ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

<div class="content-highlight"><p>This week's offering across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> is filled with an eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please see below for a brief summary of this week's published insights. Please scroll to the detail section for a fuller account. </p></div><h2>Macro Insights</h2><p>In <a href="https://www.smartkarma.com/insights/indonesian-political-update-new-dynamics-if-widodo-s-main-rival-drops-out" target="_blank" data-smartkarma-citation="insights:18980">Indonesian Political Update: New Dynamics if Widodo's Main Rival Drops Out</a>, political insight provider <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> comments on the significant piece news that President Jokowi's main potential rival in Presidential run-off in 2019, Prabowo Subianto, may drop out of the contest for health and financial reasons.</p><p>In <a href="https://www.smartkarma.com/insights/asian-economic-trends-monetary-policy-and-inflation" target="_blank" data-smartkarma-citation="insights:18913">Asian Economic Trends - Monetary Policy and Inflation</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> comments on recent monetary policy moves in Asia, which are mostly on ice but no for long in his view. </p><p>In <a href="https://www.smartkarma.com/insights/new-faces-in-thai-politics" target="_blank" data-smartkarma-citation="insights:18804">New Faces in Thai Politics</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> comments on some of the new faces in Thai politics, who may not upset the apple cart but will certainly add to the colour of the contest.</p><p>In <a href="https://www.smartkarma.com/insights/thailand-solid-tourism-bodes-well-for-economy" target="_blank" data-smartkarma-citation="insights:18845">Thailand: Solid Tourism Bodes Well for Economy</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> comments on some very strong Thai tourism numbers in February. Tourist arrivals jumped 19.3% YoY in February 2018 from 10.9% growth in January 2018, as tourists from East Asia flocked to the peninsula during the Lunar New Year holiday. </p><p>In <a href="https://www.smartkarma.com/insights/beware-of-lurking-vulnerabilities-in-asean-5-economies" target="_blank" data-smartkarma-citation="insights:18861">Beware of Lurking Vulnerabilities in ASEAN-5 Economies</a>, <a href="https://www.smartkarma.com/profiles/1567" target="_blank" data-smartkarma-citation="accounts:1567">Nicholas Chia</a> reveals what he sees as the lurking economic vulnerabilities across ASEAN.  </p><h2>Equity Bottom-up insights</h2><p>In <a href="https://www.smartkarma.com/insights/banpu-banpu-tb-strong-coal-prices-should-drive-earnings" target="_blank" data-smartkarma-citation="insights:18841">BANPU (BANPU TB): Strong Coal Prices Should Drive Earnings</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> works his magic on coal miner  <a href="https://www.smartkarma.com/entities/15363" target="_blank" data-smartkarma-citation="entities:15363:1">Banpu Public Co Ltd (BANPU TB)</a> and comes away with a positive view.  </p><p>In <a href="https://www.smartkarma.com/insights/pk-poised-as-strong-player-in-global-ice-machine-market" target="_blank" data-smartkarma-citation="insights:18833">PK: Poised as Strong Player in Global Ice Machine Market</a>, our friends at <a href="https://www.smartkarma.com/companies/965" target="_blank" data-smartkarma-citation="companies:965">Country Group</a> initiate coverage on <a href="https://www.smartkarma.com/entities/26952" target="_blank" data-smartkarma-citation="entities:26952:1">Patkol PCL (PK TB)</a> with a BUY rating and a 2018E target price of Bt7.2, based on 13.1x PER  (-0.5 SD of its 3Yr trading average). </p><p>In <a