A solid result. Good points made by all on the financials
Aristo’s result shows it alone could be worth more than the current enterprise value of DNA, besides its actual development cost or private market value. Qualitatively, I think Aristo having the number of tourism natural attractions in the Lao Cai/Sapa area has the tourism tailwinds (plus future airport and rail expansion) and is a key focus for the controlling shareholder, their first casino operated outside of Poipet. The tourism market attractions aspect of Lao Cai with casino venue, in sense similar to potential casino-IRs that may come in Thailand’s seaside cities. I do think there is a good probability that IRs legislation in Thailand could be approved by end-2025 and then there is a first Thailand IR completed in a 5-7 year horizon. It would seem natural in such scenario that the controlling shareholder may want to expand its businesses to a Thailand region IR, DNA would be a good operational prelude for the shareholder’s potential long-term expansion as regional operator. So hopefully there would be measures to boost shareholder value in the stock to come
DNA Price at posting:
4.0¢ Sentiment: Hold Disclosure: Held
