Daily Brief Thailand: Bangkok Bank Public, Mega Lifesciences, Synnex Thailand and more

• We upgrade deep value Bangkok Bank to buy from neutral; it trades on a 40%+ PBV discount to SCBx and its return trends improved further alongside solid balance sheet credentials
• TMB Thanachart’s share price has corrected versus the peer group, so its PBV valuation no longer looks so stretched especially versus SCBx; we upgrade TMB Thanachart to neutral from sell
• Krung Thai remains a neutral, even though it is delivering on improved returns, as it is not compelling value and has been narrowing the discount with SCBx

• Mega Lifesciences is a leading pharmaceutical and nutraceutical company with a strong presence in high-growth Southeast Asian markets, particularly Myanmar, Vietnam, and Cambodia.
• The company’s dual-engine business model, comprising the branded ‘Mega We Care’ products and the ‘Maxxcare’ distribution arm, provides both margin strength and extensive market reach.
• Future growth is anticipated to be driven by strategic expansion into new markets like Indonesia, a robust pipeline of new product launches, and favorable demographic trends such as rising health consciousness and an aging population in its core markets.

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• Synnex Thailand stands as the country’s largest IT distributor, poised to capitalize on growth in cloud services, AI-enabled devices, and the gaming market.
• Recent financial performance shows robust revenue growth, with a 2Q25 profit reaching a two-year high; however, margins remain thin and cash flow has been volatile, reflecting the competitive nature of the distribution business.
• The stock appears attractively valued, trading at its lowest P/E ratio in five years, offering a potential re-entry point for investors banking on continued demand for IT products and successful strategic expansion into higher-margin services.

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