Macro to Micro: Thai Consumption Has Stagnated. Consumer Stocks Are near Record Valuations- Hmm.
The Thai consumer faces many headwinds: The household sector is more leveraged than in prior cycles; Thai export performance has been poor and...
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PM: Taro Fish Snack Will Be Launching in China by 2019 After a Delay
We maintain a BUY rating on Premier Marketing (PM TB) with a new target price of Bt15.10 based on 21.6xPE’19E, which is the average of Asia...
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PM: 1Q18 Earnings Trimmed Due to a Surge in SG&A and a Fall in Margins
PM reported the 1Q18 earnings of Bt101m (-30%YoY and +49%QoQ). The 1Q18 earnings result was in line with our forecast and accounted for 20% of our...
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PM: 4Q17 Slightly Trimmed Due to a Surge in SG&A
 4Q17 EPS was at Bt0.11 (+37%YoY and -35%QoQ). The company reports FY17 EPS of Bt0.85 (+47%YoY) and 6% lower than our forecast 4Q17 net profit was...
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WINNER: Food Solution Champion
We initiate coverage on WINNER with a BUY rating, based on a target price of Bt4.90 and derived from 17xPE’18E, the level at which it reached its...
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