Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a> is a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.</li>
<li>As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.</li>
<li>Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.</li>
</ul>



First Pacific Co (142 HK) is a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.
As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.
Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.


BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last night, the Board of <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>  <a href="https://hub.optiwise.io/en/documents/126006/6443705A1ADCC43E2A43725E1ADAC538670F012A12A8B03D653207281ED9C34E6042702B6BDFC4311044072F6BADC53E144B6C1E4E8DCF396043755C1AD9C13A6741765E1EDBC33964366C1E4E8D_160720242124040612E.pdf" target="_blank" rel="noopener">announced</a> an amalgamation with <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF TB)</a> and Tender Offers for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> (at THB 216.30) </li>
<li>And <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a> (THB 11.00) shares. This is really big news. It appears to try to cap years of re-arrangement of the capital structure. It's complicated.</li>
<li>But it is not fair. INTUCH shareholders lose 22% of earnings value per investment value in 2024. 20% in 2025. But, there may be a way to block it...</li>
</ul>


Last night, the Board of Intouch Holdings (INTUCH TB)  announced an amalgamation with Gulf Energy Development (GULF TB) and Tender Offers for Advanced Info Service (ADVANC TB) (at THB 216.30) 
And Thaicom Pcl (THCOM TB) (THB 11.00) shares. This is really big news. It appears to try to cap years of re-arrangement of the capital structure. It's complicated.
But it is not fair. INTUCH shareholders lose 22% of earnings value per investment value in 2024. 20% in 2025. But, there may be a way to block it...


Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To "Restructure"

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to attempt a technical rebound, with the resistance levels at 1,082/1,090/1,095 points and the support levels at 1,066/1,056 points.</li><li>In the medium term, the index remains in a downtrend, forming a zig-zag pattern in search of the bottom, with the revised trading range now between 960-1,200 points.</li><li>In the short term, the market is still in a downtrend (forming new lows followed by rebounds), but a technical rebound is possible after the index hit a new low for the year at 1,056.41 points yesterday — the lowest level in over five years, compared to the 1,050.72-point low recorded on March 25, 2020.</li></ul>

Technically, the SET Index is expected to attempt a technical rebound, with the resistance levels at 1,082/1,090/1,095 points and the support levels at 1,066/1,056 points.In the medium term, the index remains in a downtrend, forming a zig-zag pattern in search of the bottom, with the revised trading range now between 960-1,200 points.In the short term, the market is still in a downtrend (forming new lows followed by rebounds), but a technical rebound is possible after the index hit a new low for the year at 1,056.41 points yesterday — the lowest level in over five years, compared to the 1,050.72-point low recorded on March 25, 2020.

KTX Zoom: Keep a Close Watch on US FOMC Minutes and US Wholesale Inventories

<ul><li>Global bourses continued to decline amid escalating trade war concerns after the US imposed high import tariffs. Meanwhile, the SET faced additional pressure from risks related to a GDP.</li><li>contraction, pulling it down to a new low of 1,122.51 points.</li><li>Widespread selling was seen across multiple sectors, particularly in energy, banking, transportation, petroleum, electronics, and ICT.</li></ul>

Global bourses continued to decline amid escalating trade war concerns after the US imposed high import tariffs. Meanwhile, the SET faced additional pressure from risks related to a GDP.contraction, pulling it down to a new low of 1,122.51 points.Widespread selling was seen across multiple sectors, particularly in energy, banking, transportation, petroleum, electronics, and ICT.

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,150/1,140 points and the resistance at 1,166/1,174 points (10-day EMA) and 1,180 points.</li><li>In the medium term, the trend remains bearish in a zig-zag down pattern, seeking the bottom within the 1,100-1,506 range.</li><li>In the short term, the index is still in a downtrend (forming new lows followed by rebounds). </li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,150/1,140 points and the resistance at 1,166/1,174 points (10-day EMA) and 1,180 points.In the medium term, the trend remains bearish in a zig-zag down pattern, seeking the bottom within the 1,100-1,506 range.In the short term, the index is still in a downtrend (forming new lows followed by rebounds). 

Thailand

Thaicom PCL operates satellite communication business. The Company operates and provides satellite transponder services. Thaicom also provides Internet, satellite uplink/downlink, and telephone network services.

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Thaicom Pcl (THCOM TB)

BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

Two announcements reflect First Pac's move toward unlocking substantial value for shareholders. Metro Pac will sell >20% stake in tollway unit. On...

David Mudd

Cascading Takeunders for INTUCH, ADVANC, and THCOM as GULF TB Seeks To "Restructure"

This is a complicated multi-conditional deal - great for GULF bad for INTUCH - which appears to be "done" except for an inter-conditional aspect...

Travis Lundy

KTX Zoom: Keep a Close Watch on US FOMC Minutes and US Wholesale Inventories

Technically, the SET Index is expected to attempt a technical rebound, with the resistance levels at 1,082/1,090/1,095 points and the support...

Krungthai XSpring

Technical Analysis - APRIL 8, 2025

Global bourses continued to decline amid escalating trade war concerns after the US imposed high import tariffs. Meanwhile, the SET faced...

Krungthai XSpring

KTX Zoom: US Employment - APRIL 4, 2025

Technically, the SET Index is expected to weaken, with the support levels at 1,150/1,140 points and the resistance at 1,166/1,174 points (10-day...

Krungthai XSpring

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