Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

The Number One Foreign Destination for Thai outbound tourists is Japan. Over the past five years, it's grown 36% per year. Last year, the growth slowed down to 13%, but that's on a base of close to a million. This year, we seem on track to cross the million mark, since the first two months alone, some 140,300 Thais have gone to the Land of Rising Sun. On this theme, we focus on airports and airlines, since the hotels are mainly based in Thailand. Chains such as MINT may have presence in weird…

The Number One Foreign Destination for Thai outbound tourists is Japan. Over the past five years, it's grown 36% per year. Last year, the growth slowed down to 13%, but that's on a base of close to a million. This year, we seem on track to cross the million mark, since the first two months alone, some 140,300 Thais have gone to the Land of Rising Sun. On this theme, we focus on airports and airlines, since the hotels are mainly based in Thailand. Chains such as MINT may have presence in weird…

Thematic (Sector/Industry)

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Five Biggest Lessons from Thai Financial Crisis

CENTEL could bid for KFC Franchises in Thailand, as Yum! Brands appears on the verge of selling some 244 stores it operates directly in the Kingdom. Currently, there are 586 stores in total, and CENTEL, the second largest restaurant operator in Thailand after MINT, already runs 212 of them. KFC is the biggest brand under CENTEL's umbrella in terms of both number of stores and revenues (other portfolio brands include Mister Donuts, Ootoya, Auntie Anne, and Pepper Lunch), so they are definitely…

CENTEL could bid for KFC Franchises in Thailand, as Yum! Brands appears on the verge of selling some 244 stores it operates directly in the Kingdom. Currently, there are 586 stores in total, and CENTEL, the second largest restaurant operator in Thailand after MINT, already runs 212 of them. KFC is the biggest brand under CENTEL's umbrella in terms of both number of stores and revenues (other portfolio brands include Mister Donuts, Ootoya, Auntie Anne, and Pepper Lunch), so they are definitely…

Snippets#6: CENTEL's KFC Bid, Trump's Flabby Dollar$

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.

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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…
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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…



SGX's MOE Sector Sustains 4Q16 Momentum into 2017

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Luxury goods retailer <a href="https://www.smartkarma.com/entities/13644" target="_blank" data-smartkarma-citation="entities:13644:1">Coach Inc (COH US)</a> reported December quarter results on the morning of January 31st in New York. Revenue was bang in-line with consensus expectations, and Coach managed to beat EPS expectations slightly on cost control measures. Management guided FY17 (June) Revenue down slightly on weaker International growth, but maintained OP margin guidance. Although Coach's shares rallied on the results, we believe a close examination of the numbers shows that Asian demand for Coach…

Luxury goods retailer Coach Inc (COH US) reported December quarter results on the morning of January 31st in New York. Revenue was bang in-line with consensus expectations, and Coach managed to beat EPS expectations slightly on cost control measures. Management guided FY17 (June) Revenue down slightly on weaker International growth, but maintained OP margin guidance. Although Coach's shares rallied on the results, we believe a close examination of the numbers shows that Asian demand for Coach…

Coach December Results: Negative Implications for Asian Luxury Retail & Chinese Tourist Spending

Thailand

Thai Airways International Public Company Limited is Thailand's national airline providing air transportation, freight and mail services on domestic and international routes including Asia, Europe, North America, Africa and South West Pacific.  The Company is a state enterprise which is controlled by the government and partly owned by the public.

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Thai Airways International (THAI TB)

It's Songkran. Let's Fly to Japan!

The Number One Foreign Destination for Thai outbound tourists is Japan. Over the past five years, it's grown 36% per year. Last year, the growth...

Athaporn Arayasantiparb, CFA

Five Biggest Lessons from Thai Financial Crisis

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense...

Athaporn Arayasantiparb, CFA

Snippets#6: CENTEL's KFC Bid, Trump's Flabby Dollar$

CENTEL could bid for KFC Franchises in Thailand, as Yum! Brands appears on the verge of selling some 244 stores it operates directly in the...

Athaporn Arayasantiparb, CFA

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

Coach December Results: Negative Implications for Asian Luxury Retail & Chinese Tourist Spending

Luxury goods retailer Coach Inc (COH US) reported December quarter results on the morning of January 31st in New York. Revenue was bang in-line...

Daniel Hellberg

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