Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

Equity Bottom-Up

Jardine Cycle & Carriage / Equity Bottom-Up

On Friday 28th of April I attended the AGM of <a href="https://www.smartkarma.com/entities/347" target="_blank" data-smartkarma-citation="entities:347:1">Jardine Cycle &amp; Carriage Ltd (JCNC SP)</a> in Singapore. It is the only AGM of all the Jardines Group companies outside of Bermuda. About 80 shareholders attended. The quality of the questions was refreshingly good and were answered at length by Chairman Benjamin Keswick and his board members. All resolutions presented at the AGM were passed.Jardines, via its cross holdings <a href="https://www.smartkarma.com/entities/15081" target="_blank" data-smartkarma-citation="entities:15081:1">Jardine Strategic Hldgs Ltd (JS SP)</a> and <a href="https://www.smartkarma.com/entities/19718" target="_blank" data-smartkarma-citation="entities:19718:1">Jardine Matheson Hldgs Ltd (JM SP)</a>, has…

On Friday 28th of April I attended the AGM of Jardine Cycle &amp; Carriage Ltd (JCNC SP) in Singapore. It is the only AGM of all the Jardines Group companies outside of Bermuda. About 80 shareholders attended. The quality of the questions was refreshingly good and were answered at length by Chairman Benjamin Keswick and his board members. All resolutions presented at the AGM were passed.Jardines, via its cross holdings Jardine Strategic Hldgs Ltd (JS SP) and Jardine Matheson Hldgs Ltd (JM SP), has…

AGM Jardine Cycle & Carriage (JCNC SP): Betting on ASEAN; but Remains a Discount Play on Astra

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul>
<li>SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.</li>
<li>
Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…</li>
</ul>


SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.

Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…


Average 19% YTD Gain in Key Mining Stocks

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

Thailand Mourns Fallen King, Healing Will Take Some Time

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

In 2013, Mitbuishi-UFJ, once the world's biggest bank, acquired Bank of Ayudhya (BAY) for US$6bn and became the largest foreign bank in Thailand. The Ratanarak family, which founded BAY and still holds a minority stake, is worth US$4.7bn and are the richest banking tycoons in Thailand today, but this is hardly their first major deal with foreign partners. They also founded Siam City Cement, which is now controlled by Switzerland's Holcim, and Forbes says their most valuable asset is Channel 7 (BBTV), the country's biggest broadcaster. Pretty amazing for a family that started as migrant coolie just one generation ago when you consider that BAY is hardly the biggest nor most profitable bank in Thailand.How did they get to this point? We think it's partly the humility of accepting their own limitations and borrowing other people's strengths, but you be the judge. Stock-wise, we are a bit puzzled that their property arm GLAND can pay such high yields (15.6%) and feel that BAY will continue to be a beneficiary of Abenomics.

In 2013, Mitbuishi-UFJ, once the world's biggest bank, acquired Bank of Ayudhya (BAY) for US$6bn and became the largest foreign bank in Thailand. The Ratanarak family, which founded BAY and still holds a minority stake, is worth US$4.7bn and are the richest banking tycoons in Thailand today, but this is hardly their first major deal with foreign partners. They also founded Siam City Cement, which is now controlled by Switzerland's Holcim, and Forbes says their most valuable asset is Channel 7 (BBTV), the country's biggest broadcaster. Pretty amazing for a family that started as migrant coolie just one generation ago when you consider that BAY is hardly the biggest nor most profitable bank in Thailand.How did they get to this point? We think it's partly the humility of accepting their own limitations and borrowing other people's strengths, but you be the judge. Stock-wise, we are a bit puzzled that their property arm GLAND can pay such high yields (15.6%) and feel that BAY will continue to be a beneficiary of Abenomics.

Thai-Coons (Ep. 4): Mitsubishi's Bankin' Buddy

Within the large cap cement makers, we think market leader Siam Cement seems more attractively valued and has better growth potential, but we also question their management vision as well as the other two businesses they operate in (petrochemicals and paper). Rival Siam City Cement may appeal to those who want a pure play with greater stability, while TPI Polene just seems really speculative...an industry disrupter reminiscent of True Corp in the telecom industry.Amongst the smaller caps, our favorite would be DCON, a maker of pre-fabricated floor pieces whose CEO seems obsessive with high dividend yields. DCC (Dynasty Ceramics) has the most upcountry exposure, which we do not like in this environment of weak farm incomes. Despite seemingly attractive valuations, we would avoid DRT (Diamond Roofing Tiles) due to its legacy exposure to asbestos litigation.

Within the large cap cement makers, we think market leader Siam Cement seems more attractively valued and has better growth potential, but we also question their management vision as well as the other two businesses they operate in (petrochemicals and paper). Rival Siam City Cement may appeal to those who want a pure play with greater stability, while TPI Polene just seems really speculative...an industry disrupter reminiscent of True Corp in the telecom industry.Amongst the smaller caps, our favorite would be DCON, a maker of pre-fabricated floor pieces whose CEO seems obsessive with high dividend yields. DCC (Dynasty Ceramics) has the most upcountry exposure, which we do not like in this environment of weak farm incomes. Despite seemingly attractive valuations, we would avoid DRT (Diamond Roofing Tiles) due to its legacy exposure to asbestos litigation.

Thailand

Siam City Cement Public Company Limited produces and distributes cement under branded names with various type of cement for different applications.  The Company also also produces and distributes ready-mix concrete and aggregates under branded names, as well as branded wood-replacement products.

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Siam City Cement (SCCC TB)

AGM Jardine Cycle & Carriage (JCNC SP): Betting on ASEAN; but Remains a Discount Play on Astra

On Friday 28th of April I attended the AGM of Jardine Cycle & Carriage Ltd (JCNC SP) in Singapore. It is the only AGM of all the Jardines Group...

Nicolas Van Broekhoven

Average 19% YTD Gain in Key Mining Stocks

SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold...

Singapore Exchange Ltd (SGX)

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research

Thai-Coons (Ep. 4): Mitsubishi's Bankin' Buddy

In 2013, Mitbuishi-UFJ, once the world's biggest bank, acquired Bank of Ayudhya (BAY) for US$6bn and became the largest foreign bank in Thailand....

Athaporn Arayasantiparb, CFA

DCON: Missing Links of Thai Construction

Within the large cap cement makers, we think market leader Siam Cement seems more attractively valued and has better growth potential, but we also...

Athaporn Arayasantiparb, CFA

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