Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li>NTUC Enterprise weighs US$2.9bn mall portfolio sale - NTUC Enterprise Co-operative is exploring a sale of its retail malls for about S$4bn (US$2.9bn).</li><li>JustCo to open 4 new Co-working spaces in APAC; Silom Edge Bangkok to open by Sep22</li><li><a href="https://www.smartkarma.com/entities/eco-world-international-bhd" target="_blank" data-smartkarma-citation="entities:24034" rel="noopener">Eco World International Bhd (ECWI MK)</a> secured 57% of sales target in 7 months</li></ul>

NTUC Enterprise weighs US$2.9bn mall portfolio sale - NTUC Enterprise Co-operative is exploring a sale of its retail malls for about S$4bn (US$2.9bn).JustCo to open 4 new Co-working spaces in APAC; Silom Edge Bangkok to open by Sep22Eco World International Bhd (ECWI MK) secured 57% of sales target in 7 months

ASEAN Builder's Scoop (17Jun22) - NTUC Weights US$2.9bn Mall Portfolio Sale

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Equity Bottom-Up

<ul>
<li>ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential value to be unlocked by the transaction</li>
<li>Dayamitra Telekomunikasi (Mitratel) is being spun out of Telkomsel (TLKM IJ) and targeting to raise US$ 1.76bn, with an implied market cap at listing of around US$5.2bn</li>
<li>Coincidentally, RHB has published an excellent report on Bali Towerindo (BALI IJ) which we think is the best positioned independent operator in the space due to their unique monetisation strategy and asset footprint.</li>
</ul>


ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential value to be unlocked by the transaction
Dayamitra Telekomunikasi (Mitratel) is being spun out of Telkomsel (TLKM IJ) and targeting to raise US$ 1.76bn, with an implied market cap at listing of around US$5.2bn
Coincidentally, RHB has published an excellent report on Bali Towerindo (BALI IJ) which we think is the best positioned independent operator in the space due to their unique monetisation strategy and asset footprint.


Wickhams Hill Research | Under-The-Radar Issue 11

<ul>
<li>mm2 Asia Ltd (MM2 SP), which we flagged in our inaugural issue last week, received an unsolicited bid for their Singapore and Malaysian cinema business. The offer made would imply a share price of about SGD 16.2cents, +140% from today’s close.</li>
<li>We uncover a massive buyback program underway at Alliance Global Group (AGI PM), Emperador (EMP PM) and Megaworld (MEG PM).</li>
<li>The US$1.5bn IPO of Indonesian online flea market Bukalapak (BUKA IJ) is planned for next week. While another Asia focused SPAC files for US listing.</li>
</ul>


mm2 Asia Ltd (MM2 SP), which we flagged in our inaugural issue last week, received an unsolicited bid for their Singapore and Malaysian cinema business. The offer made would imply a share price of about SGD 16.2cents, +140% from today’s close.
We uncover a massive buyback program underway at Alliance Global Group (AGI PM), Emperador (EMP PM) and Megaworld (MEG PM).
The US$1.5bn IPO of Indonesian online flea market Bukalapak (BUKA IJ) is planned for next week. While another Asia focused SPAC files for US listing.


Wickhams Hill Research | Under-The-Radar Issue 2

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

The <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a> is the main index of the Philippines Stock Exchange (PSE). The index is free float market cap weighted and is made up of the 30 largest and most active common stocks listed at the PSE.The next rebalance will become effective in mid-August and the changes will be announced around 5 trading days prior to implementation.We see <a href="https://www.smartkarma.com/entities/ac-energy-corp" target="_blank" data-smartkarma-citation="entities:23188:1" rel="noopener">AC Energy Corp (ACEN PM)</a> as a likely inclusion in the index. Potential deletions are <a href="https://www.smartkarma.com/entities/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador Inc (EMP PM)</a> on liquidity and possibly free float and <a href="https://www.smartkarma.com/entities/dmci-holdings-inc" target="_blank" data-smartkarma-citation="entities:8026:1" rel="noopener">DMCI Holdings (DMC PM)</a> as the lowest ranked index constituent.There are minimal assets tracking the <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a>. However, there are active funds using the index as a benchmark and some of the funds track the benchmark pretty closely. Historically, the adds have performed well in the period leading up to implementation.

The Philippines Stock Exchange PSEi Index (PCOMP INDEX) is the main index of the Philippines Stock Exchange (PSE). The index is free float market cap weighted and is made up of the 30 largest and most active common stocks listed at the PSE.The next rebalance will become effective in mid-August and the changes will be announced around 5 trading days prior to implementation.We see AC Energy Corp (ACEN PM) as a likely inclusion in the index. Potential deletions are Emperador Inc (EMP PM) on liquidity and possibly free float and DMCI Holdings (DMC PM) as the lowest ranked index constituent.There are minimal assets tracking the Philippines Stock Exchange PSEi Index (PCOMP INDEX). However, there are active funds using the index as a benchmark and some of the funds track the benchmark pretty closely. Historically, the adds have performed well in the period leading up to implementation.

PCOMP Index Rebalance Preview: Inclusion Fairly Certain; Deletion Undecided

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Investor sentiment in the Industrials sector is turning positive after a multi-year decline among active Asia Ex-Japan fund managers.Average allocations in the Industrials sector fell from a peak of 11.4% in mid-2011 to a low of just 4.82% in July of last year.  Since that trough, allocations have started to increase, with today's levels of 5.46% the highest since late 2019.We highlight 7 companies that have attracted new investment in the early stages of the reallocation towards the Industrials sector.

Investor sentiment in the Industrials sector is turning positive after a multi-year decline among active Asia Ex-Japan fund managers.Average allocations in the Industrials sector fell from a peak of 11.4% in mid-2011 to a low of just 4.82% in July of last year.  Since that trough, allocations have started to increase, with today's levels of 5.46% the highest since late 2019.We highlight 7 companies that have attracted new investment in the early stages of the reallocation towards the Industrials sector.  

Philippines

Alliance Global Group, Inc. is a holding company with interests in food and beverage, real estate development, and fast food restaurant businesses.  The Company distills brandy, manufactures glass containers, distributes wines and snacks, develops planned mixed-use communities, and either operates or sub-franchises hamburger restaurants.

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Alliance Global Group (AGI PM)

ASEAN Builder's Scoop (17Jun22) - NTUC Weights US$2.9bn Mall Portfolio Sale

JustCo opening 4 more Co-working space in APAC; ECWI secured 57% of FY sales target; LAND projects IDR75bn capex; AGI increases capex budget +33% YoY

SCCM Asia Research

Wickhams Hill Research | Under-The-Radar Issue 11

ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential...

Lloyd Moffatt

Wickhams Hill Research | Under-The-Radar Issue 2

mm2 Asia Ltd (MM2 SP), which we flagged in our inaugural issue last week, receivedan unsolicited bid for their Singapore and Malaysian cinema business

Lloyd Moffatt

PCOMP Index Rebalance Preview: Inclusion Fairly Certain; Deletion Undecided

We see ACEN being included and EMP being deleted from the PCOMP at the August rebalance. Inclusions have historically performed well while the...

Brian Freitas

Asia Ex-Japan: Industrials Rotation

Investor sentiment in the Industrials sector is turning positive after a multi-year decline among active Asia Ex-Japan fund managers.

Steven Holden

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