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THAILAND Archives | Page 20 of 57 | Smartkarma

Jun 07
0

Thailand: Thai Life Insurance and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Life Insurance Pre-IPO – The Positives – Resilient Performance with a Changing Product Mix

Thai Life Insurance Pre-IPO – The Positives – Resilient Performance with a Changing Product Mix

By Sumeet Singh

  • Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.
  • Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
  • In this note, we talk about the positive aspects of the deal.

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Jun 03
0

Thailand: Bangkok Aviation Fuel Services and more

By | Daily Briefs, Thailand

In today’s briefing:

  • BAFS : Recovery Phase Has Kicked Off

BAFS : Recovery Phase Has Kicked Off

By Pi Research

  • Maintain BUY recommendation for BAFS with a target price of Bt34.0. Business performance are expected to turn profit by 3Q22, driven by recovery in aviation fuel services volume along
  • BAFS report 1Q22 net loss at Bt77m, the smallest loss in the past eight quarters. The result came out slightly above our expectation.
  • The least loss in the past eight quarters supported by dividend income recognition worth Bt50m from power plant business in Japan (acquired in 4Q21)and an increase in aviation fuel volume

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Jun 02
0

Thailand: Jaymart PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance Preview: Two High Probability Changes; One Low

SET50 Index Rebalance Preview: Two High Probability Changes; One Low

By Brian Freitas

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Jun 01
0

Thailand: Digital Telecommunications Infrastructure Fund and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Digital Telecommunications Infrastructure Fund Placement – Routine Trim Down from Parent

Digital Telecommunications Infrastructure Fund Placement – Routine Trim Down from Parent

By Clarence Chu

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May 31
0

Thailand: Energy Absolute and more

By | Daily Briefs, Thailand

In today’s briefing:

  • EA: Awaiting EV & ESS Business Profit

EA: Awaiting EV & ESS Business Profit

By Pi Research

  • Last week analyst meeting came out in a neutral tone.We maintain the HOLD rating due to demanding valuation.Our target price of Bt80.0, is derived using SOTP methodology, implying 43x PE’22E.
  • Expect the 2Q22 earnings to grow both YoY and QoQ, on the back of 1) higher EV sales 2) better solar power plant operation and 3) improving biodiesel sales.
  • The company has secured order for 87 E-buses to be delivered in 2Q22 to Lotte group.And further target a sales of 1,000 buses in 2H22, and 2,500 to 3,000 units

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May 28
0

Thailand: Synnex Thailand, Electricity Generating and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SYNEX: Maintain Healthy 22E Growth Despite Uncertainties
  • EGCO: Clean Energy Transition to Relegate ESG Concerns

SYNEX: Maintain Healthy 22E Growth Despite Uncertainties

By Pi Research

  • Maintain our BUY recommendation with TP of Bt29.75,derived from 27.0xPE’22 (+2SD of average 10-yr trading). Yesterday’s analyst meeting came out with neutral tone. While we are cautious of the inflationa
  • Management affirms that weakening consumer demand, shortages caused by China lockdowns and Russo-Ukrainian War, and weakening Baht will not impact SYNEX’s 2022 performance.
  • Management maintains their guidance of +15% revenue growth YoY in 2022, but admits post-2022 top-line growth will not match the levels seen during Covid period (2020-21).

EGCO: Clean Energy Transition to Relegate ESG Concerns

By Pi Research

  • The analyst meeting came out in a positive tone.The solid 2022 earnings outlook, decent dividend yield and lowering ESG concerns from transition to clean energy should support the stock performance.
  • Expect 2Q recurring profit to remain weak and recover thereafter, following seasonality of Paju ES, (49% stake, 1.8GWe).
  • The 2022 outlook looks solid from normalizing power plant operation (recovering demand)after COVID1-19 impact. Also,we see upside from new project acquisition as the company target to add 1.0GWe to portfolio

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May 25
0

Thailand: TTW Pcl, Bangchak Corporation, Global Green Chemicals and more

By | Daily Briefs, Thailand

In today’s briefing:

  • TTW: Bleak 2022 Outlook and Recovery Thereafter
  • BCP: Solid Refinery, E&P Performance to Drive 2Q22-2022 Earnings
  • GGC: Muted 2H22 Growth Expectations

