Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of May 2nd. We estimate that they had an aggregated short interest worth USD1.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Delta Electronics, Scc, Krung Thai Bank, Gulf Energy Development, Tisco Financial, True, Cp Foods, Central Retail.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 2nd. We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Delta Electronics, Scc, Krung Thai Bank, Gulf Energy Development, Tisco Financial, True, Cp Foods, Central Retail.


Thailand Short Interest Weekly (May 2nd): Delta Electronics, Scc, Krung Thai Bank

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 21st.We estimate that they had an aggregated short interest worth USD2.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in PTT, SCC, Krung Thai Bank, True, Srisawad.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 21st.We estimate that they had an aggregated short interest worth USD2.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in PTT, SCC, Krung Thai Bank, True, Srisawad.


Thailand Short Interest Weekly (Mar 21st): PTT, SCC, Krung Thai Bank, True, Srisawad

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 14th.We estimate that they had an aggregated short interest worth USD1.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Advanced Info Service, Carabao.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 14th.We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Advanced Info Service, Carabao.


Thailand Short Interest Weekly (Mar 14th): Advanced Info Service, Carabao

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>KTC has just released its 4Q24 results and presentation, with a stand out diagram on BOT debt relief measures</li>
<li>With the several measures in place by the BOT, including lowering minimum card payment, lengthening loan term and lowering rate, there are clear stresses.</li>
<li>ROA is under pressure, and part of this will be due to rising credit costs, which are up from 470bps to 610bps from FY22 to FY24</li>
</ul>


KTC has just released its 4Q24 results and presentation, with a stand out diagram on BOT debt relief measures
With the several measures in place by the BOT, including lowering minimum card payment, lengthening loan term and lowering rate, there are clear stresses.
ROA is under pressure, and part of this will be due to rising credit costs, which are up from 470bps to 610bps from FY22 to FY24


KTC - Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 27th.We estimate that they had an aggregated short interest worth USD2.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Bangchak, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 27th.We estimate that they had an aggregated short interest worth USD2.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Bangchak, Gulf Energy Development.


Thailand Short Interest Weekly (Dec 27th): Bangchak, Gulf Energy Development

Thailand

Tisco Financial Group Pcl is a bank holding company.  The Company's banking subsidiary offers working capital, project, term, automobile and home loans; custodian services; securities brokerage; mutual funds; and private banking; and advises on equity and debt capital markets, privatizations, debt restructuring, project finance, and mergers and acquisitions.

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Tisco Financial Group (TISCO TB)

Thailand Short Interest Weekly (May 2nd): Delta Electronics, Scc, Krung Thai Bank

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Scc, Krung Thai Bank, Gulf...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Mar 21st): PTT, SCC, Krung Thai Bank, True, Srisawad

We analyzed SET short interest report for the past week and highlighted short interest changes in PTT, SCC, Krung Thai Bank, True, Srisawad.

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Mar 14th): Advanced Info Service, Carabao

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, Carabao.

Ke Yan, CFA, FRM

KTC - Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

KTC reveals granular detail for many Bank of Thailand relief measures on consumer debt, suggesting that credit metrics are very weak, and this is...

Daniel Tabbush

Thailand Short Interest Weekly (Dec 27th): Bangchak, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Bangchak, Gulf Energy Development.

Ke Yan, CFA, FRM

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