Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

While most renewable energy stocks in Thailand (SUPER, DEMCO) are overvalued in our view, it is worthwhile to note the technological advances in power industry, especially since Tesla and rivals are already eyeing Thailand as a production hub for electrical vehicles. Warren Buffett puts more money to use in driving solar and wind power than anyone, but we think Elon Musk's "distributed generation" model is more likely the face of the future. Several Thai brokers believe that with reserve margin at ridiculously high levels of almost 30%, Thailand is likely to see more power growth in the renewable side than conventional side (gas, coal, hydro). It may sound counter-intuitive, but if you like Musk's idea, SENA, a housing developer trading at 6.1x PE and yielding 6.3%, might be the stock for you.The so-called E-Power Revolution is not limited to renewables, but extends to making the grid more intelligent: 1) smart metering to do away with measurement staff; 2) wireless charging via power lines; and 3) common use of power lines to send telecom or media signals yo. Because technology is a phase rather than a standalone sector, it touches pretty much everything we experience, and the power sector will be no different.

While most renewable energy stocks in Thailand (SUPER, DEMCO) are overvalued in our view, it is worthwhile to note the technological advances in power industry, especially since Tesla and rivals are already eyeing Thailand as a production hub for electrical vehicles. Warren Buffett puts more money to use in driving solar and wind power than anyone, but we think Elon Musk's "distributed generation" model is more likely the face of the future. Several Thai brokers believe that with reserve margin at ridiculously high levels of almost 30%, Thailand is likely to see more power growth in the renewable side than conventional side (gas, coal, hydro). It may sound counter-intuitive, but if you like Musk's idea, SENA, a housing developer trading at 6.1x PE and yielding 6.3%, might be the stock for you.The so-called E-Power Revolution is not limited to renewables, but extends to making the grid more intelligent: 1) smart metering to do away with measurement staff; 2) wireless charging via power lines; and 3) common use of power lines to send telecom or media signals yo. Because technology is a phase rather than a standalone sector, it touches pretty much everything we experience, and the power sector will be no different.

Silicon Stories#2: The E-Power Revolution

Equity Bottom-Up

The East-West Collision Course. Today on the local World &amp; Economic Times program on Spring News Channel 11, Professor Manarangsan gave an interview regarding Rex Tillerson, the incredible Exxon Mobil former CEO who just edged out both Mitt Romney (the 2012 Presidential hopeful) and Rudy Guliani (a popular New York mayor) for the prestigious Secretary of State job. The two couldn't have been more different. Rex ran the world's largest energy company from his perch in Texas. Few companies can…

 The East-West Collision Course. Today on the local World &amp; Economic Times program on Spring News Channel 11, Professor Manarangsan gave an interview regarding Rex Tillerson, the incredible Exxon Mobil former CEO who just edged out both Mitt Romney (the 2012 Presidential hopeful) and Rudy Guliani (a popular New York mayor) for the prestigious Secretary of State job. The two couldn't have been more different. Rex ran the world's largest energy company from his perch in Texas. Few companies can…

Transport Sector, China and Asia-focused Research

Charles De Trenck

I was working on a bigger piece on HK vs Singapore which I will put out later, and reviewing political classifications of economies, when I saw a good comment from Ray Dalio on Trump and his invocation of Ayn Rand. I was also in the middle of reading the history of Athens and re-reading Aristotle’s Constitution of Athens, which added perspective to Dalio. There is a lot to apply to today which I think is worth noting.Quick conclusions before delving deeper:<ul><li>Ray Dalio is right to invoke Ayn Rand and flag the positives Trump could bring about;</li><li>But Let’s also keep in mind how deep the recent hole banks, Bernanke and Obama dug;</li><li>Looking at Aristotle as well, we might say that Trump’s partial democratic election has been to install an Aristocracy…this will certainly be interesting;</li><li>There are some really good free reads to turn to for a quick study of Ayn Rand;</li><li>When we listen back to Ayn Rand, we see that she disliked MNCs/Corporations because of their manipulation of government…Let’s see where Trump takes this.</li></ul>

