Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<p>CP All, one of our top five stock picks, reached Bt60/sh yesterday, and we are switching to BTS, Thailand's skytrain monopoly. Both BTS and BEM have high valuations, but we prefer the thought process that went behind BTS's platform more than BEM. BEM combined a subway and expressway monopoly; we fail to see synergies between the two. On the other hand, BTS tries to capture value in all facets of the skytrain operation from transport/tickets to transit advertising (VGI and MACO) and property via joint ventures with Sansiri and GLAND. </p><p>There is also a nice yield pickup compared to the more defensive choice of BTSGIF, its affiliated infrastructure fund.</p>

CP All, one of our top five stock picks, reached Bt60/sh yesterday, and we are switching to BTS, Thailand's skytrain monopoly. Both BTS and BEM have high valuations, but we prefer the thought process that went behind BTS's platform more than BEM. BEM combined a subway and expressway monopoly; we fail to see synergies between the two. On the other hand, BTS tries to capture value in all facets of the skytrain operation from transport/tickets to transit advertising (VGI and MACO) and property via joint ventures with Sansiri and GLAND. There is also a nice yield pickup compared to the more defensive choice of BTSGIF, its affiliated infrastructure fund.

Thailand

VGI Public Company Limited operates as an advertising media company. The Company offers out of home advertising, campaign measurement, target advertising campaign, and offline-to-online solutions. VGI serves customers globally.

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VGI PCL (VGI TB)

BTS Vs BEM: Battle of the Train Boys

CP All, one of our top five stock picks, reached Bt60/sh yesterday, and we are switching to BTS, Thailand's skytrain monopoly. Both BTS and BEM...

Athaporn Arayasantiparb, CFA

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