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

Event-Driven

<ul>
<li>There are 12 additions to the S&amp;P Global Clean Energy Index for Asia. The changes were announced on 8 April and will be implemented at the close on 22 April.</li>
<li>Largest inflows are on <a href="https://www.smartkarma.com/entities/chubu-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:14574:1" rel="noopener">Chubu Electric Power</a>, <a href="https://www.smartkarma.com/entities/china-yangtze-power-co-ltd" target="_blank" data-smartkarma-citation="entities:3210:1" rel="noopener">China Yangtze Power</a>, <a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:29012:1" rel="noopener">Adani Green Energy</a>, <a href="https://www.smartkarma.com/entities/energy-absolute-pcl" target="_blank" data-smartkarma-citation="entities:10377:1" rel="noopener">Energy Absolute</a>, <a href="https://www.smartkarma.com/entities/longi-green-energy-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:12703:1" rel="noopener">LONGi Green Energy Technology</a>, <a href="https://www.smartkarma.com/entities/ja-solar-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:16597:1" rel="noopener">JA Solar Technology</a>, <a href="https://www.smartkarma.com/entities/tianjin-zhonghuan-semiconductor-co-ltd" target="_blank" data-smartkarma-citation="entities:6791:1" rel="noopener">Tianjin Zhonghuan Semiconductor</a> and <a href="https://www.smartkarma.com/entities/sungrow-power-supply-co-ltd" target="_blank" data-smartkarma-citation="entities:4255:1" rel="noopener">Sungrow Power Supply</a>.</li>
<li>The largest outflows are expected on <a href="https://www.smartkarma.com/entities/meridian-ener-partly-paid-sh" target="_blank" data-smartkarma-citation="entities:4327:1" rel="noopener">Meridian Energy (MEL NZ)</a>, <a href="https://www.smartkarma.com/entities/contact-energy-ltd" target="_blank" data-smartkarma-citation="entities:13136:1" rel="noopener">Contact Energy (CEN NZ)</a> and <a href="https://www.smartkarma.com/entities/xinyi-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27808:1" rel="noopener">Xinyi Energy Holdings Ltd (3868 HK)</a>. </li>
</ul>


There are 12 additions to the S&amp;P Global Clean Energy Index for Asia. The changes were announced on 8 April and will be implemented at the close on 22 April.
Largest inflows are on Chubu Electric Power, China Yangtze Power, Adani Green Energy, Energy Absolute, LONGi Green Energy Technology, JA Solar Technology, Tianjin Zhonghuan Semiconductor and Sungrow Power Supply.
The largest outflows are expected on Meridian Energy (MEL NZ), Contact Energy (CEN NZ) and Xinyi Energy Holdings Ltd (3868 HK). 


S&P Global Clean Energy Index: Changes for Asia & Impact

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Yesterday analyst meeting come out in a positive tone. EA kick started the EV business in 3Q21 and booked sales of 77 E-buses. We see the growing EV sales,and commencement</li>
<li>We expect the growing E-bus sales to underpin the recurring profit growth in 4Q21. With approximately Bt400m bottom line contribution from the EV segment (from 300 to 400-unit sales),the 4Q21 </li>
<li>Positive 2021-25E outlook as we expect a 15% CAGR net profit growth on the back of incrementing contribution from new EV-ESS businesses (commencing on 2H21),viz., EV car/bus/truck sales and ESS</li>
</ul>


Yesterday analyst meeting come out in a positive tone. EA kick started the EV business in 3Q21 and booked sales of 77 E-buses. We see the growing EV sales,and commencement
We expect the growing E-bus sales to underpin the recurring profit growth in 4Q21. With approximately Bt400m bottom line contribution from the EV segment (from 300 to 400-unit sales),the 4Q21 
Positive 2021-25E outlook as we expect a 15% CAGR net profit growth on the back of incrementing contribution from new EV-ESS businesses (commencing on 2H21),viz., EV car/bus/truck sales and ESS


EA: The EV-ESS Chain All Set to Outperform

<p><strong>Yesterday analyst meeting come out in a positive tone. The 1.0GWh ESS plant is scheduled to commence operation in 3Q21. The company also plan to deliver 100 E-Buses and set 28 E ferry ready for operation in 2H21.</strong></p><div>• Expect 3Q21 net profit to improve YoY and QoQ backed by 1) first time revenue recognition of EV business (100 E bus delivery scheduled for 2H21), and 2) solid biodiesel business performance.</div><div></div><div>• Positive 2021-25E outlook as we expect a 15% CAGR net profit growth on the back of incrementing contribution from new EV-ESS businesses (commencing on 3Q-4Q21), viz., EV car/bus/truck sales, and ESS (battery) supply to B2B clients.</div><div></div><div><strong>We upgrade our recommendation to BUY and revise up the SOTP based target price by 43% of Bt70.0, factoring in the 15% CAGR net profit growth in 2021-25, and incrementing future growth following Global EV trend. Our valuation implies 34x PE,22E.</strong></div>

