Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Nostalgia. If this had been written in 2016, the grand prize would definitely gone to the insider trading case at CP All that involved the CEO Korsak ( <a href="https://www.smartkarma.com/insights/cp-all-a-walk-down-the-memory-lane" target="_blank" data-smartkarma-citation="insights:4572">CP All: A Walk Down the Memory Lane</a>). Korsak shrugged off the case as though nothing happened. He didn't apologize or quit, though they did pay the fines. Life goes on. If history is any guide, no one cares. CP All went on to trade above what we thought was their fair value (Bt60/sh), and now some brokers are saying it's worth more than Bt70/sh…

Nostalgia. If this had been written in 2016, the grand prize would definitely gone to the insider trading case at CP All that involved the CEO Korsak ( CP All: A Walk Down the Memory Lane). Korsak shrugged off the case as though nothing happened. He didn't apologize or quit, though they did pay the fines. Life goes on. If history is any guide, no one cares. CP All went on to trade above what we thought was their fair value (Bt60/sh), and now some brokers are saying it's worth more than Bt70/sh…

Equity Bottom-Up

Introducing the Niche. One management professor I know argued that in this world, all business strategies fall neatly into one of the three categories, namely cost leadership, differentiation, and niche. Philosophical debate aside, the niche is simply a customer segment that is so small that the bigger players can not focus on it. Without that focus, they allow the niche player to grow in it, but he seldom endangers them too...since it's such a small segment. Today, we had the opportunity to…

Introducing the Niche. One management professor I know argued that in this world, all business strategies fall neatly into one of the three categories, namely cost leadership, differentiation, and niche. Philosophical debate aside, the niche is simply a customer segment that is so small that the bigger players can not focus on it. Without that focus, they allow the niche player to grow in it, but he seldom endangers them too...since it's such a small segment. Today, we had the opportunity to…

Recently, we met a mixed bag of companies. Anyway, here’s some jot downs on the ideas yo. The first one we met today was a pile company called Pylon. The problem they seem to be facing is that only a quarter of their revenues appear to be coming from government works, while the remainder comes from the private sector. Now, the issue with this is that at the moment…it is the government and not the private sector that is really growing if we talk about the construction sector yo.<table class="table table-striped"><tbody>
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<td>Stock</td>
<td>Business</td>
<td style="text-align: center;">Shr</td>
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Recently, we met a mixed bag of companies. Anyway, here’s some jot downs on the ideas yo. The first one we met today was a pile company called Pylon. The problem they seem to be facing is that only a quarter of their revenues appear to be coming from government works, while the remainder comes from the private sector. Now, the issue with this is that at the moment…it is the government and not the private sector that is really growing if we talk about the construction sector yo.

Stock
Business
Shr

…

Three of a Kind: Piles, Furnitures, and Lighting

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Thematic (Sector/Industry)

In this week's ASEAN weekly offering I include a "Bonus Insight" with <a href="https://www.smartkarma.com/entities/440" target="_blank" data-smartkarma-citation="entities:440:1">Bank Central Asia Tbk Pt (BBCA IJ)</a> from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Sarana Menara Nusantara Pt (TOWR IJ)</a> (Protelindo) from <a href="https://www.smartkarma.com/profiles/286" target="_blank" data-smartkarma-citation="accounts:286">New Street Research</a>, an inaugural note from <a href="https://www.smartkarma.com/profiles/1218" target="_blank" data-smartkarma-citation="accounts:1218">Surabhi Chopra</a> on <a href="https://www.smartkarma.com/entities/1051" target="_blank" data-smartkarma-citation="entities:1051:1">Telekomunikasi Indonesia (TLKM IJ)</a>…

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on Sarana Menara Nusantara Pt (TOWR IJ) (Protelindo) from New Street Research, an inaugural note from Surabhi Chopra on Telekomunikasi Indonesia (TLKM IJ)…

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

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.

§  Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT in the YTD with an 11.9% total return.§  The capitalisation of Singapore’s REIT Sector has almost doubled over the past five years. Singapore’s REIT Sector also maintains a competitive edge with higher average yields and lower average gearing ratios than the combined REIT Sector of Japan, Australia and Hong Kong. §  The NikkoAM - StraitsTrading Asia ex Japan REIT ETF  which is expected to include up to 70% weightage in Singapore REITs is scheduled to list on SGX on 29 March 2017. Ascendas REIT and CapitaLand Mall Trust are expected to maintain relatively large weightings in the ETF.

§  Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT in the YTD with an 11.9% total return.§  The capitalisation of Singapore’s REIT Sector has almost doubled over the past five years. Singapore’s REIT Sector also maintains a competitive edge with higher average yields and lower average gearing ratios than the combined REIT Sector of Japan, Australia and Hong Kong. §  The NikkoAM - StraitsTrading Asia ex Japan REIT ETF  which is expected to include up to 70% weightage in Singapore REITs is scheduled to list on SGX on 29 March 2017. Ascendas REIT and CapitaLand Mall Trust are expected to maintain relatively large weightings in the ETF. 

Ascendas REIT Is Now Singapore's Largest Capitalised REIT

Thailand

Land and Houses Public Company Limited develops real estate projects including single-detached homes, townhouses, and condominiums. The Company builds single and attached homes, primarily on land that it develops and improves. Land and Houses also operates its own architectural, engineering, design and construction teams for customer's specific designs and orders.

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Land & Houses PCL (LH TB)

Top Three Scandals/Myths of 2017

Nostalgia. If this had been written in 2016, the grand prize would definitely gone to the insider trading case at CP All that involved the CEO...

Athaporn Arayasantiparb, CFA

Niche Players in Retailing and Property

Introducing the Niche. One management professor I know argued that in this world, all business strategies fall neatly into one of the three...

Athaporn Arayasantiparb, CFA

Three of a Kind: Piles, Furnitures, and Lighting

Recently, we met a mixed bag of companies. Anyway, here’s some jot downs on the ideas yo. The first one we met today was a pile company called...

Athaporn Arayasantiparb, CFA

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please...

Angus Mackintosh

Ascendas REIT Is Now Singapore's Largest Capitalised REIT

§ Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT...

Singapore Exchange Ltd (SGX)

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