Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Palm oil prices are up 177% since May 2020 and 66% since June of last year. Palm oil touched a record high of RM5,700/mt the 31 January.</li>
<li>Yet while palm oil has enjoyed a meteoric price rise, the performance of listed palm oil plays has bifurcated.  </li>
<li>Valuations appear largely constrained by environmental, social, and governance concerns, resulting in plantation stocks trading below their historical averages.</li>
</ul>


Palm oil prices are up 177% since May 2020 and 66% since June of last year. Palm oil touched a record high of RM5,700/mt the 31 January.
Yet while palm oil has enjoyed a meteoric price rise, the performance of listed palm oil plays has bifurcated.  
Valuations appear largely constrained by environmental, social, and governance concerns, resulting in plantation stocks trading below their historical averages.


CPO Plays Lag Palm Oil Prices As ESG Issues Weigh

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>In this short insight, we include our flow estimates for all additions and deletions taking place in the range of WisdomTree EM Funds at the rebalance this Wednesday (16 October).</li>
<li>We show the top 40 buys and sells across DEM, XSOE and DGS.</li>
<li>The top buys include <a href="https://www.smartkarma.com/entities/chc-resources-corp" target="_blank" data-smartkarma-citation="entities:13423:1" rel="noopener">Chc Resources (9930 TT)</a> &amp; <a href="https://www.smartkarma.com/entities/uchi-technologies-bhd" target="_blank" data-smartkarma-citation="entities:10723:1" rel="noopener">Uchi Technologies (UCHI MK)</a>. The top sells include <a href="https://www.smartkarma.com/entities/impack-pratama-industri-tbk" target="_blank" data-smartkarma-citation="entities:3927:1" rel="noopener">Impack Pratama Industri Tbk (IMPC IJ)</a> and <a href="https://www.smartkarma.com/entities/hap-seng-consolidated-bhd" target="_blank" data-smartkarma-citation="entities:13036:1" rel="noopener">Hap Seng Consolidated (HAP MK).</a>
</li>
</ul>


In this short insight, we include our flow estimates for all additions and deletions taking place in the range of WisdomTree EM Funds at the rebalance this Wednesday (16 October).
We show the top 40 buys and sells across DEM, XSOE and DGS.
The top buys include Chc Resources (9930 TT) &amp; Uchi Technologies (UCHI MK). The top sells include Impack Pratama Industri Tbk (IMPC IJ) and Hap Seng Consolidated (HAP MK).



WisdomTree Oct 24 Emerging Market Rebalance: Top Net Buys and Sells Across DGS, SOE & DEM

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li>Mapletree Logistics Trust (MLT) and Mapletree Industrial Trust (MIT) have no plans on merging</li><li>Condo, HDB rents increases more than 10% in 2021; Rents could continue to move up given cooling measures</li><li><a href="https://www.smartkarma.com/entities/banyan-tree-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18141" rel="noopener">Banyan Tree Holdings (BTH SP)</a> Banyan Tree Group (BTH SP) launches new hospitality concept in Phuket, Thailand</li></ul>

Mapletree Logistics Trust (MLT) and Mapletree Industrial Trust (MIT) have no plans on mergingCondo, HDB rents increases more than 10% in 2021; Rents could continue to move up given cooling measuresBanyan Tree Holdings (BTH SP) Banyan Tree Group (BTH SP) launches new hospitality concept in Phuket, Thailand

ASEAN Builder's Scoop (13Jan22) - No Merger for MLT/MINT

<ul><li>Despite cooling measures, new home prices might not correct given limited housing stock and new supply; Rental market may continue to rise  </li><li>Private home prices rose 5% QoQ in 4Q21; Full year 2021 rising by 10.6% led by CCR region</li><li><a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> net profit increases almost 3 times YoY in 9M21</li></ul>

Despite cooling measures, new home prices might not correct given limited housing stock and new supply; Rental market may continue to rise  Private home prices rose 5% QoQ in 4Q21; Full year 2021 rising by 10.6% led by CCR regionBumi Serpong Damai (BSDE IJ) net profit increases almost 3 times YoY in 9M21

ASEAN Builder's Scoop (4Jan22) - New Home Prices

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>
<a href="https://www.smartkarma.com/entities/westports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3954:1" rel="noopener">Westports Holdings (WPRTS MK)</a> will replace <a href="https://www.smartkarma.com/entities/hap-seng-consolidated-bhd" target="_blank" data-smartkarma-citation="entities:13036:1" rel="noopener">Hap Seng Consolidated (HAP MK)</a> in the <a href="https://www.smartkarma.com/entities/kuala-lumpur-composite-index" target="_blank" data-smartkarma-citation="entities:22913:1" rel="noopener">Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX)</a> after the close of trading on 17 December.</li>
<li>
<a href="https://www.smartkarma.com/entities/hap-seng-consolidated-bhd" target="_blank" data-smartkarma-citation="entities:13036:1" rel="noopener">Hap Seng Consolidated (HAP MK)</a> is a delete on liquidity and there will be over 5 days of ADV to sell. The impact on <a href="https://www.smartkarma.com/entities/westports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3954:1" rel="noopener">Westports Holdings (WPRTS MK)</a> is smaller.</li>
<li>
<a href="https://www.smartkarma.com/entities/hap-seng-consolidated-bhd" target="_blank" data-smartkarma-citation="entities:13036:1" rel="noopener">Hap Seng Consolidated (HAP MK)</a> could drop in the short term but underperformance vs its peers could provide a buying opportunity, especially close to implementation date.</li>
</ul>



Westports Holdings (WPRTS MK) will replace Hap Seng Consolidated (HAP MK) in the Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX) after the close of trading on 17 December.

Hap Seng Consolidated (HAP MK) is a delete on liquidity and there will be over 5 days of ADV to sell. The impact on Westports Holdings (WPRTS MK) is smaller.

Hap Seng Consolidated (HAP MK) could drop in the short term but underperformance vs its peers could provide a buying opportunity, especially close to implementation date.


KLCI Index Rebalance: Westports Replaces Hap Seng

Malaysia

Hap Seng Consolidated Berhad is an investment holding company.  The Company, through its subsidiaries, operates oil palm and cocoa plantations, trades heavy equipment and motor vehicles, fabricates and sells commercial trailers and tankers, provides leasing and money lending, and manufactures agricultural fertilizers, agro-chemicals, building materials, and plantation supplies.

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Hap Seng Consolidated (HAP MK)

CPO Plays Lag Palm Oil Prices As ESG Issues Weigh

KLK's reliance on its downstream operations should help reduce palm product prices. The recent acquisition of IJM also extends the age profile of...

David Blennerhassett

WisdomTree Oct 24 Emerging Market Rebalance: Top Net Buys and Sells Across DGS, SOE & DEM

WisdomTree EM Funds are due for rebalancing on Wednesday. In this insight, we show the top net buys and sells by volume multiple. We aggregate our...

DMA

ASEAN Builder's Scoop (13Jan22) - No Merger for MLT/MINT

No merger for MLT/MINT; Condo, HDB rents may continue rising; BTH launching new concept in Phuket; METRO/Daiwa House deepens collaboration; SIRI...

SCCM Asia Research

ASEAN Builder's Scoop (4Jan22) - New Home Prices

New home prices, rental may continue rising despite measures; New home, HDB resale prices reached record highs; BSDE 9M21 net profit rose 3 folds;...

SCCM Asia Research

KLCI Index Rebalance: Westports Replaces Hap Seng

Westports Holdings will replace Hap Seng Consolidated in the KLCI at the December rebalance. HAP MK is a liquidity delete and passive trackers will...

Brian Freitas

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