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)

<p>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p>

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.

The Stocks to Own in Thailand – Vol. 33

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

<p><a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia (ARNA IJ),</a> Indonesia's largest and most efficient ceramic tile manufacturer, continues to go from strength to strength in FY2020, after a short lull in 2Q2020, benefiting from the lowering on the gas price in April 2020, together with continuing improvements in its product mix and cost structure. A conversation with management further unpinned our positive view on the company.</p>
<p>The next significant move by the company will be its move into the higher-end glazed porcelain tile market versus its current lower end ceramic red-bodied tiles. Here it will compete head-on with Chinese imports but management is confident that <a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia (ARNA IJ)</a> produces a better quality product, with a significant advantage on lead times, and providing much more attractive working capital terms to its customers. </p>
<p><a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia (ARNA IJ)</a> operated at 103% capacity utilization last year and plans to grow volumes by +10% in 2021, as well as improving its product mix further towards its Uno Digi brands, as well as its newer high-end offering, which should mean higher ASPs. </p>
<p>Management sees further potential improvements in efficiencies in 2021, with even lower rejection rates in the production process and lower gas usage, which should help to drive better margins, along with the full-year impact on a lower gas price. </p>
<div class="content-highlight">
<p><a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia (ARNA IJ)</a> trades on 12.3x FY21E PER and 10.6x FY21E PER, compared to its 3-year average forward PER of 15.4x. We see the company as one of the best-managed industrials in Indonesia and this move into the higher-end tile market has the potential to drive the next leg of growth. </p>
</div>

Arwana Citramulia (ARNA IJ), Indonesia's largest and most efficient ceramic tile manufacturer, continues to go from strength to strength in FY2020, after a short lull in 2Q2020, benefiting from the lowering on the gas price in April 2020, together with continuing improvements in its product mix and cost structure. A conversation with management further unpinned our positive view on the company.
The next significant move by the company will be its move into the higher-end glazed porcelain tile market versus its current lower end ceramic red-bodied tiles. Here it will compete head-on with Chinese imports but management is confident that Arwana Citramulia (ARNA IJ) produces a better quality product, with a significant advantage on lead times, and providing much more attractive working capital terms to its customers. 
Arwana Citramulia (ARNA IJ) operated at 103% capacity utilization last year and plans to grow volumes by +10% in 2021, as well as improving its product mix further towards its Uno Digi brands, as well as its newer high-end offering, which should mean higher ASPs. 
Management sees further potential improvements in efficiencies in 2021, with even lower rejection rates in the production process and lower gas usage, which should help to drive better margins, along with the full-year impact on a lower gas price. 

Arwana Citramulia (ARNA IJ) trades on 12.3x FY21E PER and 10.6x FY21E PER, compared to its 3-year average forward PER of 15.4x. We see the company as one of the best-managed industrials in Indonesia and this move into the higher-end tile market has the potential to drive the next leg of growth. 


