Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

With a net worth of almost US$3bn to his name and counting, Dr. Prasert Prasatthong-osoth and his son, Captain Putthipong, are probably Thailand's fastest rising tycoons. Allied with them is the world's second richest lawyer, Vichai Thongtaeng, who owned the non-listed Phyathai and Paolo Hospitals which I frequent. Bangkok Dusit has been buying stakes in rivals: sometimes controlling, other times minority, but there's a fine line between the two when you deal with a businessman this savvy yo. His son can fly planes, but what he's really doing is running Thailand's boutique airline and a monopoly airport in Samui, an important tourist destination. And they ain't stopping yet. Most recently, Doc just bought Swissotel from Nai Lert Park, and he's gonna convert it into Thailand's first wellness center.Doctor Dad and Pilot Son...These guys are taking off yo! Hold tight!

With a net worth of almost US$3bn to his name and counting, Dr. Prasert Prasatthong-osoth and his son, Captain Putthipong, are probably Thailand's fastest rising tycoons. Allied with them is the world's second richest lawyer, Vichai Thongtaeng, who owned the non-listed Phyathai and Paolo Hospitals which I frequent. Bangkok Dusit has been buying stakes in rivals: sometimes controlling, other times minority, but there's a fine line between the two when you deal with a businessman this savvy yo. His son can fly planes, but what he's really doing is running Thailand's boutique airline and a monopoly airport in Samui, an important tourist destination. And they ain't stopping yet. Most recently, Doc just bought Swissotel from Nai Lert Park, and he's gonna convert it into Thailand's first wellness center.Doctor Dad and Pilot Son...These guys are taking off yo! Hold tight!

Thematic (Sector/Industry)

Before the Battle. Even before this key 2nd presidential debate in St Louis on October 9 (but October 10 Thai time), the press raised many issues. Both candidates seem to be having a tough time yo:<ul><li>
Wikileaks vs Hillary: Julian Assange of Wikileaks threatened to spill the beans on Hillary saying that she sat on the board of France's cement maker Lafarge, which operates in certain areas of Iraq and paid taxes to ISIS. Gee whiz! The French should be more angry about this than Americans. Terrorists…</li></ul>

Before the Battle. Even before this key 2nd presidential debate in St Louis on October 9 (but October 10 Thai time), the press raised many issues. Both candidates seem to be having a tough time yo:
Wikileaks vs Hillary: Julian Assange of Wikileaks threatened to spill the beans on Hillary saying that she sat on the board of France's cement maker Lafarge, which operates in certain areas of Iraq and paid taxes to ISIS. Gee whiz! The French should be more angry about this than Americans. Terrorists…

Strike 2 in St Louis: Trump's Town Hall Trap

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Bumrungrad Hospital Pub Co / Equity Bottom-Up

The decline in oil prices from 2014's levels has pressured government spending in Gulf Cooperation Council (GCC)* countries. This long-term change in the region's economic model has started to impact healthcare policy, resulting in less generous benefits. The region is a significant source of "medical tourism" for several countries such as the the UK, Germany, US, and Thailand. Bumrungrad Hospital PCL (BH: TB), -21% YTD, has significant exposure to this change. In particular, expectations that Bumrungrad's EPS growth will accelerate to 10% in 2017 from 0% in 2016 look optimistic given the nature and timing of these changes. Bangkok Dusit Medical Services PCL (BDMS: TB) has less exposure while experiencing the same pressures. * GCC members: Saudi Arabia, Qatar, Oman, Bahrain, United Arab Emirates, and Kuwait

The decline in oil prices from 2014's levels has pressured government spending in Gulf Cooperation Council (GCC)* countries. This long-term change in the region's economic model has started to impact healthcare policy, resulting in less generous benefits. The region is a significant source of "medical tourism" for several countries such as the the UK, Germany, US, and Thailand. Bumrungrad Hospital PCL (BH: TB), -21% YTD, has significant exposure to this change. In particular, expectations that Bumrungrad's EPS growth will accelerate to 10% in 2017 from 0% in 2016 look optimistic given the nature and timing of these changes. Bangkok Dusit Medical Services PCL (BDMS: TB) has less exposure while experiencing the same pressures. * GCC members: Saudi Arabia, Qatar, Oman, Bahrain, United Arab Emirates, and Kuwait

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.

