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Thailand

Recent Reports

Yungtay - Elevator Going Up - BUY - Archived 10/4/2013
Elevator Co Expands in China - Growth Supported by Urbanization
BCH - Market Too Conservative on Longer-term opportunity to Widen Margins - BUY - Archived 5/22/2013
Solid Play on Thai Hospital Market - Margins Set to Widen - BUY
St. Shine Optical - Major Player in Developed Asia - BUY - Archived 4/8/2013
World's leading maker of OEM soft lenses, strong and constant margins, high ROE and healthy balance sheet
Ginko International - Play on China Demand - Good Corporate Governance - BUY - Archived 4/8/2013
Largest contact lens producer in China, nearly 100% of sales are derived from the China domestic market.
PTT CHEMICAL (PTTCH:TB) - INDUSTRY FUNDAMENTALS HURT AN OTHERWISE WELL-POSITIONED GROWTH COMMODITY CHEMICAL PRODUCER - Archived 9/17/2009
PTT Chemical is a 51%-owned chemicals subsidiary of PTT, focused on the olefins chain. The Thai petro-chemical industry has been radically restructured over the past few years, leaving more focused “national champions”, and greater policy and investment co-ordination. The Company is Thailand’s largest ethylene producer and is undertaking an aggressive growth program.

INDORAMA POLYMER PCL – RISKS INCREASE BUT VALUATION NOW MUCH MORE ATTRACTIVE – MAINTAIN BUY - Archived 12/15/2008
Indorama (IRP) just met with analysts to review their Q308 results and outline their expansion plans and fiscal situation.  Results were 30% under our forecast, due primarily to S,G&A and interest expenses greater than forecast. 
EGCO PCL – EARNINGS STABILIZE BUT SHARE PRICE DECLINES – MAINTAIN BUY - Archived 12/3/2008
EGCO surprised to the upside in Q308, although issues raised in last report remain.
RATCHABURI ELECTRICITY (RATCH:TB) – FUNDAMENTALS ONLY SLIGHTLY LOWER, BUT SHARE PRICE IS DOWN 40% YT - Archived 12/1/2008
Ratchaburi Electricity announced very good Q308 results, in sharp contrast to EGCO which announced results below our expectations.
PTT PCL – THAILAND’S PREMIER INDUSTRIAL COMPANY TRADING AT HISTORICALLY LOW MULTIPLES – BUY - Archived 10/24/2008
PTT holds integrated oil and gas assets.  It and its affiliates represent almost 30% of the total market cap of the Stock Exchange of Thailand (SET).  PTT’s share price has plunged 63%, from Bt440 to Bt163 per share since May. 
PTT EXPLORATION – RECENT PRICE DECLINE AND PRODUCTION GROWTH CREATES ATTRACTIVE ENTRY PRICE – BUY - Archived 10/20/2008
PTTEP is the only large oil and gas E&P company in Thailand. It announced large production and earnings increases in Q208 as the Arthit field came on-line.
RATCHABURI ELECTRICITY (RATCH:TB) – FUNDAMENTALS HAVE NOT CHANGED, BUT SHARE PRICE HAS DECLINED 20% - Archived 10/3/2008
Ratchaburi Electricity announced Q208 results that would have beat our forecast, except for much worse than expected FX adjustments. It has also brought on-stream the 2nd unit of its 25%-owned, 1,400 MW combined-cycle gas-fired plant.
EGCO PCL (EGCO:TB) – EARNINGS DISAPPOINT, BUT VALUATION REMAINS COMPELLING – BUY - Archived 9/23/2008
In H108, EGCO brought phase 2 of its (50%-owned) 1,468 MW power plant on-line and announced better than expect earnings. Its legacy assets continue to see declining profitability but its new assets are taking up most of the slack.
INDORAMA POLYMER PCL – CONTINUED STRONG EXECUTION AND RESULTS – MAINTAIN BUY - Archived 9/1/2008
Maintain BUY recommendation, with 20% upside to our target price of Bt11.50 per share. We highlight a net debt to equity ratio of nearly 200% as a risk factor.
