Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we take a look at our final expected ADDs/DELs for SET 50 during the index rebal event in December 2024.</li>
<li>We see four ADDs/DELs in December 2024. While the expected DELs list remains unchanged since last month, there is a change in our expected ADDs list.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we take a look at our final expected ADDs/DELs for SET 50 during the index rebal event in December 2024.
We see four ADDs/DELs in December 2024. While the expected DELs list remains unchanged since last month, there is a change in our expected ADDs list.


Quiddity Leaderboard SET50 Dec 24: Final Expectations; LONGs up +6% Vs SHORTs in a Month

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we take a look at the potential ADDs/DELs for SET 50 during the index rebal event in December 2024.</li>
<li>Previously, we had three expected ADDs/DELs but now we have four. However, there is one more month left in the 3-month reference period and expectations can still change.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we take a look at the potential ADDs/DELs for SET 50 during the index rebal event in December 2024.
Previously, we had three expected ADDs/DELs but now we have four. However, there is one more month left in the 3-month reference period and expectations can still change.


Quiddity Leaderboard SET50 Dec 24: Some Changes to Expectations; Gulf-Intuch Deal Index Implications

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jasmine-international-pcl" target="_blank" data-smartkarma-citation="entities:949:1" rel="noopener">Jasmine International (JAS TB)</a> is looking to sell its 99.8% interest in Triple T Broadband (TTTBB), and 19% stake in <a href="https://www.smartkarma.com/entities/jasmine-broadband-internet-infrastructure-fund" target="_blank" data-smartkarma-citation="entities:86:1" rel="noopener">Jasmine Broadband  (JASIF TB)</a> to <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>.</li>
<li>The sale required JASIF shareholder approval, but not all resolutions were approved at an EGM this week.</li>
<li>This is a setback. However, the transaction remains on track.</li>
</ul>



Jasmine International (JAS TB) is looking to sell its 99.8% interest in Triple T Broadband (TTTBB), and 19% stake in Jasmine Broadband  (JASIF TB) to Advanced Info Service (ADVANC TB).
The sale required JASIF shareholder approval, but not all resolutions were approved at an EGM this week.
This is a setback. However, the transaction remains on track.


Jasmine International: Last Minute Wrinkle To Broadband Sale

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jasmine-international-pcl" target="_blank" data-smartkarma-citation="entities:949:1" rel="noopener">Jasmine International (JAS TB)</a>  is in the home straight to sell its 99.8% interest in Triple T Broadband (TTTBB), and 19% stake in  <a href="https://www.smartkarma.com/entities/jasmine-broadband-internet-infrastructure-fund" target="_blank" data-smartkarma-citation="entities:86:1" rel="noopener">Jasmine Broadband Internet Infrastructure Fund (JASIF TB)</a>.</li>
<li>With Bt 32.4bn in proceeds coming through the door, JAS would have net cash of ~Bt 24.8bn against a current market cap of ~Bt 24bn.</li>
<li>This sounds like a situation worth a second look. So I look.</li>
</ul>



Jasmine International (JAS TB)  is in the home straight to sell its 99.8% interest in Triple T Broadband (TTTBB), and 19% stake in  Jasmine Broadband Internet Infrastructure Fund (JASIF TB).
With Bt 32.4bn in proceeds coming through the door, JAS would have net cash of ~Bt 24.8bn against a current market cap of ~Bt 24bn.
This sounds like a situation worth a second look. So I look.


Soon-To-Be Cashed-Up Jasmine After Broadband Sale

<ul>
<li>
<a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> intends to acquire <a href="https://www.smartkarma.com/entities/jasmine-international-pcl" target="_blank" data-smartkarma-citation="entities:949:1" rel="noopener">Jasmine International PCL (JAS TB)</a> broadband ops (TTTBB) plus a 19% stake in <a href="https://www.smartkarma.com/entities/jasmine-broadband-internet-infrastructure-fund" target="_blank" data-smartkarma-citation="entities:86:1" rel="noopener">Jasmine Broadband Internet Infrastructure Fund (JASIF TB)</a> from JAS.</li>
<li>AIS will pay Bt 19.5bn for TTTBB and Bt 12.9bn for 19% of JASIF, or Bt 32.4bn (US$908mn) all in. The acquisition will be funded by debt.</li>
<li>The transactions, which are subject to NBTC approval, follow the ongoing regulatory process for <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True (TRUE TB)</a> / <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>'s merger.  True is Thailand's largest broadband player. </li>
</ul>



Advanced Info Service (ADVANC TB) intends to acquire Jasmine International PCL (JAS TB) broadband ops (TTTBB) plus a 19% stake in Jasmine Broadband Internet Infrastructure Fund (JASIF TB) from JAS.
AIS will pay Bt 19.5bn for TTTBB and Bt 12.9bn for 19% of JASIF, or Bt 32.4bn (US$908mn) all in. The acquisition will be funded by debt.
The transactions, which are subject to NBTC approval, follow the ongoing regulatory process for True (TRUE TB) / Total Access Communication (DTAC TB)'s merger.  True is Thailand's largest broadband player. 


Jasmine Acquisition To Expand Advanced's Broadband Footprint

Thailand

Jasmine Telecom Systems PCL provides a wide range of telecommunications services and equipment. The Company leases submarine fiber optic cable network and provides satellite telecommunications,  Internet and satellite-based mobile communications services. Jasmine also supplies, designs, and installs telecommunication and computer networks, including other peripheral equipment.

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Jasmine Telecom Systems (JTS TB)

Quiddity Leaderboard SET50 Dec 24: Final Expectations; LONGs up +6% Vs SHORTs in a Month

The expected ADDs have outperformed the expected DELs by 17% on average since 29th November. With the official index changes to be confirmed in the...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SET50 Dec 24: Some Changes to Expectations; Gulf-Intuch Deal Index Implications

The Gulf-Intuch Deal could close in 1H CY25 creating a vacancy in SET 50. The highest-ranked name from the reserve list will be promoted to SET 50...

Janaghan Jeyakumar, CFA

Jasmine International: Last Minute Wrinkle To Broadband Sale

JAS is selling the family jewels, and plowing the proceeds into business ventures in which they have no experience or competency. This stock...

David Blennerhassett

Soon-To-Be Cashed-Up Jasmine After Broadband Sale

The more you dig into JAS, the less likely this is a great investment. JAS is selling its core assets, and deploying the proceeds into business...

David Blennerhassett

Jasmine Acquisition To Expand Advanced's Broadband Footprint

The spotlight has been on DTAC/True for most of this year. AIS is Thailand's largest mobile phone operator, and is looking to boost its subscriber...

David Blennerhassett

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