Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Sino-Thai Engineering & Construction / Equity Bottom-Up

<p>STEC and CK trade in line with each other even after detailed breakdown to the price-to-backlog level (0.7x). We prefer both companies to market leader ITD, which seems unable to make a profit. If we are forced to choose between the two contractors, we will pick STEC simply because it is more professional and focused. We think there is 14% upside for STEC based on Bt30.3/sh price target, making STEC  a good candidate to replace AIS as one of our top picks.</p><p>On an absolute basis, we actually own BJCHI, which trades under 7x PE and has a high yield of almost 8%. We think BJCHI's valuation is depressed because it does a lot of work for Petrobras, but there seems to be no defaults in Brazil at all.</p>

STEC and CK trade in line with each other even after detailed breakdown to the price-to-backlog level (0.7x). We prefer both companies to market leader ITD, which seems unable to make a profit. If we are forced to choose between the two contractors, we will pick STEC simply because it is more professional and focused. We think there is 14% upside for STEC based on Bt30.3/sh price target, making STEC  a good candidate to replace AIS as one of our top picks.On an absolute basis, we actually own BJCHI, which trades under 7x PE and has a high yield of almost 8%. We think BJCHI's valuation is depressed because it does a lot of work for Petrobras, but there seems to be no defaults in Brazil at all.

CK Vs STEC: The Da Vinci Code for Thai Contractors

Thailand

Unique Engineering & Construction PCL is an engineering and construction company. The Company's services include bridge and tunnel construction and infrastructure design.

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Unique Engineering & Con (UNIQ TB)

CK Vs STEC: The Da Vinci Code for Thai Contractors

STEC and CK trade in line with each other even after detailed breakdown to the price-to-backlog level (0.7x). We prefer both companies to market...

Athaporn Arayasantiparb, CFA

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