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Equity Analysis / Thailand

Thailand (Bualuang) Home improvement: Earnings speak

SSS broad recovery: strong expansion only seen in DOHOME. GLOBAL and DOHOME are the best play in 3Q20 results forecast. HMPRO and ILM will show strong QoQ results, not yet for YoY.
Bualuang Securities Narumon Ekasamut
Narumon Ekasamut @ Bualuang Securities 20 October 2020
Equity Analysis / Thailand

October fire sales create real bargain

Committed to drive earnings growth despite missing top-line. Reaffirmed 3Q20 strong earnings recovery with record core margin. Heading to high seasonality in 4Q20-1Q21.
Bualuang Securities Narumon Ekasamut
Narumon Ekasamut @ Bualuang Securities 19 October 2020
Strategy Note / Thailand

Thai Market Strategy: 3Q20 earnings preview: QoQ recovery in 3Q20 and 4Q20

We expect the posted 3Q20 aggregate SET net profit to surge 43% QoQ but dive 29% YoY (shallower than the 50% YoY plunge for 2Q20). For core earnings, we estimate similar YoY and QoQ comparisons. The only sectors likely to post YoY core earnings growt...
Bualuang Securities Poramet Tongbua
Poramet Tongbua @ Bualuang Securities 16 October 2020
Equity Analysis / Thailand

Thailand (Bualuang) Automotive - Recovery through 2H20 and beyond

Auto production proved recovery trends since April 2020. FTI reiterates 2020 auto production forecast of 1.4m units. 3Q20 bottom-lines likely to be written in black ink.
Bualuang Securities Suwat Bumrungchatudom
Suwat Bumrungchatudom @ Bualuang Securities 15 October 2020
Equity Analysis / Thailand

Uplifted 3Q20 and 2020 earnings forecast

Clarifications on investors’ lingering concerns. Insights into 3Q20—a robust core earnings jump. We lifted our 2020 net profit by 8%.
Bualuang Securities Prasit Sujiravorakul
Prasit Sujiravorakul @ Bualuang Securities 15 October 2020
Flash Report / Poland

Poland's Allegro is in pole position despite IPO frenzy

Poland's Allegro is the latest 'Baby Amazon' (emerging market e-commerce player) to have listed and its IPO pop is the best in the e-commerce category. Allegro has 10.3mn active users and 130,000 merchants – it has a tight grip on Polish e-commerce,...
Tellimer Research Nirgunan Tiruchelvam
Nirgunan Tiruchelvam @ Tellimer Research 14 October 2020
Poland's Allegro is in pole position despite IPO frenzy
Poland's Allegro is in pole position despite IPO frenzy