Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>The completion of the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> - <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger could cause an intra-review change next week.</li>
<li>There could be two more index changes in the regular review in June 2023.</li>
<li>In this insight, we take a look at the current rankings of potential ADDs and potential DELs and their recent price and volume performance. </li>
</ul>


The completion of the Total Access Communication (DTAC TB) - True Corp Pcl (TRUE TB) merger could cause an intra-review change next week.
There could be two more index changes in the regular review in June 2023.
In this insight, we take a look at the current rankings of potential ADDs and potential DELs and their recent price and volume performance. 


Quiddity Leaderboard for SET Jun 23: DTAC-TRUE Intra-Review Changes

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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

Central Retail Corp Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/central-retail-corp-ltd" target="_blank" data-smartkarma-citation="entities:28240:1" rel="noopener">Central Retail Corp</a> remains a core holding to play the retail recovery in Thailand and Vietnam, with the tailwind from the recovery in tourism providing an additional boost. </li>
<li>The company has seen a dramatic recovery in its fashion business along with higher margins plus it is expanding new stores and launching new formats such as Tops CLUB. </li>
<li>Vietnam provides an additional growth driver through BigC and GO Stores, where it is the omnichannel market leader, with Italy under Rinascente already ahead of pre-COVID sales levels.</li>
</ul>



Central Retail Corp remains a core holding to play the retail recovery in Thailand and Vietnam, with the tailwind from the recovery in tourism providing an additional boost. 
The company has seen a dramatic recovery in its fashion business along with higher margins plus it is expanding new stores and launching new formats such as Tops CLUB. 
Vietnam provides an additional growth driver through BigC and GO Stores, where it is the omnichannel market leader, with Italy under Rinascente already ahead of pre-COVID sales levels.


Central Retail Corp Ltd (CRC TB) - Realising a Fashionable Recovery

<ul>
<li>In this insight, we take a look at the potential ADDs/DELs for the SET50 index rebalance in June 2023.</li>
<li>Based on the latest available data, I expect 3 ADDs/DELs but there are multiple names lurking close to the border.</li>
<li>
<a href="https://www.smartkarma.com/entities/srisawad-corp-pcl" target="_blank" data-smartkarma-citation="entities:9480:1" rel="noopener">Srisawad (SAWAD TB)</a>  and <a href="https://www.smartkarma.com/entities/sansiri-public-co-ltd" target="_blank" data-smartkarma-citation="entities:12201:1" rel="noopener">Sansiri Public (SIRI TB)</a> are leading the SET50 and SET100 Reserve Lists respectively and could become intra-review ADDs if the DTAC-TRUE merger closes in 1H 2023.</li>
</ul>


In this insight, we take a look at the potential ADDs/DELs for the SET50 index rebalance in June 2023.
Based on the latest available data, I expect 3 ADDs/DELs but there are multiple names lurking close to the border.

Srisawad (SAWAD TB)  and Sansiri Public (SIRI TB) are leading the SET50 and SET100 Reserve Lists respectively and could become intra-review ADDs if the DTAC-TRUE merger closes in 1H 2023.


Quiddity Leaderboard for Thailand SET50 Jun 23:Ramkhamhaeng Hospital Is an Interesting Case

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL</a> is a unique and high-quality proxy for the recovery in domestic consumer demand plus increasing tourist arrivals, which should soon see a further boost from China.</li>
<li>We would expect a strong finish to the year with an even stronger pickup in 2023 across convenience stores, Lotus supermarkets and hypermarkets, as well as <a href="https://www.smartkarma.com/entities/siam-makro-public-co-ltd" target="_blank" data-smartkarma-citation="entities:5577:1" rel="noopener">Siam Makro</a> cash-and-carry. </li>
<li>
<a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL</a> is a top growth pick in Thailand, with EPS expected to grow by +35% and 25% for FY2023E and FY2024E, with ongoing expansion and economic recovery.</li>
</ul>



CP ALL is a unique and high-quality proxy for the recovery in domestic consumer demand plus increasing tourist arrivals, which should soon see a further boost from China.
We would expect a strong finish to the year with an even stronger pickup in 2023 across convenience stores, Lotus supermarkets and hypermarkets, as well as Siam Makro cash-and-carry. 

CP ALL is a top growth pick in Thailand, with EPS expected to grow by +35% and 25% for FY2023E and FY2024E, with ongoing expansion and economic recovery.


CP ALL PCL (CPALL TB) - A King for All Seasons

Delta Electronics Thailand  / Event-Driven

<ul>
<li>The index changes for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-index" target="_blank" data-smartkarma-citation="entities:22915:1" rel="noopener">Thailand SET Index (SET INDEX)</a> for the December 2022 Rebalance were announced yesterday (20th December 2022) after the close.</li>
<li>There will be four ADDs/DELs for the SET 50 index. </li>
<li>In this insight, we take a closer look at our expectations for index flows and potential trading ideas.</li>
</ul>


The index changes for the Thailand SET Index (SET INDEX) for the December 2022 Rebalance were announced yesterday (20th December 2022) after the close.
There will be four ADDs/DELs for the SET 50 index. 
In this insight, we take a closer look at our expectations for index flows and potential trading ideas.


Thailand SET 50 Dec 22 Rebal: Good Hit Rate, Successful Pre-Event Trade, Unwind Now

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Berli Jucker (BJC TB)

Quiddity Leaderboard for SET Jun 23: DTAC-TRUE Intra-Review Changes

There could be 8.2mn shares to buy in Srisawad which translates to an estimated impact of 0.8 days of volume and a flow size of US$13mn.

Janaghan Jeyakumar, CFA

Central Retail Corp Ltd (CRC TB) - Realising a Fashionable Recovery

Central Retail Corp remains a core holding to play the retail recovery in Thailand and Vietnam, with the tailwind from the recovery in tourism...

Angus Mackintosh

Quiddity Leaderboard for Thailand SET50 Jun 23:Ramkhamhaeng Hospital Is an Interesting Case

There could be 15 days of volume to buy in Ramkhamhaeng Hospital (RAM TB) if the name achieves a 15% relative gain vs other names and becomes a...

Janaghan Jeyakumar, CFA

CP ALL PCL (CPALL TB) - A King for All Seasons

CP ALL is a top growth pick in Thailand, with EPS expected to grow by +35% and 25% for FY2023E and FY2024E, with ongoing expansion and economic...

Angus Mackintosh

Thailand SET 50 Dec 22 Rebal: Good Hit Rate, Successful Pre-Event Trade, Unwind Now

Quiddity's Long Expected ADDs - SHORT Expected DELs trade has delivered a net positive return of 3.6% in 14 trading days. It might be time to...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)