Category

Thailand

Mar 08
0

Daily Brief Thailand: Central Pattana Pub and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Central Pattana: Thailand’s Largest Retail Property Developer to Ride on Domestic & Tourist Recovery

Central Pattana: Thailand’s Largest Retail Property Developer to Ride on Domestic & Tourist Recovery

By Jacob Cheng

  • Central Pattana is Thailand’s largest retail property developer that operates its own ecosystem across retail, office, residential and hotel
  • We think Central Pattana has maintained sound and solid capital management strategies to drive shareholders returns, including increasing dividend payout, de-leveraging as well as M&As
  • The macro outlook for Thailand is mixed, but we think post-covid tourism is undergoing recovery and this will support CPN’s key operating businesses

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Mar 07
0

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

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Jun25: One Intra-Review Replacement Soon! Three Regular Changes Later
  • Bumrungrad Hospital (BH TB): Dwindling International Revenue on Competition; No Near-Term Respite

Quiddity Leaderboard SET50 Jun25: One Intra-Review Replacement Soon! Three Regular Changes Later

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 the potential ADDs/DELs for SET 50 in the run up to the index rebal event in June 2025.
  • The GULF-INTUCH M&A event could trigger an intra-review change within the next few weeks. Then there could be more regular index changes in June 2025.

Bumrungrad Hospital (BH TB): Dwindling International Revenue on Competition; No Near-Term Respite

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) reported marginal revenue growth in 2024, with margins expanding on lower expenses. Revenue from international patients witnesses contraction, while domestic patient volumes provide traction.
  • Competition from peers like BDMS remains a concern in near term. With the entire Ramadan period falling in 1Q25, Bumrungrad’s international patient revenue is expected to remain muted in 1Q25.
  • The share prices of Bumrungrad are expected to remain under pressure with the commencement of operation at BIH Phuket being the only near-term trigger for the company.

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Mar 05
0

Daily Brief Thailand: SGX Rubber Future TSR20 and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thailand Rubber: Sri Trang Makes A Spectacular Foray In 2024, NER Too Impresses

Thailand Rubber: Sri Trang Makes A Spectacular Foray In 2024, NER Too Impresses

By Vinod Nedumudy

  • Sri Trang posts US$48.8 mn profit, reversing loss of US$12.7 mn in 2023  
  • Sri Trang sells 133,163 tons of EUDR rubber in 2024  
  • North East Rubber setting up plant in Ivory Coast  

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Mar 04
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Production boost and likely reserves increase at Manora

Valeura Energy (TSX: VLE): Production boost and likely reserves increase at Manora

By Auctus Advisors

  • Valeura has drilled three new production wells and two appraisal wells at Manora.
  • Four of these wells are now online, boosting production from 2,144 bbl/d to 2,866 bbl/d.
  • The results of the A35 and A36 appraisal wells have derisked 3-5 potential future drilling targets.

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Feb 27
0

Daily Brief Thailand: HD and more

By | Daily Briefs, Thailand

In today’s briefing:

  • HD lands US$7.8M to grow HDmall, expand AI chatbot, enter Vietnam | e27

HD lands US$7.8M to grow HDmall, expand AI chatbot, enter Vietnam | e27

By e27

  • HD, the Bangkok-headquartered company behind HDmall, a healthcare and surgery marketplace in Thailand and Indonesia, has secured US$7.8 million in equity funding.
  • The funding round included participation from US-based Merck Sharp & Dohme (MSD), SBI Ven Capital, M Venture Partners, FEBE Ventures, and Partech Partners.
  • Also Read: These former aCommerce execs are building an ‘Amazon’ for healthcare in Southeast Asia This marks the first investment by MSD IDEA Studio Asia Pacific, an initiative by the MSD Global Health Innovation Fund (MGHIF) and MSD Asia Pacific regional team, invest in a Southeast Asian healthtech firm.

