Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Tan Passakornatee is the Thailand's leading green tea tycoon. He founded Oishi, the market leader which now includes the largest Japanese restaurant chain in Thailand, sold it to the second richest man in Thailand (Charoen Sirivadhanabhakdi) via Thai Beverage, and then founded a second act called Ichitan. This time, he separated the listed green tea business from the non-listed restaurant business. One of the best known faces in Thailand, the cartoonish tycoon uses himself as the company's mascot, which is a brilliant strategy in our view.Investment-wise, we continue to prefer TIPCO, which trades at 6x PE and has all manners of hidden asset. It's soared 20% since we bought it, but still has room to go. But that doesn't mean we can't appreciate Ichitan and their quirky founder, warts and all. The Indonesia challenge, the swashbuckling snow fiasco...Tan may not be the richest tycoon in Thailand, but his story is probably one of the most entertaining yo.

Tan Passakornatee is the Thailand's leading green tea tycoon. He founded Oishi, the market leader which now includes the largest Japanese restaurant chain in Thailand, sold it to the second richest man in Thailand (Charoen Sirivadhanabhakdi) via Thai Beverage, and then founded a second act called Ichitan. This time, he separated the listed green tea business from the non-listed restaurant business. One of the best known faces in Thailand, the cartoonish tycoon uses himself as the company's mascot, which is a brilliant strategy in our view.Investment-wise, we continue to prefer TIPCO, which trades at 6x PE and has all manners of hidden asset. It's soared 20% since we bought it, but still has room to go. But that doesn't mean we can't appreciate Ichitan and their quirky founder, warts and all. The Indonesia challenge, the swashbuckling snow fiasco...Tan may not be the richest tycoon in Thailand, but his story is probably one of the most entertaining yo.

Rabble Rousers (Season Finale: The Sugar Water Salesman)

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.

Thematic (Sector/Industry)

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

<ul>
<li>Industry Associations see ongoing transformation of Singapore’s F&amp;B industry as manufacturers look towards innovation, growth, and internationalisation.</li>
<li>The 10 biggest Packaged Foods &amp; Meats stocks in Singapore have averaged a 12.6% total return in the year thus far. This compared to 10.1% for Asia Pacific’s biggest Packaged Foods &amp; Meats stocks and 8.9% for the world’s biggest Packaged Foods &amp; Meats stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/19714" target="_blank" data-smartkarma-citation="entities:19714:1">Delfi Ltd (DELFI SP)</a>, <a href="https://www.smartkarma.com/entities/15597" target="_blank" data-smartkarma-citation="entities:15597:1">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/20972" target="_blank" data-smartkarma-citation="entities:20972:1">Super Group Ltd (SUPER SP)</a>, <a href="https://www.smartkarma.com/entities/9051" target="_blank" data-smartkarma-citation="entities:9051:1">Yeo Hiap Seng Ltd</a>…</li>
</ul>


Industry Associations see ongoing transformation of Singapore’s F&amp;B industry as manufacturers look towards innovation, growth, and internationalisation.
The 10 biggest Packaged Foods &amp; Meats stocks in Singapore have averaged a 12.6% total return in the year thus far. This compared to 10.1% for Asia Pacific’s biggest Packaged Foods &amp; Meats stocks and 8.9% for the world’s biggest Packaged Foods &amp; Meats stocks.

Delfi Ltd (DELFI SP), Japfa Ltd (JAP SP), Super Group Ltd (SUPER SP), Yeo Hiap Seng Ltd…


Key Drivers of the Packaged Food Industry

Thailand

Ichitan Group PCL operates in the beverage industry. The Company, through its subsidiaries, produces and distributes a variety of tea beverages.

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Ichitan Group (ICHI TB)

Rabble Rousers (Season Finale: The Sugar Water Salesman)

Tan Passakornatee is the Thailand's leading green tea tycoon. He founded Oishi, the market leader which now includes the largest Japanese...

Athaporn Arayasantiparb, CFA

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

§ The 10 biggest SGX-listed F&B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August....

Singapore Exchange Ltd (SGX)

Key Drivers of the Packaged Food Industry

Industry Associations see ongoing transformation of Singapore’s F&B industry as manufacturers look towards innovation, growth, and...

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

P/E

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