Arwana Citramulia (ARNA IJ) - Garuda Versus Dragon

Cross Asset Strategy

<div class="content-highlight">
<p>The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a></p>
</div><h3>Macro Insights</h3><p>In <a href="https://www.smartkarma.com/insights/thai-macro-watch-august-the-new-tech-wars-chinese-flood" target="_blank" data-smartkarma-citation="insights:42012" rel="noopener">Thai Macro Watch (August): The New Tech Wars, Chinese Flood</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> five global events and their impact on Thai equities.</p><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/ace-hardware-indonesia-aces-ij-building-a-road-to-recovery" target="_blank" data-smartkarma-citation="insights:42520" rel="noopener">Ace Hardware Indonesia (ACES IJ) - Building A Road to Recovery,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits one of Indonesia's leading retailers after a call with management.</p><p>In <a href="https://www.smartkarma.com/insights/akr-corporindo-akra-ij-the-landed-logistics-player" target="_blank" data-smartkarma-citation="insights:42569" rel="noopener">AKR Corporindo (AKRA IJ) - The Landed Logistics Player,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits this Indonesian chemical and fuel distributor with an increasing contribution coming from its JIIPE industrial estate. </p><p>In <a href="https://www.smartkarma.com/insights/sats-from-serving-22-5m-pax-in-1q20-to-serving-200k-pax-in-1q21-houston-we-have-a-problem" target="_blank" data-smartkarma-citation="insights:42488" rel="noopener">SATS: From Serving 22.5M Pax in 1Q20 -&gt; To Serving 200K Pax in 1Q21. Houston We Have a Problem.</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a> revisits Singapore airport maintenance leader post its recent numbers. </p><p>In <a href="https://www.smartkarma.com/insights/permata-bank-mandatory-takeover-launched-finally" target="_blank" data-smartkarma-citation="insights:42577" rel="noopener">Permata Bank Mandatory Takeover Launched. Finally.</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits the <a href="https://www.smartkarma.com/entities/bank-permata-tbk-pt" target="_blank" data-smartkarma-citation="entities:728:1" rel="noopener">Bank Permata (BNLI IJ)</a> deal as it enters its final stage.</p><p>In <a href="https://www.smartkarma.com/insights/sprime-good-point-of-entry-singha-connection-could-add-further-upside" target="_blank" data-smartkarma-citation="insights:42589" rel="noopener">SPRIME: Good Point of Entry, Singha Connection Could Add Further Upside,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/aimirt-good-growth-outlook-but-already-priced-in" target="_blank" data-smartkarma-citation="insights:42639" rel="noopener">AIMIRT: Good Growth Outlook, but Already Priced In</a> initiates coverage on <a href="https://www.smartkarma.com/entities/aim-industrial-growth-freehold-and-leasehold-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:29180:1" rel="noopener">AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (AIMIRT TB)</a> with a HOLD recommendation based on a target price of Bt14.30, implying an upside of 6% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/teamg-cost-savings-and-government-stimulus-to-drive-profit" target="_blank" data-smartkarma-citation="insights:42628" rel="noopener">TEAMG: Cost-Savings and Government Stimulus to Drive Profit,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> revisits <a href="https://www.smartkarma.com/entities/team-consulting-engineering-and-management-public-company-limited" target="_blank" data-smartkarma-citation="entities:29175:1" rel="noopener">TEAM Consulting Engineering and Management (TEAMG TB)</a> and maintains a BUY recommendation on the company as he increases the target price to Bt2.81 from Bt2.42, implying an upside of 17% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/sisb-good-entry-point-for-investment-in-private-schools" target="_blank" data-smartkarma-citation="insights:42632" rel="noopener">SISB: Good Entry Point for Investment in Private Schools,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price.</p><p>In <a href="https://www.smartkarma.com/insights/sflex-staying-behind-key-players-in-the-market" target="_blank" data-smartkarma-citation="insights:42679" rel="noopener">SFLEX: Staying Behind Key Players in the Market,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on <a href="https://www.smartkarma.com/entities/starflex-pcl" target="_blank" data-smartkarma-citation="entities:29172:1" rel="noopener">Starflex PCL (SFLEX TB)</a> with a SELL recommendation based on a target price of Bt8.90, implying a downside of 28% from the current price. </p><p>In <a href="https://www.smartkarma.com/insights/boffice-asset-expansion-motivates-the-upside" target="_blank" data-smartkarma-citation="insights:42678" rel="noopener">BOFFICE: Asset Expansion Motivates the Upside,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on <a href="https://www.smartkarma.com/entities/bhiraj-office-leasehold-reit" target="_blank" data-smartkarma-citation="entities:29173:1" rel="noopener">Bhiraj Office Leasehold REIT (BOFFICE TB)</a> with a BUY recommendation based on a target price of Bt14.10, implying an upside of 18% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/all-valuation-remains-undemanding-expect-further-upside" target="_blank" data-smartkarma-citation="insights:42635" rel="noopener">ALL: Valuation Remains Undemanding, Expect Further Upside</a>, <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> revisits <a href="https://www.smartkarma.com/entities/all-inspire-development-pcl" target="_blank" data-smartkarma-citation="entities:29177:1" rel="noopener">All Inspire Development PCL (ALL TB),</a> where he has a Buy recommendation based on a target price of Bt4.39, implying an upside of 31% from the current price. </p><p>In <a href="https://www.smartkarma.com/insights/m-rapid-sssg-recovery-with-potential-growth-from-seafood-restaurant" target="_blank" data-smartkarma-citation="insights:42578" rel="noopener">M: Rapid SSSG Recovery with Potential Growth from Seafood Restaurant,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> circle back to <a href="https://www.smartkarma.com/entities/mk-restaurants-group-pcl" target="_blank" data-smartkarma-citation="entities:17689:1" rel="noopener">MK Restaurants Group (M TB)</a> after attending the recent analyst briefing, where they came away more positive with signs of an SSSG recovery post lockdown easing.