Category

Thailand

Daily Brief Thailand: Betagro Group and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Betagro IPO: The Bull Case

Betagro IPO: The Bull Case

By Arun George

  • Betagro Group (1737144D TB), Thailand’s leading integrated food company, is seeking to raise US$554 million through a SET IPO, according to press reports
  • Betagro plans to offer 500 million shares or 25% of the total issued shares after IPO. This will be Thailand’s second-largest listing this year after Thai Life Insurance (TLI TB)
  • The key elements of the bull case rest on top quartile growth rates, a well-functioning core business, rising profitability, cash generation and declining leverage.

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Daily Brief Thailand: Jasmine International PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Soon-To-Be Cashed-Up Jasmine After Broadband Sale

Soon-To-Be Cashed-Up Jasmine After Broadband Sale

By David Blennerhassett


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Daily Brief Thailand: Delta Electronics Thai and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index: Market Consultation & DTAC/TRUE Merger Impact

SET50 Index: Market Consultation & DTAC/TRUE Merger Impact

By Brian Freitas

  • The SET has commenced a market consultation on lowering the turnover ratio level from 5% to 2% while selecting stocks to be added to and deleted from the SET50 INDEX.
  • The change to the turnover ratio level could lead to three changes in December that result in one-way turnover of 7.44% and in a one-way trade of THB 6.79bn.
  • Separately, the Total Access Communication (DTAC TB) / True Corp Pcl (TRUE TB) merger could result in an ad hoc inclusion prior to the regular rebalance in December.

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Daily Brief Thailand: Total Access Communication and more

By | Daily Briefs, Thailand

In today’s briefing:

  • True/DTAC Pop As Council Of State Rules NBTC Has No Teeth
  • DTAC/True Merger: Council of State’s Decree Paves the Way for Completion

True/DTAC Pop As Council Of State Rules NBTC Has No Teeth

By David Blennerhassett

  • According to media reports, Thailand’s Council of State has ruled the NBTC has no authority to approve or reject the True Corp (TRUE TB) / Total Access Communication (DTAC TB) merger.
  • The NBTC can prescribe measures to govern the deal but these appear almost of no consequence.
  • The ruling is a positive development for the merger getting over the line. Both stocks enjoyed strong gains today. 

DTAC/True Merger: Council of State’s Decree Paves the Way for Completion

By Arun George

  • The press reports that the Council of State has stated that the regulator, NBTC, can only prescribe measures to govern the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger.
  • The Council of State decree paves the way for the merger to complete and the launch of the VTOs. The NBTC remedial measures will likely focus on consumer protection measures.
  • The current share price ratio is 9.150x vs the swap ratio of 10.221x. At last close, DTAC and True’s gross spread to the VTO price is 4.4% and 1.8%, respectively.

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Daily Brief Thailand: Asset World Corporation, Gulf Energy Development Public Company and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Three Potential Changes in December
  • GULF : Expansion in the US Plant

SET50 Index Rebalance Preview: Three Potential Changes in December

By Brian Freitas

  • The market cap review period for the December rebalance of the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) started on 1 September and will end 30 November.
  • We currently see one high probability change and two lower probability changes to the index at the upcoming rebalance.
  • There are a couple of lower probability adds/deletes that will have between 3-5 days of ADV to trade from passive funds and could be interesting from a trading angle.

GULF : Expansion in the US Plant

By Pi Research

  • We maintain the BUY call while raising the TP by 7%to Bt62.0 on the back of SOTP adjustment to factor in acquisition of new 588MWe Jackson Generation power project (US) 
  • 49% holding in the US project will add Bt4 in SOTP The company informs the SET about acquiring 49% stake in 1,200 MW (588MWe) Gas power plant “Jackson Generation”
  • The company supplies electricity to the PJM (Pennsylvania, New Jersey, and Maryland) which is a regional transmission organization (RTO) that coordinates the movement of wholesale electricity in the US

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Daily Brief Thailand: Total Access Communication and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Merger Arb Mondays (12 Sep) – DTAC/True, Link Admin, Ramsay, Genex, Tyro, EVOC, Giordano, 111

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Daily Brief Thailand: True Corp Pcl and more

By | Daily Briefs, Thailand

In today’s briefing:

  • DTAC/​True Merger: NBTC Likely to Set Measures to Approve Merger

DTAC/​True Merger: NBTC Likely to Set Measures to Approve Merger

By Arun George

  • The Bangkok Post reports that the Thai regulator (NBTC) will propose ten remedial measures to approve the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger.
  • The NBTC board is not expected to issue a final decision as it waits for an interpretation by the Council of State if it can approve or reject the merger.
  • The current share price ratio is 9.511x vs the swap ratio of 10.221x. At last close, DTAC and True’s gross spread to the VTO price is 9.2% and 10.7%, respectively.

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Daily Brief Thailand: Siam Commercial Bank, Prima Marine PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SCBx – Positive Strategy Development
  • PRM : Excited Fleet Expansion Plan

SCBx – Positive Strategy Development

By Daniel Tabbush

  • The decision to not invest in BitKrub, crypto currency exchange, is highly positive
  • Net interest margins are rising, with better loan yields, stable deposit costs
  • Stage 2 loan decline is substantial, positive for future NPL outlook

PRM : Excited Fleet Expansion Plan

By Pi Research

  • Maintain HOLD recommendation for PRM but raised target price to Bt6.60 (Previous TP: Bt6.30) after revised earnings up by 16-25% in 2022-23E. We are positive toward 2H22 fleet expansion plan
  • 2Q22 core profit dropped QoQ and YoY Report 2Q22 net profit at Bt199m. Excluding FX item,core earnings would be at Bt262m (-38%YoY -2%QoQ) YoY drop was due to high base 
  • Core revenue hit all-time high at Bt1.7bn along with fleet expansion(59 vessels as of 2Q22)and an increase in transportation volume for domestic trading business (45% of total revenue in 2Q22)

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Daily Brief Thailand: Berli Jucker and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Berli Jucker (BJC TB) – Well-Packaged Recovery Proxy

Berli Jucker (BJC TB) – Well-Packaged Recovery Proxy

By Angus Mackintosh

  • Berli Jucker (BJC TB) 2Q2022 results saw continue momentum to sales from the recovery in Thailand and Vietnam with some impacy from higher raw material costs on margins.
  • It packaging supply chain saw a strong recovery from both glass bottling and aluminium cans with the latter seeing the biggest rebound. Retail under BigC also saw strong growth.
  • Berli Jucker remains a top proxy for the recovery in domestic consumption in both Thailand and Vietnam through its packaging plus for the retail recovery in Thailand through BigC.

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Daily Brief Thailand: True Corp Pcl, Bumrungrad Hospital Pub Co and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Merger Arb Mondays (29 Aug) – Ramsay, DTAC/True, Pendal, Link Admin, Ramsay, Infomedia, ResApp, MACA
  • Bumrungrad Hospital Pub Co (BH TB): Flying High on Return of Medical Tourism


Bumrungrad Hospital Pub Co (BH TB): Flying High on Return of Medical Tourism

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) reported strong Q2 2022 results, with revenue growth of 64% y/y, mainy driven by a 121% y/y increase in revenue from non-Thai patients.
  • Despite international patient volume is recovering, it is still lower than pre-COVID levels. Non-Thai patients contributed 66.2% of total revenue in Q2 2019, higher than 62.3% reported for Q2 2022.
  • Thailand targets 10 million foreign tourist arrivals this year, which should augur well for Bumrungrad.

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