Category

Thailand

Feb 04
0

Daily Brief Thailand: SGX Rubber Future TSR20 and more

By | Daily Briefs, Thailand

In today’s briefing:

  • La Nina-triggered Floods Make Serious Dent In Thai Rubber Production

La Nina-triggered Floods Make Serious Dent In Thai Rubber Production

By Vinod Nedumudy

  • Rubber production in December suffers a loss of 30%  
  • Yokohama Rubber plays Good Samaritan in hour of crisis  
  • CMO enabling FSC Certification for Thai rubber for EUDR

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jan 30
0

Daily Brief Thailand: Krung Thai Bank Pub and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Banks 4Q24 Screener; Krung Thai (KTB TB) Is in the Early Re-Rating Stages

Thai Banks 4Q24 Screener; Krung Thai (KTB TB) Is in the Early Re-Rating Stages

By Victor Galliano

  • Krung Thai remains our core value pick among the Thai banks driving its solid post-provision profitability higher, delivering double-digit ROE, a sound balance sheet and attractive PBV and PE ratios
  • Krung Thai has the highest core capital ratios as well as delivering the best ROE of the peer group, along with one of the best efficiency ratios versus its peers
  • Its share price performance has been strong, yet we believe that this positive momentum should continue as Krung Thai still has scope to narrow the valuation gap with SCBx

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jan 21
0

Daily Brief Thailand: Krungthai Card and more

By | Daily Briefs, Thailand

In today’s briefing:

  • KTC – Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

KTC – Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

By Daniel Tabbush

  • KTC has just released its 4Q24 results and presentation, with a stand out diagram on BOT debt relief measures
  • With the several measures in place by the BOT, including lowering minimum card payment, lengthening loan term and lowering rate, there are clear stresses.
  • ROA is under pressure, and part of this will be due to rising credit costs, which are up from 470bps to 610bps from FY22 to FY24

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jan 16
0

Daily Brief Thailand: Delta Electronics Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Electronics (DELTA TB / 2308 TT): Off the Peak; SET50 Deletion Risk Increases
  • Delta Taiwan Vs. Thailand Monitor: Convertible Sale; Delta Thailand Should Underperform Vs Parent Co

Delta Electronics (DELTA TB / 2308 TT): Off the Peak; SET50 Deletion Risk Increases

By Brian Freitas

Delta Taiwan Vs. Thailand Monitor: Convertible Sale; Delta Thailand Should Underperform Vs Parent Co

By Vincent Fernando, CFA

  • Delta Thailand Weakness Amid Block Trade and Convertible Bond News
  • Delta Taiwan Offering Convertible Bonds, Convertible into Delta Thailand Shares
  • Delta Thailand Still Overvalued Relative to Delta Taiwan — Short Delta Thailand vs. Long Delta Taiwan

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jan 10
0

Daily Brief Thailand: Thanachart Capital and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Jun 25: One Change Possible; Delta on Thin Ice Again

Quiddity Leaderboard SET50 Jun 25: One Change Possible; Delta on Thin Ice Again

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 one expected change, but since the market cap reference period is yet to start, the rankings can fluctuate significantly before the base date.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jan 04
0

Daily Brief Thailand: FreshKet and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Freshket raises US$8M in a funding round led by Thai President Foods, Kliff Capital | e27

Freshket raises US$8M in a funding round led by Thai President Foods, Kliff Capital | e27

By e27

  • Thailand-based Freshket announced that it has raised an additional US$8 million funding round led by led by Thai President Foods or TFMAMA and Kliff Capital with continued support from existing investors, including Openspace and ECG Venture Capital.
  • In a press statement, a TFMAMA spokesperson said that the company hopes to support Freshket through the provision of fresh and quality ingredients for the startup’s operations following this funding round.
  • “We are currently expanding into new markets and customer segments while maintaining our existing customer base.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Dec 20
0

Daily Brief Thailand: Cal Comp Electronics Thailand, Berli Jucker, CP Axtra and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance: Four Changes; Cal Comp🚀
  • Berli Jucker (BJC TB) – Big C on the Turn
  • CP AXTRA (CPAXTRA TB) – Governance Concerns over Property Investment

SET50 Index Rebalance: Four Changes; Cal Comp🚀

By Brian Freitas

Berli Jucker (BJC TB) – Big C on the Turn

By Angus Mackintosh

  • Berli Jucker (BJC TB) has started to see better performance from Big C SSSG from 3Q2024, with strong performance in October and November, with an expected strong finish to FY2024. 
  • The company continues to focus on expanding its fresh food offering, introducing more private labels into its modern retail segment, and using AI to improve logistics performance. 
  • Berli Jucker‘s packaging business is benefitting from raw material lower input costs coupled with active hedging as well as a switch to Aluminium cans from PET. Valuations remain attractive. 

CP AXTRA (CPAXTRA TB) – Governance Concerns over Property Investment

By Angus Mackintosh

  • CP Axtra (CPAXT TB) has seen a heavy impact on its share price following an announcement it would invest THB12-15bn in a mixed-use property project with a related party. 
  • Investing in malls is part of CP Axtra’s business although its major focus is on its retail business which includes wholesale under Makro and its Lotus hypermarket and supermarket businesses.  
  • The sell-off looks overdone but has been clouded by the sale of shares in parent CP ALL by its vice-chairman ahead of the announcement raising further governance concerns. 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Dec 17
0

Daily Brief Thailand: CP Axtra and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Cp Axtra – CP Day: CPAXT Investing Bt8bn in Happitat Project

Cp Axtra – CP Day: CPAXT Investing Bt8bn in Happitat Project

By Waraporn Wiboonkanarak

  • Neutral view on recent deal: In the short term, it may pose downside risk of 2.8% and 1.1% to the 2025-26E profit forecasts due to an immediate increase in interest expenses from higher debt.
  • However, revenue generation is expected to begin in 2Q26E. Medium-term risks may arise from intensified competition in the same area, but the long-term prospects are positive for CPAXT, as the project could provide stable income if executed as planned.
  • Maintain a Neutral recommendation: The valuation metrics reflect a neutral view on the current fundamentals (the stock price sees 2.4% downside risk from its fair value) and the long- term growth prospects (profit growth expected at a 14% CAGR over the next two years). 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Nov 29
0

Daily Brief Thailand: Banpu Public, Delta Electronics Thailand and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Dec 24: Final Expectations; LONGs up +6% Vs SHORTs in a Month
  • Delta Electronics Thailand (Delta.BK): Buying Opportunity

Quiddity Leaderboard SET50 Dec 24: Final Expectations; LONGs up +6% Vs SHORTs in a Month

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 final expected ADDs/DELs for SET 50 during the index rebal event in December 2024.
  • We see four ADDs/DELs in December 2024. While the expected DELs list remains unchanged since last month, there is a change in our expected ADDs list.

Delta Electronics Thailand (Delta.BK): Buying Opportunity

By Henry Soediarko

  • Delta Electronics Thailand (DELTA TB) is a prominent data center and EV charging solution provider in Thailand.
  • Rich valuation, especially against the parent company, but its PEG ratio says otherwise.
  • It is proven that the share price weakness due to SET suspension is a buying opportunity.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Nov 28
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Higher flow rates than expected and potential reserves upside at Jasmine

Valeura Energy (TSX: VLE): Higher flow rates than expected and potential reserves upside at Jasmine

By Auctus Advisors

  • • Production at Jasmine has increased to 9,8mbbl/d over the last seven days following the drilling of five new infill wells.
  • This is higher than we expected and represents an increase of >2 mbbl/d.
  • • Corporate production in September and October was already at ~26.4 mbbl/d.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free