</p><p>In <a href="https://www.smartkarma.com/insights/egco-positive-2h20-earnings-outlook-from-better-overseas-performance" target="_blank" data-smartkarma-citation="insights:42634" rel="noopener">EGCO: Positive 2H20 Earnings Outlook from Better Overseas Performance,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/electricity-generating-pcl" target="_blank" data-smartkarma-citation="entities:6149:1" rel="noopener">Electricity Generating (EGCO TB)</a> after the company's positive analyst briefing. </p><p>In <a href="https://www.smartkarma.com/insights/wice-expect-earnings-to-continue-growing-yoy-in-2h20" target="_blank" data-smartkarma-citation="insights:42537" rel="noopener">WICE: Expect Earnings to Continue Growing YoY in 2H20,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> circle back to <a href="https://www.smartkarma.com/entities/wice-logistics-pcl" target="_blank" data-smartkarma-citation="entities:26172:1" rel="noopener">Wice Logistics (WICE TB)</a> after going to the company's analyst briefing. </p><p>In <a href="https://www.smartkarma.com/insights/hana-covid-19-impact-has-passed" target="_blank" data-smartkarma-citation="insights:42575" rel="noopener">HANA: Covid-19 Impact Has Passed,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisits one of Thailand's leading electronics manufacturing services companies. </p><h3>Sector and Thematic Insights</h3><p>In <a href="https://www.smartkarma.com/insights/indonesia-banks-most-to-recover" target="_blank" data-smartkarma-citation="insights:42493" rel="noopener">Indonesia Banks – Most To Recover?,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> zooms in on the potential recovery to come for Indonesian Banks. </p><div><div><div id="ember9100"><div><section><div id="ember9112"><div><p>In <a href="https://www.smartkarma.com/insights/asia-banks-oversized-dividends" target="_blank" data-smartkarma-citation="insights:42535" rel="noopener">Asia Banks – Oversized Dividends,</a><a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> zeros in on dividend payments for Asian banks during the pandemic period. </p></div></div></section></div></div></div></div><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/bank-rakyat-indonesia-pondering-pricing-on-a-promised-new-issue" target="_blank" data-smartkarma-citation="insights:42524" rel="noopener">Bank Rakyat Indonesia: Pondering Pricing on a Promised New Issue</a><a href="https://www.smartkarma.com/profiles/hank-calenti-cfa" target="_blank" data-smartkarma-citation="accounts:5194" rel="noopener">Hank Calenti, CFA</a> takes a look at the proposed US$1bn bond issue from <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> and finds it appealing. <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> could price a potential five-year senior unsecured </p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma
Macro InsightsIn Thai Macro Watch (August): The New Tech Wars, Chinese Flood, our Thai guru Athaporn Arayasantiparb, CFA five global events and their impact on Thai equities.Equity Bottom-Up InsightsIn Ace Hardware Indonesia (ACES IJ) - Building A Road to Recovery, CrossASEAN Insight Provider Angus Mackintosh revisits one of Indonesia's leading retailers after a call with management.In AKR Corporindo (AKRA IJ) - The Landed Logistics Player,Angus Mackintosh revisits this Indonesian chemical and fuel distributor with an increasing contribution coming from its JIIPE industrial estate. In SATS: From Serving 22.5M Pax in 1Q20 -&gt; To Serving 200K Pax in 1Q21. Houston We Have a Problem. CrossASEAN Insight Provider Nicolas Van Broekhoven revisits Singapore airport maintenance leader post its recent numbers. In Permata Bank Mandatory Takeover Launched. Finally.Travis Lundy revisits the Bank Permata (BNLI IJ) deal as it enters its final stage.In SPRIME: Good Point of Entry, Singha Connection Could Add Further Upside,Dr Andrew Stotz, CFA initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price. In AIMIRT: Good Growth Outlook, but Already Priced In initiates coverage on AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (AIMIRT TB) with a HOLD recommendation based on a target price of Bt14.30, implying an upside of 6% from the current share price. In TEAMG: Cost-Savings and Government Stimulus to Drive Profit,Dr Andrew Stotz, CFA revisits TEAM Consulting Engineering and Management (TEAMG TB) and maintains a BUY recommendation on the company as he increases the target price to Bt2.81 from Bt2.42, implying an upside of 17% from the current share price. In SISB: Good Entry Point for Investment in Private Schools,Dr Andrew Stotz, CFA initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price.In SFLEX: Staying Behind Key Players in the Market,Dr Andrew Stotz, CFA initiates coverage on Starflex PCL (SFLEX TB) with a SELL recommendation based on a target price of Bt8.90, implying a downside of 28% from the current price. In BOFFICE: Asset Expansion Motivates the Upside,Dr Andrew Stotz, CFA initiates coverage on Bhiraj Office Leasehold REIT (BOFFICE TB) with a BUY recommendation based on a target price of Bt14.10, implying an upside of 18% from the current share price. In ALL: Valuation Remains Undemanding, Expect Further Upside, Dr Andrew Stotz, CFA revisits All Inspire Development PCL (ALL TB), where he has a Buy recommendation based on a target price of Bt4.39, implying an upside of 31% from the current price. In M: Rapid SSSG Recovery with Potential Growth from Seafood Restaurant, our friends at Country Group circle back to MK Restaurants Group (M TB) after attending the recent analyst briefing, where they came away more positive with signs of an SSSG recovery post lockdown easing.In EGCO: Positive 2H20 Earnings Outlook from Better Overseas Performance,Country Group revisit Electricity Generating (EGCO TB) after the company's positive analyst briefing. In WICE: Expect Earnings to Continue Growing YoY in 2H20,Country Group circle back to Wice Logistics (WICE TB) after going to the company's analyst briefing. In HANA: Covid-19 Impact Has Passed,Country Group revisits one of Thailand's leading electronics manufacturing services companies. Sector and Thematic InsightsIn Indonesia Banks – Most To Recover?, banking specialist Daniel Tabbush zooms in on the potential recovery to come for Indonesian Banks. In Asia Banks – Oversized Dividends,Daniel Tabbush zeros in on dividend payments for Asian banks during the pandemic period. Credit InsightsIn Bank Rakyat Indonesia: Pondering Pricing on a Promised New IssueHank Calenti, CFA takes a look at the proposed US$1bn bond issue from Bank Rakyat Indonesia Persero (BBRI IJ) and finds it appealing. Bank Rakyat Indonesia Persero (BBRI IJ) could price a potential five-year senior unsecured 

