Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<h2><span lang="EN-US">Headlines</span></h2><ul>
<li>Apparel accessories increases by 3% in current value terms in 2016, to reach THB11.2 billion</li>
<li>Outbound tourists support the demand for apparel accessories</li>
<li>Scarves posts the highest current value growth in apparel accessories in 2016</li>
<li>ICC International and H&amp;M Hennes &amp; Mauritz hold the leading positions in apparel accessories in 2016</li>
<li>Apparel accessories is expected to see a value CAGR of 2% at constant 2016 prices in the forecast period, to reach THB12.3 billion in 2021</li>
</ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/021/580/original/Market%20size%20apparel%20accessories%20-%20thailand%202011-2016.png?1488163389" class="editor-image img-responsive" data-smartkarma-image-id="21580"></figure><h2><span lang="EN-US">Competitive Landscape</span></h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/021/581/original/company%20sahres%20apparel%20accessories%20thailand%20retail.png?1488163453" class="editor-image img-responsive" data-smartkarma-image-id="21581"></figure>…

Headlines
Apparel accessories increases by 3% in current value terms in 2016, to reach THB11.2 billion
Outbound tourists support the demand for apparel accessories
Scarves posts the highest current value growth in apparel accessories in 2016
ICC International and H&amp;M Hennes &amp; Mauritz hold the leading positions in apparel accessories in 2016
Apparel accessories is expected to see a value CAGR of 2% at constant 2016 prices in the forecast period, to reach THB12.3 billion in 2021
Competitive Landscape…

Sector Capsule: Apparel Accessories in Thailand

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

Equity Bottom-Up

Catur Sentosa Adiprana Tbk / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/catur-sentosa-adiprana-tbk" target="_blank" data-smartkarma-citation="entities:18671:1" rel="noopener">Catur Sentosa Adiprana (CSAP IJ)</a> has grown rapidly from a building material distribution company into the leading retailer in building materials and home improvement through Mitra10 and shop-in-shop Atria. </li>
<li>The company already has 52 Mitra10 superstores in Indonesia, with six distribution centres across the country, selling a range of home decoration products, with an increasing portion of private labels.</li>
<li>CSAP has seen a market improvement in margins for Mitra10 through more private label and scale benefits, and margins will continue to improve. Valuations are attractive with earnings growth accelerating. </li>
</ul>



Catur Sentosa Adiprana (CSAP IJ) has grown rapidly from a building material distribution company into the leading retailer in building materials and home improvement through Mitra10 and shop-in-shop Atria. 
The company already has 52 Mitra10 superstores in Indonesia, with six distribution centres across the country, selling a range of home decoration products, with an increasing portion of private labels.
CSAP has seen a market improvement in margins for Mitra10 through more private label and scale benefits, and margins will continue to improve. Valuations are attractive with earnings growth accelerating. 


PT Catur Sentosa Adiprana - One-Stop Shop for Homemakers

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>Chinese automotive maintenance services platform Tuhu Car has announced the terms for its HKEx IPO. Tuhu plans to raise net proceeds of HK$1.0-1.1bn (US$132-161m) through the issuance of 40.62m shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a> 's franchised business model seems to have worked well, while its focus on high margin products/services have helped improve profitability.</li>
<li>In this insight, we discuss our forecasts and valuation for the company, and our analysis suggests that Tuhu Car’s IPO is priced reasonably.</li>
</ul>


Chinese automotive maintenance services platform Tuhu Car has announced the terms for its HKEx IPO. Tuhu plans to raise net proceeds of HK$1.0-1.1bn (US$132-161m) through the issuance of 40.62m shares.

Tuhu Car (2007986D HK) 's franchised business model seems to have worked well, while its focus on high margin products/services have helped improve profitability.
In this insight, we discuss our forecasts and valuation for the company, and our analysis suggests that Tuhu Car’s IPO is priced reasonably.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>Asset World, Banpu Public and Ngern Tid Lor are being added to the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">SET 50 Index (SET50 INDEX)</a> while Berli Jucker, Delta Electronics and Sri Trang Agro will be deleted.</li>
<li>Estimated one-way turnover is 5.83% and results in a one-way trade of THB 4,957m. The deletions of BJC/ DELTA will result in a funding inflow to the other index constituents.</li>
<li>
<a href="https://www.smartkarma.com/entities/asset-world-corp-pcl" target="_blank" data-smartkarma-citation="entities:28136:1" rel="noopener">Asset World Corporation (AWC TB)</a> is a surprise to an extent with the name not appearing on most lists on the street. We had it as a low probability inclusion.</li>
</ul>


Asset World, Banpu Public and Ngern Tid Lor are being added to the SET 50 Index (SET50 INDEX) while Berli Jucker, Delta Electronics and Sri Trang Agro will be deleted.
Estimated one-way turnover is 5.83% and results in a one-way trade of THB 4,957m. The deletions of BJC/ DELTA will result in a funding inflow to the other index constituents.

