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LIM & TAN |
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Portfolio Seasons Thailand: Searching for that silver lining
Risk-off environment still in play … Over the last 3 months, MSCI Thailand is the 2nd worst ASEAN performer in US$ terms (-4.5%) after Vietnam (-10%). Observing the factor performance for the overall Thai market on a long (top decile) – short (bottom decile) basis, it is evident that investors remain risk off given the outperformance of defensive styles including Value, Low Volatility and Quality over Growth style. Despite the formation of a new government in Sep after months of uncertainty, weak tourism data, the anticipation of low fiscal multiplier effects from the US$14bn digital wallet scheme (Thai YA2024 report) and twin deficits for the economy support our view that market sentiment will continue to stay tepid.
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Rex International Holdings ($0.182, up 1 cent), a technology-driven oil exploration and production company, is pleased to announce that Akrake Petroleum SA (“Akrake”), a wholly-owned subsidiary of Porto Novo Resources Ltd, Rex’s 70 per cent-owned indirect joint venture company, has signed a production sharing contract (“PSC”) for operatorship and a 76 per cent working interest in Block 1, Sèmè Field in Benin, West Africa. The remainder of the working interest is held by the government of Benin holding 15 per cent and Octogone Trading, an integrated energy and commodities company trading throughout West Africa, holding 9 per cent. Rex’s market cap stands at S$237 mln and currently trades at 1x PB and does not pay dividends |
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MAYBANK KE |
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Mynews Holdings (MNHB MK)
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