The Week that Was in ASEAN@Smartkarma - Ace Hardwear, Thai Macro, and Indonesian Banks

<p>I met with <a href="https://www.smartkarma.com/entities/17042" target="_blank" data-smartkarma-citation="entities:17042:1">Arwana Citramulia (ARNA IJ)</a> management in their Jakarta office and came away impressed with how the company is not only dealing with the recent headwinds from higher glaze and gas prices but also driving higher growth through improving product mix and geographical focus.</p>
<p>There has been a continuing switch to its higher-end UNO tiles from its Best Buy and regular products, which has meant ASPs have continued to rise. It is also increasing the production of its larger 50x50 tiles, which again have higher margins.</p>
<p>A more recent challenge has been higher transport costs, as the government has enforced weighbridge fees (fees charged on loads that trucks carry). This has been passed through to customers through price increases without impacting demand.</p>
<p>On the glaze issue, the company has switched sourcing from China to Vietnam to avoid a 25% import tariff on Chinese glaze, mitigating this potential negative. The company has also sourced from a domestic supplier, which is 10% more expensive but still cheaper than Chinese glaze post the anti-dumping tariff.</p>
<p>The company continues to focus on efficiencies in the production process to reduce gas consumption and it has managed to offset the impact of the weaker IDR though these measures.</p>
<p>The company continues to see stronger demand coming from Sumatra, where it will open a new plant next year. This will boost total capacity from 57.4m sqm to over 60m in 2019.</p>
<p>Competition from imported Chinese tiles has become even less of an issue, as the government imposed a 25% import tariff on those products.</p>
<p>Arwana now has a license to sell tiles in Thailand, where it could compete directly with <a href="https://www.smartkarma.com/entities/19650" target="_blank" data-smartkarma-citation="entities:19650:1">Dynasty Ceramic Pub (DCC TB)</a>, given that its products sell at a 30% -40% discount. </p>
<p><a href="https://www.smartkarma.com/entities/17042" target="_blank" data-smartkarma-citation="entities:17042:1">Arwana Citramulia (ARNA IJ)</a> continues to be one of the best managed industrial companies in Indonesia, along with <a href="https://www.smartkarma.com/entities/10909" target="_blank" data-smartkarma-citation="entities:10909:1">Selamat Sempurna (SMSM IJ)</a>. Management is constantly striving for new ways to improve efficiency, through lower rejection rates and gas usage, as well as improving its product mix to enhance margins. The company is quick to react to major challenges to its business such as the increased glaze costs, where it quickly switched its sourcing to Vietnam. The growth drivers for the company remain intact, with a shift in geographical focus to Sumatra and exports further down the line. According to Bloomberg Consensus, the stock is trading on 18.2x FY18E PER and 14.3x FY19E PER, with forecast EPS growth of +21.6% and 26.5% for FY18E and FY19E respectively.</p>

I met with Arwana Citramulia (ARNA IJ) management in their Jakarta office and came away impressed with how the company is not only dealing with the recent headwinds from higher glaze and gas prices but also driving higher growth through improving product mix and geographical focus.
There has been a continuing switch to its higher-end UNO tiles from its Best Buy and regular products, which has meant ASPs have continued to rise. It is also increasing the production of its larger 50x50 tiles, which again have higher margins.
A more recent challenge has been higher transport costs, as the government has enforced weighbridge fees (fees charged on loads that trucks carry). This has been passed through to customers through price increases without impacting demand.
On the glaze issue, the company has switched sourcing from China to Vietnam to avoid a 25% import tariff on Chinese glaze, mitigating this potential negative. The company has also sourced from a domestic supplier, which is 10% more expensive but still cheaper than Chinese glaze post the anti-dumping tariff.
The company continues to focus on efficiencies in the production process to reduce gas consumption and it has managed to offset the impact of the weaker IDR though these measures.
The company continues to see stronger demand coming from Sumatra, where it will open a new plant next year. This will boost total capacity from 57.4m sqm to over 60m in 2019.
Competition from imported Chinese tiles has become even less of an issue, as the government imposed a 25% import tariff on those products.
Arwana now has a license to sell tiles in Thailand, where it could compete directly with Dynasty Ceramic Pub (DCC TB), given that its products sell at a 30% -40% discount. 
Arwana Citramulia (ARNA IJ) continues to be one of the best managed industrial companies in Indonesia, along with Selamat Sempurna (SMSM IJ). Management is constantly striving for new ways to improve efficiency, through lower rejection rates and gas usage, as well as improving its product mix to enhance margins. The company is quick to react to major challenges to its business such as the increased glaze costs, where it quickly switched its sourcing to Vietnam. The growth drivers for the company remain intact, with a shift in geographical focus to Sumatra and exports further down the line. According to Bloomberg Consensus, the stock is trading on 18.2x FY18E PER and 14.3x FY19E PER, with forecast EPS growth of +21.6% and 26.5% for FY18E and FY19E respectively.

