Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Thematic (Sector/Industry)

In the first piece of the series <a href="https://www.smartkarma.com/insights/silk-roads-part-i-background" target="_blank" data-smartkarma-citation="insights:7042">Silk Roads Part I: Background</a> we outlined briefly the drivers behind China's "One Belt One Road" initiative which in our view remains an important complementary external pillar to China's ongoing domestic policy agenda, and thus a high-conviction longer-term investment theme. In the second piece in our Silk Roads series, we situate the OBOR bloc in terms of current liquid investment securities.OBOR markets already comprise 22% of world market capitalisation and are home to about 60% of cross-border investment capital resident in emerging market economies worldwide.  Of that 60%, 40% of this capital is resident in China. From an investment strategy standpoint, this shows that, while beneficiaries of the policy exist further afield than in China itself, there are merits in focusing on those Chinese names exposed to OBOR investments as the first port-of-call.

In the first piece of the series Silk Roads Part I: Background we outlined briefly the drivers behind China's "One Belt One Road" initiative which in our view remains an important complementary external pillar to China's ongoing domestic policy agenda, and thus a high-conviction longer-term investment theme. In the second piece in our Silk Roads series, we situate the OBOR bloc in terms of current liquid investment securities.OBOR markets already comprise 22% of world market capitalisation and are home to about 60% of cross-border investment capital resident in emerging market economies worldwide.  Of that 60%, 40% of this capital is resident in China. From an investment strategy standpoint, this shows that, while beneficiaries of the policy exist further afield than in China itself, there are merits in focusing on those Chinese names exposed to OBOR investments as the first port-of-call. 

Silk Roads Part 2: Big (Emerging Market) OBOR Investors

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Tan Passakornatee is the Thailand's leading green tea tycoon. He founded Oishi, the market leader which now includes the largest Japanese restaurant chain in Thailand, sold it to the second richest man in Thailand (Charoen Sirivadhanabhakdi) via Thai Beverage, and then founded a second act called Ichitan. This time, he separated the listed green tea business from the non-listed restaurant business. One of the best known faces in Thailand, the cartoonish tycoon uses himself as the company's mascot, which is a brilliant strategy in our view.Investment-wise, we continue to prefer TIPCO, which trades at 6x PE and has all manners of hidden asset. It's soared 20% since we bought it, but still has room to go. But that doesn't mean we can't appreciate Ichitan and their quirky founder, warts and all. The Indonesia challenge, the swashbuckling snow fiasco...Tan may not be the richest tycoon in Thailand, but his story is probably one of the most entertaining yo.

Tan Passakornatee is the Thailand's leading green tea tycoon. He founded Oishi, the market leader which now includes the largest Japanese restaurant chain in Thailand, sold it to the second richest man in Thailand (Charoen Sirivadhanabhakdi) via Thai Beverage, and then founded a second act called Ichitan. This time, he separated the listed green tea business from the non-listed restaurant business. One of the best known faces in Thailand, the cartoonish tycoon uses himself as the company's mascot, which is a brilliant strategy in our view.Investment-wise, we continue to prefer TIPCO, which trades at 6x PE and has all manners of hidden asset. It's soared 20% since we bought it, but still has room to go. But that doesn't mean we can't appreciate Ichitan and their quirky founder, warts and all. The Indonesia challenge, the swashbuckling snow fiasco...Tan may not be the richest tycoon in Thailand, but his story is probably one of the most entertaining yo.

Rabble Rousers (Season Finale: The Sugar Water Salesman)

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 Consumer Staples Sector is made up of businesses less sensitive to economic cycles. In comparison, the performance of businesses in the Consumer Discretionary Sector tend to be more impacted by these cycles.
 
§  Globally, the MSCI World Consumer Staples Index has generated a 2.7% dividend inclusive YTD return while regionally, the MSCI AC Asia Pacific Consumer Staples Index generated a 5.7% dividend inclusive YTD return. This compared to a 1.3% decline and 0.8% gain for the…
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§  The Consumer Staples Sector is made up of businesses less sensitive to economic cycles. In comparison, the performance of businesses in the Consumer Discretionary Sector tend to be more impacted by these cycles.
 
