Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

Walking in the Rain. The rainy season generally follows summer and lasts between late May to October. For most companies, it will be considered a low season, and this is why many companies have seasonally weak Q3. In the event of flood similar to the South ( <a href="https://www.smartkarma.com/insights/south-series-part-2-here-comes-the-flood" target="_blank" data-smartkarma-citation="insights:8328">South Series (Part 2): Here Comes The Flood</a>), there would likely be some stocks that benefit from the reconstruction theme, though we feel this is now quite unlikely. Thailand has not had a major flood in key economic zones like Bangkok and…

Walking in the Rain. The rainy season generally follows summer and lasts between late May to October. For most companies, it will be considered a low season, and this is why many companies have seasonally weak Q3. In the event of flood similar to the South ( South Series (Part 2): Here Comes The Flood), there would likely be some stocks that benefit from the reconstruction theme, though we feel this is now quite unlikely. Thailand has not had a major flood in key economic zones like Bangkok and…

Stocks and Things to Watch Out For During the Rainy Season

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

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.

Equity Bottom-Up

<ul><li>Share price is less volatile, and good price momentum relative to its sector</li><li>DCC’s entry into the construction segment is likely to be the beginning of a long-term revenue stream, sales to construction segment up 82% YoY</li><li>New kilns running from 1Q17 should increase productivity and reduce manufacturing costs</li><li>Trades below Thai Industrials at 17CE* 18x PE but offers better growth prospects</li><li>Risks: Rapid rise in natural gas prices (main cost) as OPEC leads supply reduction plan could compromise margins</li></ul>* Consensus Estimates

Share price is less volatile, and good price momentum relative to its sectorDCC’s entry into the construction segment is likely to be the beginning of a long-term revenue stream, sales to construction segment up 82% YoYNew kilns running from 1Q17 should increase productivity and reduce manufacturing costsTrades below Thai Industrials at 17CE* 18x PE but offers better growth prospectsRisks: Rapid rise in natural gas prices (main cost) as OPEC leads supply reduction plan could compromise margins* Consensus Estimates

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

Thailand

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

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Dynasty Ceramic Pub (DCC TB)

Stocks and Things to Watch Out For During the Rainy Season

Walking in the Rain. The rainy season generally follows summer and lasts between late May to October. For most companies, it will be considered a...

Athaporn Arayasantiparb, CFA

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)

DCC: Tile Maker Expanding Margins

Share price is less volatile, and good price momentum relative to its sector DCC’s entry into the construction segment is likely to be the...

A. Stotz Investment Research

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

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