Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<p>With our new 5-part Silicon September series, we explore five of the newest technology trends sweeping through the globe starting with ride hailing and autonomous driving, led by innovative leaders Google and Tesla. At some point, self-driving cars could put Bangkok's 20,000 taxi drivers out of work, but the impact on retailers that serve them (eg CP All) would be minimal. Even if cars drove themselves, someone still needs to own them, and that's where MTLS (Maung  Thai Leasing), the market leader in this area, comes in. On its own, we think MTLS is a good business, but at 37x PE, it's a little overblown for its current fundamentals. If they owned a vast fleet of cars that drove themselves, things could be different. Of course, there's more at stake than just cars. Oil giants like PTT could get hit big time. Meanwhile, power companies like GSPC (Global Synergy Power) could benefit. Maybe, that's why GSPC is PTT's favorite subsidiary today.</p>

With our new 5-part Silicon September series, we explore five of the newest technology trends sweeping through the globe starting with ride hailing and autonomous driving, led by innovative leaders Google and Tesla. At some point, self-driving cars could put Bangkok's 20,000 taxi drivers out of work, but the impact on retailers that serve them (eg CP All) would be minimal. Even if cars drove themselves, someone still needs to own them, and that's where MTLS (Maung  Thai Leasing), the market leader in this area, comes in. On its own, we think MTLS is a good business, but at 37x PE, it's a little overblown for its current fundamentals. If they owned a vast fleet of cars that drove themselves, things could be different. Of course, there's more at stake than just cars. Oil giants like PTT could get hit big time. Meanwhile, power companies like GSPC (Global Synergy Power) could benefit. Maybe, that's why GSPC is PTT's favorite subsidiary today.

Silicon September 1.0: Ride Hailing and Autonomous Driving

North Bangkok Power Plant Block 1 Infrastructure Fund / Equity Bottom-Up

North Bangkok Power Plant Block 1 Infrastructure Fund

<table class="table table-striped"><tbody>
<tr>
<td><strong>Stock</strong></td>
<td><strong>Shr price (Bt/sh)</strong></td>
<td><strong>Mkt cap (US$ bn)</strong></td>
<td><strong>% ytd performance</strong></td>
<td><strong>PE (x)</strong></td>
<td><strong>Yld (%)</strong></td>
</tr>
<tr>
<td style="text-align: center;">EGATIF</td>
<td style="text-align: center;">11.6</td>
<td style="text-align: center;">0.7</td>
<td style="text-align: center;">12.6</td>
<td style="text-align: center;">N/A</td>
<td style="text-align: center;">2.6</td>
</tr>
<tr>
<td style="text-align: center;">RATCH</td>
<td style="text-align: center;">51.75</td>
<td style="text-align: center;">2.2</td>
<td style="text-align: center;">9.0</td>
<td style="text-align: center;">23.2</td>
<td style="text-align: center;">4.4</td>
</tr>
<tr>
<td style="text-align: center;">EGCO</td>
<td style="text-align: center;">201</td>
<td style="text-align: center;">3.1</td>
<td style="text-align: center;">32.7</td>
<td style="text-align: center;">17.7</td>
<td style="text-align: center;">3.1</td>
</tr>
<tr>
<td style="text-align: center;">GLOW</td>
<td style="text-align: center;">86</td>
<td style="text-align: center;">3.6</td>
<td style="text-align: center;">19.2</td>
<td style="text-align: center;">13.4</td>
<td style="text-align: center;">4.1</td>
</tr>
</tbody></table><p><strong>What happened to markets? </strong>Thai equities have risen almost 20% this year. After 3-4 years of continuous selling (Bt400bn), foreign investors drove markets upwards by buying some Bt100bn in Thai equities this year. The Baht continues to strengthen over the last two days from Bt34.8 to Bt34.6, but both foreign and local funds sold heavily…</p>



Stock
Shr price (Bt/sh)
Mkt cap (US$ bn)
% ytd performance
PE (x)
Yld (%)


EGATIF
11.6
0.7
12.6
N/A
2.6


RATCH
51.75
2.2
9.0
23.2
4.4


EGCO
201
3.1
32.7
17.7
3.1


GLOW
86
3.6
19.2
13.4
4.1

What happened to markets? Thai equities have risen almost 20% this year. After 3-4 years of continuous selling (Bt400bn), foreign investors drove markets upwards by buying some Bt100bn in Thai equities this year. The Baht continues to strengthen over the last two days from Bt34.8 to Bt34.6, but both foreign and local funds sold heavily…

Thailand

Glow Energy Pcl consists of power producers and utility providers. The Group delivers electricity to the Electricity Generating Authority of Thailand or EGAT under the SPP and IPP programs, as well as directly supply's electricity, steam, and water to industries.

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Glow Energy PCL (GLOW TB)

Silicon September 1.0: Ride Hailing and Autonomous Driving

With our new 5-part Silicon September series, we explore five of the newest technology trends sweeping through the globe starting with ride hailing...

Athaporn Arayasantiparb, CFA

EGATIF: Safer than a Mattress

What happened to markets? Thai equities have risen almost 20% this year. After 3-4 years of continuous selling (Bt400bn), foreign investors drove...

Athaporn Arayasantiparb, CFA

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52-week Range

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