Arwana Citramulia (ARNA IJ) - Nimble Tile Master - On the Ground in J-Town

<div class="content-highlight">
<p>This past week's offering of Insights across <strong><a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> </strong>is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section. </p>
<p>I also include in the detailed section a brief comment on the property market in Jakarta following a meeting with Jones Lang Lasalle Indonesia there, as well as initial comments, post a company visit with <a href="https://www.smartkarma.com/entities/17042" target="_blank" data-smartkarma-citation="entities:17042:1">Arwana Citramulia (ARNA IJ)</a>, which stands out as one of the most impressive industrials in Indonesia.</p>
</div><h2>Macro Insights</h2><p>In Indonesia Politics: Freeport Tailings Impasse Looms; Prabowo Mocks Economy; Uno-Linked Firm on Trial political Insight Provider <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> comments on the most important political developments in Indonesia over the past week. </p><p>In <a href="https://www.smartkarma.com/insights/indonesia-widening-lead-in-polls-for-president-jokowi" target="_blank" data-smartkarma-citation="insights:25092">Indonesia: Widening Lead in Polls for President Jokowi</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> comments on the most recent opinion polls in Indonesia, which place President Jokowi even more firmly in the lead. </p><p>In <a href="https://www.smartkarma.com/insights/the-philippine-economy-politicking-takes-precedence-over-train-as-midterms-loom" target="_blank" data-smartkarma-citation="insights:25034">The Philippine Economy: Politicking Takes Precedence over TRAIN as Midterms Loom</a>, <a href="https://www.smartkarma.com/profiles/1567" target="_blank" data-smartkarma-citation="accounts:1567">Nicholas Chia</a> provides an update on the Philippine economy, with the backdrop of political ructions. </p><p>In <a href="https://www.smartkarma.com/insights/malaysia-anwar-ibrahim-takes-a-further-step-towards-the-premiership" target="_blank" data-smartkarma-citation="insights:25060">Malaysia: Anwar Ibrahim Takes a Further Step Towards the Premiership</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> comments on the convincing win by Anwar Ibrahim in Malaysia last week. </p><p>In <a href="https://www.smartkarma.com/insights/moderation-in-line-with-global-trend-monetary-policy-to-continue-gradual-tightening" target="_blank" data-smartkarma-citation="insights:25061">Moderation in Line with Global Trend; Monetary Policy to Continue Gradual Tightening</a>, <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> comments on the most recent economic numbers coming out of Singapore.</p><p>In <a href="https://www.smartkarma.com/insights/philippines-ofw-remittances-sustaining-trade-gap-funding-but-missing-the-demand-lift" target="_blank" data-smartkarma-citation="insights:25118">Philippines OFW Remittances: Sustaining Trade Gap Funding But Missing the Demand Lift</a>, economist <a href="https://www.smartkarma.com/profiles/1930" target="_blank" data-smartkarma-citation="accounts:1930">Jun Trinidad</a> puts forward his view on the Philippine economy. </p><h2>Equity Bottom-Up Insights</h2><p>In <a href="https://www.smartkarma.com/insights/bank-central-asia-bbca-ij-firmer-going-underfoot-fishing-for-minnows-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:25041">Bank Central Asia (BBCA IJ) - Firmer Going Underfoot &amp; Fishing for Minnows</a>, former Jakartan <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> circles back to <a href="https://www.smartkarma.com/entities/440" target="_blank" data-smartkarma-citation="entities:440:1">Bank Central Asia (BBCA IJ)</a> following a conversation with management.</p><p>In <a href="https://www.smartkarma.com/insights/thailand-future-fund-ipo-will-be-driven-more-by-retail-lacks-upside" target="_blank" data-smartkarma-citation="insights:25037">Thailand Future Fund IPO - Will Be Driven More by Retail, Lacks Upside</a>, <a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> discusses the prospects for this upcoming IPO. </p><p>In <a href="https://www.smartkarma.com/insights/sph-reit-downgrade-to-hold-on-valuation-grounds-re-enter-for-its-resilient-portfolio-at-0-96-unit" target="_blank" data-smartkarma-citation="insights:25046">SPH REIT: Downgrade to Hold on Valuation Grounds. Re-Enter for Its Resilient Portfolio at $0.96/Unit</a>, <a href="https://www.smartkarma.com/profiles/1786" target="_blank" data-smartkarma-citation="accounts:1786">Anni Kum</a> comments on FY18 results (August Year End) of <a href="https://www.smartkarma.com/entities/5994" target="_blank" data-smartkarma-citation="entities:5994:1">SPH REIT (SPHREIT SP)</a> and downgrades her recommendation to Hold. </p><p>In <a href="https://www.smartkarma.com/insights/san-miguel-food-beverage-re-ipo-dominant-market-share-in-its-key-markets" target="_blank" data-smartkarma-citation="insights:24888">San Miguel Food &amp; Beverage Re-IPO - Dominant Market Share in Its Key Markets</a>, <a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Zhen Zhou, Toh</a> comments on this Philippine F&amp;B IPO. <a href="https://www.smartkarma.com/entities/22728" target="_blank" data-smartkarma-citation="entities:22728:1">San Miguel (SMC PM)</a> is looking to sell 1bn <a href="https://www.smartkarma.com/entities/22934" target="_blank" data-smartkarma-citation="entities:22934:1">San Miguel Food and Beverage (FB PM)</a>'s shares with a 332m shares upsize option worth about US$2.1bn (current trading price).