Daily Brief Thailand: I-TAIL , Alucon Public, Business Online and more

• 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 capping flow expectations for the December 2025 index rebal event.
• We have also presented our index change expectations for the next semiannual index review in December 2025 (regular ADDs/DELs only take place in June and December).

• Dominant Market Position: Alucon is the largest producer of aluminum impact-extruded packaging in Asia, with a massive annual capacity of 1.2 billion units, providing significant scale advantages.
• Strong Financial Resilience & Shareholder Returns: The company demonstrates robust profitability and a commitment to dividends, supported by a strong balance sheet. The dividend yield is notably high, and the company has a stated policy of paying out not less than 50% of net profit.
• Exposure to Key Risks: Alucon’s profitability is sensitive to the volatility of aluminum prices, its primary raw material. Furthermore, it faces a persistent threat from substitute packaging materials like plastics and paper, which can be more cost-effective.

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• Leading Market Position in a Growing Niche: Business Online is a dominant player in Thailand’s business information and analytics market, a sector poised for structural growth driven by the increasing need for data-driven decision-making and digital transformation across the Thai economy.
• Robust Financial Profile with High Margins: The company exhibits a strong financial track record characterized by high and stable profitability margins (Net Margin consistently around 40%), strong operating cash flow generation, and a healthy balance sheet, supporting a consistent dividend payout.
• Strategic Partnerships and Proprietary Data as Key Moats: Long-standing exclusive partnerships, notably with Dun & Bradstreet, combined with an extensive proprietary database on Thai businesses, create significant barriers to entry and a durable competitive advantage.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.