Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Event-Driven

In this review, we explore existing major deals of 2016 and potential deals in the future as well as highlight the nation-shocking scandal around Nation, one of Thailand's largest English daily. Amongst the major deals of Thailand in 2016, the largest by far was BJC's 3bn euro acquisition of Big C, the second largest hypermarket, while we personally made the most of was the unconfirmed JTS deal.Going forward, we see: 1) the Triple T Banks (TISCO, TCAP, TMB) potentially being involved in some form of international divestment by foreign partners (Deutsche, Nova Scotia, ING); 2) the possibility of CP Group trying to buy Tesco's Thai operations, which were actually founded by CP pre-crisis; and 3) a 50-50 chance on the KKP deal with Temasek. If you are someone who believes in making money from M&amp;A, the mosaic principle, and Thai markets, this is the review for you. And to all investment bankers who have their cups in the Thai punch bowl, all I'm gonna say is....Congrats!

In this review, we explore existing major deals of 2016 and potential deals in the future as well as highlight the nation-shocking scandal around Nation, one of Thailand's largest English daily. Amongst the major deals of Thailand in 2016, the largest by far was BJC's 3bn euro acquisition of Big C, the second largest hypermarket, while we personally made the most of was the unconfirmed JTS deal.Going forward, we see: 1) the Triple T Banks (TISCO, TCAP, TMB) potentially being involved in some form of international divestment by foreign partners (Deutsche, Nova Scotia, ING); 2) the possibility of CP Group trying to buy Tesco's Thai operations, which were actually founded by CP pre-crisis; and 3) a 50-50 chance on the KKP deal with Temasek. If you are someone who believes in making money from M&amp;A, the mosaic principle, and Thai markets, this is the review for you. And to all investment bankers who have their cups in the Thai punch bowl, all I'm gonna say is....Congrats!

November & Beyond (Part 2): Party Time for the Deal Makers

The Deal: Tuna &amp; Lobster. Yesterday, Thai Union, the world's largest seafood company which we first profiled in <a href="https://www.smartkarma.com/insights/food-fight-cpf-vs-tu" target="_blank" data-smartkarma-citation="insights:5498">Food Fight: CPF Vs TU</a> , announced that they would buy a 25% stake in the world's biggest seafood restaurant chain, Red Lobster, for US$575m. We read a report by Thailand's second largest broker (and potential market leader if what we explained in <a href="https://www.smartkarma.com/insights/sathorn-series-6-disappearing-deutsche-breakaway-brokers" target="_blank" data-smartkarma-citation="insights:6214">Sathorn Series 6: Disappearing Deutsche, Breakaway Brokers</a> pans out), and  like us they are fairly positive on this. The stock is trading at…

The Deal: Tuna &amp; Lobster. Yesterday, Thai Union, the world's largest seafood company which we first profiled in Food Fight: CPF Vs TU , announced that they would buy a 25% stake in the world's biggest seafood restaurant chain, Red Lobster, for US$575m. We read a report by Thailand's second largest broker (and potential market leader if what we explained in Sathorn Series 6: Disappearing Deutsche, Breakaway Brokers pans out), and  like us they are fairly positive on this. The stock is trading at…

UOB Kay Hian Securities Thai / Event-Driven

Compared to the peak in 2013, deal flow has been slow in Thailand this year. Apart from the blockbuster takeover of Big C by Berli Jucker (BJC), there were few landmark deals this year. For the remainder of the year, we see continued tepid deal flow. On a 12-month view, we identified several potential targets in brokerage industry (Globex, Trinity, and Asia Plus' retail arm) and the possible divestment of Thanachart by Nova Scotia.The three most acquisitive companies in Thailand, CPF, BJC, and TU, will remain on the prowl, but it is virtually impossible for us to guess who the targets are, since they will look at hundreds of potential deals. All we can do is identify some possibilities, though most likely, these deals will come as a surprise when they actually materialize.

Compared to the peak in 2013, deal flow has been slow in Thailand this year. Apart from the blockbuster takeover of Big C by Berli Jucker (BJC), there were few landmark deals this year. For the remainder of the year, we see continued tepid deal flow. On a 12-month view, we identified several potential targets in brokerage industry (Globex, Trinity, and Asia Plus' retail arm) and the possible divestment of Thanachart by Nova Scotia.The three most acquisitive companies in Thailand, CPF, BJC, and TU, will remain on the prowl, but it is virtually impossible for us to guess who the targets are, since they will look at hundreds of potential deals. All we can do is identify some possibilities, though most likely, these deals will come as a surprise when they actually materialize.

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.

Thematic (Sector/Industry)

<ul><li>Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average volume. The stock also gained 91.4% in August and earlier in the month reported a turnaround net profit of S$0.8 million for 1H2016 compared to a net loss of S$0.1 million in 1H2015.</li></ul><ul><li>
Consumer Staples plays, Sheng Siong Group and Dairy Farm International Holdings were also amongst the 10 actively traded stocks that saw the biggest jump in August volume.…</li></ul>

Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average volume. The stock also gained 91.4% in August and earlier in the month reported a turnaround net profit of S$0.8 million for 1H2016 compared to a net loss of S$0.1 million in 1H2015.
Consumer Staples plays, Sheng Siong Group and Dairy Farm International Holdings were also amongst the 10 actively traded stocks that saw the biggest jump in August volume.…

10 Biggest Volume Jumpers in August Spanned Seven Sectors

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

Thailand

Thai Union Group Public Company Limited produces and exports frozen and canned seafood products including frozen tuna loin, shrimp and cephalopod. The Company also produces canned pet foods from by products of its seafood process.  Additionally, the Company produces fish snack and canned tuna which are marketed locally.

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Thai Union Group (TU TB)

November & Beyond (Part 2): Party Time for the Deal Makers

In this review, we explore existing major deals of 2016 and potential deals in the future as well as highlight the nation-shocking scandal around...

Athaporn Arayasantiparb, CFA

Some (Red) Lobster to Go with that Tuna?

The Deal: Tuna & Lobster. Yesterday, Thai Union, the world's largest seafood company which we first profiled in Food Fight: CPF Vs TU ,...

Athaporn Arayasantiparb, CFA

Takeover Kingpins of Thailand

Compared to the peak in 2013, deal flow has been slow in Thailand this year. Apart from the blockbuster takeover of Big C by Berli Jucker (BJC),...

Athaporn Arayasantiparb, CFA

10 Biggest Volume Jumpers in August Spanned Seven Sectors

Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average...

Singapore Exchange Ltd (SGX)

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

§ The 10 biggest SGX-listed F&B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August....

Singapore Exchange Ltd (SGX)

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