I was working on a bigger piece on HK vs Singapore which I will put out later, and reviewing political classifications of economies, when I saw a good comment from Ray Dalio on Trump and his invocation of Ayn Rand. I was also in the middle of reading the history of Athens and re-reading Aristotle’s Constitution of Athens, which added perspective to Dalio. There is a lot to apply to today which I think is worth noting.Quick conclusions before delving deeper:Ray Dalio is right to invoke Ayn Rand and flag the positives Trump could bring about;But Let’s also keep in mind how deep the recent hole banks, Bernanke and Obama dug;Looking at Aristotle as well, we might say that Trump’s partial democratic election has been to install an Aristocracy…this will certainly be interesting;There are some really good free reads to turn to for a quick study of Ayn Rand;When we listen back to Ayn Rand, we see that she disliked MNCs/Corporations because of their manipulation of government…Let’s see where Trump takes this.

Trump Not Likely to Halt Decline of US. But Ray Dalio Makes Good Case in Bringing Back Ayn Rand

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>The overwhelming investor consensus a year ago was for further EM/commodity downside amid deflation fears - this year it is a USD secular bull and global reflation; positioning has shifted accordingly.</li>
<li><div>The value over momentum positioning advocated all year has paid off dramatically - globally, value has outperformed by about 20 ppts since July, the second-best run versus quality in almost 40 years.</div></li>
<li><div>Calling the oil market right in 2016 was critical to everything else in asset allocation including…</div></li>
</ul>


The overwhelming investor consensus a year ago was for further EM/commodity downside amid deflation fears - this year it is a USD secular bull and global reflation; positioning has shifted accordingly.
The value over momentum positioning advocated all year has paid off dramatically - globally, value has outperformed by about 20 ppts since July, the second-best run versus quality in almost 40 years.
Calling the oil market right in 2016 was critical to everything else in asset allocation including…


2017 Asset Allocation Outlook – Part 2: Trump Reflation Euphoria to Fade?

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

🎺🎺🎺 The Maritime Honours List 2016 🎺🎺🎺 As we near the end of the year, global markets are on a high despite China, Korea, Brexit, Trump, Italy and Fed rate concerns, among others. US 10yr yield is at levels they were not supposed to reach until the end of 2017, reflation trade is in play and OPEC has finally agreed to production cuts.Not many would have seen that coming. For shipping it was another tough year. As 2016 (the most tumultuous and dreadful year for the global maritime industry in…

🎺🎺🎺 The Maritime Honours List 2016 🎺🎺🎺 As we near the end of the year, global markets are on a high despite China, Korea, Brexit, Trump, Italy and Fed rate concerns, among others. US 10yr yield is at levels they were not supposed to reach until the end of 2017, reflation trade is in play and OPEC has finally agreed to production cuts.Not many would have seen that coming. For shipping it was another tough year. As 2016 (the most tumultuous and dreadful year for the global maritime industry in…

United States

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis.  The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

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Exxon Mobil (XOM US)

Silicon Stories#2: The E-Power Revolution

While most renewable energy stocks in Thailand (SUPER, DEMCO) are overvalued in our view, it is worthwhile to note the technological advances in...

Athaporn Arayasantiparb, CFA

CP All on Rex Tillerson

The East-West Collision Course. Today on the local World & Economic Times program on Spring News Channel 11, Professor Manarangsan gave an...

Athaporn Arayasantiparb, CFA

Trump Not Likely to Halt Decline of US. But Ray Dalio Makes Good Case in Bringing Back Ayn Rand

I was working on a bigger piece on HK vs Singapore which I will put out later, and reviewing political classifications of economies, when I saw a...

Charles De Trenck

2017 Asset Allocation Outlook – Part 2: Trump Reflation Euphoria to Fade?

The overwhelming investor consensus a year ago was for further EM/commodity downside amid deflation fears - this year it is a USD secular bull and...

Sean Maher

🎺The Maritime Honours List 2016🎺

🎺🎺🎺 The Maritime Honours List 2016 🎺🎺🎺As we near the end of the year, global markets are on a high despite China, Korea, Brexit, Trump, Italy and...

Drewry Maritime Financial Research

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