Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Khon Kaen Sugar Industry / Equity Bottom-Up

<p>We looked at soft commodities plays such as sugar and rubber but could not find any rice-based stocks, so we examined two noodle makers instead. Our favorite within this group would be TWPC, a company that makes vermicelli. They stood out in terms of valuation and margins, though most people would argue that they like TFG more since yellow noodle is more popular down here.</p><p>While rubber prices are dependent on global car demand recovery, STA could benefit from rubber subsidies, especially if the next Prime Minister is a Democrat. Valuation for the sugar stocks all look really inflated; KSL is probably the best managed of the lot.</p>

We looked at soft commodities plays such as sugar and rubber but could not find any rice-based stocks, so we examined two noodle makers instead. Our favorite within this group would be TWPC, a company that makes vermicelli. They stood out in terms of valuation and margins, though most people would argue that they like TFG more since yellow noodle is more popular down here.While rubber prices are dependent on global car demand recovery, STA could benefit from rubber subsidies, especially if the next Prime Minister is a Democrat. Valuation for the sugar stocks all look really inflated; KSL is probably the best managed of the lot.

TWPC: Our Foray into Noodles Vs Soft Commodities

Thailand

Khonburi Sugar Pcl manufactures sugar.  The Company buys sugar cane and processes it into sugar.

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Khonburi Sugar (KBS TB)

TWPC: Our Foray into Noodles Vs Soft Commodities

We looked at soft commodities plays such as sugar and rubber but could not find any rice-based stocks, so we examined two noodle makers instead....

Athaporn Arayasantiparb, CFA

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