In today’s briefing:
- Bond Market Monitor: Thai Corporations UnSmiled
- Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand
Bond Market Monitor: Thai Corporations UnSmiled
- We sample blue-chip and household Thai corporations and plot the 12-month probability of default (PD) using iRAP
- The median 12-month PD of the above samples was 11.15 basis points (bps), up from 5bps last November, with a trend showing continuing deterioration in the next 12 months
- We expect more political upheaval and economic adjustment from the military conflict with Cambodia and the19% tariff on exports to the US to be quite detrimental to the Thai economy.
Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand
- 2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed.
- Valeura’s average production over the first five days of August has increased to 23,150 bbl/d.
- The company has re-iterated its FY25 guidance including 23-25.5 mbbl/d for production.
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