Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

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

North Bangkok Power Plant Block 1 Infrastructure Fund (EGATIF TB)

North Bangkok Power Plant Block 1 Infrastructure Fund

EGAT is the state-owned power company that controls over half of the electricity generation capacity in Thailand as well as two of the country's biggest IPPs: Ratchaburi and EGCO. Other listed assets include the North Bangkok power plant (EGATIF) and Eastwater, an EGCO investment for industrial power. In this review, we explain the basics of Thai power industry and highlight why we like Ratchaburi best. Power is by far the most defensive sector in Thailand, and no one dominates it more than this Group.

EGAT is the state-owned power company that controls over half of the electricity generation capacity in Thailand as well as two of the country's biggest IPPs: Ratchaburi and EGCO. Other listed assets include the North Bangkok power plant (EGATIF) and Eastwater, an EGCO investment for industrial power. In this review, we explain the basics of Thai power industry and highlight why we like Ratchaburi best. Power is by far the most defensive sector in Thailand, and no one dominates it more than this Group.

Big Brother (Ep. 4): The Invisible Power Company

<table class="table table-striped"><tbody>
<tr>
<td>Stock</td>
<td>Shr price (Bt/sh)</td>
<td>Mkt cap (US$ bn)</td>
<td>% ytd performance</td>
<td>PE (x)</td>
<td>Yld (%)</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>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…



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

North Bangkok Power Plant Block 1 Infrastructure Fund (EGATIF) is a closed-end infrastructure fund that invests in the future availability revenue from the North Bangkok Power Plant Block 1. This power plant has a contracted capacity of 670 MW and uses natural gas as its primary fuel. The fund was established and listed on the Stock Exchange of Thailand in 2015, with its headquarters in Bangkok, Thailand.

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North Bangkok Power Plant Block 1 Infrastructure Fund (EGATIF TB)

Big Brother (Ep. 4): The Invisible Power Company

EGAT is the state-owned power company that controls over half of the electricity generation capacity in Thailand as well as two of the country's...

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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