Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

Thematic (Sector/Industry)

A key issue facing many Government across the globe is how to keep home affordable while maintaining an environment attractive for foreign investments.  This issue runs deep whether you are in developed countries like United Kingdom, Australia, Singapore or emerging markets like Myanmar, Cambodia, Vietnam, etc.The huge disparity in prices of luxury homes vs what middle to lower income groups can afford has been largely caused by the relative strong purchasing powers of foreign participants in…

A key issue facing many Government across the globe is how to keep home affordable while maintaining an environment attractive for foreign investments.  This issue runs deep whether you are in developed countries like United Kingdom, Australia, Singapore or emerging markets like Myanmar, Cambodia, Vietnam, etc.The huge disparity in prices of luxury homes vs what middle to lower income groups can afford has been largely caused by the relative strong purchasing powers of foreign participants in…

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

While fintech is old news in the West, it is starting to gain attention and momentum in Thailand, as StatsAsia projects that the value of Thai fintech sector will grow 20% CAGR, mainly led by mobile payment. A closer look seems to show that mixed models (bricks-and-clicks) similar to Charles Schwab works better than a pure model, a la E*Trade in America.As ambitious fintech platforms go after the Big Boys of Sathorn, we think their only path to survival is collaboration. Amongst the incumbents, we like KBANK best on this theme. KBANK has itself hedged. While still making money on conventional banking, they are also going all in with fintech, even appointing the younger and more tech-savvy co-president (Teeranun Srihong) for the task. Looks like they are trying to go for another, "Heads We Win, Tails We Win...a Little Less" strategy that we mentioned earlier in our Thaicom review.

While fintech is old news in the West, it is starting to gain attention and momentum in Thailand, as StatsAsia projects that the value of Thai fintech sector will grow 20% CAGR, mainly led by mobile payment. A closer look seems to show that mixed models (bricks-and-clicks) similar to Charles Schwab works better than a pure model, a la E*Trade in America.As ambitious fintech platforms go after the Big Boys of Sathorn, we think their only path to survival is collaboration. Amongst the incumbents, we like KBANK best on this theme. KBANK has itself hedged. While still making money on conventional banking, they are also going all in with fintech, even appointing the younger and more tech-savvy co-president (Teeranun Srihong) for the task. Looks like they are trying to go for another, "Heads We Win, Tails We Win...a Little Less" strategy that we mentioned earlier in our Thaicom review.

Silicon September 2.0: Fintech Revolution...Incumbents Vs Insurgents

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.

<ul><li>Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average volume. The stock also gained 91.4% in August and earlier in the month reported a turnaround net profit of S$0.8 million for 1H2016 compared to a net loss of S$0.1 million in 1H2015.</li></ul><ul><li>
Consumer Staples plays, Sheng Siong Group and Dairy Farm International Holdings were also amongst the 10 actively traded stocks that saw the biggest jump in August volume.…</li></ul>

Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average volume. The stock also gained 91.4% in August and earlier in the month reported a turnaround net profit of S$0.8 million for 1H2016 compared to a net loss of S$0.1 million in 1H2015.
Consumer Staples plays, Sheng Siong Group and Dairy Farm International Holdings were also amongst the 10 actively traded stocks that saw the biggest jump in August volume.…

10 Biggest Volume Jumpers in August Spanned Seven Sectors

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Chinese investment in Africa is much misunderstood, with little reliable data. But it can be said with some certainty that the main damage done by such investments is not so much to Africa, but to the Chinese economy.

Chinese investment in Africa is much misunderstood, with little reliable data. But it can be said with some certainty that the main damage done by such investments is not so much to Africa, but to the Chinese economy.

Making Sense of Chinese Investments in Africa

We are very cautious about Thai banks, because they are effectively the mirror image of a slow economy. Though the economy has picked up and NPLs appear to have bottomed out, bank earnings are still one of the weakest amongst all sectors. Couple that with the high valuations due to foreign inflows, rising cost and lower income from PromptPay mandated by the government, and the looming threat of deposit guarantee removal over the next six years, the outlook for the sector is as bad as it gets.Within this worrisome landscape, we like (or hate least) SCB, the most valuable bank, in the near term as it plays laggard to market darling KBANK. BAY will also have tailwind thanks to Mitsubishi-UFJ's influential patronage. The large bank best insulated from deposit guarantee removal is BBL due to its ultra-conservative management. While we admit TISCO looks really tempting, we would avoid all of the smaller banks, as we feel that this is the wrong time to take risk with second-tier franchises, given the slow pace of economic improvement.

We are very cautious about Thai banks, because they are effectively the mirror image of a slow economy. Though the economy has picked up and NPLs appear to have bottomed out, bank earnings are still one of the weakest amongst all sectors. Couple that with the high valuations due to foreign inflows, rising cost and lower income from PromptPay mandated by the government, and the looming threat of deposit guarantee removal over the next six years, the outlook for the sector is as bad as it gets.Within this worrisome landscape, we like (or hate least) SCB, the most valuable bank, in the near term as it plays laggard to market darling KBANK. BAY will also have tailwind thanks to Mitsubishi-UFJ's influential patronage. The large bank best insulated from deposit guarantee removal is BBL due to its ultra-conservative management. While we admit TISCO looks really tempting, we would avoid all of the smaller banks, as we feel that this is the wrong time to take risk with second-tier franchises, given the slow pace of economic improvement.

Sathorn Series 2: Banks Under Storm (PromptPay & Deposit Guarantee Removal)

Thailand

Kasikornbank Public Company Limited provides commercial banking services including personal and commercial banking, international trade, as well as investment banking services, to its customers throughout Thailand.  The Bank has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen; and representative offices in Shanghai, Beijing, and Kunmin.

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Kasikornbank PCL (KBANK TB)

Helping People Own a Home

A key issue facing many Government across the globe is how to keep home affordable while maintaining an environment attractive for foreign...

TAN Kok Keong

Silicon September 2.0: Fintech Revolution...Incumbents Vs Insurgents

While fintech is old news in the West, it is starting to gain attention and momentum in Thailand, as StatsAsia projects that the value of Thai...

Athaporn Arayasantiparb, CFA

10 Biggest Volume Jumpers in August Spanned Seven Sectors

Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average...

Singapore Exchange Ltd (SGX)

Making Sense of Chinese Investments in Africa

Chinese investment in Africa is much misunderstood, with little reliable data. But it can be said with some certainty that the main damage done by...

Bixmoor

Sathorn Series 2: Banks Under Storm (PromptPay & Deposit Guarantee Removal)

We are very cautious about Thai banks, because they are effectively the mirror image of a slow economy. Though the economy has picked up and NPLs...

Athaporn Arayasantiparb, CFA

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