BANPU PLC (BANPU.TB) – VALUE BEGINNING TO SURFACE – HOLD - Archived 8/29/2008
Banpu’s shares have traded in a wide range this year – and we believe that share prices below Bt390 offer a good opportunity to acquire what ought to be a core holding for investors in Thailand, interested in Asian energy markets.
CENTRAL PATTANA PLC. – VALUATION CONUNDRUM FOR THAILAND’S LEADING COMMERICAL PROPERTY DEVELOPER – BU - Archived 8/28/2008
CPN released Q208 results and confirmed its new developments are on schedule, but with increasing constructions costs. No new major projects.
ESSO (THAILAND) PLC – ATTRACTIVE VALUATION, BUT LESS COMPELLING THAN TOP & PPTAR – BUY - Archived 8/20/2008
ESSO (THAILAND) PLC – ATTRACTIVE VALUATION, BUT LESS COMPELLING THAN TOP & PPTAR – BUY
THAI STANLEY ELECTRIC PCL – PERFORANCE IN LINE; UNFORTUNATELY MORE PATIENCE REQUIRED – BUY - Archived 8/14/2008
Thai Stanley continues to report steady growth and margins in Q407 (period ended March 31, 2008) and Q108.  The Company has maintained this good performance since initiating its cost improvement programs in 2005. 
GLOW ENERGY PCL – SLIGHT MISS ON Q108 RESULTS – MAINTAIN HOLD - Archived 8/14/2008
GLOW ENERGY PCL – SLIGHT MISS ON Q108 RESULTS – MAINTAIN HOLD
EGCO PCL (EGCO:TB) – MOST ATTRACTIVE THAI POWER GENERATION STOCK – BUY - Archived 8/11/2008
EGCO PCL (EGCO:TB) – MOST ATTRACTIVE THAI POWER GENERATION STOCK – BUY
PTT AROMATICS AND REFINERY PCL (PTTAR) – COMPELLING VALUATION AND GOOD Q208 EXPECTED – BUY - Archived 8/6/2008
PTT AROMATICS AND REFINERY PCL (PTTAR) – COMPELLING VALUATION AND GOOD Q208 EXPECTED – BUY
THAI OIL PCL (TOP.TB) – RECORD EARNINGS EXPECTED IN Q208 – MAINTAIN BUY - Archived 8/4/2008
THAI OIL PCL (TOP.TB) – RECORD EARNINGS EXPECTED IN Q208 – MAINTAIN BUY
INDORAMA POLYMER PCL – ATTRACTIVE VALUATION GIVEN THE GROWTH DESPITE LOWER EARNINGS FORECASTS – BUY - Archived 7/31/2008
INDORAMA POLYMER PCL – ATTRACTIVE VALUATION GIVEN THE GROWTH DESPITE LOWER EARNINGS FORECASTS – BUY
RATCHABURI ELECTRICITY (RATCH:TB) – NO MATERIAL GROWTH LIKELY UNTIL 2011 – HOLD - Archived 7/29/2008
RATCHABURI ELECTRICITY (RATCH:TB) – NO MATERIAL GROWTH LIKELY UNTIL 2011 – HOLD
PTT AROMATICS AND REFINERY PCL (PTTAR) – VALUATION CRUSHED, BELOW BOOK, WELL BELOW REPLACEMENT – BUY - Archived 7/16/2008
PTT AROMATICS AND REFINERY PCL (PTTAR) – VALUATION CRUSHED, BELOW BOOK, WELL BELOW REPLACEMENT – BUY
PTT CHEMICAL PCL – COMMODITY CHEMICAL’S CYCLE IS WORKING AGAINST A GOOD ASSET MIX – HOLD - Archived 5/12/2008
PTT CHEMICAL PCL – COMMODITY CHEMICAL’S CYCLE IS WORKING AGAINST A GOOD ASSET MIX – HOLD
CENTRAL PATTANA PLC. – FULL VALUATION FOR THAILAND’S LEADING COMMERCIAL PROPERTY DEVELOP – HOLD - Archived 4/28/2008
CENTRAL PATTANA PLC. – FULL VALUATION FOR THAILAND’S LEADING COMMERCIAL PROPERTY DEVELOP – HOLD
