Siam Makro. The Thai wholesale distributor recently posted a solid set of results revealing robust top line growth and margin expansion. Consensus earnings look woefully conservative given their projection of anemic top line growth. With inflationary pressures rising (always a friend of distributors), pricing power should steadily improve. Valuations are far from excessive, with Thailand having been a forgotten market, while offering a sustainable dividend yield of over 6.0%.
| Sedol |
Type |
Price |
Date |
| 6798796 |
Buy |
THB 92.38 |
16/03/2010 |
|
