Category

Thailand

Aug 24
0

Daily Brief Thailand: Krungthai Card and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Last Week In Event SPACE: Shibaura Electronics, Krungthai Card, Wilmar, First Pac, Fonterra

Last Week In Event SPACE: Shibaura Electronics, Krungthai Card, Wilmar, First Pac, Fonterra

By David Blennerhassett

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Aug 22
0

Daily Brief Thailand: SGX Rubber Future TSR20 and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Deals, Recycling, Research And AI Power Thailand’s Rubber Shift

Deals, Recycling, Research And AI Power Thailand’s Rubber Shift

By Vinod Nedumudy

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

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Aug 18
0

Daily Brief Thailand: Krungthai Card, Bangkok Dusit Medical Services and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Krungthai Card (KTC TB): Still A Buy As Pledged Shares Further Decline
  • Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

Krungthai Card (KTC TB): Still A Buy As Pledged Shares Further Decline

By David Blennerhassett

Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

By Tina Banerjee

  • 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.

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Aug 14
0

Daily Brief Thailand: I-TAIL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely in December

Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely in December

By Janaghan Jeyakumar, CFA

  • 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 have presented our latest capping flow expectations for the September 2025 index rebal event.
  • Separately, we expect at least one index change during the next index review in December 2025.

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Aug 08
0

Daily Brief Thailand: iShares MSCI Thailand, Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bond Market Monitor: Thai Corporations UnSmiled
  • Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

Bond Market Monitor: Thai Corporations UnSmiled

By Warut Promboon

  • We sample blue-chip and household Thai corporations and plot the 12-month probability of default (PD) using iRAP
  • The median 12-month PD of the above samples was 11.15 basis points (bps), up from 5bps last November, with a trend showing continuing deterioration in the next 12 months
  • We expect more political upheaval and economic adjustment from the military conflict with Cambodia and the19% tariff on exports to the US to be quite detrimental to the Thai economy.

Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

By Auctus Advisors

  • 2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed.
  • Valeura’s average production over the first five days of August has increased to 23,150 bbl/d.
  • The company has re-iterated its FY25 guidance including 23-25.5 mbbl/d for production.

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Aug 07
0

Daily Brief Thailand: Bumrungrad Hospital Pub Co and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bumrungrad Hospital (BH TB): International Sale Still Not Out of Woods, Margin Improve Sequentially

Bumrungrad Hospital (BH TB): International Sale Still Not Out of Woods, Margin Improve Sequentially

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) reported lower hospital revenue, down by 4% YoY to THB 6,104M in 2Q25 (down 5% in 1H25 to THB 12,125M).
  • Revenue contribution from international patients stayed at 64% with price competition impacting negatively amid volumes growth from markets like Middle east.
  • Maintaining stable margins with cost control would be key for the company amid revenue softness.

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Aug 05
0

Daily Brief Thailand: Thai Union Group and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Union (TU TB): Mitsubishi Corp (8058 JP)’s Partial Tender

Thai Union (TU TB): Mitsubishi Corp (8058 JP)’s Partial Tender

By David Blennerhassett

  • Mitsubishi Corp (8058 JP), currently holding 6.19% in Thai Union Group (TU TB), a global seafood leader, is seeking to lift its stake to 20% via a Partial Offer. 
  • Mitsubishi is offering THB12.50/share for 532.27mn shares in Thai Union, or 13.81% of shares out (excluding treasuries), an outlay of ~US$200mn. If <13.81% tender, the Offer lapses.
  • Last month Mitsubishi expanded its salmon farming by acquiring additional businesses in Norway and Canada for ~US$1bn.

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Jul 26
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

By Auctus Advisors

  • • Valeura is acquiring from PTTEP 40% WI in Blocks G1/65 and G3/65 with a combined area of 20,134 km2 and bordering some of the largest gas fields in Thailand (Erawan and Bongkot).
  • The blocks have multiple gas discoveries that could be developed shortly as tie backs to existing infrastructure—positioning Valeura to potentially book its first gas reserves in the near term.
  • Both licences offer oil potential adjacent to Valeura’s current production.

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Jul 24
0

Daily Brief Thailand: TMBThanachart Bank and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold

Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold

By Victor Galliano

  • The PBV and PE valuations for TMB Thanachart, which are close to those of SCBx, seem stretched; TMB Thanachart’s return trends are well below those of SCBx
  • On the weighted metrics applied to our proprietary scorecard, TMB Thanachart is the new bottom marker in the scorecard among its Thai bank peers
  • Krung Thai was our core buy-rated Thai bank; we downgrade it to a hold, as its valuation discounts to its own history and its peer SCBx are no longer compelling

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Jul 22
0

Daily Brief Thailand: Central Plaza Hotel and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Dec25: Capping Flows in September and Index Changes in December

Quiddity Leaderboard SET50 Dec25: Capping Flows in September and Index Changes in December

By Janaghan Jeyakumar, CFA

  • 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.
  • We have also presented our index change expectations for the next semiannual index review in December 2025 (regular ADDs/DELs only take place in June and December).

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