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Equity Analysis / Thailand

New normal or new bubble?

Sales are expected at US$545m for the quarter, up by 34% YoY and 20% QoQ (Bt17bn, up by 38% YoY and 18% QoQ in baht terms), with growth across most product categories (particularly related to EV cars, up 200% QoQ). Sales of high-end data center produ...
Bualuang Securities Napon Jaisan
Napon Jaisan @ Bualuang Securities 15 October 2020
Strategy Note / Vietnam

Vietnam strategy – October 2020: Be patient for opportunities

The low-interest rate environment along with a series of macro indicators starting to turn more positive have helped the Vietnamese stock market to extend the rally in September. Q3 20 business results of listed companies will be announced gradually...
Rong Viet Lam Nguyen
Lam Nguyen @ Rong Viet 5 October 2020
Equity Analysis / Thailand

Thailand (Bualuang) Transportation (Ground) - New normal ≠ new nightmare

Deceleration in recovery trend—indicator of a new normal? After swift MoM rebounds in use of public transport in both June and July, the Aug numbers indicated a slowing recovery. MRT’s mean daily ridership rose to 288k trips in Aug, up 14% MoM (up by...
Bualuang Securities Kijapat Wongmetta
Kijapat Wongmetta @ Bualuang Securities 1 October 2020
Strategy Note / Vietnam

Vietnam strategy – September 2020: Uptrend boosted by 'cheap' money

Vietnam's stock market increased sharply in August and became one of the best markets in the world as the VNIndex increased by 10.4% m/m. However, we believe that the recent uptick of the market is not sustainable when, based on our observations, the...
Rong Viet Lam Nguyen
Lam Nguyen @ Rong Viet 7 September 2020
Vietnam strategy – September 2020: Uptrend boosted by 'cheap' money
Vietnam strategy – September 2020: Uptrend boosted by 'cheap' money
Strategy Note / Vietnam

Vietnam investment strategy – August 2020: Prudence with macroeconomic outlook

With the second wave of the coronavirus pandemic, economic recovery will take longer than we expected because of weaker domestic consumption. Average liquidity from the start of the second wave until now was only VND4,200bn, fading out in the past fe...
Rong Viet Lam Nguyen
Lam Nguyen @ Rong Viet 6 August 2020
Equity Analysis / Egypt

Egypt Commodity and Material Prices: Sector outlook and trends – Q2 20 update

Nitrogen Fertilizer producers are ramping up capacity utilization in an attempt to offset weak urea prices with the outlook still uncertain. Petrochemicals have fared worse than their Agrochemical peers, as they have been enduring so far an unprecede...
Pharos Holding Diyar Hozaien
Diyar Hozaien @ Pharos Holding 28 July 2020