Asset World Corporation (AWC TB) is a surprise to an extent with the name not appearing on most lists on the street. We had it as a low probability inclusion.


SET50 December Index Rebalance: AWC, BANPU, TIDLOR Added; BJC, DELTA, STA Out

<p>The Stock Exchange of Thailand (SET) has commenced a market consultation on changing the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a>, SET100 and SETHD indices to free float market cap weighted indices from the upcoming rebalance in June.</p><p>The market consultation document is short on detail, but the main points are the change in index calculation from full market cap weighted to free float market cap weighted, implementation of the changes in two tranches at the June and December reviews, and implementation of quarterly changes in free float for moves of +/-5%.</p><p>The biggest uncertainty for us is whether the selection of the stocks for inclusion/exclusion will use the full market cap or the free float market cap.</p><p>Using the full market cap for stock selection could see 3 changes at the upcoming June review, while using free float market cap for stock selection could result in up to 6 changes at the review. The two step implementation of the free float changes will dampen the index turnover but it will still be relatively high, ranging from a one-way turnover of 7.8% for changes in free float only to 9.52% if the stock selection methodology uses free float market cap.</p><p>In this Insight, we look at the proposed changes and enumerate three scenarios, the changes they will entail, the impact on the stocks and the turnover for each scenario.</p>

The Stock Exchange of Thailand (SET) has commenced a market consultation on changing the Stock Exchange of Thailand SET 50 Index (SET50 INDEX), SET100 and SETHD indices to free float market cap weighted indices from the upcoming rebalance in June.The market consultation document is short on detail, but the main points are the change in index calculation from full market cap weighted to free float market cap weighted, implementation of the changes in two tranches at the June and December reviews, and implementation of quarterly changes in free float for moves of +/-5%.The biggest uncertainty for us is whether the selection of the stocks for inclusion/exclusion will use the full market cap or the free float market cap.Using the full market cap for stock selection could see 3 changes at the upcoming June review, while using free float market cap for stock selection could result in up to 6 changes at the review. The two step implementation of the free float changes will dampen the index turnover but it will still be relatively high, ranging from a one-way turnover of 7.8% for changes in free float only to 9.52% if the stock selection methodology uses free float market cap.In this Insight, we look at the proposed changes and enumerate three scenarios, the changes they will entail, the impact on the stocks and the turnover for each scenario.

SET50 Index - Proposed Methodology Changes: Scenarios, Names Affected & Impact

Thailand

Siam Global House PCL is a retailer of home related products for construction, repair, decoration, and renovation. The Company sells construction materials, hand tools, furniture, and garden tools.

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Siam Global House (GLOBAL TB)

Sector Capsule: Apparel Accessories in Thailand

Headlines Apparel accessories increases by 3% in current value terms in 2016, to reach THB11.2 billion Outbound tourists support the demand for...

Euromonitor International Ltd.

PT Catur Sentosa Adiprana - One-Stop Shop for Homemakers

Catur Sentosa Adiprana (CSAP IJ) has grown from a building material distribution company into the leading Indonesian retailer in building materials...

Angus Mackintosh

Tuhu Car IPO: Forecasts and Valuation

Tuhu Car priced its IPO at HK$28.00 per share, at the bottom end of the IPO price range and raised net proceeds of HK$1,081m (US$138m) excluding...

Shifara Samsudeen, ACMA, CGMA

SET50 December Index Rebalance: AWC, BANPU, TIDLOR Added; BJC, DELTA, STA Out

There are 3 changes to the SET50 index at the December rebalance. AWC, BANPU and TIDLOR will replace BJC, DELTA and STA. AWC is a 'surprise' and...

Brian Freitas

SET50 Index - Proposed Methodology Changes: Scenarios, Names Affected & Impact

The SET has commenced a market consultation on the proposed changes to make its indices free float market cap weighted. We look at the impact on...

Brian Freitas

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