Category

Thailand

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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Nov 24
0

Daily Brief Thailand: KCE Electronics PCL, Bumrungrad Hospital Pub Co and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Dec 23: Final Expectations; Only ONE Change Likely
  • Bumrungrad Hospital (BH TB): Strong 3Q23 Performance; Middle-East Tension Plays Spoilsports

Quiddity Leaderboard SET50 Dec 23: Final Expectations; Only ONE Change Likely

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 Thailand’s SET50 index rebalance in December 2023.
  • I currently see only one ADD and one DEL for the SET 50 index and with more than 90% of the reference period complete, these are my final expectations.

Bumrungrad Hospital (BH TB): Strong 3Q23 Performance; Middle-East Tension Plays Spoilsports

By Tina Banerjee

  • In 3Q23, Bumrungrad Hospital Pub Co (BH TB) reported 18% YoY revenue growth to THB6.8 billion, driven by 27% and 20% YoY growth in Thai and expat patients revenue, respectively.
  • Revenue from international patients grew 16% YoY, driven by Middle-east and China, which grew 31% and 21%, YoY, respectively. EBITDA, PAT, and their respective margins reached record high in 3Q23.
  • Due to heavy revenue exposure in Middle-east, the ongoing tension in the region is acting as a setback. Bumrungrad shares tumbled ~15% over the last one month.

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Nov 19
0

Daily Brief Thailand: Bangkok Dusit Medical Services and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bangkok Dusit Medical Services (BDMS TB): Highest Ever Quarterly Sales in 3Q; 2023 Guidance Raised

Bangkok Dusit Medical Services (BDMS TB): Highest Ever Quarterly Sales in 3Q; 2023 Guidance Raised

By Tina Banerjee

  • Bangkok Dusit Medical Services (BDMS TB) reported Q3 revenue of RHB26.7 billion, up 11% YoY, driven by international and Thai patients revenue growth of 19% and 9%, YoY, respectively.
  • International patient revenues increased from a recovery of fly-in patients from Qatar (+81% YoY), China (+42% YoY), and Cambodia (+11% YoY). Moreover, Thai patient revenue was aided by seasonal epidemics.
  • BDMS has revised 2023 hospital revenue growth guidance upward to 9–10% YoY from 6–8% previously. However, EBITDA margin guidance was kept unchanged at ~24%.

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Nov 15
0

Daily Brief Thailand: SCG Decor PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SCG Decor Pre-IPO – Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead

SCG Decor Pre-IPO – Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead

By Clarence Chu

  • SCG Decor PCL (SCGD TB) is looking to raise around US$180m in its Thailand IPO.
  • SCG Decor (SCGD) is Siam Cement Group’s flagship company in the decor surfaces and sanitaryware business.
  • In this note, we look at the firm’s past performance.

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Nov 14
0

Daily Brief Thailand: J&T Global Express and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Q323 Another Tough Quarter for Kerry Express Thailand (KEX) | Negative Read-Through for J&T Global

Q323 Another Tough Quarter for Kerry Express Thailand (KEX) | Negative Read-Through for J&T Global

By Daniel Hellberg

  • KEX’s EBIT margin fell to -38% in Q323, but showed Q/Q improvement vs Q223
  • Q/Q progress on margin most likely due to KEX initiatives, not market recovery
  • Ongoing weakness in Thai domestic express market marginally negative for J&T 

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Oct 31
0

Daily Brief Thailand: KCE Electronics PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

By Brian Freitas

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Oct 27
0

Daily Brief Thailand: Ngern Tid Lor and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Dec 23: 2 ADDs/DELs Likely; DELTA DEL Unlikely

Quiddity Leaderboard SET50 Dec 23: 2 ADDs/DELs Likely; DELTA DEL Unlikely

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 Thailand’s SET50 index rebalance in December 2023.
  • I currently see two ADDs and two DELs for the SET50 index but if prices fluctuate significantly in the next month or so there could be more changes.

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Oct 23
0

Daily Brief Thailand: Delta Electronics Thai, Krung Thai Bank Pub and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Taiwan Vs. Thailand Monitor: Market Cap Metric Breaches Key Level For 1st Time Since Dec 2022
  • Thai Banks 3Q23 Screener; Stick with Krung Thai and Ayudhya

Delta Taiwan Vs. Thailand Monitor: Market Cap Metric Breaches Key Level For 1st Time Since Dec 2022

By Vincent Fernando, CFA

  • Delta Thailand shares haven’t recovered from their sharp drop at the end of September, which happened after the parent Delta Taiwan sold a stake in the Thai subsidiary.
  • Delta Thailand shares fell to the point that its market cap finally became smaller than Delta Taiwan, for the first time since December 2022.
  • Delta Thailand’s market cap should be substantially smaller than its parent Delta Taiwan. We analyze what history tells us the further relative downside for Delta Thailand could be.

Thai Banks 3Q23 Screener; Stick with Krung Thai and Ayudhya

By Victor Galliano

  • Krung Thai ranks second from top in terms of post-provision profitability and it has double digit ROE with a healthy balance sheet, along with attractive PBV and PE ratios
  • We also like Ayudhya, with its sound pre and post-provision profitability metrics with healthy ROE and ROA, its sound credit quality metrics and undemanding valuations
  • Kasikorn’s TTM cost of risk remain high versus the peers, and in 3Q23 it continued to worsen; its pre-provision profitability is healthy but there is, as yet, no CoR improvement

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Oct 17
0

Daily Brief Thailand: Hana Microelectronics and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Hana Microelectronics Placement – Stock Has Been Doing Well, Unclear if Deal Is Well Flagged

Hana Microelectronics Placement – Stock Has Been Doing Well, Unclear if Deal Is Well Flagged

By Sumeet Singh

  • Hana Microelectronics (HANA TB) aims to raise up to US$105m to finance expansion of Hana’s silicon carbide strategy including PMS (Power Master Semiconductor).
  • The deal scores well on our framework given the company’s strong recent performance and decent long term track record
  • In this note, we will talk about the deal dynamics.

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