Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

In this review, we highlight the importance for investors to: 1) not 'jump the gun' and sell on companies that are in decline; and 2) think logically about the macro picture, since those may have an impact on whether companies can recover or would lose relevance in the marketplace altogether.From our observations, the companies in Thailand that do turn around tend to follow one or more of these four measures, namely: 1) operations: a complete transformation rather than minor patch-ups (eg. KARMART, IVL); 2) competitive strategy: changing the frame of reference (PIZZA...now part of MINT); 3) debt restructuring (BLAND, TPI); and 4) marketing: re-branding (eg. DTAC, BTS). Whether you are stuck with certain investments or thinking about investing in potential turnaround plays, observing these four traits or steps could be helpful.

In this review, we highlight the importance for investors to: 1) not 'jump the gun' and sell on companies that are in decline; and 2) think logically about the macro picture, since those may have an impact on whether companies can recover or would lose relevance in the marketplace altogether.From our observations, the companies in Thailand that do turn around tend to follow one or more of these four measures, namely: 1) operations: a complete transformation rather than minor patch-ups (eg. KARMART, IVL); 2) competitive strategy: changing the frame of reference (PIZZA...now part of MINT); 3) debt restructuring (BLAND, TPI); and 4) marketing: re-branding (eg. DTAC, BTS). Whether you are stuck with certain investments or thinking about investing in potential turnaround plays, observing these four traits or steps could be helpful.

Turnarounds: Finding A Phoenix In the Land of the Dead

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<a href="http://www.screencast.com/t/mxK3sCSR" target="_blank">Our view for a zig zag uptick sequence has not changed and counting on a secondary low in the S&amp;P and oil to provide support for a final uptick attempt later this week/early next week before the bear cycle resumes. Difficult to trade 2 day swings. We are allowing for a 2-3 day draw down followed by a final push up next week to re cycle shorts.</a><div>
<a href="http://www.screencast.com/t/mxK3sCSR" target="_blank">We look at support points in our long Nikkei (17,600 rally target) and Taiwan (8,000 trendline and sliding) with a smaller bet in Thailand (1,300+ to exit</a>…</div>

Our view for a zig zag uptick sequence has not changed and counting on a secondary low in the S&amp;P and oil to provide support for a final uptick attempt later this week/early next week before the bear cycle resumes. Difficult to trade 2 day swings. We are allowing for a 2-3 day draw down followed by a final push up next week to re cycle shorts.
We look at support points in our long Nikkei (17,600 rally target) and Taiwan (8,000 trendline and sliding) with a smaller bet in Thailand (1,300+ to exit…

Thailand

Power Solution Technologies PCL manages and designs electrical systems. The Company provides solutions in telecom power, power supplies, batteries, renewable energy, environment monitoring/control and biomass.

Asian Insulators Public Company Limited manufactures electrical porcelain insulators for use in low, medium and high voltage applications such as underground power lines, overhead power lines, and power distribution systems and sub-stations.

RPCG Public Company Limited distillates condensate residue (CR) into petroleum and petrochemical products such as low sulfur high-speed diesel, fuel oil and intermediate chemical products.  The Company distributes its products to wholesalers as well as to retail service stations owned by its subsidiary.

Thai Agro Energy Public Co., Ltd. produces and distributes ethanol for fuel.

SUSCO Pcl distributes petroleum products including unleaded and regular gasoline and diesel oil through its gasoline filling stations and directly to large end-users.  Through its subsidiaries, the Company acts as an oil agent and offers marine freight transportation services.

The Lanna Resources Public Company Limited mines and distributes lignite and granite products in Thailand.  The Company produces two types of granite products, polished granite slab and granite block.  Its lignite is supplied to power generation, cement, paper, and food industries.  Additionally, Lanna imports coal for domestic distribution.

Siamgas & Petrochemicals PCL distributes liquefied petroleum gas (LPG). The Company provides LPG, ammonia and other related petrochemical products such as propane, butane and propellant. Siamgas is also involved in the logistics services for LPG and petrochemical products.

Energy Absolute Public Company Limited engages in the research, development, and production of biodiesel products in Thailand.

Prima Marine Public Company Limited operates as a marine vessel management firm. The Company offers oil-tanker, crude oil, liquefied petrochemicals, and petroleum products transportation services. Prima Marine also provides shipbuilding, shipping, and storage services. Prima Marine serves customers in the Asia Pacific region.

Sinostar Pec Holdings Ltd. produces liquefied petroleum gas, propylene, and polypropylene.

Hidili Industry International Development Limited is a coal mining company. The Company mines and produces clean coal and coke products.

Hidili Industry International Devt Ltd (1393 HK)

A-Cap Energy Limited (A-Cap) operates as a minerals exploration and development company. The Company explores, mines, and acquires nickel and cobalt laterite resources. A-Cap serves customers in Australia.

Cue Energy Resources Limited is a petroleum and gas exploration, development and production company with operations primarily in New Zealand and Indonesia. The Company operates through various joint ventures.

Taeyang Corp produces a variety of home and outdoor convenience products.  The Company's products include butane fuel cartridges, lighter gas refills, and butane fuel for outdoor and gas ranges.

KYOEI TANKER CO., LTD., operates marine transportation mainly between Japan and Persian Gulf.  The Company mainly deals with tanker operations.  Kyoei Tanker belongs to Nippon Yusen Group and has close relations with Cosmo Oil.

Challenger Energy Ltd. is an oil and gas exploration and production company. The Company has a growing portfolio of Oil and Gas exploration opportunities in South Africa and the United States.

PT Atlas Resources Tbk explores for and produces coal.  The Company operates in East Kalimantan and South Sumatra in Indonesia, and Papua New Guinea.

Jatenergy Limited operates as a consumer goods trading company. The Company offers milk powder, cosmetics, wines, cleaning materials, organic oils, and food products. Jatenergy serves customers in Australia and China.

PT Garda Tujuh Buana Tbk operates in the exploration and exploitation of coal deposits, including coal mining.

Sea Oil PCL supplies marine bunker fuels and lubricant products and food services to all kinds of ships at all major ports in Thailand and in the SouthEast Asian region.

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Sea Oil Pcl (SEAOIL TB)

Turnarounds: Finding A Phoenix In the Land of the Dead

In this review, we highlight the importance for investors to: 1) not 'jump the gun' and sell on companies that are in decline; and 2) think...

Athaporn Arayasantiparb, CFA

Asia into Next Week

Our view for a zig zag uptick sequence has not changed and counting on a secondary low in the S&P and oil to provide support for a final uptick...

Thomas Schroeder

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52-week Range

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