Yesterday analyst meeting come out in a positive tone. The 1.0GWh ESS plant is scheduled to commence operation in 3Q21. The company also plan to deliver 100 E-Buses and set 28 E ferry ready for operation in 2H21.• Expect 3Q21 net profit to improve YoY and QoQ backed by 1) first time revenue recognition of EV business (100 E bus delivery scheduled for 2H21), and 2) solid biodiesel business performance.• Positive 2021-25E outlook as we expect a 15% CAGR net profit growth on the back of incrementing contribution from new EV-ESS businesses (commencing on 3Q-4Q21), viz., EV car/bus/truck sales, and ESS (battery) supply to B2B clients.We upgrade our recommendation to BUY and revise up the SOTP based target price by 43% of Bt70.0, factoring in the 15% CAGR net profit growth in 2021-25, and incrementing future growth following Global EV trend. Our valuation implies 34x PE,22E.

EA: EV-ESS Business to Kick Start in 3Q21

<p><strong>Yesterday analyst meeting came out in a negative tone. We maintain the SELL rating, over the concerns that delay of EV-ESS business commencement could pressure the stock performance. Our target price of Bt49.0 is derived using SOTP methodology, implying 24.0x PE’22E.</strong></p><div>• Expect 2Q21 earnings to soften QoQ due to poor biodiesel business contribution and seasonal lower wind power plant operation. While Improve YoY supported by better contribution from new PCM business COD in 4Q20.</div><div></div><div>• ESS (battery) plant COD, and EV delivery delayed to 2H21 due to COVID-19 crisis.</div><div></div><div>• We like EA’s EV &amp; ESS business expansion strategy, however, maintain a cautious short-term outlook (12-months) due to continuous project delays and concerns over the business success.</div>

Yesterday analyst meeting came out in a negative tone. We maintain the SELL rating, over the concerns that delay of EV-ESS business commencement could pressure the stock performance. Our target price of Bt49.0 is derived using SOTP methodology, implying 24.0x PE’22E.• Expect 2Q21 earnings to soften QoQ due to poor biodiesel business contribution and seasonal lower wind power plant operation. While Improve YoY supported by better contribution from new PCM business COD in 4Q20.• ESS (battery) plant COD, and EV delivery delayed to 2H21 due to COVID-19 crisis.• We like EA’s EV &amp; ESS business expansion strategy, however, maintain a cautious short-term outlook (12-months) due to continuous project delays and concerns over the business success.

EA: EV-ESS Business Commencement Delayed to 2H21

<p><strong>Yesterday analyst meeting come out in a neutral tone. We maintain the SELL rating, as the delay of EV-ESS business commencement and concerns over competency will pressure the stock performance. Our target price of Bt49.0 is derived using SOTP methodology, implying 26.0x PE’21.</strong></p><div>• Expect 1Q21 earnings to improve both YoY and QoQ, on the back of better power plant operation, biodiesel business contribution and earnings recognition from bio-PCM business COD in 3Q20.</div><div></div><div>• ESS (battery) plant COD postponed to 2Q21. EV-Car delivery delayed to 2H21 due to COVID-19 crisis.</div><div></div><div>• We like EA’s EV &amp; ESS business expansion strategy, but we see no upside to our earnings forecast without the new business success.</div>

Yesterday analyst meeting come out in a neutral tone. We maintain the SELL rating, as the delay of EV-ESS business commencement and concerns over competency will pressure the stock performance. Our target price of Bt49.0 is derived using SOTP methodology, implying 26.0x PE’21.• Expect 1Q21 earnings to improve both YoY and QoQ, on the back of better power plant operation, biodiesel business contribution and earnings recognition from bio-PCM business COD in 3Q20.• ESS (battery) plant COD postponed to 2Q21. EV-Car delivery delayed to 2H21 due to COVID-19 crisis.• We like EA’s EV &amp; ESS business expansion strategy, but we see no upside to our earnings forecast without the new business success.

EA: EV-ESS Earnings to Kick in at Best by Late 2021-1H22

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)

S&P Global Clean Energy Index: Changes for Asia & Impact

There are 12 adds for Asia as a part of the S&P Global Clean Energy Index rebal, plus other changes. There have not been any big price moves since...

Brian Freitas

EA: The EV-ESS Chain All Set to Outperform

Yesterday analyst meeting come out in a positive tone. EA kick started the EV business in 3Q21 and booked sales of 77 E-buses. We see the growing...

Pi Securities PCL, Thailand

EA: EV-ESS Business to Kick Start in 3Q21

Yesterday analyst meeting come out in a positive tone. The 1.0GWh ESS plant is scheduled to commence operation in 3Q21. The company also plan to...

Pi Securities PCL, Thailand

EA: EV-ESS Business Commencement Delayed to 2H21

Yesterday analyst meeting came out in a negative tone. We maintain the SELL rating, over the concerns that delay of EV-ESS business commencement...

Pi Securities PCL, Thailand

EA: EV-ESS Earnings to Kick in at Best by Late 2021-1H22

Yesterday analyst meeting come out in a neutral tone. We maintain the SELL rating, as the delay of EV-ESS business commencement and concerns over...

Pi Securities PCL, Thailand

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52-week Range

Market Cap (USDm)

P/E

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