Strategy Note /
Thailand

Deal Forensics: Thailand's Skytrain giant expands to schools, airports and more

  • We value BTS at Bt10.5/sh with Bt2/sh from new projects. On relative basis, the best case target is Bt28.7/sh

  • BTS comprised of skytrain, transit ads, etc. The most value accretive of the new projects is Versio international school

  • BTS recently benefited from the Kerry Thai IPO and now has stakes in RS and dessert chain After You

Athaporn Arayasantiparb
Athaporn Arayasantiparb

CFA - Managing Director, Head of Research

MCorp Review
28 January 2021
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