IRPC PCL – RESTRUCTURING GAINS ARE IN AND THE FUTURE LOOKS RATHER FLAT – HOLD - Archived 4/25/2008
IRPC PCL – RESTRUCTURING GAINS ARE IN AND THE FUTURE LOOKS RATHER FLAT – HOLD
THAI OIL PCL (TOP:TB) – SHARE PRICE DECLINE RESULTED IN VERY ATTRACTIVE VALUATION WITH GOOD YIELD –. - Archived 4/15/2008
THAI OIL PCL (TOP:TB) – SHARE PRICE DECLINE RESULTED IN VERY ATTRACTIVE VALUATION WITH GOOD YIELD – MAINTAIN BUY
THAI STANLEY ELECTRIC PCL – UNDERVALUED CYCLICAL, WILL THE MARKET’S PATIENCE FINALLY BE REWARDED? –. - Archived 4/7/2008
THAI STANLEY ELECTRIC PCL – UNDERVALUED CYCLICAL, WILL THE MARKET’S PATIENCE FINALLY BE REWARDED? – BUY
INDORAMA POLYMER PCL – RAISE TARGET – BUY - Archived 4/3/2008
INDORAMA POLYMER PCL – RAISE TARGET – BUY
GLOW ENERGY PCL – MISSED ON Q407 RESULTS, OUR LEAST PREFERRED IN THE SECTOR – HOLD - Archived 4/2/2008
GLOW ENERGY PCL – MISSED ON Q407 RESULTS, OUR LEAST PREFERRED IN THE SECTOR – HOLD
EGCO PCL (EGCO:TB) – MOST ATTRACTIVE OF THE THAI POWER GENERATION STOCKS – BUY - Archived 4/1/2008
EGCO PCL (EGCO:TB) – MOST ATTRACTIVE OF THE THAI POWER GENERATION STOCKS – BUY
RATCHABURI ELECTRICITY (RATCH:TB) – MODEST GROWTH PROSPECTS ARE FAIRLY PRICED – HOLD - Archived 3/28/2008
RATCHABURI ELECTRICITY (RATCH:TB) – MODEST GROWTH PROSPECTS ARE FAIRLY PRICED – HOLD
PTT CHEMICAL PCL (PTTCH:TB) – INDUSTRY FUNDAMENTALS HURT AN OTHERWISE WELL-POSITIONED, GROWTH... - Archived 1/28/2008
PTT CHEMICAL PCL (PTTCH:TB) – INDUSTRY FUNDAMENTALS HURT AN OTHERWISE WELL-POSITIONED, GROWTH COMMODITY CHEMICAL PRODUCER – HOLD
ELECTRICITY GENERATING PUBLIC COMPANY LIMITED (EGCO:TK) – OUR PREFERRED CHOICE IN THAILAND’S POWER.. - Archived 1/23/2008
ELECTRICITY GENERATING PUBLIC COMPANY LIMITED (EGCO:TK) – OUR PREFERRED CHOICE IN THAILAND’S POWER GENERATION SECTOR – BUY
BANPU PCL (SET:BANPU) - UNIQUE BUSINESS MODEL IN SOUTHEAST ASIA’S BOOMING POWER GENERATION SECTOR. - Archived 1/9/2008
BANPU PCL (SET:BANPU) - UNIQUE BUSINESS MODEL IN SOUTHEAST ASIA’S BOOMING POWER GENERATION SECTOR - HOLD, ON VALUATION ISSUE
INDORAMA POLYMERS PUBLIC CO LTD (IRP:BK) – FULL BENEFITS OF ITS CAPACITY INCREASE TO BE SEEN OVER... - Archived 12/20/2007
INDORAMA POLYMERS PUBLIC CO LTD (IRP:BK) – FULL BENEFITS OF ITS CAPACITY INCREASE TO BE SEEN OVER THE NEXT TWO QUARTERS – BUY
IRPC PUBLIC COMPANY LTD (SET:IRPC) – SOUTHEAST ASIA REFINING AND PETROCHEMICAL EXPOSURE AT A FAIR.. - Archived 12/20/2007
IRPC PUBLIC COMPANY LTD (SET:IRPC) – SOUTHEAST ASIA REFINING AND PETROCHEMICAL EXPOSURE AT A FAIR PRICE – HOLD
THAI OIL PUBLIC COMPANY LTD (TOP.SET) – MODERATE GROWTH, GOOD MANAGEMENT, GREAT ASSETS; REASONABLE.. - Archived 12/20/2007
THAI OIL PUBLIC COMPANY LTD (TOP.SET) – MODERATE GROWTH, GOOD MANAGEMENT, GREAT ASSETS; REASONABLE VALUATION PROVIDES GOOD ENTRY POINT – BUY
