Thailand

• H125 results from KEX, J&T Global (SE Asia) tell two very different stories
• KEX shrunk under pressure from J&T and Flash, a private express “unicorn”
• SE Asia still promises X-border growth; impact on SF Holding limited

• CP ALL is expected to benefit from the government’s copayment stimulus program, set to launch in October, directly through Makro, which supplies mom-and-pop stores and indirectly through 7-Eleven. 
• The company remains optimistic about a pick-up in growth in 2H2025, driven by promotions in 3Q2025 and government stimulus, along with improving margins driven by an improved product mix. 
• 7-Eleven remains on track to expand its store network by 700 new outlets in FY2025, is gravitating toward slightly larger stores, allowing an increased number of SKUs. Valuations remain attractive.

• Market Leader with Strong Growth Tailwinds: Union Auction is the dominant player in Thailand’s used vehicle auction market, poised to benefit from the growing demand for affordable transportation and a backlog of repossessed vehicles entering the auction pipeline post-pandemic.
• Proven Financial Performance and Shareholder Returns: The company exhibits a history of robust revenue and net income growth, high profit margins, and a strong commitment to shareholder returns through consistent high-payout dividends.
• Digital Transformation and Service Expansion: AUCT is actively investing in its online auction platform, AUCT Live, to enhance customer convenience and efficiency, aiming to increase its online user base and expand its service offerings to solidify its competitive position.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Key points (machine generated)

• Netbay is a Thai SaaS company automating data transmission and form completion for businesses and government organizations.
• The company has achieved a 13% CAGR in revenue and EBITDA over the past three years and is trading at 14x its 2024 normalized P/FCF.
• Netbay’s e-Customs software facilitates B2G and B2B transactions, focusing on tax services for clients in 2024.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Chamni’s Eye is an established creative production company in Thailand, but it is facing significant financial headwinds, as evidenced by declining revenues, volatile profitability, and sharp dividend cuts over the past two years.
• The company operates in the dynamic Thai advertising market, which is rapidly shifting towards digital, video, and influencer-led content. This presents both a significant opportunity and a threat, requiring agile adaptation of its service offerings.
• A new strategic initiative, ‘The Profit Boot Camp,’ launched in August 2025, signals that management is proactively addressing profitability issues. The success of this 12-month program will be critical for the company’s medium-term outlook and shareholder returns.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• TPI Polene (TPIPL) is Thailand’s third-largest cement manufacturer, with diversified operations in petrochemicals, energy, and agriculture. The company is strategically pivoting towards sustainability, emphasizing ‘green’ cement and expanding its waste-to-energy power generation, which is expected to improve margins and reduce environmental compliance risks.
• The company faces significant headwinds from a highly concentrated domestic cement market and intense competition in the regional petrochemical sector. Financial performance has deteriorated over the past three years, marked by declining revenues, shrinking profitability, and negative free cash flow, reflecting challenging market conditions and cost pressures.
• Forward-looking growth is contingent on the successful execution of its green transition strategy and the pace of Thailand’s public infrastructure spending, particularly in the Eastern Economic Corridor (EEC). While the valuation appears inexpensive on a price-to-book basis, significant uncertainty surrounds the timing and magnitude of an earnings recovery.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• JMT Network Services is a leading debt management company in Thailand, specializing in acquiring and servicing non-performing loans (NPLs). The company has a strong long-term growth track record, benefiting from the structural increase in household debt and NPLs within the Thai banking system.
• The company is currently facing significant near-term headwinds. Earnings in 2Q25 were weak due to higher-than-expected provisions for credit losses and challenges in cash collections, leading to downward revisions in profit forecasts for 2025-2027. This reflects a challenging macroeconomic environment in Thailand.
• Despite current difficulties, the long-term outlook remains constructive. The rising NPL environment provides a steady supply of distressed assets for acquisition. A potential recovery is anticipated in 2026-27, and the company’s valuation appears fair, with an interim dividend offering some support to the share price.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• As discussed in May this year, shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC World (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
• Reportedly Mongkol Prakitchaiwattana pledged his holdings in all four companies. Pledged shares figures released by the SET illustrated a dramatic downward swing in KTC’s pledged shares in June versus May. 
• SET’s updated list of securities pledged – as at 29th August – shows pledged shares in KTC ticking up. But so has KTC’s share price, slowly but surely.

• The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
• In this insight, we take a look at our capping flow expectations for the September 2025 index rebal event.
• Separately, we expect at least two index changes during the next index review in December 2025.

• Predicting binary events based on regulatory action or inaction is not ideal. Decide Monday or Tuesday to either sell Shibaura Electronics (6957 JP) in the market or tender.
• Krungthai Card (KTC TB) is still a buy as latest pledged shares numbers fall to 2.3% of shares outstanding, down from 16.3% in May.
• Wilmar International (WIL SP) appears “cheap” to 90%-held Yihai Kerry Arawana Holdings C (300999 CH); however recent implied stub figures have rolled over

• Bridgestone reshapes carbon black strategy with Tokai Carbon  
• Hanwa invests in Thai tyre pyrolysis venture  
• Sri Trang bets on AI and workforce upskilling

• Back in May this year, shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
• This situation was discussed in Krungthai Card (KTC TB): Buying Opportunity After Margin Call. Reportedly Mongkol Prakitchaiwattana had pledged his shares in all four companies, leading to margin calls.
• On the 16th August, the SET released an updated list of securities pledged, with pledged shares in KTC now at 2.3% of shares outstanding, down from 16.3% in May.

• Bangkok Dusit Medical Services (BDMS TB) posted 4% rise in revenue from hospital operations in 2Q25 as international and Thai patients revenue reported growth of 6% and 3% YoY, respectively.
• EBITDA grew 7% YoY to THB 6.1B on higher revenue and better cost management, while net profit rose 5% YoY to THB 3.5B on lower interest cost. Margins expanded.
• BDMS has delivered an overall stable financial performance with inpatient revenue growth and stable EBITDA margin. Near term upside potential remains.