Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Based in Taiwan, Acter Co is capitalizing on its extensive experience of high-end cleanroom integration, recycling and regeneration systems, electromechanical engineering to generate consistent growth in earnings and cash flow.</li>
<li>Acter Co's dividend yield averaged 8.2% from 2019 to 2022. Its annual dividend payout averaged 76% in the same period. Estimated dividend yield is 7% in 2023. </li>
<li>We found Acter Co Ltd (5536 TT) using Smartkarma's Smart Score Screener system. </li>
</ul>


Based in Taiwan, Acter Co is capitalizing on its extensive experience of high-end cleanroom integration, recycling and regeneration systems, electromechanical engineering to generate consistent growth in earnings and cash flow.
Acter Co's dividend yield averaged 8.2% from 2019 to 2022. Its annual dividend payout averaged 76% in the same period. Estimated dividend yield is 7% in 2023. 
We found Acter Co Ltd (5536 TT) using Smartkarma's Smart Score Screener system. 


Regional Container Lines / Equity Bottom-Up

<ul>
<li>Regional Container Line is the largest container shipping company in Thailand. It has attractive valuations, strong balance sheet, and has a major tailwind of higher global shipping freight rates. </li>
<li>RCL's dividend yield averaged 9.6% from 2019 to 2022. The biggest factor driving higher shipping freight rates in 2024 has been the Suez crisis resulting from Houthi drone attacks. </li>
<li>We used Smartkarma's Smart Score Screener system to find Regional Container Line (RCL TB).</li>
</ul>


Regional Container Line is the largest container shipping company in Thailand. It has attractive valuations, strong balance sheet, and has a major tailwind of higher global shipping freight rates. 
RCL's dividend yield averaged 9.6% from 2019 to 2022. The biggest factor driving higher shipping freight rates in 2024 has been the Suez crisis resulting from Houthi drone attacks. 
We used Smartkarma's Smart Score Screener system to find Regional Container Line (RCL TB).


Asian Dividend Gems: Regional Container Line (RCL)

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

In an updated filing, <a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" data-smartkarma-citation="entities:29253:1" rel="noopener">Kerry Express Thailand (KEX TB)</a> indicated it could sell as many as 300 mn new shares in its planned IPO. Many media reports have suggested the company hopes to raise about US$300 mn in the offering, suggesting KEX will come to market at around 30 baht per share.In this note, we try to answer the following questions regarding KEX's valuation:<ul>
<li>What are the most useful 'comps' for KEX? </li>
<li>What are some appropriate valuation multiples to use in comparing KEX to peers?</li>
<li>How does KEX's valuation at 30 baht per share compare to the peer group we've identified?</li>
<li>What factors could support either a premium or discount valuation for KEX versus peers?</li>
</ul>At 30 baht per share (which implies market capitalization of US$1.7 bn), KEX would not be overvalued relative to peers, in our view, and there are reasons KEX could eventually demand a premium valuation relative to other express companies.

In an updated filing, Kerry Express Thailand (KEX TB) indicated it could sell as many as 300 mn new shares in its planned IPO. Many media reports have suggested the company hopes to raise about US$300 mn in the offering, suggesting KEX will come to market at around 30 baht per share.In this note, we try to answer the following questions regarding KEX's valuation:
What are the most useful 'comps' for KEX? 
What are some appropriate valuation multiples to use in comparing KEX to peers?
How does KEX's valuation at 30 baht per share compare to the peer group we've identified?
What factors could support either a premium or discount valuation for KEX versus peers?
At 30 baht per share (which implies market capitalization of US$1.7 bn), KEX would not be overvalued relative to peers, in our view, and there are reasons KEX could eventually demand a premium valuation relative to other express companies.

Kerry Express Thailand (KEX) IPO: Approach to Valuation

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

To be fair, this may not be proper stalking, because we never really looked at PORT (Saha Thai Terminal) prior to their IPO, but we learnt that they only IPO'd recently and the stock has already shot up almost 60% from its IPO price of just Bt4.5/sh. That's better than the average IPO, which returned about 30% this year. While this stock is no longer cheap, it's interesting to delve down into what these guys actually do and why people are so interested in them in the first place. Just as…

To be fair, this may not be proper stalking, because we never really looked at PORT (Saha Thai Terminal) prior to their IPO, but we learnt that they only IPO'd recently and the stock has already shot up almost 60% from its IPO price of just Bt4.5/sh. That's better than the average IPO, which returned about 30% this year. While this stock is no longer cheap, it's interesting to delve down into what these guys actually do and why people are so interested in them in the first place. Just as…

IPO Stalker: PORT, The Merchant of Venice (Of the East)

We had the chance to meet up with Khaleed Hasheem, founder of PSL (one of Thailand's three big shippers), this week and catch up on some of his ideas on the Asian shipping outlook. PSL currently has a fleet of 36 ships. The only guys bigger than this would be TTA of the Mahagitsiri fortune ( <a href="https://www.smartkarma.com/insights/hidden-tigers-season-premiere-chocolate-ship-donuts" target="_blank" data-smartkarma-citation="insights:9781">Hidden Tigers (Season Premiere): Chocolate Ship Donuts</a>) and <a href="https://www.smartkarma.com/entities/11430" target="_blank" data-smartkarma-citation="entities:11430:1">Regional Container Line Pcl (RCL TB)</a> yo. After listening to Khaleed, my sense is I'd rather buy a coal producer like Banpu, which we already own…

We had the chance to meet up with Khaleed Hasheem, founder of PSL (one of Thailand's three big shippers), this week and catch up on some of his ideas on the Asian shipping outlook. PSL currently has a fleet of 36 ships. The only guys bigger than this would be TTA of the Mahagitsiri fortune ( Hidden Tigers (Season Premiere): Chocolate Ship Donuts) and Regional Container Line Pcl (RCL TB) yo. After listening to Khaleed, my sense is I'd rather buy a coal producer like Banpu, which we already own…

Thailand

Regional Container Lines is a Thailand-based international container shipping company specializing in feeder services for containerized cargo across Asia-centric networks. It offers integrated logistics solutions including sea freight, road transport, air cargo, and rail services, supporting both Shipper-Owned Containers (SOC) and Carrier-Owned Containers (COC). The company was founded in 1979 and is headquartered in Bangkok, Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Regional Container Lines (RCL TB)

Asian Dividend Gems: Acter Co

Based in Taiwan, Acter Co is capitalizing on its extensive experience of high-end cleanroom integration, recycling and regeneration systems, to...

Douglas Kim

Asian Dividend Gems: Regional Container Line (RCL)

We used Smartkarma's Smart Score Screener system to find Regional Container Line. Biggest factor driving higher shipping rates in 2024 has been the...

Douglas Kim

Kerry Express Thailand (KEX) IPO: Approach to Valuation

What's the right valuation approach to Kerry Express (KEX), which hopes to complete its IPO in Thailand in the coming weeks?

Tracking Traffic

IPO Stalker: PORT, The Merchant of Venice (Of the East)

To be fair, this may not be proper stalking, because we never really looked at PORT (Saha Thai Terminal) prior to their IPO, but we learnt that...

Athaporn Arayasantiparb, CFA

The View Through a Shipper's Lens & More

We had the chance to meet up with Khaleed Hasheem, founder of PSL (one of Thailand's three big shippers), this week and catch up on some of his...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)