| INDORAMA POLYMER PCL – RISKS INCREASE BUT VALUATION NOW MUCH MORE ATTRACTIVE – MAINTAIN BUY |
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.
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| EGCO PCL – EARNINGS STABILIZE BUT SHARE PRICE DECLINES – MAINTAIN BUY |
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 |
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 |
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.
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| PTT EXPLORATION – RECENT PRICE DECLINE AND PRODUCTION GROWTH CREATES ATTRACTIVE ENTRY PRICE – BUY |
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.
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| RATCHABURI ELECTRICITY (RATCH:TB) – FUNDAMENTALS HAVE NOT CHANGED, BUT SHARE PRICE HAS DECLINED 20% |
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.
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| EGCO PCL (EGCO:TB) – EARNINGS DISAPPOINT, BUT VALUATION REMAINS COMPELLING – BUY |
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.
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| INDORAMA POLYMER PCL – CONTINUED STRONG EXECUTION AND RESULTS – MAINTAIN BUY |
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 |
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 |
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 |
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 |
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.
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| GLOW ENERGY PCL – SLIGHT MISS ON Q108 RESULTS – MAINTAIN HOLD |
8/14/2008 |
| GLOW ENERGY PCL – SLIGHT MISS ON Q108 RESULTS – MAINTAIN HOLD |
| EGCO PCL (EGCO:TB) – MOST ATTRACTIVE THAI POWER GENERATION STOCK – BUY |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 –. |
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? –. |
4/7/2008 |
| THAI STANLEY ELECTRIC PCL – UNDERVALUED CYCLICAL, WILL THE MARKET’S PATIENCE FINALLY BE REWARDED? – BUY |
| INDORAMA POLYMER PCL – RAISE TARGET – BUY |
4/3/2008 |
| INDORAMA POLYMER PCL – RAISE TARGET – BUY |
| GLOW ENERGY PCL – MISSED ON Q407 RESULTS, OUR LEAST PREFERRED IN THE SECTOR – HOLD |
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 |
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 |
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... |
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.. |
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. |
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 |
| SSI - Analysis of Shareholders Shows Sale Unlikely Despite Trading Below Book - Archived |
12/28/2005 |
| SSI - Analysis of Shareholders Shows Sale Unlikely Despite Trading Below Book |
| HomePro - Leader in Thai DIY but Overvalued - SELL - Archived |
10/4/2005 |
| HomePro - Leader in Thai DIY but Overvalued - SELL |
| PTTEP - Vietnam Discovery Positive; Fully Valued - HOLD - Archived |
9/28/2005 |
| PTTEP - Vietnam Discovery Positive; Fully Valued - HOLD |
| HANA - PCBA Strength in 05; Baht Uncertainty - BUY - Archived |
6/30/2005 |
| HANA - PCBA Strength in 05; Baht Uncertainty - BUY |
| HANA - Mgmt Visit; New China Plant Supports Growth - BUY - Archived |
6/30/2005 |
| HANA - Mgmt Visit; New China Plant Supports Growth - BUY |
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