href="https://www.smartkarma.com/insights/mega-mega-tb-asean-and-africa-continue-to-offer-mega-opportunities" target="_blank" data-smartkarma-citation="insights:18864">MEGA (MEGA TB): ASEAN and Africa Continue to Offer Mega Opportunities</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> takes a close look at <a href="https://www.smartkarma.com/entities/17462" target="_blank" data-smartkarma-citation="entities:17462:1">Mega Lifesciences Pcl (MEGA TB)</a>. MEGA operates through three segments: Brands, Distribution, and as an Original Equipment Manufacturer (OEM). </p><p>In <a href="https://www.smartkarma.com/insights/cp-all-group-makro-barely-breaks-even-after-4-years" target="_blank" data-smartkarma-citation="insights:18878">CP All Group / MAKRO - Barely Breaks Even After 4 Years</a>, our own  <a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a> zeros in of <a href="https://www.smartkarma.com/entities/5577" target="_blank" data-smartkarma-citation="entities:5577:1">Siam Makro Public Co Ltd (MAKRO TB)</a> and notes that its major shareholder CP All Group is selling down 3.4% of the shares outstanding of MAKRO last week.</p><p>In <a href="https://www.smartkarma.com/insights/best-world-china-more-members-and-halal" target="_blank" data-smartkarma-citation="insights:18883">Best World: China, More Members, and Halal</a>, <a href="https://www.smartkarma.com/profiles/1006" target="_blank" data-smartkarma-citation="accounts:1006">Henry Soediarko</a> comments on <a href="https://www.smartkarma.com/entities/4600" target="_blank" data-smartkarma-citation="entities:4600:1">Best World International Limited (BEST SP)</a> after the shares rose by 27% in just one week.</p><p>In a double whammy insight, <a href="https://www.smartkarma.com/insights/mbk-big-c-recoveries-don-t-quite-come-through-yet" target="_blank" data-smartkarma-citation="insights:18810">MBK &amp; Big C: Recoveries Don't Quite Come Through Yet</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> looks at both  <a href="https://www.smartkarma.com/entities/1367" target="_blank" data-smartkarma-citation="entities:1367:1">Mbk Pcl (MBK TB)</a> and <a href="https://www.smartkarma.com/entities/3685" target="_blank" data-smartkarma-citation="entities:3685:1">Berli Jucker Public Co Ltd (BJC TB)</a>. <a href="https://www.smartkarma.com/entities/1367" target="_blank" data-smartkarma-citation="entities:1367:1">Mbk Pcl (MBK TB)</a> seems to be more about property than food, which loses money and <a href="https://www.smartkarma.com/entities/3685" target="_blank" data-smartkarma-citation="entities:3685:1">Berli Jucker Public Co Ltd (BJC TB)</a> is about how well <a href="https://www.smartkarma.com/entities/16801" target="_blank" data-smartkarma-citation="entities:16801:1">Big C Supercenter Pcl (BIGC TB)</a> is doing and the answer is better.  </p><p>In <a href="https://www.smartkarma.com/insights/aav-aav-tb-adding-aircraft-and-routes-to-support-growing-demand" target="_blank" data-smartkarma-citation="insights:18905">AAV (AAV TB): Adding Aircraft and Routes to Support Growing Demand</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> works his magic on  <a href="https://www.smartkarma.com/entities/7706" target="_blank" data-smartkarma-citation="entities:7706:1">Asia Aviation Pcl (AAV TB)</a>, which is a holding company owning 55% of the low-cost airline Thai AirAsia.