Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>EV Adoption in ASEAN is low compared to developed markets, however, development of a robust EV ecosystem remains a primary goal for the respective nations.</li>
<li>Governments in the region continues to introduce new policy measures and offer incentives to promote the sector, while companies continue to attract large investment to develop the EV market.</li>
<li>The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.</li>
</ul>


EV Adoption in ASEAN is low compared to developed markets, however, development of a robust EV ecosystem remains a primary goal for the respective nations.
Governments in the region continues to introduce new policy measures and offer incentives to promote the sector, while companies continue to attract large investment to develop the EV market.
The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.


ASEAN EV Ecosystem Update: Progressing Towards a Robust EV Ecosystem

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<ul>
<li>Recent events are credit and spread positive in the near-term for EA.</li>
<li>Q2 results are no surprise while we remain concerned on a declining recurring revenues.</li>
<li>We maintain our stance on no recommendation on EA's THB bonds for the lack of liquidity and reliable quotes.</li>
</ul>


Recent events are credit and spread positive in the near-term for EA.
Q2 results are no surprise while we remain concerned on a declining recurring revenues.
We maintain our stance on no recommendation on EA's THB bonds for the lack of liquidity and reliable quotes.


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 SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we take a look at the potential ADDs/DELs for SET 50 during the index rebal event in December 2024.</li>
<li>Previously, we had three expected ADDs/DELs but now we have four. However, there is one more month left in the 3-month reference period and expectations can still change.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we take a look at the potential ADDs/DELs for SET 50 during the index rebal event in December 2024.
Previously, we had three expected ADDs/DELs but now we have four. However, there is one more month left in the 3-month reference period and expectations can still change.


Quiddity Leaderboard SET50 Dec 24: Some Changes to Expectations; Gulf-Intuch Deal Index Implications

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>A third of the way through the review period for the December rebalance of the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a>, we see four potential index changes.</li>
<li>Passive trackers will need to buy between 0.5-4.3 days of ADV on the inclusions and sell between 0.1-2.9 days of ADV on the deletions.</li>
<li>The forecast adds have outperformed the forecast deletes and the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> over the last 5 months.</li>
</ul>


A third of the way through the review period for the December rebalance of the Stock Exchange of Thailand SET 50 Index (SET50 INDEX), we see four potential index changes.
Passive trackers will need to buy between 0.5-4.3 days of ADV on the inclusions and sell between 0.1-2.9 days of ADV on the deletions.
The forecast adds have outperformed the forecast deletes and the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) over the last 5 months.


SET50 Index Rebalance Preview: Four Changes as Adds Outperform Deletes

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we take a look at the potential ADDs/DELs for SET 50 during the index rebal event in December 2024.</li>
<li>Currently, we see 3 expected ADDs/DELs and given that the 3-month reference period used for average market cap rankings have now started the rankings may be more stable. </li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we take a look at the potential ADDs/DELs for SET 50 during the index rebal event in December 2024.
Currently, we see 3 expected ADDs/DELs and given that the 3-month reference period used for average market cap rankings have now started the rankings may be more stable. 


Quiddity Leaderboard SET50 Dec 24: 3 Changes Likely; Some Changes to Expectations

Thailand

Energy Absolute Public Company Limited engages in the research, development, and production of biodiesel products in Thailand.

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Energy Absolute (EA TB)

ASEAN EV Ecosystem Update: Progressing Towards a Robust EV Ecosystem

Development of a robust EV ecosystem remains a primary goal and the governments in the ASEAN region continue to introduce new policy measures and...

Shifara Samsudeen, ACMA, CGMA

Energy Absolute: No Tricks and No Treats

Recent events are positive for EA in the short term, but concerns remain about declining recurring revenues, leading to no recommendation on their...

Bondcritic

Quiddity Leaderboard SET50 Dec 24: Some Changes to Expectations; Gulf-Intuch Deal Index Implications

The Gulf-Intuch Deal could close in 1H CY25 creating a vacancy in SET 50. The highest-ranked name from the reserve list will be promoted to SET 50...

Janaghan Jeyakumar, CFA

SET50 Index Rebalance Preview: Four Changes as Adds Outperform Deletes

There should be 4 changes to the SET50 in December. Passive trackers will need to buy between 0.5-4.3x ADV on the inclusions and sell between 0.1...

Brian Freitas

Quiddity Leaderboard SET50 Dec 24: 3 Changes Likely; Some Changes to Expectations

There are names lurking close to border which can still move into and outside the top 50 and cause changes to our list of expected ADDs/DELs. As...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASEAN EV Ecosystem Update: Progressing Towards a Robust EV Ecosystem

​Development of a robust EV ecosystem remains a primary goal and the governments in the ASEAN region continue to introduce new policy measures and...

Shifara Samsudeen, ACMA, CGMA

Energy Absolute: No Tricks and No Treats

​Recent events are positive for EA in the short term, but concerns remain about declining recurring revenues, leading to no recommendation on their...

Bondcritic

Quiddity Leaderboard SET50 Dec 24: Some Changes to Expectations; Gulf-Intuch Deal Index Implications

The Gulf-Intuch Deal could close in 1H CY25 creating a vacancy in SET 50. The highest-ranked name from the reserve list will be promoted to SET 50...

Janaghan Jeyakumar, CFA

SET50 Index Rebalance Preview: Four Changes as Adds Outperform Deletes

There should be 4 changes to the SET50 in December. Passive trackers will need to buy between 0.5-4.3x ADV on the inclusions and sell between 0.1...

Brian Freitas

Quiddity Leaderboard SET50 Dec 24: 3 Changes Likely; Some Changes to Expectations

There are names lurking close to border which can still move into and outside the top 50 and cause changes to our list of expected ADDs/DELs. As...

Janaghan Jeyakumar, CFA

Development of a robust EV ecosystem remains a primary goal and the governments in the ASEAN region continue to introduce new policy measures and...

Recent events are positive for EA in the short term, but concerns remain about declining recurring revenues, leading to no recommendation on their...