TTW: Bleak 2022 Outlook and Recovery Thereafter

By Pi Research

  • We downgrade the rating to HOLD from BUY and revise down the target price by 22% to Bt11.70 due to weak earnings outlook from low tap water demand on account 
  • 1Q22 net profit dropped to Bt613m (-13% YoY, -1% QoQ), a 4-year low. The result came out lower than our expectation.
  • The YoY earnings drop was due to decline in gross margin, higher SG&A to sales and lower share of profit from CKP.Meanwhile, revenue dropped 4% YoY dragged by lower sales 

BCP: Solid Refinery, E&P Performance to Drive 2Q22-2022 Earnings

By Pi Research

  • The analyst meeting came out in a positive tone. We maintain the BUY call based on a target price of Bt42.0, derived using SOTP methodology, implying 1.1xPBV’23E.
  • Expect the 2Q22 recurring profit to improve both YoY and QoQ on the back of solid refinery and E&P business operations.
  • The bright refinery performance should continue to excel in 2Q22 underpinned by higher GRM and full refinery utilization.

GGC: Muted 2H22 Growth Expectations

By Pi Research

  • Last week analyst meeting came out in a negative tone.Maintain HOLD rating with a new TP of Bt13.00(down 9% from previous TP) based on 1.27xPBV’22E which is close to ASIA 
  • We foresee earnings momentum to slowdown QoQ in 2Q22,pressure by change to B5 biodiesel policy,along with seasonality effect will hurt biodiesel demand despite lockdown easing, but should be mildly cushion
  • Meanwhile, FA demand in 2Q22 should remain stable backed by growing consumption of personal care products and rising prices for substitute products

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May 24
0

Thailand: Carabao Group, Hana Microelectronics, Krung Thai Bank Pub, Ratch Group PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • CBG: Time to Reload
  • HANA: Robust EV Demand Will Offset Global Smartphone Decline
  • Thai Banks Screener; Krung Thai and Kasikorn Are Our Top Picks
  • RATCH: New Capacity Addition Would Offset EPS Dilution

CBG: Time to Reload

By Pi Research

  • Last week analyst meeting came out with a positive tone regarding2022-25 earnings outlook.We reiterate our BUY rating for CBG and roll over target price to Bt125 (Previous TP is Bt115)
  • We expect GPM to bottomed out in 1Q22 caused by 1) higher revenue contribution from branded own segment (higher than average blended GPM), 2) wholesale price adjustment by 1%-3%
  • We expect CBG to show a strong performance in 2022-25 supported by recovery sales in Cambodia, solid revenue in Myanmar, breaking into the Chinese market successfully, growth opportunities in Vietnam

HANA: Robust EV Demand Will Offset Global Smartphone Decline

By Pi Research

  • Analyst meeting came out with negative tone. We maintain BUY rating at Bt57.50, based on 21.3xPE’22 (+1SD of 10-yr trading average). Our TP and 22E downwards earnings revisal by 6% 
  • 2Q22 should be lowest of the year due to declining sales from decrease by 25% in output in Chinese factories.Recommend accumulating shares,due to attractive valuations, prior to 2H22 earnings recovery.
  • 2H22 earnings will recover from GPM expansion from revenue contribution from new SiC segment (consistently gross loss until now)and better product mix in IC Thai factory.Sales should also grow moderately 

Thai Banks Screener; Krung Thai and Kasikorn Are Our Top Picks

By Victor Galliano

  • The six value oriented Thai banks all have healthy credit quality, NPL coverage and sound capital adequacy ratios; in addition, encouraging cost of risk trends support the earnings outlook
  • Of these, we believe Krung Thai Bank screens well, with its attractive pre-provision and post-provision profitability versus peers, whilst trading on relatively undemanding multiples; we also like Kasikorn Bank
  • We see TMBThanchart as an early stage “turn around” stock, especially if management can improve credit quality, and push down its cost of risk sustainably to lower levels

RATCH: New Capacity Addition Would Offset EPS Dilution

By Pi Research

  • Last week analyst meeting came out in a positive tone. We maintain the BUY call based on target price of Bt48.0 derived using SOTP methodology, implying 9.0xPE’22E.
  • The 2Q22 earnings is expected to improve QoQ from1 higher share of profit from HPC, 2)equity income from new 145MWe  gas PP COD in 1Q22.While full quarter profit from 476M 
  • We see the 2022-25 outlook promising,considering 1)Steady earnings growth supported by 28% PP operating capacity expansion and 2)rising RE proportion which will rule out the ESG concerns and support rerating

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May 23
0

Thailand: Total Access Communication and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Merger Arb Mondays (23 May) – True Corp, DTAC, Ramsay, VNET, Link Admin, Alliance Aviation, Yashili