</p><p>In <a href="https://www.smartkarma.com/insights/company-report-hapro-waiting-for-big-changes-from-strategic-shareholder" target="_blank" data-smartkarma-citation="insights:18918">[Company Report] HAPRO - Waiting for Big Changes from Strategic Shareholder</a>, our friends at <a href="https://www.smartkarma.com/profiles/2192" target="_blank" data-smartkarma-citation="accounts:2192">Research at Rong Viet Securities</a> zero in on HAPRO. Hanoi Trade Corporation (HAPRO) is one of the first Hanoi-owned company to be privatised. </p><p>In <a href="https://www.smartkarma.com/insights/bjc-bjc-tb-leveraging-big-c-expertise-in-asean-expansion" target="_blank" data-smartkarma-citation="insights:18949">BJC (BJC TB): Leveraging Big C Expertise in ASEAN Expansion</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> zeros in on <a href="https://www.smartkarma.com/entities/3685" target="_blank" data-smartkarma-citation="entities:3685:1">Berli Jucker Public Co Ltd (BJC TB)</a> and comes away with a positive view. </p><p>In <a href="https://www.smartkarma.com/insights/atp30-standout-worker-transport-provider-eyes-tourist-yuan" target="_blank" data-smartkarma-citation="insights:18972">ATP30: Standout Worker Transport Provider Eyes Tourist Yuan</a>,  <a href="https://www.smartkarma.com/companies/965" target="_blank" data-smartkarma-citation="companies:965">Country Group</a> initiate coverage on <a href="https://www.smartkarma.com/entities/26961" target="_blank" data-smartkarma-citation="entities:26961:1">ATP30 PCL (ATP30 TB)</a> with a BUY rating, with a target price of Bt2.48 based on 36.4x FY18E PER, which is in line with Thailand’s transportation sector. </p><p>In <a href="https://www.smartkarma.com/insights/lanna-lanna-tb-improving-margins-in-indonesia" target="_blank" data-smartkarma-citation="insights:18973">LANNA (LANNA TB): Improving Margins in Indonesia</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> zeros in on coal miner <a href="https://www.smartkarma.com/entities/15466" target="_blank" data-smartkarma-citation="entities:15466:1">Lanna Resources Pcl (LANNA TB)</a>, where he takes a positive view. </p><p>In <a href="https://www.smartkarma.com/insights/gold-determined-plan-to-reach-top-five-in-thai-property" target="_blank" data-smartkarma-citation="insights:18961">GOLD: Determined Plan to Reach Top Five in Thai Property</a>, <a href="https://www.smartkarma.com/companies/965" target="_blank" data-smartkarma-citation="companies:965">Country Group</a> initiate coverage on <a href="https://www.smartkarma.com/entities/12764" target="_blank" data-smartkarma-citation="entities:12764:1">Golden Land Prop Dvlp Pcl (GOLD TB)</a> with a BUY rating, based on a target price of Bt18 and derived from the 20x FY18E PER of World Real Estate sector. </p><p>In <a href="https://www.smartkarma.com/insights/pdj-the-struggling-jeweler-of-bangkok" target="_blank" data-smartkarma-citation="insights:18935">PDJ: The Struggling Jeweler of Bangkok</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> hones in on jewellery producer <a href="https://www.smartkarma.com/entities/20831" target="_blank" data-smartkarma-citation="entities:20831:1">Pranda Jewelry Pub Co Ltd (PRANDA TB)</a> and does not take an immediate shine to its lustre. </p><p>In <a href="https://www.smartkarma.com/insights/bluebird-go-online" target="_blank" data-smartkarma-citation="insights:18933">Bluebird: Go Online!</a>, <a href="https://www.smartkarma.com/profiles/1006" target="_blank" data-smartkarma-citation="accounts:1006">Henry Soediarko</a> sizes up <a href="https://www.smartkarma.com/entities/19482" target="_blank" data-smartkarma-citation="entities:19482:1">Blue Bird Tbk Pt (BIRD IJ)</a> following a meeting with management. The new CEO comes from Lazada, which would suggest further online aspirations are very likely. </p><h2>Sector and Thematic Insights</h2><p>In <a href="https://www.smartkarma.com/insights/the-autobot-update-march-riding-on-the-big-boy-s-coattails" target="_blank" data-smartkarma-citation="insights:16968">The Autobot Update (March): Riding on the Big Boy's Coattails</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> takes a look at <a href="https://www.smartkarma.com/entities/1885" target="_blank" data-smartkarma-citation="entities:1885:1">Thairung Union