Kalvalee Thongsomaung

Bualuang Securities

Equity Research Analyst @ Bualuang Securities

Kalvalee has 10 years experience of Equity Analysis, specializing in the hotel, agriculture and food & beverage, and media industries. She also has 5 years experience as an Investor Relations Manager at Central Pattana Plc. and was Head of Investor Relations at Thai Union Group Plc. She holds a BBA (Finance, First-class honor) at Kasetsart University and a Master of Commerce (Finance) at The University of Sydney.

Kalvalee Thongsomaung
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Latest from Kalvalee Thongsomaung

Thailand: Tourism - Staying bullish on the sector

Expecting higher tourist influx in 2Q23. Looking at stronger performance in 2Q23. Our tourism preferences remain AOT, CENTEL, MINT, ERW, and AWC.
Bualuang Securities Kalvalee
Kalvalee Thongsomaung @ Bualuang Securities 20 March 2023

Thailand: Beverage - Limited downside risk

Sector’s market share shift should be apparent in mid-2023. CBG: stronger catalysts should kick in by 2H23. OSP: gradual QoQ earnings turnaround momentum.
Bualuang Securities Kalvalee
Kalvalee Thongsomaung @ Bualuang Securities 7 March 2023

Thailand: Tourism - Slight arrivals dip MoM in Jan-Feb

Jan-Feb 2023 arrivals equaled 58% of Jan-Feb 2019 numbers. Jan-Feb 2023 Chinese arrival substantially up. Stronger-than-expected 4Q22 results, great momentum continues.
Bualuang Securities Kalvalee
Kalvalee Thongsomaung @ Bualuang Securities 1 March 2023

Central Plaza Hotel PCL: 4Q22 results beat all estimates

4Q22 results beat our estimate and the street’s. CENTEL reported a 4Q22 core profit of Bt382m. CENTEL’s hotel revenue improved substantially by 109% YoY.
Bualuang Securities Kalvalee
Kalvalee Thongsomaung @ Bualuang Securities 28 February 2023

Asset World Corp PCL: Stronger than expected 4Q22 profit

4Q22 results stronger than we had expected. AWC reported a 4Q22 core profit of Bt362m. Revenue totaled Bt3.5bn in 4Q22.
Bualuang Securities Kalvalee
Kalvalee Thongsomaung @ Bualuang Securities 28 February 2023

Minor International PCL: Stronger-than-expected 4Q22 results

4Q22 profit was stronger than our and the consensus’ estimates. MINT reported core profit of Bt2.38bn for 4Q22. We expect 1Q23 earnings to soften QoQ.
Bualuang Securities Kalvalee
Kalvalee Thongsomaung @ Bualuang Securities 24 February 2023

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