Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Thematic (Sector/Industry)

<ul>
<li>Going into a third week after Thailand’s general election on May 14th, the Thai stock market softened and the bond yields rose on uncertainty over the government coalition.</li>
<li>We believe the Move Forward Party (MFP)’s victory signifies a movement to reform, not just a political campaign.</li>
<li>The muddle-through scenario could see Thailand without the new government until May 2024</li>
</ul>


Going into a third week after Thailand’s general election on May 14th, the Thai stock market softened and the bond yields rose on uncertainty over the government coalition.
We believe the Move Forward Party (MFP)’s victory signifies a movement to reform, not just a political campaign.
The muddle-through scenario could see Thailand without the new government until May 2024


Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Over the last week, we engaged in fruitful interactions with fellow analysts and portfolio managers in Hong Kong and Singapore.</li>
<li>In this insight, we share perspectives we picked up on India as a market, along with regional market dynamics.</li>
<li>The way ahead involves embracing a glass well approach, combining our deep focus on Indian equities with a broader understanding of regional markets and consumer trends.</li>
</ul>


Over the last week, we engaged in fruitful interactions with fellow analysts and portfolio managers in Hong Kong and Singapore.
In this insight, we share perspectives we picked up on India as a market, along with regional market dynamics.
The way ahead involves embracing a glass well approach, combining our deep focus on Indian equities with a broader understanding of regional markets and consumer trends.


Postcard from HK <> SG | "The Frog in the Well"

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

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In our previous notes, we have looked at the company’s past performance. In this note, we undertake a peer comparison.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In our previous notes, we have looked at the company’s past performance. In this note, we undertake a peer comparison.


I-Tail Corporation Pre-IPO - Peer Comparison

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note, we talk about allocation and the trading dynamics</li>
</ul>


Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note, we talk about allocation and the trading dynamics


Thai Life Insurance IPO Trading - One for Domestics and Cornerstones

Founder & Chief Market Strategist - SAV Markets, SAV Markets

Shyam Devani

Founder & Chief Market Strategist - SAV Markets

Provide Comprehensive Analysis & Commentary

SAV Markets

SAV Markets aims to provide comprehensive analysis & commentary on foreign exchange and asset markets. The approach is multi asset as markets are typically interlinked. Cause and effect are always at work, even if those effects take time to manifest. As nothing is permanent we strive to get ahead of the curve in an ever changing world.

Technical Analysis

<ul>
<li>Numerous New Year developments suggest markets are heading towards a world where the worst of the Covid might be behind us and a better growth trajectory awaits</li>
<li>Yields have moved higher, airlines &amp; transport have performed well, Oil is up, and some Asian markets have started to rebound or breakout – Australia, Vietnam &amp; India as examples</li>
<li>This brings Thailand in focus as one of the major tourist destinations. The charts below show the breakouts and potential trends at work</li>
</ul>


Numerous New Year developments suggest markets are heading towards a world where the worst of the Covid might be behind us and a better growth trajectory awaits
Yields have moved higher, airlines &amp; transport have performed well, Oil is up, and some Asian markets have started to rebound or breakout – Australia, Vietnam &amp; India as examples
This brings Thailand in focus as one of the major tourist destinations. The charts below show the breakouts and potential trends at work


Thailand

iShares MSCI Thailand Capped ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results that correspond to the performance of the MSCI Thailand IMI 25/50 Index.

iShares MSCI Thailand (THD US)

Thailand : The Election Sabuy Sabuy

Thailand is in an odd situation where the collective voice of 250 appointed senators can override the whole election process.

Bondcritic

Postcard from HK <> SG | "The Frog in the Well"

Engaged in valuable interactions with analysts and portfolio managers with an objective to understand views on India & grasp regional markets.

Pranav Bhavsar

I-Tail Corporation Pre-IPO - Peer Comparison

I-Tail Corporation, an OEM in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group. In this note,...

Sumeet Singh

Thai Life Insurance IPO Trading - One for Domestics and Cornerstones

Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal. In this...

Sumeet Singh

Thailand – Another Asian Break

The Thai stock market shows a breakout while the currency is starting the year on a positive footing. Gains of some 9%-10% could be on the horizon...

Shyam Devani