Car Pub Co (TRU TB)</a>, one of the smallest and least profitable of the auto stocks, though they seem to have finally turned a corner in this quarter. </p><div>In <a href="https://www.smartkarma.com/insights/singapore-s-private-rides-fares-and-taxi-fares-likely-to-increase-from-july-due-to-these-two-factors" target="_blank" data-smartkarma-citation="insights:18814">Singapore's Private Rides Fares and Taxi Fares Likely to Increase from July Due to These Two Factors</a>, <a href="https://www.smartkarma.com/profiles/803" target="_blank" data-smartkarma-citation="accounts:803">Valerie Law, CFA</a> looks at two factors which are likely to mean higher taxi and private ride fares in the coming year.</div><div></div><div>In <a href="https://www.smartkarma.com/insights/sector-capsule-footwear-in-singapore" target="_blank" data-smartkarma-citation="insights:18842">Sector Capsule: Footwear in Singapore</a>, our friends at <a href="https://www.smartkarma.com/companies/483" target="_blank" data-smartkarma-citation="companies:483">Euromonitor International Ltd.</a> takes a bird's eye view of the footwear segment in Singapore.</div><div></div><p>In <a href="https://www.smartkarma.com/insights/apocalypse-investing-part-2-fires-pollution-and-riots" target="_blank" data-smartkarma-citation="insights:18884">Apocalypse Investing Part 2: Fires, Pollution , and Riots</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> looks at two stocks to hold in times of calamity. <a href="https://www.smartkarma.com/entities/19497" target="_blank" data-smartkarma-citation="entities:19497:1">Thiensurat Pcl (TSR TB)</a>, which produces water purifiers and <a href="https://www.smartkarma.com/entities/14053" target="_blank" data-smartkarma-citation="entities:14053:1">Phol Dhanya Pcl (PHOL TB)</a> which supplies firefighting equipment, as well as things like bullet proof shields. </p><p>In <a href="https://www.smartkarma.com/insights/indo-internet-sector-local-unicorns-and-next-frontiers" target="_blank" data-smartkarma-citation="insights:18929">Indo Internet Sector: Local Unicorns And Next Frontiers</a>, <a href="https://www.smartkarma.com/profiles/1079" target="_blank" data-smartkarma-citation="accounts:1079">Johannes Salim, CFA</a> takes at look at the developing internet sector in Indonesia.</p><p>In <a href="https://www.smartkarma.com/insights/ipo-stalker-grand-prix-myanmar-here-we-come" target="_blank" data-smartkarma-citation="insights:18911">IPO Stalker: Grand Prix...Myanmar, Here We Come!</a><a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> highlights that there's no secret that the Thai auto sector has recently entered a domestic boom after the Yingluck-era inventories have been depleted, so in this review, he followed up on <a href="https://www.smartkarma.com/entities/25887" target="_blank" data-smartkarma-citation="entities:25887:1">Grand Prix International PCL (GPI TB)</a>, which had a half-decent IPO about a quarter ago.</p><p>In <a href="https://www.smartkarma.com/insights/company-visits-the-best-of-march-2018" target="_blank" data-smartkarma-citation="insights:18691">Company Visits: The Best of March 2018</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> revisits the thirty or so company visits he made over the past month and pulls out the top five<strong>. </strong></p><p>In <a href="https://www.smartkarma.com/insights/ipo-radar-ncap-like-a-bank-but-not-quite" target="_blank" data-smartkarma-citation="insights:18910">IPO Radar: NCAP...Like a Bank, But Not Quite</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> zooms in on <a href="https://www.smartkarma.com/entities/26954" target="_blank" data-smartkarma-citation="entities:26954:1">Nakhonluang Capital PCL (NCAP TB)</a>, the last IPO he can currently find in the MAI (Thailand's secondary bourse) filing so far. </p>

