Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Thematic (Sector/Industry)

<ul>
<li>Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.</li>
<li>ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.</li>
<li>A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.</li>
<li>Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.</li>
<li>BUY…</li>
</ul>


Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.
ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.
A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.
Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.
BUY…


Takeaways from ASEAN - Investment Opportunities

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Malaysia’s GDP grew 4% y-o-y in 2Q2016 compared to a 4.2% y-o-y rise in 1Q2016 – slowing for the sixth straight quarter. Final consumption contributed 4.1 percentage point (ppt) to GDP largely driven by private consumption while fixed capital formation contributed 1.7 ppt. Change in inventories and net exports detracted 1.2 ppt and 0.7 ppt respectively from GDP. Net exports detracted from overall GDP as imports grew at a faster pace than exports.On the supply side, growth continued to be driven…

Malaysia’s GDP grew 4% y-o-y in 2Q2016 compared to a 4.2% y-o-y rise in 1Q2016 – slowing for the sixth straight quarter. Final consumption contributed 4.1 percentage point (ppt) to GDP largely driven by private consumption while fixed capital formation contributed 1.7 ppt. Change in inventories and net exports detracted 1.2 ppt and 0.7 ppt respectively from GDP. Net exports detracted from overall GDP as imports grew at a faster pace than exports.On the supply side, growth continued to be driven…

Malaysia: Manufacturing and Services Drive GDP

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

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

Research Reinvented

Equity Capital Markets

Sunway Construction Group Bh / Equity Capital Markets

Sunway Construction (SCGB) plans to raise US$120m in its IPO, through issuance of secondary shares.SCGB's order book declined over 2014, after posting decent growth in the preceding years. This means the stock is at its lowest revenue coverage ratio (order book/previous financial year revenue) since the past three years, and isn't exactly in a position of strength at the time of listing. To add to that, while the shares are at a discount to its larger more diversified peers, however, the IPO range is at a premium to its smaller/similar sized peers, owing to its parent banking on the stock becoming the largest pure-play contractor.In our view, given the lack of evidence of robust construction demand (order book declined again in 1Q15), combined with this being a secondary offering and hence, not really providing any performance triggers to SCGB (new money/expansion/acquisition etc), and valuations being fair (at best), we would avoid the deal.

Sunway Construction (SCGB) plans to raise US$120m in its IPO, through issuance of secondary shares.SCGB's order book declined over 2014, after posting decent growth in the preceding years. This means the stock is at its lowest revenue coverage ratio (order book/previous financial year revenue) since the past three years, and isn't exactly in a position of strength at the time of listing. To add to that, while the shares are at a discount to its larger more diversified peers, however, the IPO range is at a premium to its smaller/similar sized peers, owing to its parent banking on the stock becoming the largest pure-play contractor.In our view, given the lack of evidence of robust construction demand (order book declined again in 1Q15), combined with this being a secondary offering and hence, not really providing any performance triggers to SCGB (new money/expansion/acquisition etc), and valuations being fair (at best), we would avoid the deal.

No signs of turnaround in order book leads us to believe that the IPO is fairly valued - at best

Malaysia

Sunway Construction Group Berhad provided construction and engineering services. The Company offers its services throughout Malaysia.

Price Gauge
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Sunway Construction Group Bh (SCGB MK)

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

Malaysia: Manufacturing and Services Drive GDP

Malaysia’s GDP grew 4% y-o-y in 2Q2016 compared to a 4.2% y-o-y rise in 1Q2016 – slowing for the sixth straight quarter. Final consumption...

Rajan Govil

No signs of turnaround in order book leads us to believe that the IPO is fairly valued - at best

Sunway Construction (SCGB) plans to raise US$120m in its IPO, through issuance of secondary shares.SCGB's order book declined over 2014, after...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)