Merger Arb Mondays (23 May) – True Corp, DTAC, Ramsay, VNET, Link Admin, Alliance Aviation, Yashili

By Arun George

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May 21
0

Thailand: True Corp Pcl, Asian Sea, Minor International, Sappe Pcl, Global Power Synergy Company Ltd, WHA Corp Pcl and more

By | Daily Briefs, Thailand

In today’s briefing:

  • TRUE: Merger Still Progressing but Large Losses Expected in 22E
  • ASIAN: Pet Food Unit Continue to Be Key Growth Driver
  • MINT: Hotel Segment’s Recovery Will Boost 2022 Growth
  • SAPPE: Targets to Hit Revenue at Bt10bn by 2026
  • GPSC: Improving Earnings Performance from Tariff Adjustment
  • WHA: Positive Outlook for Three Key Businesses in 2022

TRUE: Merger Still Progressing but Large Losses Expected in 22E

By Pi Research

  • Conference meeting on Wednesday came with negative news on 22E earnings prospects. We maintain our BUY rating with TP of Bt5.09, based on the tender offer price.
  • Management expects no pushback in terms of creditor approval.We believe that the merger will also receive regulatory approval,but with several regulations to also protect consumers, which could impact NewCo’s potential.
  • We revise 22E earnings down to Bt2.9bn loss from Bt736m loss, previously, to reflect higher D&A costs and ARPU decline due to harsh competition in 2022.

ASIAN: Pet Food Unit Continue to Be Key Growth Driver

By Pi Research

  • Maintain BUY rating with TP of B23.00 derived from 16xPE’22E, which is close to +1SD of 5-years trading average. Our rating reflects strong pet food growth outlook, attractive 3.8% yield
  • We foresee earnings momentum to improve QoQ in 2Q22, supported by better pet food business unit from new capacity, and further strengthen by Baht downtrend.
  • In our view, the new pet food capacity should gather pace in 2H22, upon better demand in light of favorable macro dynamics. Moreover

MINT: Hotel Segment’s Recovery Will Boost 2022 Growth

By Pi Research

  • Analyst meeting came out with a positive tone regarding 2022 outlook.We maintain BUY rating with a target price of Bt38.0,based DCF method (WACC of 8% and terminal growth of 2%)
  • Positive 2022outlook as we expect the hotel industry to make a strong come back in 2022due to vaccine roll outs and easing of international travel restrictions,making the earnings positive for2022
  • Since 1Q is typically the lowest travel seasonality,we expect the revenue from hotels to grow for next 3 quarters (around 50% by 4Q22), contributing around 75% of the total revenue.

SAPPE: Targets to Hit Revenue at Bt10bn by 2026

By Pi Research

  • Yesterday analyst meeting came out with a positive tone.We reiterate our BUY rating for SAPPE with a target price of Bt35.25 (+10% from previous TP)based on 24xPE’22E, close to +1SD
  • Management targeted revenue at Bt10bn by 2026 or +22%CAGR(2022-26). •In our view, SAPPE target is quite challenging amid concern over rising inflation situation. 
  • We expect 2Q22 earnings to continue to grow YoY and QoQ supported by (1) higher oversea market penetration, (2) distribution channel expansion,  (3) more effective marketing activities

GPSC: Improving Earnings Performance from Tariff Adjustment

By Pi Research

  • We maintain the HOLD rating based on a target price of Bt69.0,derived using DCF methodology (WACC 5.7% and TG 1%),implying 32x PE’23E.Our valuation reflects weak SPP operations outlook in 2022
  • Expect the 2Q22 earnings to improve QoQ,from 1) better SPP margin backed by upward Ft adjustment 2) Full quarter profit recognition from GE phase 5 after maintenance shut down (3Q21-1Q22)
  • Full year 2022 outlook remains weak, as we expect the EPS to shrink by 37%.YoY due to continued pressure on SPP margins from high fuel cost. We are more positive 

WHA: Positive Outlook for Three Key Businesses in 2022

By Pi Research

  • We maintain the BUY call and a target price of Bt3.80 derived from 18.0xPE’22  (5-year average) or implies 10% discount to Thai real estate sector. BUY rating reflects positive outlook 
  • Expect Industrial estate business’s revenue (15% of total revenue in 2021) to grow 50% in 2022E supported by 1.) higher land transfer along with increasing investor traffic at site-visit, and, 
  • Maintain positive outlook for utility business under WHAUP(BUY: Bt4.60)in 2022E driven by an increase in water sales volume, solar roof portfolio expansion (target to hit 300MW by 2023 from 60MW 

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