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Feb 24
0

Daily Brief Thailand: Siam Commercial Bank and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Siam Commercial Bank (SCB TB) – Creating Wealth Inside and Out

Siam Commercial Bank (SCB TB) – Creating Wealth Inside and Out

By Angus Mackintosh

  • Siam Commercial Bank stands out from its peers for its focus on its new-generation businesses, which have started to bear fruit, whilst the bank provides a solid base.  
  • The bank’s key focus is improving efficiency and asset quality, with the meaningful deployment of AI across the group, while targeting stable growth in its core banking business.
  • Siam Commercial Bank also expects growing contributions from its 2nd generation businesses including Cardd X and Auto X. Valuations are attractive given the bank’s relatively high ROE and future prospects.

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Feb 14
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): 245% Reserves Replacement Ratio. 2C Resources ~x2.5. Decommissioning down by 35%

Valeura Energy (TSX: VLE): 245% Reserves Replacement Ratio. 2C Resources ~x2.5. Decommissioning down by 35%

By Auctus Advisors

  • • YE24 2P reserves were estimated at 50 mmbbl (up from 38 mmbbl at YE23).
  • This represents a Reserves Replacement Ratio of 245%, significantly above our expectations of ~100%.
  • • The reserves revision reflects (1) upward revision of STOIIP estimates (the high achieved recovery factors suggest that the volumes initially in place had been underestimated), (ii), positive drilling results which reflect Valeura’s application of advanced drilling and completion technologies including geosteering and inflow control and (iii) better well performance with lower decline rates than initially estimated.

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Feb 11
0

Daily Brief Thailand: Haad Thip Public and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Haad Thip (HTC TB): Monopoly Coca-Cola Bottler at 10x P/E and 7% Dividend Yield

Haad Thip (HTC TB): Monopoly Coca-Cola Bottler at 10x P/E and 7% Dividend Yield

By Michael Fritzell

  • Haad Thip (HTC TB — US$194 million) is a Coca-Cola bottler responsible for Thailand’s 14 southern provinces.
  • It was mentioned by the Twitter account Nate, who suggested I read through Haad Thip’s annual report. And I’m happy I did.
  • A bottler works with the Coca-Cola Company in the United States to manufacture and distribute its products.

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Feb 08
0

Daily Brief Thailand: CP ALL PCL, Fabrinet and more

By | Daily Briefs, Thailand

In today’s briefing:

  • CP ALL (CPALL TB) – Caught in a Force Seven Gale
  • Fabrinet – Fabrinet: Expansion of Manufacturing Capacity For Resurgence In Telecom!

CP ALL (CPALL TB) – Caught in a Force Seven Gale

By Angus Mackintosh

  • CP ALL (CPALL TB) has seen a rout in its share price as investors worry that it may be drawn into investing in Seven & I Holdings.
  • Indications suggest that if it was to invest, the stake would be much smaller than previously reported and it would likely come with some beneficial concessions.
  • CP ALL (CPALL TB) continues to see a strong recovery in both sales and profitability, with a positive outlook for FY2025, whilst valuations have been compressed to attractive levels.

Fabrinet – Fabrinet: Expansion of Manufacturing Capacity For Resurgence In Telecom!

By Baptista Research

  • Fabrinet reported robust results for the second quarter of fiscal year 2025, showcasing significant topline and bottom-line improvements.
  • Revenue for the quarter reached $834 million, marking a 17% increase year-over-year and a 4% sequential rise.
  • This growth exceeded expectations and translated into a record non-GAAP earnings per share of $2.61.

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Feb 06
0

Daily Brief Thailand: VGI PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Jun 25: Delta Is Finally Safe; Three Changes Possible

Quiddity Leaderboard SET50 Jun 25: Delta Is Finally Safe; Three Changes Possible

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 the potential ADDs/DELs for SET 50 during the index rebal event in June 2025.
  • Currently, we see three expected changes. However, since the reference period is yet to start, the rankings can fluctuate significantly before the base date.

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