In today’s briefing:
- Airport of Thailand (AOT): Near Term Gain
- Valeura Energy Inc (Tsx: Vle/Otcqx: Vlerf)
Airport of Thailand (AOT): Near Term Gain
- Chinese tourists are back, and the Thai government has launched a series of initiatives to woo them back.
- Discounts to airlines offered by Airports of Thailand (AOT TB) will not hurt earnings much, although if extended for >12 months, AOT earnings could lag their peers.
- Valuation is still expensive, although it is expected to normalize once earnings are back. Collapse the RV trade against Malaysia Airports Holdings (MAHB MK) and buy for the short term.
Valeura Energy Inc (Tsx: Vle/Otcqx: Vlerf)
- 4Q23 production was 19,165 bbl/d (we expected ~21,300 boe/d) with minimal production at Wassana and declining production at Jasmine only partially offset by growing production at Nong Yao.
- The capex programme includes US$50 mm for Jasmine and US$47 mm for the new Nong Yao C development.
- YE23 net cash and YE24 net cash forecast Valeura held ~US$150.9 mm in net cash at YE23.
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