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/dynasty-ceramic-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:19650:1" rel="noopener">Dynasty Ceramic Pub (DCC TB)</a> is Thailand's leading ceramic tile manufacturer with a large portion of sales in the mass market as well as upcountry, diversifying sales. </li>
<li>The company continues to build new capacity and is moving into the porcelain tile business to cater for the higher-end market where it will compete with Chinese imports.</li>
<li>
<a href="https://www.smartkarma.com/entities/dynasty-ceramic-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:19650:1" rel="noopener">Dynasty Ceramic Pub (DCC TB)</a> is a high-quality play on the economic recovery in Thailand, with a good governance reputation. Valuations look reasonable plus a dividend yield of over 6%.</li>
</ul>



Dynasty Ceramic Pub (DCC TB) is Thailand's leading ceramic tile manufacturer with a large portion of sales in the mass market as well as upcountry, diversifying sales. 
The company continues to build new capacity and is moving into the porcelain tile business to cater for the higher-end market where it will compete with Chinese imports.

Dynasty Ceramic Pub (DCC TB) is a high-quality play on the economic recovery in Thailand, with a good governance reputation. Valuations look reasonable plus a dividend yield of over 6%.


Dynasty Ceramic Pub (DCC TB) - Tiling Thailand with Large and Small

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<li>
<a href="https://www.smartkarma.com/entities/mr-d-i-y-group" target="_blank" data-smartkarma-citation="entities:28430:1" rel="noopener">MR D.I.Y. Group (MRDIY MK)</a> has continued to perform as coming out of the pandemic, offsetting inflationary pressures with selected price increases helping to stabilise margins.</li>
<li>4Q2022 should be strong with an upward normalisation of inventories, with a target for 180 new stores in 2022 and a further 180 stores in FY2023, fuelling future sales growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/mr-d-i-y-group" target="_blank" data-smartkarma-citation="entities:28430:1" rel="noopener">MR D.I.Y.</a> has a unique market position and strong brand in Malaysia, and Brunei and generates much higher ROEs than its regional peers hence justifying a premium valuation. </li>
</ul>



MR D.I.Y. Group (MRDIY MK) has continued to perform as coming out of the pandemic, offsetting inflationary pressures with selected price increases helping to stabilise margins.
4Q2022 should be strong with an upward normalisation of inventories, with a target for 180 new stores in 2022 and a further 180 stores in FY2023, fuelling future sales growth.

MR D.I.Y. has a unique market position and strong brand in Malaysia, and Brunei and generates much higher ROEs than its regional peers hence justifying a premium valuation. 


MR D.I.Y. Group (MRDIY MK) - Unique in Malaysia

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 HMPRO with a higher target price of Bt18 (Previous TP: Bt17).Our new target price reflects 2023 earnings upward revision by 6% to factor in higher gross </li>
<li>3Q22 slightly above our forecast HMPRO reported a net profit of Bt1.5bn in 3Q22 (+76%YoY, +1%QoQ). The 9M22 result accounted for 72% of our 2022E.</li>
<li>3Q22 revenue was at Bt16.3bn (+22%YoY, -2%QoQ), driven by 1) products sales increased to Bt15.9bn (+20.7%YoY) driven by a recovery in sales from tourism destination revenue generate from Homepro</li>
</ul>


Maintain BUY recommendation for HMPRO with a higher target price of Bt18 (Previous TP: Bt17).Our new target price reflects 2023 earnings upward revision by 6% to factor in higher gross 
3Q22 slightly above our forecast HMPRO reported a net profit of Bt1.5bn in 3Q22 (+76%YoY, +1%QoQ). The 9M22 result accounted for 72% of our 2022E.
3Q22 revenue was at Bt16.3bn (+22%YoY, -2%QoQ), driven by 1) products sales increased to Bt15.9bn (+20.7%YoY) driven by a recovery in sales from tourism destination revenue generate from Homepro


HMPRO : 3Q22 Earnings Slightly Above Our Forecast

<ul>
<li>Demand from housing renovation after flood and high season factor will support 4Q22 performance. We expect the company to report 3Q22 net profit at Bt1.45bn (+67%YoY, -4%QoQ). The significant YoY </li>
<li>Expect 3Q22 earnings recover strongly YoY Revenue in 3Q22 is expected to report at Bt16bn (+19%YoY, -4%QoQ) supported by home improvement sales, which should grow to Bt1.55bn (+18%YoY)</li>
<li>Gross profit margin in 3Q22 should expand YoY and QoQ to27% backed by heathier margin from sales at 25.9%from efficiency inventory management and better products mix due to lower sales </li>
</ul>


Demand from housing renovation after flood and high season factor will support 4Q22 performance. We expect the company to report 3Q22 net profit at Bt1.45bn (+67%YoY, -4%QoQ). The significant YoY 
Expect 3Q22 earnings recover strongly YoY Revenue in 3Q22 is expected to report at Bt16bn (+19%YoY, -4%QoQ) supported by home improvement sales, which should grow to Bt1.55bn (+18%YoY)
Gross profit margin in 3Q22 should expand YoY and QoQ to27% backed by heathier margin from sales at 25.9%from efficiency inventory management and better products mix due to lower sales 


HMPRO : Expect Strong 3Q22 Earnings to Outpace Peer

<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> 2Q2022 results saw continue momentum to sales from the recovery in Thailand and Vietnam with some impacy from higher raw material costs on margins.</li>
<li>It packaging supply chain saw a strong recovery from both glass bottling and aluminium cans with the latter seeing the biggest rebound. Retail under BigC also saw strong growth.</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>remains a top proxy for the recovery in domestic consumption in both Thailand and Vietnam through its packaging plus for the retail recovery in Thailand through BigC.</li>
</ul>



Berli Jucker (BJC TB) 2Q2022 results saw continue momentum to sales from the recovery in Thailand and Vietnam with some impacy from higher raw material costs on margins.
It packaging supply chain saw a strong recovery from both glass bottling and aluminium cans with the latter seeing the biggest rebound. Retail under BigC also saw strong growth.

Berli Jucker remains a top proxy for the recovery in domestic consumption in both Thailand and Vietnam through its packaging plus for the retail recovery in Thailand through BigC.


Berli Jucker (BJC TB) - Well-Packaged Recovery Proxy

Thailand

Home Product Center Public Company Limited is a retailer of building materials and home improvement products.

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Home Product Center (HMPRO TB)

Dynasty Ceramic Pub (DCC TB) - Tiling Thailand with Large and Small

Dynasty Ceramic Pub (DCC TB) is a high-quality play on the economic recovery in Thailand, with a good governance reputation. Valuations look...

Angus Mackintosh

MR D.I.Y. Group (MRDIY MK) - Unique in Malaysia

MR D.I.Y. has a unique market position and strong brand in Malaysia, and Brunei and generates much higher ROEs than its regional peers hence...

Angus Mackintosh

HMPRO : 3Q22 Earnings Slightly Above Our Forecast

Maintain BUY recommendation for HMPRO with a higher target price of Bt18 (Previous TP: Bt17). Our new target price reflects 2023 earnings upward...

Pi Securities PCL, Thailand

HMPRO : Expect Strong 3Q22 Earnings to Outpace Peer

Demand from housing renovation after flood and high season factor will support 4Q22 performance. We expect the company to report 3Q22 net profit at...

Pi Securities PCL, Thailand

Berli Jucker (BJC TB) - Well-Packaged Recovery Proxy

Berli Jucker remains a top proxy for the recovery in domestic consumption in both Thailand and Vietnam through its packaging plus for the retail...

Angus Mackintosh

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