In today’s briefing:
- StubWorld: PTT Public Is Trading Cheap
- Airport of Thailand (AOT): Not the Right Time
StubWorld: PTT Public Is Trading Cheap
- The recent share price pullback sees PTT PCL (PTT TB) trading below its long-term averages, and with respect to peers.
- Preceding my comments on PTT are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Airport of Thailand (AOT): Not the Right Time
- Visa-Free travel for Chinese tourists is certainly a boost for the Airports of Thailand (AOT TB) .
- Compared to 2019 operational numbers, the 2023 number is still very low despite the large YoY gain thanks to the low base in 2022.
- The valuation is still high as the share price has run ahead of its fundamentals.
💡 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
