Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Stock Exchange of Thailand SET 50 Index / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-index" target="_blank" data-smartkarma-citation="entities:22915:1" rel="noopener">Thailand SET Index (SET INDEX)</a> is a composite index which represents the price movement for all common stocks trading on the SET.</li>
<li>SET50 and SET100 indices are calculated, respectively, from the stock prices of the top 50 and 100 listed companies on SET in terms of market capitalization and liquidity.</li>
<li>In this insight, we take a look at the selection criteria and the historical price performance of past Rebalance Events.</li>
</ul>



Thailand SET Index (SET INDEX) is a composite index which represents the price movement for all common stocks trading on the SET.
SET50 and SET100 indices are calculated, respectively, from the stock prices of the top 50 and 100 listed companies on SET in terms of market capitalization and liquidity.
In this insight, we take a look at the selection criteria and the historical price performance of past Rebalance Events.


Thailand SET50 and SET100: Quiddity Index Rebalance Primer

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.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Six stock remains, and eight stocks added to our portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 93% versus the MSCI Asia ex Japan of 55%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Six stock remains, and eight stocks added to our portfolio
Since its inception, it has generated a before-fee total return of 93% versus the MSCI Asia ex Japan of 55%


Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

Equity Bottom-Up

<ul>
<li>Cheaper than AOT while both are correlated to the number of tourists' arrival in Thailand.</li>
<li>An increase in the per customer's spending seems to be overlooked by the market. </li>
<li>A potential increase in the number of visitors to the stores could provide another booster to the share price. </li>
</ul>


Cheaper than AOT while both are correlated to the number of tourists' arrival in Thailand.
An increase in the per customer's spending seems to be overlooked by the market. 
A potential increase in the number of visitors to the stores could provide another booster to the share price. 


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We are starting to see early signs of a potential bottom on MSCI EM (EEM-US).</li>
<li>Specifically, the EEM-US has reversed topside its 6-month downtrend. If MSCI EM has indeed bottomed, we want to be buying the leaders; that is where this report comes in.</li>
<li>Specific themes include attractive opportunities in India and Thailand, and also many in Taiwan and South Korea. Attractive Sectors include Energy, Financials, Materials, and Industrials.</li>
</ul>


We are starting to see early signs of a potential bottom on MSCI EM (EEM-US).
Specifically, the EEM-US has reversed topside its 6-month downtrend. If MSCI EM has indeed bottomed, we want to be buying the leaders; that is where this report comes in.
Specific themes include attractive opportunities in India and Thailand, and also many in Taiwan and South Korea. Attractive Sectors include Energy, Financials, Materials, and Industrials.


Finding Leadership Within Emerging Markets

Bangkok Expressway and Metro / Equity Bottom-Up

<ul>
<li>Q2 22 result was healthy derived from both increase in ridership as well as ASP in both expressway and rail. </li>
<li>Cost increase but not as high as revenue increase therefore margin expanded while net profit went up 3x YoY. 2H 2022 will be even better. </li>
<li>Compared to AOT, BEM's PBR is 63% cheaper while its share price still underperformed AOT this year by 11%. </li>
</ul>


Q2 22 result was healthy derived from both increase in ridership as well as ASP in both expressway and rail. 
Cost increase but not as high as revenue increase therefore margin expanded while net profit went up 3x YoY. 2H 2022 will be even better. 
Compared to AOT, BEM's PBR is 63% cheaper while its share price still underperformed AOT this year by 11%. 


Bangkok Express and Metro (BEM): Marching On

Thailand

Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang) and the New Bangkok International Airport (Suvarnabhumi).. The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket.

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Airports of Thailand (AOT TB)

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The early sign of recovery is there and BEM has proven that it participates and does not lag behind the improvement in the ridership recovery as...

Henry Soediarko

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