Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Five Biggest Lessons from Thai Financial Crisis

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.

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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…
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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…



SGX's MOE Sector Sustains 4Q16 Momentum into 2017

Equity Bottom-Up

Gong Xi Fa Cai! In this review, we highlight some of the companies (stocks) that could benefit from the Chinese New Year starting this week. In general, they can be divided into two themes, namely: 1) the shopping theme, which revolves around food, retailers, and some petrochemical stocks whose product can be used in the celebration (ie IVL); and 2) the tourism theme, which includes the airlines, airport operator AOT, and low-cost hotels like Erawan. Once again, these are not necessarily stocks endorsed by MCorp Review. We are just highlighting the ones that have exposure to Chicken...I mean Chinese... New Year yo. The banks may have trouble filling their ATM machines in time, and no bank serves more retail depositors than SCB.Wishing everyone of you who reads this become a billionaire this year....but that would really lead to a stock market bubble yo!! Xian Nian Kwai Ler!! Haha...

Gong Xi Fa Cai! In this review, we highlight some of the companies (stocks) that could benefit from the Chinese New Year starting this week. In general, they can be divided into two themes, namely: 1) the shopping theme, which revolves around food, retailers, and some petrochemical stocks whose product can be used in the celebration (ie IVL); and 2) the tourism theme, which includes the airlines, airport operator AOT, and low-cost hotels like Erawan. Once again, these are not necessarily stocks endorsed by MCorp Review. We are just highlighting the ones that have exposure to Chicken...I mean Chinese... New Year yo. The banks may have trouble filling their ATM machines in time, and no bank serves more retail depositors than SCB.Wishing everyone of you who reads this become a billionaire this year....but that would really lead to a stock market bubble yo!! Xian Nian Kwai Ler!! Haha...

Following on last year's Silicon September, we introduce a new tech series starting with the Amazon Go concept and possible applications &amp; implications on Thai retail sector. In one sense, it's not really e-commerce but more like fintech-infused physical retailing. There are many quirks to work out regarding security and smooth functioning, but if this works, it could really reduce chronic labor shortage...maybe even swing the pendulum and increase domestic unemployment. In terms of tech innovation amongst Thai retailers, we have found that CP All and Big C, now part of Berli Jucker, are at the forefront of innovation, but MCorp Review also considers them to be seriously lagging relative to those in America and Japan.

Following on last year's Silicon September, we introduce a new tech series starting with the Amazon Go concept and possible applications &amp; implications on Thai retail sector. In one sense, it's not really e-commerce but more like fintech-infused physical retailing. There are many quirks to work out regarding security and smooth functioning, but if this works, it could really reduce chronic labor shortage...maybe even swing the pendulum and increase domestic unemployment. In terms of tech innovation amongst Thai retailers, we have found that CP All and Big C, now part of Berli Jucker, are at the forefront of innovation, but MCorp Review also considers them to be seriously lagging relative to those in America and Japan.

Silicon Stories#1: Intelligent Shopping (The Rise of Amazon Go)

<ul>
<li>In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million. <a href="https://www.smartkarma.com/entities/74" target="_blank" data-smartkarma-citation="entities:74">Singapore Airlines Ltd (SIA SP)</a>, <a href="https://www.smartkarma.com/entities/114" target="_blank" data-smartkarma-citation="entities:114">Oversea Chinese Banking Corp. Limited (OCBC SP)</a>, <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894">Global Logistic Properties Ltd (GLP SP)</a>, <a href="https://www.smartkarma.com/entities/765" target="_blank" data-smartkarma-citation="entities:765">Olam International Ltd (OLAM SP)</a> and <a href="https://www.smartkarma.com/entities/22" target="_blank" data-smartkarma-citation="entities:22">DBS Group Holdings Ltd (DBS SP)</a> ranked highest in terms of buyback consideration value over the calendar year.</li>
<li>More recently, for the month of December 2016, there were a total of 13,915,200 shares…</li>
</ul>


In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million. Singapore Airlines Ltd (SIA SP), Oversea Chinese Banking Corp. Limited (OCBC SP), Global Logistic Properties Ltd (GLP SP), Olam International Ltd (OLAM SP) and DBS Group Holdings Ltd (DBS SP) ranked highest in terms of buyback consideration value over the calendar year.
More recently, for the month of December 2016, there were a total of 13,915,200 shares…


Over 100 Firms Conducted Share Buybacks Totaling S$826M in 2016

Thailand

Berli Jucker PCL is a large Thai conglomerate whose business spans various industries. The Company's operations include the distribution and manufacturing of its own products plus contract distribution and manufacturing for other firms. BJC's core lines of business are packaging, consumer, healthcare, technical and other businesses.

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Berli Jucker (BJC TB)

Five Biggest Lessons from Thai Financial Crisis

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense...

Athaporn Arayasantiparb, CFA

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

Momentum Stocks for the Chicken New Year

Gong Xi Fa Cai! In this review, we highlight some of the companies (stocks) that could benefit from the Chinese New Year starting this week. In...

Athaporn Arayasantiparb, CFA

Silicon Stories#1: Intelligent Shopping (The Rise of Amazon Go)

Following on last year's Silicon September, we introduce a new tech series starting with the Amazon Go concept and possible applications &...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Five Biggest Lessons from Thai Financial Crisis

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense...

Athaporn Arayasantiparb, CFA

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

Momentum Stocks for the Chicken New Year

Gong Xi Fa Cai! In this review, we highlight some of the companies (stocks) that could benefit from the Chinese New Year starting this week. In...

Athaporn Arayasantiparb, CFA

Silicon Stories#1: Intelligent Shopping (The Rise of Amazon Go)

Following on last year's Silicon September, we introduce a new tech series starting with the Amazon Go concept and possible applications &...

Athaporn Arayasantiparb, CFA

Over 100 Firms Conducted Share Buybacks Totaling S$826M in 2016

In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million....

Singapore Exchange Ltd (SGX)