by growth saturation and a drowsy economy, Thailand’s consumption-driven stocks should enter a phase of recovery.</li><li>We expect a favorable accumulation window through October, leading into the earnings preview period for 3Q25E results, which should mark the seasonal bottom.</li><li>Valuations remain broadly attractive following a significant de-rating since 2023. </li></ul>

After a prolonged slump characterized by growth saturation and a drowsy economy, Thailand’s consumption-driven stocks should enter a phase of recovery.We expect a favorable accumulation window through October, leading into the earnings preview period for 3Q25E results, which should mark the seasonal bottom.Valuations remain broadly attractive following a significant de-rating since 2023. 

Special Report: Turning the Corner on the Consumption Slowdown - July 18, 2025

<ul><li>KTX expects the index to remain volatile, with the resistance levels at 1,220/1,250 points and the support at 1,170/1,150 points.</li><li>Positive factors include a return of buying in risk assets, particularly if Trump eases tariff measures — such as delaying tariffs on specific sectors like automobiles and semiconductors, and signaling a reduction in reciprocal tariffs for US trading partners making progress in negotiations (e.g., South Korea, Japan); and if China announces details of a new economic stimulus package.</li><li>On the domestic front, key factors to watch include the successful launch of the TESG Extra Fund, expected to generate Bt15-20bn in new capital inflows, and progress in Thailand’s negotiations on reciprocal tariffs with the US, along with the government’s gradual rollout of economic stimulus measures to offset trade war impacts (notably, the IMF has cut its 2025E global GDP growth forecast from 2.9% to 1.8%).</li></ul>

KTX expects the index to remain volatile, with the resistance levels at 1,220/1,250 points and the support at 1,170/1,150 points.Positive factors include a return of buying in risk assets, particularly if Trump eases tariff measures — such as delaying tariffs on specific sectors like automobiles and semiconductors, and signaling a reduction in reciprocal tariffs for US trading partners making progress in negotiations (e.g., South Korea, Japan); and if China announces details of a new economic stimulus package.On the domestic front, key factors to watch include the successful launch of the TESG Extra Fund, expected to generate Bt15-20bn in new capital inflows, and progress in Thailand’s negotiations on reciprocal tariffs with the US, along with the government’s gradual rollout of economic stimulus measures to offset trade war impacts (notably, the IMF has cut its 2025E global GDP growth forecast from 2.9% to 1.8%).

Thailand

Berli Jucker Public Company Limited is a diversified company manufacturing, distributing, and servicing in packaging, consumer goods, healthcare, and technical supply chains. Its products include glass packaging, aluminum cans, plastic packaging, tissue papers, personal care products, and various food and beverages. The company is headquartered in Bangkok, Thailand, and was founded in 1882.

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Berli Jucker (BJC TB)