Category

Thailand

Feb 23
0

Daily Brief Thailand: Bangkok Dusit Medical Services and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bangkok Dusit Medical Services (BDMS TB): Core Business Drives 4Q23 Result; Outlook Remains Positive

Bangkok Dusit Medical Services (BDMS TB): Core Business Drives 4Q23 Result; Outlook Remains Positive

By Tina Banerjee

  • Bangkok Dusit Medical Services (BDMS TB) reported double-digit top and bottomline growth in 4Q23. Growth was attributable to international and Thai non-COVID patient revenues growth.
  • In 2023, total revenue was THB102B, up 10% YoY, matching the higher end of the guidance range of 9–10%. EBITDA margin of 24.2% remained higher than guidance of 24.0%.
  • In 2024, BDMS expects healthcare business to grow continuously on the back of secular tailwinds in the healthcare sector in Thailand.

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Feb 22
0

Daily Brief Thailand: Delta Electronics Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Electronics (DELTA TB / 2308 TT): More Downside from Here

Delta Electronics (DELTA TB / 2308 TT): More Downside from Here

By Brian Freitas

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Feb 21
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): 219% reserve replacement ratio in 2023

Valeura Energy (TSX: VLE): 219% reserve replacement ratio in 2023

By Auctus Advisors

  • YE23 1P and 2P reserves are estimated at 29.9 mmbbl and 37.9 mmbbl respectively. This represents a reserve replacement ratio of 219%.
  • The reserves addition is much greater than we expected.
  • Valeura has booked 7 mmbbl at Wassana (we expected only 5 mmbbl) and has replaced 112-147% of the 2023 production at each of the other fields. 

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Feb 14
0

Daily Brief Thailand: I-TAIL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Three Potential Changes in June

SET50 Index Rebalance Preview: Three Potential Changes in June

By Brian Freitas

  • Early days, but there could be three changes for the Stock Exchange of Thailand SET 50 Index at the June rebalance. Two names are reversals of the December changes.
  • Passive trackers will need to buy between 1.5-3.6 days of ADV on the inclusions and sell 1.1-1.4 days of ADV on the deletions.
  • There are a couple of stocks that are close to passing/failing the liquidity tests and a couple close to cutoff ranks. That could result in further changes to the index.

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Feb 10
0

Daily Brief Thailand: Regional Container Line and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Asian Dividend Gems: Regional Container Line (RCL)

Asian Dividend Gems: Regional Container Line (RCL)

By Douglas Kim

  • 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).

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Feb 09
0

Daily Brief Thailand: Thai Credit Bank PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Credit Bank IPO Trading – Half the Deal Already Spoken For, the Other Half Should Be Liquid

Thai Credit Bank IPO Trading – Half the Deal Already Spoken For, the Other Half Should Be Liquid

By Clarence Chu

  • Thai Credit Bank PCL (3674238Z TB) raised around US$281m in its Thailand IPO.
  • TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.
  • We had looked at the firm’s past performance and shared our thoughts on TCB’s valuation in earlier notes. In this note, we will look at the trading dynamics.

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Jan 31
0

Daily Brief Thailand: Krung Thai Bank Pub, THAI CDS USD SR 5Y D14 and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Banks 4Q23 Screener; Stick with Krung Thai, Switch Out of Ayudhya into Kasikorn
  • Bond Market Monitor: Thai Bonds Are for Issuers

Thai Banks 4Q23 Screener; Stick with Krung Thai, Switch Out of Ayudhya into Kasikorn

By Victor Galliano

  • Krung Thai has solid post-provision profitability, close to double digit ROE with a healthy balance sheet, along with attractive PBV and PE ratios
  • We add Kasikorn to the buy list, as its cost of risk sharply improved in 4Q23, suggesting that it peaked in 3Q23; this should improve post-provision returns going forward
  • We remove Ayudhya from the buy list, as its worsening cost of risk trends are eroding post-provision returns; it is also relatively weak in terms of capital adequacy

Bond Market Monitor: Thai Bonds Are for Issuers

By Warut Promboon

  • Here we are revisiting the Thai bond market, as per requests from our Thai readers, to see the impact of the global rate trajectory on Thailand.
  • The Thai bond market will remain unattractive to foreign institutional investors, in our view.
  • The attempt to increase yield should involve a material change in Thailand’s financial structure and regulatory mindset.

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Jan 26
0

Daily Brief Thailand: Thai Credit Bank PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Credit Bank IPO – Sentiment Isn’t the Best, but Valuations Aren’t Demanding

Thai Credit Bank IPO – Sentiment Isn’t the Best, but Valuations Aren’t Demanding

By Clarence Chu

  • Thai Credit Bank PCL (3674238Z TB) is looking to raise up to US$281m in its Thailand IPO.
  • TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.
  • In this note, we will look at the updates since, undertake a quick peer comparison, and share our thoughts on valuation.

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Jan 25
0

Daily Brief Thailand: Com7 and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

By Janaghan Jeyakumar, CFA

  • The SET50 index tracks the performance of the top 50 largest and most liquid names listed in the Stock Exchange of Thailand (SET). 
  • In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.
  • There could be three ADDs and three DELs as things stand. There are a couple of names lurking close to the border too.

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Jan 19
0

Daily Brief Thailand: Berli Jucker and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Berli Jucker (BJC TB) – Well-Crafted Consumer Package

Berli Jucker (BJC TB) – Well-Crafted Consumer Package

By Angus Mackintosh

  • Berli Jucker remains a core proxy for consumer recovery and increasing tourism numbers in Thailand, with earnings set to recover in 2024 driven by modern retail and packaging.
  • Modern retail through Big C has resumed its expansion momentum across all formats with Big C Mini driving growth and supporting its omnichannel efforts, with rental income also recovering.
  • The packaging business was impacted by the sluggish Vietnamese economy which impacted aluminium cans but new products and strong performance from glass should support growth in 2024. Valuations look depressed.

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