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Chinese firm takes ownership from Thai brokerage

CGSCIMB bangkok one Feb 12 2024

CGS-CIMB Securities (Thailand) has been rebranded as CGS International Securities (Thailand) (CGSI) following China Galaxy Securities’ acquisition of a 100% stake in the company in December 2023. This move aims to bolster China Galaxy Securities’ presence in the region.

As the second-largest securities company in China, China Galaxy Securities is fully owned by the Chinese government and operates over 500 branches across the country.

Patcharanon Cheevakrianggrai, the CEO of CGSI, explained that the change in name reflects the company’s new ownership structure, with CGSI now being the sole Thai brokerage wholly owned by the Chinese government.

Notably, Malaysia’s CIMB Group had previously divested 50% of its shareholding in CGS-CIMB Securities to China Galaxy Securities in 2018. This was followed by the Chinese broker’s acquisition of an additional 25% shareholding in December 2022 and the remaining 25% stake in December 2023.

Mr. Patcharanon assured that the internal restructuring will not impact the rights and operations between the brokerage and its clients. All transactions made prior to the change will be honored under CGSI.

The rebranding is anticipated to enhance the relationship between China and Southeast Asia, as CGSI is expected to have stronger ties with regional clients and access to robust investment opportunities.

Regarding investment insights, CGSI Research holds a favorable perspective on hospital stocks listed on the Thai bourse. The research suggests that foreign patients seeking treatment in Thailand are likely to drive profit growth for healthcare services, thereby improving hospitals’ profit margins.

Kasem Prunratanamala, head of Thailand research at CGSI Research, projects a 10% revenue growth for hospital groups this year and an 8% growth in 2025. Notably, hospital groups witnessed foreign capital inflows of 10 billion baht in 2023 and 2 billion baht so far this year.

Bangkok Dusit Medical Services received the largest foreign investment inflows last year, while Bumrungrad Hospital has seen the highest inflows this year.

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