RATCHABURI ELECTRICITY (RATCH:TB) – MODEST GROWTH PROSPECTS ARE FAIRLY PRICED – HOLD - Archived 3/28/2006
RATCHABURI ELECTRICITY (RATCH:TB) – MODEST GROWTH PROSPECTS ARE FAIRLY PRICED – HOLD
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Coverage

Advance Info Services (ADVANC) Add to my Watch List
AEON Thailand (AEONTS) Add to my Watch List
Airports of Thailand (AOT) Add to my Watch List
Bangkok Bank (BBL) Add to my Watch List
Bangkok Chain Hospital PCL (BCH.BK) Add to my Watch List
Bangkok Expressway (BECL) Add to my Watch List
Bank of Ayudhya (BAY) Add to my Watch List
Banpu Plc (BANPU) Add to my Watch List
BEC World (BEC) Add to my Watch List
Central Pattana Plc (CPN.TB) Add to my Watch List
Charoen Pokphand Foods (CPF) Add to my Watch List
CS Loxinfo (CSL) Add to my Watch List
Delta Electronics (DELTA) Add to my Watch List
EGV Entertainment (EGV) Add to my Watch List
Electricity Generating Public Company Ltd (EGCO.TK) Add to my Watch List
Esso (Thailand) PLC (ESSO.TB) Add to my Watch List
ESTAR (ESTAR) Add to my Watch List
Ginko International Co Ltd (8406.TWO) Add to my Watch List
Glow Energy Company Limited (GLOW) Add to my Watch List
Grammy (GRAMM) Add to my Watch List
Hana Electronics (HANA) Add to my Watch List
Home Product Center (HMPR) Add to my Watch List
Hwa Fong Rubber (HFT) Add to my Watch List
Indorama Polymers (IRP.BK) Add to my Watch List
IRPC Public Company Ltd. (IRPC.TB) Add to my Watch List
Italian-Thai Development (ITD) Add to my Watch List
Kasikorn Bank (KBANK) Add to my Watch List
Krung Thai Bank (KTB) Add to my Watch List
L.P.N. Development (LPN) Add to my Watch List
Land and Houses (LH) Add to my Watch List
Matching Studio (MATCH) Add to my Watch List
National Petrochemical (NPC) Add to my Watch List
Noble Development (NOBLE) Add to my Watch List
PTT Aromatics and Refinery PLC (PTTAR) Add to my Watch List
PTT Chemical PLC (PTTCH.TB) Add to my Watch List
PTT E&P (PTTEP) Add to my Watch List
PTT PLC (PTT.BK) Add to my Watch List
Quality Houses (QH) Add to my Watch List
Ratchaburi Electricity Generating (RATCH) Add to my Watch List
Royal Garden Resorts (RGR) Add to my Watch List
Sahaviriya Steel (SSI) Add to my Watch List
Samart (SAMART) Add to my Watch List
Shinawatra Communication (SHIN) Add to my Watch List
Singha Paratec Plc (SINGHA) Add to my Watch List
St.Shine Optical Co Ltd (1565.TWO) Add to my Watch List
TelecomAsia (TA) Add to my Watch List
Thai Military Bank (TMB) Add to my Watch List
Thai Oil Plc (TOP.BO) Add to my Watch List
Thai Olefins Plc (TOC) Add to my Watch List
Thai Stanley Electric Plc (STANLY.BO) Add to my Watch List
Thai Union Frozen Products (TUF) Add to my Watch List
TISCO Finance (TISCO) Add to my Watch List
TT&T (TTNT) Add to my Watch List
Yungtay Engineering Co Ltd (1507.TW) Add to my Watch List