</p><p>In <a href="https://www.smartkarma.com/insights/smc-smc-pm-follow-on-offering-to-raise-up-to-us-2-7bn" target="_blank" data-smartkarma-citation="insights:25086">SMC (SMC PM): Follow-On Offering to Raise up to US$2.7bn</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a>  comments on the implications for <a href="https://www.smartkarma.com/entities/22728" target="_blank" data-smartkarma-citation="entities:22728:1">San Miguel (SMC PM)</a> from its recent money-raising plans. </p><p>In <a href="https://www.smartkarma.com/insights/philippine-national-bank-does-anyone-care" target="_blank" data-smartkarma-citation="insights:25131">Philippine National Bank: Does Anyone Care?</a> <a href="https://www.smartkarma.com/profiles/2554" target="_blank" data-smartkarma-citation="accounts:2554">Paul Hollingworth</a> takes a look at this state-owned bank. He notes that years of vibrant loan growth have raised moderate asset risk issues in the Philippines Banking System. </p><p>In <a href="https://www.smartkarma.com/insights/trade-idea-jardine-cycle-carriage-jcnc-sp-stub" target="_blank" data-smartkarma-citation="insights:24780">TRADE IDEA - Jardine Cycle &amp; Carriage (JCNC SP) Stub</a>, insight provider <a href="https://www.smartkarma.com/profiles/2658" target="_blank" data-smartkarma-citation="accounts:2658">Curtis Lehnert</a> circles back to <a href="https://www.smartkarma.com/entities/347" target="_blank" data-smartkarma-citation="entities:347:1">Jardine Cycle &amp; Carriage (JCNC SP)</a> and finds value in the stock.</p><p>In <a href="https://www.smartkarma.com/insights/osotspa-post-ipo-trading-update-14-above-ipo-price-but-no-longer-a-screaming-buy" target="_blank" data-smartkarma-citation="insights:25123">Osotspa Post-IPO Trading Update - 14% Above IPO Price but No Longer a Screaming Buy</a>, <a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Zhen Zhou, Toh</a> circles back to this Thai IPO. <a href="https://www.smartkarma.com/entities/27004" target="_blank" data-smartkarma-citation="entities:27004:1">Osotspa Co Ltd (OSP TB)</a> raised US$460m at THB25/share, at the top end of its IPO price range.</p><p>In <a href="https://www.smartkarma.com/insights/cosco-capital-a-high-quality-growing-retail-holding-company-at-4-4-times-ebitda-0-77-times-book" target="_blank" data-smartkarma-citation="insights:25112">Cosco Capital- A High Quality, Growing Retail Holding Company at 4.4 Times EBITDA &amp; 0.77 Times Book</a>, <a href="https://www.smartkarma.com/profiles/1378" target="_blank" data-smartkarma-citation="accounts:1378">Marc Melendez, CFA</a> comments on this Philippine consumer play. </p><p>In <a href="https://www.smartkarma.com/insights/golden-agri-management-meeting-highlights-wins-from-biodiesel-restructuring-potential" target="_blank" data-smartkarma-citation="insights:25133">Golden Agri Management Meeting Highlights Wins from Biodiesel &amp; Restructuring Potential</a>, <a href="https://www.smartkarma.com/profiles/2362" target="_blank" data-smartkarma-citation="accounts:2362">Charles Spencer</a> updates on this Indonesian plantation play. </p><p>In <a href="https://www.smartkarma.com/insights/ptba-ptba-ij-can-benefit-from-selling-mainly-to-the-local-market" target="_blank" data-smartkarma-citation="insights:25158">PTBA (PTBA IJ): Can Benefit from Selling Mainly to the Local Market</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a>  works his magic on this Indonesian domestic and international coal play. </p><p>In <a href="https://www.smartkarma.com/insights/dtac-3q-result-no-recovery-yet-spectrum-issue-now-solved-but-leverage-is-rising" target="_blank" data-smartkarma-citation="insights:25117">DTAC 3Q Result: No Recovery Yet. Spectrum Issue Now Solved, but Leverage Is Rising.</a> our friends at <a href="https://www.smartkarma.com/companies/151" target="_blank" data-smartkarma-citation="companies:151">New Street Research</a> comment on this Thai Mobile operator. </p><p>In <a href="https://www.smartkarma.com/insights/thanachart-capital-you-need-dividend-growth-and-time-that-s-it-time-arbitrage" target="_blank" data-smartkarma-citation="insights:25210">Thanachart Capital: You Need Dividend Growth and Time. That's It. Time Arbitrage.</a>, <a href="https://www.smartkarma.com/profiles/2554" target="_blank" data-smartkarma-citation="accounts:2554">Paul Hollingworth</a> circles back to this Thai Finance company and comes away with a positive view. </p><h2>Sector and Thematic Insights</h2><p>In <a href="https://www.smartkarma.com/insights/singapore-property-new-development-guidelines-negative-for-developers-and-collective-sale-market" target="_blank" data-smartkarma-citation="insights:25141">Singapore Property – New Development Guidelines Negative for Developers and Collective Sale Market</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> comments recently announced development guidelines from Singapore's URA.</p><p>In <a href="https://www.smartkarma.com/insights/frontier-and-emerging-market-recap-notes-on-outliers-top-down-themes-and-general-volatility" target="_blank" data-smartkarma-citation="insights:25007">Frontier and Emerging Market Recap: Notes on Outliers, Top Down Themes, and General Volatility</a>, Frontiersman <a href="https://www.smartkarma.com/profiles/334" target="_blank" data-smartkarma-citation="accounts:334">Dylan Waller</a> comments on recent themes across Frontier markets. </p><p>In <a href="https://www.smartkarma.com/insights/singapore-primary-home-sales-increased-51-m-o-m-in-sep-2018" target="_blank" data-smartkarma-citation="insights:25057">Singapore Primary Home Sales Increased 51% M-O-M in Sep 2018</a>, <a href="https://www.smartkarma.com/profiles/1644" target="_blank" data-smartkarma-citation="accounts:1644">Vivienne Zhou Jinmiao</a> comments on the most recent property sales numbers out of Singapore. </p>


