Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>We downgrade to HOLD from BUY rating and maintain TP of Bt5.09based on TRUE’s tender offer price due to limited upside and bleak 2022-23E outlook. Its 2Q22 core operation incurred</li>
<li>2Q22 core earnings worsened YoY Its 2Q22 core operation incurred the 7th consecutve quarterly loss of Bt703m loss.Larger YoY loss was due to narrowed gross margin, while lower QoQ loss </li>
<li>Revenue was at Bt34bn (flat YoY,-3%QoQ).Flat YoY was because large subscriber gains was offset by decline in mobile ARPU and TRUE Online revenue.QoQ decline was due to lower handset sales</li>
</ul>


We downgrade to HOLD from BUY rating and maintain TP of Bt5.09based on TRUE’s tender offer price due to limited upside and bleak 2022-23E outlook. Its 2Q22 core operation incurred
2Q22 core earnings worsened YoY Its 2Q22 core operation incurred the 7th consecutve quarterly loss of Bt703m loss.Larger YoY loss was due to narrowed gross margin, while lower QoQ loss 
Revenue was at Bt34bn (flat YoY,-3%QoQ).Flat YoY was because large subscriber gains was offset by decline in mobile ARPU and TRUE Online revenue.QoQ decline was due to lower handset sales


TRUE : Market Competition Should Not Worsen

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya</a>, <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp</a>, <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings, Inc,</a><a href="https://www.smartkarma.com/entities/phu-nhuan-jewelry-jsc" target="_blank" data-smartkarma-citation="entities:21027:1" rel="noopener">Phu Nhuan Jewelry Jsc (PNJ VN)</a>, and <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> </li>
<li>There were also sector pieces looking at some potential consumer GEMs to come out of Indonesia, and the prospects for Thai Banks in 2H2022 in light of rate hikes. </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on Sumber Alfaria Trijaya, Comfortdelgro Corp, The Keepers Holdings, Inc,Phu Nhuan Jewelry Jsc (PNJ VN), and Total Access Communication (DTAC TB) 
There were also sector pieces looking at some potential consumer GEMs to come out of Indonesia, and the prospects for Thai Banks in 2H2022 in light of rate hikes. 


The Week That Was in ASEAN@Smartkarma - Alfamart's Growth, Comfort Delgro, and The Keepers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Lifestyle International Holdings / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>Highest spreads are <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a>, <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>.</li>
<li>Lowest gross spreads are <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a>, <a href="https://www.smartkarma.com/entities/excelpoint-technology-ltd" target="_blank" data-smartkarma-citation="entities:1774:1" rel="noopener">Excelpoint Technology (EXLP SP)</a>, <a href="https://www.smartkarma.com/entities/mydeal-com-au-ltd" target="_blank" data-smartkarma-citation="entities:30939:1" rel="noopener">MyDeal.com.au Ltd (MYD AU)</a>, <a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland Holdings (COLA MK)</a>, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, China VAST.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
Highest spreads are 21Vianet Group (VNET US), Alliance Aviation Services (AQZ AU), Ramsay Health Care (RHC AU), Resapp Health (RAP AU), Infomedia Ltd (IFM AU), Lifestyle International Holdings (1212 HK).
Lowest gross spreads are Dongzheng Automotive Finance (2718 HK), Excelpoint Technology (EXLP SP), MyDeal.com.au Ltd (MYD AU), Cocoaland Holdings (COLA MK), Giordano International (709 HK), China VAST.


Merger Arb Mondays (15 Aug) - Lifestyle Intl, EVOC, Giordano, Yashili, Alliance Aviation, ResApp

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>There are 43 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Four new deals discussed this week: <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP (BHP AU)</a>'s tilt for <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals (OZL AU)</a>; <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle (1212 HK)</a>'s privatisation; <a href="https://www.smartkarma.com/entities/evoc-intelligent-technology-company-limited-h" target="_blank" data-smartkarma-citation="entities:2015:1" rel="noopener">EVOC (2308 HK)</a>'s Merger by Absorption, and <a href="https://www.smartkarma.com/entities/shinoken-group-co-ltd" target="_blank" data-smartkarma-citation="entities:17040:1" rel="noopener">Shinoken (8909 JP)</a>'s MBO.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> / <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a>.</li>
</ul>


