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>
<a href="https://www.smartkarma.com/entities/minor-international-pcl" target="_blank" data-smartkarma-citation="entities:2154:1" rel="noopener">Minor International (MINT TB)</a> is trading at 2.4x PBR, slightly higher than during the pre-COVID level at 2x.</li>
<li>Most of its hotels are in Europe (77%) and only half of the food business is in Thailand. </li>
<li>Other Thai stocks have higher exposure to Thai tourism-related activities.</li>
</ul>



Minor International (MINT TB) is trading at 2.4x PBR, slightly higher than during the pre-COVID level at 2x.
Most of its hotels are in Europe (77%) and only half of the food business is in Thailand. 
Other Thai stocks have higher exposure to Thai tourism-related activities.


Minor International (MINT): The Best Stock for Thai Tourism Recovery?

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 ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Six stocks remain, and eight stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 177% versus MSCI ASEAN’s 25%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Six stocks remain, and eight stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 177% versus MSCI ASEAN’s 25%


<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Nine stocks remain, and five new join the fray</li>
<li>Since inception, it has gained 105% versus the SET 100 Index’s return of 38%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Nine stocks remain, and five new join the fray
Since inception, it has gained 105% versus the SET 100 Index’s return of 38%


The Stocks to Own in Thailand – Vol. 39

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

Bangkok Expressway and Metro / Equity Bottom-Up

<ul>
<li>BEM report 3Q22 net profit at Bt863m,the highest level in the past 12 quarter. The result came out above our and market estimates by 18% and 9% respectively. Impressive earnings</li>
<li>3Q22 earnings beat market and our estimates BEM’ revenue in 3Q22 touched ten-quarter high Bt3.7bn (+74%YoY +15%QoQ) supported by strong rebound in daily average MRT ridership to 313k trips(+292%YoY +36%QoQ)</li>
<li>Gross profit margin expanded to the highest level since 3Q16 to 44.0% thanks to benefit from high operating leverage for both rail and toll services,which help covering up the impact</li>
</ul>


BEM report 3Q22 net profit at Bt863m,the highest level in the past 12 quarter. The result came out above our and market estimates by 18% and 9% respectively. Impressive earnings
3Q22 earnings beat market and our estimates BEM’ revenue in 3Q22 touched ten-quarter high Bt3.7bn (+74%YoY +15%QoQ) supported by strong rebound in daily average MRT ridership to 313k trips(+292%YoY +36%QoQ)
Gross profit margin expanded to the highest level since 3Q16 to 44.0% thanks to benefit from high operating leverage for both rail and toll services,which help covering up the impact


BEM : 3Q22 Earnings Hit 12-Quarter High and Beat Estimates

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Global fund managers still suggest increasing holdings of safe-haven assets, such as cash, or investing in sectors with recurring income, notably utilities and health care stocks, while they are bearish on risk assets and global growth in the next 12 months.</li><li>Investors also repriced their expectations regarding the terminal fed funds rate in 1Q23 by 50 bps higher.</li><li>However, we expect the Thai market to see a limited impact from the bearishness thanks to the good earnings recovery momentum, in contrast to global economies, as well as the boost from the huge growth in the number of tourist arrivals from 400k in 2021 to an expected 21mn in 2023E.</li></ul>

Global fund managers still suggest increasing holdings of safe-haven assets, such as cash, or investing in sectors with recurring income, notably utilities and health care stocks, while they are bearish on risk assets and global growth in the next 12 months.Investors also repriced their expectations regarding the terminal fed funds rate in 1Q23 by 50 bps higher.However, we expect the Thai market to see a limited impact from the bearishness thanks to the good earnings recovery momentum, in contrast to global economies, as well as the boost from the huge growth in the number of tourist arrivals from 400k in 2021 to an expected 21mn in 2023E.

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)

Minor International (MINT): The Best Stock for Thai Tourism Recovery?

Minor is wrongly dubbed as the best stock for Thai tourism recovery and there are others with higher exposure to tourism in Thailand. Minor has...

Henry Soediarko

The Stocks to Own in ASEAN – Vol. 41

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Six stocks remain, eight stocks added.

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 39

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Nine stocks remain, five new join...

A. Stotz Investment Research

BEM : 3Q22 Earnings Hit 12-Quarter High and Beat Estimates

BEM report 3Q22 net profit at Bt863m, the highest level in the past 12 quarter. The result came out above our and market estimates by 18% and 9%...

Pi Securities PCL, Thailand

Fund Manager Survey - No Cuts, No Glory

Global fund managers still suggest increasing holdings of safe-haven assets, such as cash, or investing in sectors with recurring income, notably...

Krungthai XSpring

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