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.

Equity Bottom-Up

Diamond Building Products  / Equity Bottom-Up

<ul><li>DRT manufactures and distributes roofing products, boards and ceiling boards, siding boards, and other roof accessories and non-roof products, as well as providing roof stripping and installation services under the trademarks Diamond, Roof, Adamas and Jearanai.</li></ul><div><ul><li>Revenue is generated by roofing at 47%, boards and ceiling boards at 17%, siding boards at 18%, others at 10% and services at 8%.</li><li>The major distribution channels are sales agents (58%), modern trade (16%), exports (16%) and property projects (10%).</li></ul></div>

DRT manufactures and distributes roofing products, boards and ceiling boards, siding boards, and other roof accessories and non-roof products, as well as providing roof stripping and installation services under the trademarks Diamond, Roof, Adamas and Jearanai.Revenue is generated by roofing at 47%, boards and ceiling boards at 17%, siding boards at 18%, others at 10% and services at 8%.The major distribution channels are sales agents (58%), modern trade (16%), exports (16%) and property projects (10%).

Diamond Building Products DRT - Attractive Dividend Yield of 6% P.a.

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.

Thematic (Sector/Industry)

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<li>SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.</li>
<li>
Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…</li>
</ul>


SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.

Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…


Average 19% YTD Gain in Key Mining Stocks

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.

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

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Within the large cap cement makers, we think market leader Siam Cement seems more attractively valued and has better growth potential, but we also question their management vision as well as the other two businesses they operate in (petrochemicals and paper). Rival Siam City Cement may appeal to those who want a pure play with greater stability, while TPI Polene just seems really speculative...an industry disrupter reminiscent of True Corp in the telecom industry.Amongst the smaller caps, our favorite would be DCON, a maker of pre-fabricated floor pieces whose CEO seems obsessive with high dividend yields. DCC (Dynasty Ceramics) has the most upcountry exposure, which we do not like in this environment of weak farm incomes. Despite seemingly attractive valuations, we would avoid DRT (Diamond Roofing Tiles) due to its legacy exposure to asbestos litigation.

Within the large cap cement makers, we think market leader Siam Cement seems more attractively valued and has better growth potential, but we also question their management vision as well as the other two businesses they operate in (petrochemicals and paper). Rival Siam City Cement may appeal to those who want a pure play with greater stability, while TPI Polene just seems really speculative...an industry disrupter reminiscent of True Corp in the telecom industry.Amongst the smaller caps, our favorite would be DCON, a maker of pre-fabricated floor pieces whose CEO seems obsessive with high dividend yields. DCC (Dynasty Ceramics) has the most upcountry exposure, which we do not like in this environment of weak farm incomes. Despite seemingly attractive valuations, we would avoid DRT (Diamond Roofing Tiles) due to its legacy exposure to asbestos litigation.

Thailand

Diamond Building Products PCL manufactures roofing products including fiber cement roof tiles and concrete cement roof tiles. The Company also produces construction materials including siding boards and insulation boards.

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Diamond Building Products (DRT TB)

Diamond Building Products DRT - Attractive Dividend Yield of 6% P.a.

2Q22E earnings to weaken YoY and QoQ. Higher costs to pressure margin and sales to slow down in 2H22E. To expand production capacity of concrete...

Krungthai XSpring

Average 19% YTD Gain in Key Mining Stocks

SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold...

Singapore Exchange Ltd (SGX)

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

DCON: Missing Links of Thai Construction

Within the large cap cement makers, we think market leader Siam Cement seems more attractively valued and has better growth potential, but we also...

Athaporn Arayasantiparb, CFA

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