Category

Thailand

May 29
0

Daily Brief Thailand: Bangkok Dusit Medical Services, Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bangkok Dusit Medical Services (BDMS TB): 1Q25 Stable; Resurgent Covid Might Scar 2Q
  • Valeura Energy (TSX: VLE): Potential reserves additions following appraisal programme. Ratree is dry.

Bangkok Dusit Medical Services (BDMS TB): 1Q25 Stable; Resurgent Covid Might Scar 2Q

By Tina Banerjee

  • Bangkok Dusit Medical Services (BDMS TB) posted 6% rise in revenue from hospital operations in 1Q25 as International and Thai patients revenue reported growth of 11% and 4% YoY, respectively.
  • EBITDA grew at 7% YoY to THB 7.2B on higher revenues and better cost management while net profit also rose 7% to THB 4.3B on lower interest cost. Margins expand.
  • Corona surge in Thailand pose short term deterrents. Stable financial performance with strong inpatient revenue growth, healthy occupancy and largely stable EBITDA margin will be key in the long-term run.

Valeura Energy (TSX: VLE): Potential reserves additions following appraisal programme. Ratree is dry.

By Auctus Advisors

  • Valeura has completed an 8 well drilling programme on Block B5/27.
  • Two wells at Jasmine C encountered more oil pay than expected.
  • Two development wells at Ban Yen A are now on production and appraised new reservoirs, adding drilling locations and will likely contribute to reserves when next evaluated at year-end.

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May 27
0

Daily Brief Thailand: Thai Beverage and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Beverage (THBEV): Undervalued with Catalysts Coming

Thai Beverage (THBEV): Undervalued with Catalysts Coming

By Henry Soediarko

  • Thai Beverage (THBEV SP) share price has been quite beaten down in the last few years and has not recovered since COVID.
  • A few near-term catalysts that could revive the share price i.e. government subsidies for tourist flights, Chinese tourists are back, and the lifting of the alcohol sales ban in afternoon.
  • Cheapest earnings multiple, pays higher dividend yield, high ROE, and also generated USD 420 million free cash flow. 

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May 26
0

Daily Brief Thailand: Fabrinet and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Fabrinet – Fabrinet: The Rise of 1.6T Datacom Products & 4 Solid Growth Catalysts!

Fabrinet – Fabrinet: The Rise of 1.6T Datacom Products & 4 Solid Growth Catalysts!

By Baptista Research

  • Fabrinet has reported strong results for the third quarter of fiscal year 2025, which ended on March 28, 2025.
  • The company achieved a revenue of $872 million, surpassing its guidance range, and non-GAAP earnings per share stood at $2.52, also above expectations.
  • This performance highlights Fabrinet’s robust execution capabilities, especially in the optical communications sector where telecom revenue demonstrated significant growth, counterbalancing a predicted decline in datacom revenue.

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May 21
0

Daily Brief Thailand: Delta Electronics Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Capping DELTA & Constituent Changes

SET50 Index Rebalance Preview: Capping DELTA & Constituent Changes

By Brian Freitas

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May 15
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): FID at Wassana adds 8.6 mmbbl 2P reserves

Valeura Energy (TSX: VLE): FID at Wassana adds 8.6 mmbbl 2P reserves

By Auctus Advisors

  • • The 1Q25 production and cash position at the end of March were in line with previous indications.
  • However the adjusted working capital was ~US$15 mm higher than cash given an oil inventory increase of 0.89 mmbbl.
  • • Valeura has taken FID at Wassana (G10/48 licence), resulting in the conversion of 8.6 mmbbl 2C contingent resources into 2P reserves.

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May 14
0

Daily Brief Thailand: SGX Rubber Future TSR20 and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Rubber Production To Grow In 2025, But Rains, Prices Can Spoil Party

Thai Rubber Production To Grow In 2025, But Rains, Prices Can Spoil Party

By Vinod Nedumudy

  • Initial projections hint at 4.93 million ton output in 2025  
  • Pre-tariff war Q1 2025 reports robust export returns  
  • Highest earnings from exports in 8 years at US$577.1 million in Feb  

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May 10
0

Daily Brief Thailand: Krung Thai Bank Pub and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Banks 1Q25 Screener; Krung Thai (KTB TB), the Scorecard Stand-Out

Thai Banks 1Q25 Screener; Krung Thai (KTB TB), the Scorecard Stand-Out

By Victor Galliano

  • Krung Thai ranks top of the Thai bank peer group on our weighted scorecard methodology, based on multiple valuation parameters, as well as balance sheet and return metrics
  • Krung Thai is driving its solid post-provision profitability higher, delivering close to double-digit ROE with a premium capital ratio for a PBV ratio of under 0.7x
  • The recent Trump tariff induced correction in the Krung Thai share price is a buying opportunity; it has scope to narrow the valuation gap with SCBx

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May 09
0

Daily Brief Thailand: Delta Electronics Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Jun25: Capping Expected for DELTA; Three Index Changes Likely

Quiddity Leaderboard SET50 Jun25: Capping Expected for DELTA; Three Index Changes Likely

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).
  • Here we look at the potential ADDs/DELs and capping flows for SET 50 for the June 2025 index rebalance. Currently, we expect three ADDs and three DELs for June 2025.
  • Last time we didn’t like the look of the trades, so recommended avoiding. ExpectedADDs underperformed ExpectedDELETEs by 13% since then. Expected Flows remain small.

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May 06
0

Daily Brief Thailand: Bumrungrad Hospital Pub Co and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bumrungrad Hospital (BH TB): Q1 Revenue and Margins Suffer On Lower International Patient Volume

Bumrungrad Hospital (BH TB): Q1 Revenue and Margins Suffer On Lower International Patient Volume

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) reported 6% decline in hospital revenue to THB 6,120M in 1Q25 as revenue from international patients decreased 12% YoY.
  • In 1Q25, EBITDA decreased 13% YoY to THB 2,338M, with EBITDA margin contracting 300bps YoY to 37.7% as SG&A expenses rose 6% to THB 1,084M.
  • Competition from peers like BDMS and the new co-payment rules remain near term hiccups.

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Apr 29
0

Daily Brief Thailand: Delta Electronics Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Taiwan Vs. Thailand Monitor: Delta Thai Rally Looks Overdone; Taiwan Remains Better Value

Delta Taiwan Vs. Thailand Monitor: Delta Thai Rally Looks Overdone; Taiwan Remains Better Value

By Vincent Fernando, CFA

  • Delta Thailand’s rally looks sentiment-driven, not fundamental: 1Q25 results were decent but not a major beat.
  • Valuation gap widened to unjustifiable levels: Delta Thailand trades at 52x trailing PER vs. Delta Taiwan at 25x.
  • Delta Taiwan remains the structurally stronger,cheaper exposure to the group’s long-term growth themes.

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