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Equity Analysis / Thailand

Thailand (Bualuang) Refining & Chemical- GRM and most chemical spreads softened

Headline GRM softened WoW. Ethylene and Propylene spreads moved up WoW. HDPE and PP spreads declined slightly WoW.
Bualuang Securities Suppata Srisuk
Suppata Srisuk @ Bualuang Securities 29 September 2020
Equity Analysis / Thailand

Profit forecast upgrades!

2020 debtstock acquisition growth assumption upped to 53%. Good debt-tracking & collection numbers. Possible acquisitions would boost growth profile.
Bualuang Securities Suwat Bumrungchatudom
Suwat Bumrungchatudom @ Bualuang Securities 29 September 2020
Equity Analysis / Thailand

Low beta play

Selling pressure in TOA stocks could max out given the 75% stake held by family founder. Foreign holding in TOA is now at a deep low of 8.7% (near a bottom level in Dec 2017). Thus, DPS upside may be possible. Three arguments support our view. Firstl...
Bualuang Securities Narumon Ekasamut
Narumon Ekasamut @ Bualuang Securities 28 September 2020
Equity Analysis / Thailand

Super-cheap valuation; 2H20 recovery on-track

New acquisitions and service revenue to improve QoQ in 3Q20. Insights into 3Q20—YoY flattish but QoQ modest rise in core profit. Super-cheap valuation; share price tumble on portfolio adjustment.
Bualuang Securities Prasit Sujiravorakul
Prasit Sujiravorakul @ Bualuang Securities 28 September 2020
Strategy Note / Global

Emerging-Frontier Equity Monthly, September: EM Tech and FM outperform

Covid-19continues to oscillate between a source of gloom (new waves of infections even in those countries previously successful in their control of it, lasting economic damage to traditional businesses) and one of optimism (partial control of infecti...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 27 September 2020
Emerging-Frontier Equity Monthly, September: EM Tech and FM outperform
Emerging-Frontier Equity Monthly, September: EM Tech and FM outperform
Equity Analysis / Thailand

Thailand (Bualuang):Agro & Food-“La Niña” to peak in 4Q20-1Q21; hasty buy on TVO

In our TVO’s research paper dated Sep 17, based on the El Niño-Southern Oscillation (ENSO) Diagnostic Discussion report of Sep 10, the Climate Prediction Center (CPC) upgraded the ENSO alert system status from “La Niña Watch” (which has been maintain...
Bualuang Securities Prasit Sujiravorakul
Prasit Sujiravorakul @ Bualuang Securities 25 September 2020