CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Seven stocks remain, seven new join the fray</li>
<li>Since inception, it has gained 126% versus the SET 100 Index’s return of 34%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Seven stocks remain, seven new join the fray
Since inception, it has gained 126% versus the SET 100 Index’s return of 34%


The Stocks to Own in Thailand – Vol. 47

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Although Asian bourses were able to rebound on the back of tech stocks, alongside the jump in US markets after bond yields decreased, the SET only managed to edge up due to a lack of new factors to boost it.</li><li>Meanwhile, ADVANC and banking stocks fell, and foreign investors kept selling for a third day amid continued thin volume.</li><li>The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise despite facing selling pressure.</li></ul>

Although Asian bourses were able to rebound on the back of tech stocks, alongside the jump in US markets after bond yields decreased, the SET only managed to edge up due to a lack of new factors to boost it.Meanwhile, ADVANC and banking stocks fell, and foreign investors kept selling for a third day amid continued thin volume.The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise despite facing selling pressure.

Technical Analysis - The Trend - Feb 16, 2024

<ul><li>The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.</li><li>Furthermore, with most Asian bourses closed, trading activity remained sluggish.</li><li>Large cap stocks experienced limited fluctuations, resulting in an index outlook devoid of clear signals. However, foreign investors turned to buy slightly.</li></ul>

The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.Furthermore, with most Asian bourses closed, trading activity remained sluggish.Large cap stocks experienced limited fluctuations, resulting in an index outlook devoid of clear signals. However, foreign investors turned to buy slightly.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with US ADRs, after having looked at HK, India, Japan and Korea earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with US ADRs, after having looked at HK, India, Japan and Korea earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2024 Asia IPO Pipeline - US ADRs

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>Maintain the BUY call with a target price of Bt58.0. We like IVL for its recession proof downstream petrochemical portfolio having 3 to 4% CAGR demand growth outlook for 2022-25.</li>
<li>Margin pressure dragged 3Q22 profit QoQ Excluding one-time items,the recurring profit stood at Bt10.3bn (+74% YoY, -22% QoQ).The YoY earnings growth was supported by strong performance of C-PET from steady</li>
<li>While,a marginal decline of sales and product margin of combined PET segment as a result of lower demand in Europe,and declined operating rates due to lower MEG production under IOD </li>
</ul>


Maintain the BUY call with a target price of Bt58.0. We like IVL for its recession proof downstream petrochemical portfolio having 3 to 4% CAGR demand growth outlook for 2022-25.
Margin pressure dragged 3Q22 profit QoQ Excluding one-time items,the recurring profit stood at Bt10.3bn (+74% YoY, -22% QoQ).The YoY earnings growth was supported by strong performance of C-PET from steady
While,a marginal decline of sales and product margin of combined PET segment as a result of lower demand in Europe,and declined operating rates due to lower MEG production under IOD 


IVL : Positive 2023 Outlook from Softening Energy Cost

Thailand

Indorama Ventures PCL manufactures and distributes polyethylene terephthalate ("PET"), purified terephthalic acid ("PTA") and related products, polyester fibers and yarns, and wool products.

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Indorama Ventures (IVL TB)

The Stocks to Own in Thailand – Vol. 47

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Seven stocks remain, seven new...

A. Stotz Investment Research

Technical Analysis - The Trend - Feb 16, 2024

The index has an unclear direction after continuing to swing sideways in a narrow range, but we expect upward movement because it attempted to rise...

Krungthai XSpring

Technical Analysis - FEBRUARY 13, 2024

The SET traded within a narrow range throughout the day, reflecting subdued sentiment attributed to the Chinese New Year festival.

Krungthai XSpring

Aequitas 2024 Asia IPO Pipeline - US ADRs

In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with US ADRs, after having looked at HK, India, Japan and Korea...

Sumeet Singh

IVL : Positive 2023 Outlook from Softening Energy Cost

Maintain the BUY call with a target price of Bt58.0. We like IVL for its recession proof downstream petrochemical portfolio having 3 to 4% CAGR...

Pi Securities PCL, Thailand

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)