There are 43 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals discussed this week: BHP (BHP AU)'s tilt for OZ Minerals (OZL AU); Lifestyle (1212 HK)'s privatisation; EVOC (2308 HK)'s Merger by Absorption, and Shinoken (8909 JP)'s MBO.
Key updates took place for Total Access Communication (DTAC TB) / True Corp Pcl (TRUE TB).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Oz Minerals, Lifestyle, EVOC Tech, Shinoken, DTAC/True

<ul>
<li>Reportedly, the board of the National Broadcasting and Telecommunications Commission (NBTC), Thailand's telco regulator, has called for a more detailed analysis of the deal’s impact on competition, consumers and industry. </li>
<li>This follows recent calls by Thailand’s opposition Move Forward party <a href="https://www.thaipbsworld.com/nbtc-board-urged-to-ditch-true-dtac-merger-plan/" target="_blank" rel="noopener">urging</a> the NBTC to block <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> / <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a>'s merger.</li>
<li>Both DTAC and True are trading tight to terms - especially True. Time to take down borrow.</li>
</ul>


Reportedly, the board of the National Broadcasting and Telecommunications Commission (NBTC), Thailand's telco regulator, has called for a more detailed analysis of the deal’s impact on competition, consumers and industry. 
This follows recent calls by Thailand’s opposition Move Forward party urging the NBTC to block Total Access Communication (DTAC TB) / True Corp Pcl (TRUE TB)'s merger.
Both DTAC and True are trading tight to terms - especially True. Time to take down borrow.


True/​​​DTAC: Merger Support Increasingly Tenuous

Thailand

True Corporation PCL is an integrated telecommunications provider. The Company offers a wide range of voice, video, and data services, including dial-up and broadband Internet services, pay television, fixed-line phone, online games, and mobile phone services.

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True Corp Pcl (TRUE TB)

TRUE : Market Competition Should Not Worsen

We downgrade to HOLD from BUY rating and maintain TP of Bt5.09 based on TRUE’s tender offer price due to limited upside and bleak 2022-23E...

Pi Securities PCL, Thailand

The Week That Was in ASEAN@Smartkarma - Alfamart's Growth, Comfort Delgro, and The Keepers

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Merger Arb Mondays (15 Aug) - Lifestyle Intl, EVOC, Giordano, Yashili, Alliance Aviation, ResApp

This week, the highest gross spreads are VNET (52.4%), Alliance Aviation (39.7%), Ramsay (22.3%), ResApp (12.4%), Infomedia (11.5%), Lifestyle...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Oz Minerals, Lifestyle, EVOC Tech, Shinoken, DTAC/True

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

True/DTAC: Merger Support Increasingly Tenuous

IF the deal breaks, DTAC could be the unwanted orphan with ~20% market share. For that, I'd be looking to go short on DTAC. I'd tilt short True...

David Blennerhassett

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TRUE : Market Competition Should Not Worsen

We downgrade to HOLD from BUY rating and maintain TP of Bt5.09 based on TRUE’s tender offer price due to limited upside and bleak 2022-23E...

Pi Securities PCL, Thailand

The Week That Was in ASEAN@Smartkarma - Alfamart's Growth, Comfort Delgro, and The Keepers

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Merger Arb Mondays (15 Aug) - Lifestyle Intl, EVOC, Giordano, Yashili, Alliance Aviation, ResApp

This week, the highest gross spreads are VNET (52.4%), Alliance Aviation (39.7%), Ramsay (22.3%), ResApp (12.4%), Infomedia (11.5%), Lifestyle...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Oz Minerals, Lifestyle, EVOC Tech, Shinoken, DTAC/True

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

True/​​​DTAC: Merger Support Increasingly Tenuous

IF the deal breaks, DTAC could be the unwanted orphan with ~20% market share. For that, I'd be looking to go short on DTAC. I'd tilt short True...

David Blennerhassett

True/DTAC: Merger Support Increasingly Tenuous