This week's offering across ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please see below for a brief summary of this week's published insights. Please scroll to the detail section for a fuller account. Macro InsightsIn Indonesian Political Update: New Dynamics if Widodo's Main Rival Drops Out, political insight provider Kevin O’Rourke comments on the significant piece news that President Jokowi's main potential rival in Presidential run-off in 2019, Prabowo Subianto, may drop out of the contest for health and financial reasons.In Asian Economic Trends - Monetary Policy and Inflation, Manu Bhaskaran comments on recent monetary policy moves in Asia, which are mostly on ice but no for long in his view. In New Faces in Thai Politics, our Thai guru Athaporn Arayasantiparb, CFA comments on some of the new faces in Thai politics, who may not upset the apple cart but will certainly add to the colour of the contest.In Thailand: Solid Tourism Bodes Well for Economy, Manu Bhaskaran comments on some very strong Thai tourism numbers in February. Tourist arrivals jumped 19.3% YoY in February 2018 from 10.9% growth in January 2018, as tourists from East Asia flocked to the peninsula during the Lunar New Year holiday. In Beware of Lurking Vulnerabilities in ASEAN-5 Economies, Nicholas Chia reveals what he sees as the lurking economic vulnerabilities across ASEAN.  Equity Bottom-up insightsIn BANPU (BANPU TB): Strong Coal Prices Should Drive Earnings, Dr. Andrew Stotz, CFA works his magic on coal miner  Banpu Public Co Ltd (BANPU TB) and comes away with a positive view.  In PK: Poised as Strong Player in Global Ice Machine Market, our friends at Country Group initiate coverage on Patkol PCL (PK TB) with a BUY rating and a 2018E target price of Bt7.2, based on 13.1x PER  (-0.5 SD of its 3Yr trading average). In MEGA (MEGA TB): ASEAN and Africa Continue to Offer Mega Opportunities, Dr. Andrew Stotz, CFA takes a close look at Mega Lifesciences Pcl (MEGA TB). MEGA operates through three segments: Brands, Distribution, and as an Original Equipment Manufacturer (OEM). In CP All Group / MAKRO - Barely Breaks Even After 4 Years, our own  Ke Yan, CFA, FRM zeros in of Siam Makro Public Co Ltd (MAKRO TB) and notes that its major shareholder CP All Group is selling down 3.4% of the shares outstanding of MAKRO last week.In Best World: China, More Members, and Halal, Henry Soediarko comments on Best World International Limited (BEST SP) after the shares rose by 27% in just one week.In a double whammy insight, MBK &amp; Big C: Recoveries Don't Quite Come Through Yet, our Thai guru Athaporn Arayasantiparb, CFA looks at both  Mbk Pcl (MBK TB) and Berli Jucker Public Co Ltd (BJC TB). Mbk Pcl (MBK TB) seems to be more about property than food, which loses money and Berli Jucker Public Co Ltd (BJC TB) is about how well Big C Supercenter Pcl (BIGC TB) is doing and the answer is better.  In AAV (AAV TB): Adding Aircraft and Routes to Support Growing Demand, Dr. Andrew Stotz, CFA works his magic on  Asia Aviation Pcl (AAV TB), which is a holding company owning 55% of the low-cost airline Thai AirAsia.In [Company Report] HAPRO - Waiting for Big Changes from Strategic Shareholder, our friends at Research at Rong Viet Securities zero in on HAPRO. Hanoi Trade Corporation (HAPRO) is one of the first Hanoi-owned company to be privatised. In BJC (BJC TB): Leveraging Big C Expertise in ASEAN Expansion, Dr. Andrew Stotz, CFA zeros in on Berli Jucker Public Co Ltd (BJC TB) and comes away with a positive view. In ATP30: Standout Worker Transport Provider Eyes Tourist Yuan,  Country Group initiate coverage on ATP30 PCL (ATP30 TB) with a BUY rating, with a target price of Bt2.48 based on 36.4x FY18E PER, which is in line with Thailand’s transportation sector. In LANNA (LANNA TB): Improving Margins in Indonesia, Dr. Andrew Stotz, CFA zeros in on coal miner Lanna Resources Pcl (LANNA TB), where he takes a positive view. In GOLD: Determined Plan to Reach Top Five in Thai Property, Country Group initiate coverage on Golden Land Prop Dvlp Pcl (GOLD TB) with a BUY rating, based on a target price of Bt18 and derived from the 20x FY18E PER of World Real Estate sector. In PDJ: The Struggling Jeweler of Bangkok, Athaporn Arayasantiparb, CFA hones in on jewellery producer Pranda Jewelry Pub Co Ltd (PRANDA TB) and does not take an immediate shine to its lustre. In Bluebird: Go Online!, Henry Soediarko sizes up Blue Bird Tbk Pt (BIRD IJ) following a meeting with management. The new CEO comes from Lazada, which would suggest further online aspirations are very likely. Sector and Thematic InsightsIn The Autobot Update (March): Riding on the Big Boy's Coattails, our Thai guru Athaporn Arayasantiparb, CFA takes a look at Thairung Union Car Pub Co (TRU TB), one of the smallest and least profitable of the auto stocks, though they seem to have finally turned a corner in this quarter. In Singapore's Private Rides Fares and Taxi Fares Likely to Increase from July Due to These Two Factors, Valerie Law, CFA looks at two factors which are likely to mean higher taxi and private ride fares in the coming year.In Sector Capsule: Footwear in Singapore, our friends at Euromonitor International Ltd. takes a bird's eye view of the footwear segment in Singapore.In Apocalypse Investing Part 2: Fires, Pollution , and Riots, Athaporn Arayasantiparb, CFA looks at two stocks to hold in times of calamity. Thiensurat Pcl (TSR TB), which produces water purifiers and Phol Dhanya Pcl (PHOL TB) which supplies firefighting equipment, as well as things like bullet proof shields. In Indo Internet Sector: Local Unicorns And Next Frontiers, Johannes Salim, CFA takes at look at the developing internet sector in Indonesia.In IPO Stalker: Grand Prix...Myanmar, Here We Come!Athaporn Arayasantiparb, CFA highlights that there's no secret that the Thai auto sector has recently entered a domestic boom after the Yingluck-era inventories have been depleted, so in this review, he followed up on Grand Prix International PCL (GPI TB), which had a half-decent IPO about a quarter ago.In Company Visits: The Best of March 2018, Athaporn Arayasantiparb, CFA revisits the thirty or so company visits he made over the past month and pulls out the top five. In IPO Radar: NCAP...Like a Bank, But Not Quite, Athaporn Arayasantiparb, CFA zooms in on Nakhonluang Capital PCL (NCAP TB), the last IPO he can currently find in the MAI (Thailand's secondary bourse) filing so far. 

