Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

We met up with BTS management today and saw that things are clearly picking up in virtually all aspects of the business. Some key points we noted were:<table class="table table-striped"><tbody>
<tr>
<td>Stocks</td>
<td style="text-align: center;">Business</td>
<td style="text-align: center;">Shr pr (Bt/sh)</td>
<td style="text-align: center;">Mkt cap (US$ m)</td>
<td style="text-align: center;">PE (x)</td>
<td style="text-align: center;">Yld (%)</td>
</tr>
<tr>
<td>BTS</td>
<td style="text-align: center;">Skytrain</td>
<td style="text-align: center;">8.6</td>
<td style="text-align: center;">2,900</td>
<td style="text-align: center;">58.6</td>
<td style="text-align: center;">7.9</td>
</tr>
<tr>
<td>MACO</td>
<td style="text-align: center;">Transit media</td>
<td style="text-align: center;">1.09</td>
<td style="text-align: center;">100</td>
<td style="text-align: center;">22.9</td>
<td style="text-align: center;">3.3</td>
</tr>
</tbody></table><ul><li>
Strong 33% growth in media revenues following the acquisition of MACO or Master Ad. Right now, you will notice that media accounts for an even bigger portion of revenues than transport, which was not the case in the last quarter. In…</li></ul>

We met up with BTS management today and saw that things are clearly picking up in virtually all aspects of the business. Some key points we noted were:

Stocks
Business
Shr pr (Bt/sh)
Mkt cap (US$ m)
PE (x)
Yld (%)


BTS
Skytrain
8.6
2,900
58.6
7.9


MACO
Transit media
1.09
100
22.9
3.3


Strong 33% growth in media revenues following the acquisition of MACO or Master Ad. Right now, you will notice that media accounts for an even bigger portion of revenues than transport, which was not the case in the last quarter. In…

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)

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

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

<ul>
<li>Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.</li>
<li>ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.</li>
<li>A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.</li>
<li>Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.</li>
<li>BUY…</li>
</ul>


Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.
ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.
A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.
Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.
BUY…


Takeaways from ASEAN - Investment Opportunities

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

CP All, one of our top five stock picks, reached Bt60/sh yesterday, and we are switching to BTS, Thailand's skytrain monopoly. Both BTS and BEM have high valuations, but we prefer the thought process that went behind BTS's platform more than BEM. BEM combined a subway and expressway monopoly; we fail to see synergies between the two. On the other hand, BTS tries to capture value in all facets of the skytrain operation from transport/tickets to transit advertising (VGI and MACO) and property via joint ventures with Sansiri and GLAND. There is also a nice yield pickup compared to the more defensive choice of BTSGIF, its affiliated infrastructure fund.

CP All, one of our top five stock picks, reached Bt60/sh yesterday, and we are switching to BTS, Thailand's skytrain monopoly. Both BTS and BEM have high valuations, but we prefer the thought process that went behind BTS's platform more than BEM. BEM combined a subway and expressway monopoly; we fail to see synergies between the two. On the other hand, BTS tries to capture value in all facets of the skytrain operation from transport/tickets to transit advertising (VGI and MACO) and property via joint ventures with Sansiri and GLAND. There is also a nice yield pickup compared to the more defensive choice of BTSGIF, its affiliated infrastructure fund.

Thailand

Bangkok Expressway and Metro PCL is a transportation company. The Company combines toll and metro line networks. Bangkok Expressway and Metro is based in Thailand.

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Bangkok Expressway and Metro (BEM TB)

BTS: All Engines Firing

We met up with BTS management today and saw that things are clearly picking up in virtually all aspects of the business. Some key points we noted...

Athaporn Arayasantiparb, CFA

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

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

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)

BTS Vs BEM: Battle of the Train Boys

CP All, one of our top five stock picks, reached Bt60/sh yesterday, and we are switching to BTS, Thailand's skytrain monopoly. Both BTS and BEM...

Athaporn Arayasantiparb, CFA

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