<ul><li>Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average volume. The stock also gained 91.4% in August and earlier in the month reported a turnaround net profit of S$0.8 million for 1H2016 compared to a net loss of S$0.1 million in 1H2015.</li></ul><ul><li>
Consumer Staples plays, Sheng Siong Group and Dairy Farm International Holdings were also amongst the 10 actively traded stocks that saw the biggest jump in August volume.…</li></ul>

Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average volume. The stock also gained 91.4% in August and earlier in the month reported a turnaround net profit of S$0.8 million for 1H2016 compared to a net loss of S$0.1 million in 1H2015.
Consumer Staples plays, Sheng Siong Group and Dairy Farm International Holdings were also amongst the 10 actively traded stocks that saw the biggest jump in August volume.…

10 Biggest Volume Jumpers in August Spanned Seven Sectors

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Capital Markets

Guangdong Kanghua Healthcare / Equity Capital Markets

Guangdong Kanghua (GDKH) has one of the largest for-profit private hospital in China (Kanghua hospital) in terms of registered beds and third largest in terms of revenue, as at December 2015. In this article, we discuss the answers to the following questions:<ol><li>Falling utilisation was offset by rising average inpatient spend and rising hospital visits. Can this continue?</li><li>Its top two disciplines - O&amp;G and Cardiology have been showing good growth, but don't expect a spurt in birth rates from the easing of one-child policy.</li><li>Why is this deal for patient investors? </li><li>What are the other specific risks facing the company?</li><li>At what valuations should GDKH trade at?</li></ol>

Guangdong Kanghua (GDKH) has one of the largest for-profit private hospital in China (Kanghua hospital) in terms of registered beds and third largest in terms of revenue, as at December 2015. In this article, we discuss the answers to the following questions:Falling utilisation was offset by rising average inpatient spend and rising hospital visits.  Can this continue?Its top two disciplines - O&amp;G and Cardiology have been showing good growth, but don't expect a spurt in birth rates from the easing of one-child policy.Why is this deal for patient investors? What are the other specific risks facing the company?At what valuations should GDKH trade at?

Guangdong Kanghua IPO: Concentration Risk and More Track Record Needed

Thailand

Bangkok Dusit Medical Services Public Company Limited operates Bangkok General Hospital. The Hospital specializes in cardiovascular, lung, neurological, eye and genitourinary cancer, as well as physical therapy and medical imaging.

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Bangkok Dusit Medical Services (BDMS TB)

Thai-Coons Ep. 6: A Deal with the Doctor

With a net worth of almost US$3bn to his name and counting, Dr. Prasert Prasatthong-osoth and his son, Captain Putthipong, are probably Thailand's...

Athaporn Arayasantiparb, CFA

Strike 2 in St Louis: Trump's Town Hall Trap

Before the Battle. Even before this key 2nd presidential debate in St Louis on October 9 (but October 10 Thai time), the press raised many issues....

Athaporn Arayasantiparb, CFA

The Oil Slick That Reached Bangkok

The decline in oil prices from 2014's levels has pressured government spending in Gulf Cooperation Council (GCC)* countries. This long-term change...

Kemp Dolliver, CFA

10 Biggest Volume Jumpers in August Spanned Seven Sectors

Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average...

Singapore Exchange Ltd (SGX)

Guangdong Kanghua IPO: Concentration Risk and More Track Record Needed

Guangdong Kanghua (GDKH) has one of the largest for-profit private hospital in China (Kanghua hospital) in terms of registered beds and third...

Valerie Law, CFA

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