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Thailand: Chemical - Demand improvement overshadowed by excessive new supply

Low season is coming. Huge new capacity to pressure 2023 olefins spreads. Incremental supply boosts to constrain 2023 aromatics margins.
Bualuang Securities Suppata
Suppata Srisuk @ Bualuang Securities 24 March 2023

TH : Strategy - What to buy if Pheu Thai forms the new govt

A recent Nida Poll revealed that Pheu Thai Party is gaining more popularity and about half of the 2,000 respondents said they would vote for Pheu Thai. We expect Pheu Thai Party to team up with Palang Pracharat and others to form the new governme....
CGS-CIMB Kasem
Kasem Prunratanamala @ CGS-CIMB 24 March 2023

TH : Thai Union Group - Assessing downside risks from Red Lobster

TU said RL is on track to achieve US$60m EBITDA in 1HFY23F. We project THB4.4/share FY23F EPS downside in the worst-case scenario where TU must write off its RL investment; however, we think this is unlikely. We reiterate our Add rating on cheap v....
CGS-CIMB Tanida
Tanida Jirapornkasemsuk @ CGS-CIMB 23 March 2023

Thailand: Utilities - SPPs still smile, despite expected power price cut

The ERC will cut power price, but …. …we have upgraded our 2023 projections for SPPs. Sensitivity analysis.
Bualuang Securities Kijapat
Kijapat Wongmetta @ Bualuang Securities 23 March 2023

Thailand: Healthcare - Post-results calls with management

Greater confidence over outlooks for BDMS and BH. Good 2023 outlooks for four hospitals—BDMS, BH, BCH, and CHG. CLMV, China, and Middle East to drive business in 2023.
Bualuang Securities Phoowadol
Phoowadol Phoosodngern @ Bualuang Securities 23 March 2023

Thailand election: Shinawatra leads the polls but military holds the aces

Shinawatra party opinion poll lead widens before 14 May election but military effectively controls government formation. Prospects of structural reform are low and youth protest risk persists. But tourism pick up, oil price fall and valuation all fav...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 22 March 2023
Thailand election: Shinawatra leads the polls but military holds the aces
Thailand election: Shinawatra leads the polls but military holds the aces