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

Thematic (Sector/Industry)

As the travel bubble between Thailand and China is on the card, the inflection point Thai equity market particularly for tourism and consumption-related stocks is imminent. This year, local buy sides and government (Thai Ministry of Finance) are the defenders of Thai equity markets as foreigners pulled back. <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL PCL (CPALL TB)</a> , <a href="https://www.smartkarma.com/entities/home-product-center-pcl" target="_blank" data-smartkarma-citation="entities:9906:1" rel="noopener">Home Product Center (HMPRO TB)</a> , <a href="https://www.smartkarma.com/entities/central-pattana-pcl-0b7fb113-16e1-4535-be8b-02dce5bbcd92" target="_blank" data-smartkarma-citation="entities:17188:1" rel="noopener">Central Pattana Pub (CPN TB)</a> , <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> and <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> are 5 stocks that will benefit from the travel bubble with sizeable market capitalization and sufficient liquidity. The majority of them trade at discount to the pre-COVID valuation with the exception of <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> who counts the Ministry of Finance as majority shareholders.

As the travel bubble between Thailand and China is on the card, the inflection point Thai equity market particularly for tourism and consumption-related stocks is imminent. This year, local buy sides and government (Thai Ministry of Finance) are the defenders of Thai equity markets as foreigners pulled back. CP ALL PCL (CPALL TB) , Home Product Center (HMPRO TB) , Central Pattana Pub (CPN TB) , Thai Beverage (THBEV SP) and Airports of Thailand (AOT TB) are 5 stocks that will benefit from the travel bubble with sizeable market capitalization and sufficient liquidity. The majority of them trade at discount to the pre-COVID valuation with the exception of Airports of Thailand (AOT TB) who counts the Ministry of Finance as majority shareholders. 

Thailand: Top 5 Stocks that Investors Should Buy Now

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Equity Capital Markets

Ditto Thailand PCL / Equity Capital Markets

Photocopying is a vital service for universities and offices. One company that provides this service, Ditto (previously known as Copy Man), is expected to IPO soon. MCorp Review has valued the stock at around Bt4.5/sh, which will look rather high on conventional measures like PE or PBV, but for most parts, we see that it is a utility-like business with few demands on investments. Nomura will be handling this IPO, and it's pretty straightforward. The company basically has three businesses. Photocopier rental is by far the biggest business, accounting for 47% of revenues. Ditto also sells its copiers, but that's only 13% of business. In addition, they provide engineering services to myriad corporate clients. We admit that we are running short on new capital right now, as we have already invested heavily in 2017. For that reason, we may not be participating in some future IPOs, but if the IPO price falls below our estimate, we would definitely encourage you to get in.

Photocopying is a vital service for universities and offices. One company that provides this service, Ditto (previously known as Copy Man), is expected to IPO soon. MCorp Review has valued the stock at around Bt4.5/sh, which will look rather high on conventional measures like PE or PBV, but for most parts, we see that it is a utility-like business with few demands on investments. Nomura will be handling this IPO, and it's pretty straightforward. The company basically has three businesses. Photocopier rental is by far the biggest business, accounting for 47% of revenues. Ditto also sells its copiers, but that's only 13% of business. In addition, they provide engineering services to myriad corporate clients. We admit that we are running short on new capital right now, as we have already invested heavily in 2017. For that reason, we may not be participating in some future IPOs, but if the IPO price falls below our estimate, we would definitely encourage you to get in.

IPO Radar: DITTO....Here's Come the Copycat!

Thailand

Ditto (Thailand) PCL provides IT services. The Company offers business process outsourcing, document scanning, software development, machine rental and maintenance, and invoice processing services. Ditto also sells scanners, copiers, plotters, digital production printer equipment. Ditto serves clients in Thailand.

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Ditto Thailand PCL (DITTO TB)

Thailand: Top 5 Stocks that Investors Should Buy Now

As the travel bubble between Thailand and China is on the card, the inflection point Thai equity market particularly for tourism and consumption...

Henry Soediarko

IPO Radar: DITTO....Here's Come the Copycat!

Photocopying is a vital service for universities and offices. One company that provides this service, Ditto (previously known as Copy Man), is...

Athaporn Arayasantiparb, CFA

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52-week Range

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