Category

Thailand

Jan 18
0

Daily Brief Thailand: Fabrinet and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Fabrinet: Initiation of Coverage – Revolution in Optics: Can They Dominate The AI Interconnect Market? – Major Drivers

Fabrinet: Initiation of Coverage – Revolution in Optics: Can They Dominate The AI Interconnect Market? – Major Drivers

By Baptista Research

  • This is our first report on Fabrinet, a leading provider of advanced manufacturing services.
  • The company reported new quarterly records for both revenue and earnings per share (EPS), while free cash flow also hit a new quarterly high.
  • Furthermore, this strong revenue growth contributed to record non-GAAP net income of $2 per share.

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Jan 17
0

Daily Brief Thailand: Airports of Thailand, Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Airport of Thailand (AOT): Near Term Gain
  • Valeura Energy Inc (Tsx: Vle/Otcqx: Vlerf)

Airport of Thailand (AOT): Near Term Gain

By Henry Soediarko

  • Chinese tourists are back, and the Thai government has launched a series of initiatives to woo them back.
  • Discounts to airlines offered by Airports of Thailand (AOT TB) will not hurt earnings much, although if extended for >12 months,  AOT earnings could lag their peers.
  • Valuation is still expensive, although it is expected to normalize once earnings are back. Collapse the RV trade against Malaysia Airports Holdings (MAHB MK) and buy for the short term.

Valeura Energy Inc (Tsx: Vle/Otcqx: Vlerf)

By Auctus Advisors

  • 4Q23 production was 19,165 bbl/d (we expected ~21,300 boe/d) with minimal production at Wassana and declining production at Jasmine only partially offset by growing production at Nong Yao.
  • The capex programme includes US$50 mm for Jasmine and US$47 mm for the new Nong Yao C development.
  • YE23 net cash and YE24 net cash forecast Valeura held ~US$150.9 mm in net cash at YE23.

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Jan 15
0

Daily Brief Thailand: Bank Of America and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Aequitas ASEAN IPOs + Placements Broker Performance 2023

Aequitas ASEAN IPOs + Placements Broker Performance 2023

By Ethan Aw

  • In this note, we will take a look at broker performance for ASEAN IPOs and placements in 2023. 
  • The following dataset includes all ASEAN IPOs and placements above US$100m, which amounted to a total of 18 deals.
  • The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.

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Jan 13
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Positive drilling update

Valeura Energy (TSX: VLE): Positive drilling update

By Auctus Advisors

  • Valeura has drilled three development wells and one appraisal well at Nong Yao A.
  • The three development wells were in line with expectations and are now in production.
  • The appraisal well has exceeded expectations confirming 50 feet of new net oil pay over several intervals that were not producing. 

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Jan 01
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Restarting Wassana

Valeura Energy (TSX: VLE): Restarting Wassana

By Auctus Advisors

  • • Production at Wassana has restarted, in line with management’s guidance. • The drilling rig will be mobilized to Wassana in the coming days to drill three horizontal production wells. • In 2024, Valeura will also drill wells targeting reserve adds including at Wassana North, Jasmine and Nong Yao.

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Dec 29
0

Daily Brief Thailand: Delta Electronics Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Taiwan Vs. Thailand Monitor: Parent Could Sell More of Its Stake; Thai 50x PER Vs. Taiwan 20x

Delta Taiwan Vs. Thailand Monitor: Parent Could Sell More of Its Stake; Thai 50x PER Vs. Taiwan 20x

By Vincent Fernando, CFA

  • Delta Thailand vs. Taiwan valuation differential has returned to an historically extreme level.
  • For 2024E & 2025E growth expectations continue to be similar for the two companies, yet Delta Thailand’s FY2024E PER is 50x while Delta Taiwan’s is 20x.
  • We see substantial relative value in Delta Taiwan and expect likely reversion of relative valuation due to latest return to historically extreme mismatch.

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Dec 27
0

Daily Brief Thailand: Thonburi Healthcare Group and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thonburi Healthcare Group (THG TB): High Debt Has Clouded Near-Term Growth Prospect

Thonburi Healthcare Group (THG TB): High Debt Has Clouded Near-Term Growth Prospect

By Tina Banerjee

  • Thonburi Healthcare Group (THG TB) has underperformed most of its peers over the last six months. Thus far this year, the company’s financial performance also remained unimpressive.
  • Despite a healthy 29% YoY increase in normalized medical services revenue, normalized net profit decreased 8% YoY in 3Q23 as the company experienced significantly higher financial costs.
  • Although the company is repaying debts, debt level is still elevated and is expected to remain so in the near-term due to upcoming capex plans.

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Dec 22
0

Daily Brief Thailand: Airports of Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • AOT Vs MAHB: Part Deux

AOT Vs MAHB: Part Deux

By Henry Soediarko

  • Airports of Thailand (AOT TB) 6m24 revenue growth rates are healthy, supported by the growth in departure passenger service charges and the coming back of concession revenues.
  • AOT labor expenses have expanded at an unprecedented level, even higher than pre-COVID levels, while Malaysia Airports Holdings (MAHB MK) kept them under control.
  • Book profit on half of the exposure and wait for the next quarter to see if AOT labor expenses will stay high.

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Dec 20
0

Daily Brief Thailand: Ngern Tid Lor and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance: KCE Replaces TIDLOR

SET50 Index Rebalance: KCE Replaces TIDLOR

By Brian Freitas

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Dec 01
0

Daily Brief Thailand: KCE Electronics PCL, Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: KCE Could Replace TIDLOR
  • Valeura Energy (TSX: VLE): Another good quarter. Re-iterating FY23 guidance

SET50 Index Rebalance Preview: KCE Could Replace TIDLOR

By Brian Freitas

Valeura Energy (TSX: VLE): Another good quarter. Re-iterating FY23 guidance

By Auctus Advisors

  • • 3Q23 production of 19,961 bbl/d and net cash at the end of September of ~US$103 mm had already been announced.
  • Current aggregate production from these two wells is ~1,600 bbl/d, which will support production from the field in 4Q23.
  • Our YE24 estimated net cash (>US$460 mm) represents ~1.5x the current market cap of the company.

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