September 17, 2012
Shares of national carrier Thai Airways, which have been under-performing the broader blue-chips index, climbed to their highest in almost three months on Monday after the appointment of a new president.
The appointment of Sorajak Kasemsuvan as the new president on Friday improved the near-term outlook for the carrier, broker Maybank Kim Eng Securities said.
"The new president will be a key driver pushing the long term fleet expansion, as planned... Our Thai valuation is very cheap, trading at an earnings multiple of 9.9 and price to book of 0.68 times and discounted from regional peers at an earnings multiple of 10.8 and price to book of 1.4 times," it said.
