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Strategies & Market Trends : Asia Forum

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To: Thomas Haegin who wrote (1654)	1/28/1998 8:37:00 AM
From: tom	Read Replies (4) of 9980

Thomas & Derrick Shinawatra owns 57% of Advanced Info Services (listed), the largest mobile phone operator in Thailand (low debt position, profitable etc). It also distributes handsets, has a cable TV network and has a share in a satellite business. It owns bit and pieces of various cellular operations in Asia but they not that important. Shin trades at almost half the sum-of-the-parts valuation (it should trade at Bt300+ rather than Bt170). Basically you get everything except Advanced Info (ie the parent company business) for free! For a discount superstore you would have to look at Siam Makro, a cash and carry operator. The trouble is it trades on 25x 1996 (ie peak) earnings.

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