This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section. 
I also include in the detailed section a brief comment on the property market in Jakarta following a meeting with Jones Lang Lasalle Indonesia there, as well as initial comments, post a company visit with Arwana Citramulia (ARNA IJ), which stands out as one of the most impressive industrials in Indonesia.
Macro InsightsIn Indonesia Politics: Freeport Tailings Impasse Looms; Prabowo Mocks Economy; Uno-Linked Firm on Trial political Insight Provider Kevin O’Rourke comments on the most important political developments in Indonesia over the past week. In Indonesia: Widening Lead in Polls for President Jokowi, Manu Bhaskaran comments on the most recent opinion polls in Indonesia, which place President Jokowi even more firmly in the lead. In The Philippine Economy: Politicking Takes Precedence over TRAIN as Midterms Loom, Nicholas Chia provides an update on the Philippine economy, with the backdrop of political ructions. In Malaysia: Anwar Ibrahim Takes a Further Step Towards the Premiership, Manu Bhaskaran comments on the convincing win by Anwar Ibrahim in Malaysia last week. In Moderation in Line with Global Trend; Monetary Policy to Continue Gradual Tightening, Jason Tan comments on the most recent economic numbers coming out of Singapore.In Philippines OFW Remittances: Sustaining Trade Gap Funding But Missing the Demand Lift, economist Jun Trinidad puts forward his view on the Philippine economy. Equity Bottom-Up InsightsIn Bank Central Asia (BBCA IJ) - Firmer Going Underfoot &amp; Fishing for Minnows, former Jakartan Angus Mackintosh circles back to Bank Central Asia (BBCA IJ) following a conversation with management.In Thailand Future Fund IPO - Will Be Driven More by Retail, Lacks Upside, Sumeet Singh discusses the prospects for this upcoming IPO. In SPH REIT: Downgrade to Hold on Valuation Grounds. Re-Enter for Its Resilient Portfolio at $0.96/Unit, Anni Kum comments on FY18 results (August Year End) of SPH REIT (SPHREIT SP) and downgrades her recommendation to Hold. In San Miguel Food &amp; Beverage Re-IPO - Dominant Market Share in Its Key Markets, Zhen Zhou, Toh comments on this Philippine F&amp;B IPO. San Miguel (SMC PM) is looking to sell 1bn San Miguel Food and Beverage (FB PM)'s shares with a 332m shares upsize option worth about US$2.1bn (current trading price).In SMC (SMC PM): Follow-On Offering to Raise up to US$2.7bn, Dr. Andrew Stotz, CFA  comments on the implications for San Miguel (SMC PM) from its recent money-raising plans. In Philippine National Bank: Does Anyone Care? Paul Hollingworth takes a look at this state-owned bank. He notes that years of vibrant loan growth have raised moderate asset risk issues in the Philippines Banking System. In TRADE IDEA - Jardine Cycle &amp; Carriage (JCNC SP) Stub, insight provider Curtis Lehnert circles back to Jardine Cycle &amp; Carriage (JCNC SP) and finds value in the stock.In Osotspa Post-IPO Trading Update - 14% Above IPO Price but No Longer a Screaming Buy, Zhen Zhou, Toh circles back to this Thai IPO. Osotspa Co Ltd (OSP TB) raised US$460m at THB25/share, at the top end of its IPO price range.In Cosco Capital- A High Quality, Growing Retail Holding Company at 4.4 Times EBITDA &amp; 0.77 Times Book, Marc Melendez, CFA comments on this Philippine consumer play. In Golden Agri Management Meeting Highlights Wins from Biodiesel &amp; Restructuring Potential, Charles Spencer updates on this Indonesian plantation play. In PTBA (PTBA IJ): Can Benefit from Selling Mainly to the Local Market, Dr. Andrew Stotz, CFA  works his magic on this Indonesian domestic and international coal play. In DTAC 3Q Result: No Recovery Yet. Spectrum Issue Now Solved, but Leverage Is Rising. our friends at New Street Research comment on this Thai Mobile operator. In Thanachart Capital: You Need Dividend Growth and Time. That's It. Time Arbitrage., Paul Hollingworth circles back to this Thai Finance company and comes away with a positive view. Sector and Thematic InsightsIn Singapore Property – New Development Guidelines Negative for Developers and Collective Sale Market, Royston Foo comments recently announced development guidelines from Singapore's URA.In Frontier and Emerging Market Recap: Notes on Outliers, Top Down Themes, and General Volatility, Frontiersman Dylan Waller comments on recent themes across Frontier markets. In Singapore Primary Home Sales Increased 51% M-O-M in Sep 2018, Vivienne Zhou Jinmiao comments on the most recent property sales numbers out of Singapore. 