§  Globally, the MSCI World Consumer Staples Index has generated a 2.7% dividend inclusive YTD return while regionally, the MSCI AC Asia Pacific Consumer Staples Index generated a 5.7% dividend inclusive YTD return. This compared to a 1.3% decline and 0.8% gain for the…




Consumer Staples Offered Investor Returns Amid Lower Growth Outlooks

Just as Charoen's story is the country's most remarkable rags-to-riches tale, the Bhirombhakdi family which runs rival Singha Beer is the epitome of Old Money in Thailand. They made our list, because they now own a listed company in Singha Estate (formerly Rasa Property). The rankings ain't so high, but these guys are married to the richest actress in Thailand and will build the tallest building in Bangkok in the next four years. I'll take that for a dollar. We wouldn't recommend his stocks though.If Charoen wants to sell moonshine (fine, Chang Beer is legal but indulge me), someone's gotta play the Buchanans, and it might as well be Singha, Carlsberg's new partner in Thailand yo.

Just as Charoen's story is the country's most remarkable rags-to-riches tale, the Bhirombhakdi family which runs rival Singha Beer is the epitome of Old Money in Thailand. They made our list, because they now own a listed company in Singha Estate (formerly Rasa Property). The rankings ain't so high, but these guys are married to the richest actress in Thailand and will build the tallest building in Bangkok in the next four years. I'll take that for a dollar. We wouldn't recommend his stocks though.If Charoen wants to sell moonshine (fine, Chang Beer is legal but indulge me), someone's gotta play the Buchanans, and it might as well be Singha, Carlsberg's new partner in Thailand yo.

Thai-Coons Ep.5: Great Gatsby Bangkok-Style

Today, Charoen Sirivadhanabhakdi presides over an empire with almost complete domination of Thai liquor business and is a strong number 2 in beer, hypermarkets, potato chips, and tissue. On top of that, he has huge properties in Singapore and Thailand. Not bad for a fourth-grader who used to collect bottle caps! Within the Group, we like Thai Beverage and Berli Jucker, his two flagships in Thailand. In this review, we also discuss the recent rumors around his future M&amp;A (Ticon) and a interesting deal unrelated to his group (KKP) that surfaced around the same time and what you should do about it. His TCC Group is incredibly diversified. His story is legend. Enjoy!

Today, Charoen Sirivadhanabhakdi presides over an empire with almost complete domination of Thai liquor business and is a strong number 2 in beer, hypermarkets, potato chips, and tissue. On top of that, he has huge properties in Singapore and Thailand. Not bad for a fourth-grader who used to collect bottle caps! Within the Group, we like Thai Beverage and Berli Jucker, his two flagships in Thailand. In this review, we also discuss the recent rumors around his future M&amp;A (Ticon) and a interesting deal unrelated to his group (KKP) that surfaced around the same time and what you should do about it. His TCC Group is incredibly diversified. His story is legend. Enjoy!

Thai-Coons (Episode 2): Bottle Cap Boy Turned Beer Baron

Singapore

Thai Beverage Public Company Limited produces a wide range of branded beer and spirits in Thailand.

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Thai Beverage (THBEV SP)

Silk Roads Part 2: Big (Emerging Market) OBOR Investors

In the first piece of the series Silk Roads Part I: Background we outlined briefly the drivers behind China's "One Belt One Road" initiative which...

Naomi Fink

Rabble Rousers (Season Finale: The Sugar Water Salesman)

Tan Passakornatee is the Thailand's leading green tea tycoon. He founded Oishi, the market leader which now includes the largest Japanese...

Athaporn Arayasantiparb, CFA

Consumer Staples Offered Investor Returns Amid Lower Growth Outlooks

§ The Consumer Staples Sector is made up of businesses less sensitive to economic cycles. In comparison, the performance of businesses...

Singapore Exchange Ltd (SGX)

Thai-Coons Ep.5: Great Gatsby Bangkok-Style

Just as Charoen's story is the country's most remarkable rags-to-riches tale, the Bhirombhakdi family which runs rival Singha Beer is the epitome...

Athaporn Arayasantiparb, CFA

Thai-Coons (Episode 2): Bottle Cap Boy Turned Beer Baron

Today, Charoen Sirivadhanabhakdi presides over an empire with almost complete domination of Thai liquor business and is a strong number 2 in beer,...

Athaporn Arayasantiparb, CFA

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