The Easter Week that Was in ASEAN@Smartkarma - Indonesian Politics, Thai Retail, and ASEAN Internet

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Equity Capital Markets

Nakhonluang Capital PCL / Equity Capital Markets

<p><strong>NCAP or Nakornluang Capital</strong> is the last IPO we can currently find in the MAI (Thailand's secondary bourse) filing so far. Basically, this company does all sorts of non-banking financing, but over 80% of it is just loans, typically with higher interests than banks. They are prone to all the risks we normally think about in banking (credit, default, concentration risk, etc). We valued them using two methods and eventually picked relative valuation over DDM (dividend discount), because the numbers make a lot more sense from a practical standpoint. If the IPO comes out at under Bt3.2/sh and we still have capital at the time, we will be willing to participate.</p>

NCAP or Nakornluang Capital is the last IPO we can currently find in the MAI (Thailand's secondary bourse) filing so far. Basically, this company does all sorts of non-banking financing, but over 80% of it is just loans, typically with higher interests than banks. They are prone to all the risks we normally think about in banking (credit, default, concentration risk, etc). We valued them using two methods and eventually picked relative valuation over DDM (dividend discount), because the numbers make a lot more sense from a practical standpoint. If the IPO comes out at under Bt3.2/sh and we still have capital at the time, we will be willing to participate.

IPO Radar: NCAP...Like a Bank, But Not Quite

Thailand

Nakhonluang Capital Public Company Limited operates as a non-bank financial institution. The Company provides a wide range of credit facilities such as leasing, factoring, hire purchase, and commercial loan services. Nakhonluang Capital serves customers in Thailand.

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Nakhonluang Capital PCL (NCAP TB)

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Athaporn Arayasantiparb, CFA

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