The Week that Was in ASEAN@Smartkarma - Indo Opinion Polls, Philippines F&B, and Thai Telcos

Thailand

Vanachai Group Public Company Limited manufactures and distributes board panels as substitute for natural wood.  The Company's products include medium density fiber boards (MDF) and particle boards.  Its subsidiary also produces glue products.

Premier Products Public Company Limited manufactures and distributes environmental protection products and construction materials. The Company's products include water treatment and water storage systems and Construction Material and industrial support products.

Union Mosaic Industry Public Company Limited manufactures ceramic tiles under its UMI, Duragress, and Lila brand names.  Additionally, the Company produces sanitary ware products.

Union Mosaic Industry Public Co Ltd (UMI TB)

Sino Thai Engineering & Construction Public Company Limited provides engineering and construction services to the public and private sectors.  The Company's activities include energy project construction, building construction, industrial plant construction, environment project construction, as well as transportation project and infrastructure construction.

Sino-Thai Engineering & Construction (STEC TB)

Gunkul Engineering PCL is a power generation and engineering company that supplies hardware and accessory products used in electrical power transmission and distribution systems.

Thai Wire Products Public Company Limited manufactures industrial wires for construction work where strength and durability are required due to heavy weight nature. Such applications include prestressed concrete piles used in buildings, elevated highways and bridges, and prefabricated concrete slabs for walls and bridges.

Italian-Thai Development PCL involves in construction, project management, and engineering and design of large-scale civil works and infrastructure projects in Thailand and Southeast Asia. The Company's projects include industrial plants, building, pipelines, transportation, airport work, dams, tunnels, steel structures and telecommunications.

Gratitude Infinite Public Company Limited distributes solvents. The Company imports industrial grade ethanol both hydrous and anhydrous, and methyl acetate from any countries to support its local client base.

Sahamit Machinery Public Company Limited imports and distributes machinery equipment.

Ch. Karnchang Public Company Limited provides construction services to public and private sectors including construction of expressways, public utilities, and industrial plants. Through it subsidiaries, the Company distributes construction materials.

GWA Group Ltd. manufactures building fittings for households and commercial premises.  The Company designs, manufactures, imports and distributes domestic and commercial bathroom, kitchen and laundry products; manufactures and imports hot water and ducted heating and cooling systems; and designs, manufactures, imports and distributes door hardware and fittings and garage doors and openers.

IS Dongseo Co., Ltd. manufactures and markets construction materials, such as tiles, concrete made products, PC pipes, and piles.  The Company also produces sanitary ceramic fixtures and structural wood products.

NORITZ CORPORATION manufactures and sells gas-fired bathes and hot water heaters.  The Company uses advanced technology to produce compact size products. Noritz also expands into system kitchen & bath, air-conditioning equipment, heaters, and other bath-related products.

Sekisui Jushi Corporation is a processor of plastics and other resin materials. The Company's main products used in road traffic-related products such as road signs and noise absorbing walls.  Sekisui Jushi is affiliated with Sekisui Chemical.

BRC Asia Limited designs, manufactures, and markets steel mesh under the BRC brand name.  The Company's products include non-standard and customized mesh, a wide range of prefabricated products including beam and column cages, complete prefabricated beam and column reinforcement, staggered mesh, twin wire mesh, and pile cap cages.

Dare Technology Co., Ltd. manufactures flooring, medium density board, wood, furniture, wood processing and bamboo, rattan, palm fiber and straw products and wood-based panel manufacturing.

Xiamen R&T Plumbing Technology Co.,Ltd. develops, manufactures and sells sanitary products. The Company sells water-saving flushers and other plumbing related products.

Monalisa Group Co., Ltd manufactures ceramic products. The Company produces and sells wall and floor tiles, porcelain panels, ceramic art, and other products. Monalisa Group markets its products worldwide.

Central Glass Co., Ltd. manufactures and sells glass products.  The products are flat glasses and processed glasses used in automobiles, electrics, and construction.  The Company also specializes in chemicals and fertilizers, and develops fine chemicals and glass fiber products as well.

Shanghai Zhezhong Group Co. Ltd manufactures and sells prestressed high-strength concrete pipe.  The Company's products are used in construction of elevated road, highway, power plant, port and bridge.

Dynasty Ceramic Public Company Limited produces ceramic floor tiles used for both indoor and outdoor construction and decoration.

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

Dynasty Ceramic Pub (DCC TB)

The Stocks to Own in Thailand – Vol. 33

Our Thai portfolio has gained 85% versus the SET 100 Index’s return of 30%. Since the last rebalancing, it has had 10 major outperformers: RCL,...

A. Stotz Investment Research

Arwana Citramulia (ARNA IJ) - Garuda Versus Dragon

Arwana Citramulia, Indonesia's largest and most efficient ceramic tile manufacturer, continued to go from strength to strength in FY2020 and looks...

Angus Mackintosh

The Week that Was in ASEAN@Smartkarma - Ace Hardwear, Thai Macro, and Indonesian Banks

This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

Arwana Citramulia (ARNA IJ) - Nimble Tile Master - On the Ground in J-Town

I met with Arwana Citramulia (ARNA IJ) management in their Jakarta office and came away impressed with how the company is not only dealing with the...

Angus Mackintosh

The Week that Was in ASEAN@Smartkarma - Indo Opinion Polls, Philippines F&B, and Thai Telcos

This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)