Podcast of business and financial stories, Behind the Money

Behind the Money

Podcast of business and financial stories

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world.

Equity Bottom-Up

Southwest Airlines Co. is a domestic airline that provides primarily short-haul, high-frequency, point-to-point service.  The Company offers flights throughout the United States.

<ul><li>Southwest Airlines was founded in 1966 by Herb Kelleher and Rollin King in San Antonio, Texas based on the idea of creating a triangle route between Dallas, San Antonio, and Houston.</li><li>Southwest Airlines was able to avoid federal regulation by operating solely within the state of Texas and establishing a profitable business model with consistent profitability.</li><li>Southwest Airlines revolutionized the airline industry by offering affordable and convenient flights within Texas, challenging the traditional business model of major airlines and achieving long-term success.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Southwest Airlines was founded in 1966 by Herb Kelleher and Rollin King in San Antonio, Texas based on the idea of creating a triangle route between Dallas, San Antonio, and Houston.Southwest Airlines was able to avoid federal regulation by operating solely within the state of Texas and establishing a profitable business model with consistent profitability.Southwest Airlines revolutionized the airline industry by offering affordable and convenient flights within Texas, challenging the traditional business model of major airlines and achieving long-term success.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Business History: The Secret of Southwest’s Success

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.

Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang) and the New Bangkok International Airport (Suvarnabhumi).. The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket.

<ul><li>We switch to Outperform and raise our FV to Bt56.00 (2.6% required return; vs Neutral/Bt40.75/2.8% previously).</li><li>The duty-free contract renegotiation with King Power (KPD) also improved.</li><li>However, we see a low chance of collecting the additional 35%, as: i) it applies only when spending per head exceeds Bt1,500 (vs Bt1,100 currently); and ii) spending per head in FY2026–27E is expected to stay flat.</li></ul>

We switch to Outperform and raise our FV to Bt56.00 (2.6% required return; vs Neutral/Bt40.75/2.8% previously).The duty-free contract renegotiation with King Power (KPD) also improved.However, we see a low chance of collecting the additional 35%, as: i) it applies only when spending per head exceeds Bt1,500 (vs Bt1,100 currently); and ii) spending per head in FY2026–27E is expected to stay flat.

AIRPORTS OF THAILAND Plc. (AOT): Earnings Upgraded On Easing KPD And PSC

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

PT Cahaya Aero Services TBK provides ground and cargo handling services to airports throughout Indonesia. The Company also provides catering, in-flight catering and facilities management services for mining operations nationally.

<ul>
 <li>
<a href="https://smartkarma.com/entities/cahaya-aero-services-tbk-pt">Cahaya Aero Services</a> (CASS) is a dominant integrated aviation support provider in Indonesia, poised to capitalize on the nation's robust recovery and projected long-term growth in air travel.</li>
 <li>The company is demonstrating exceptional financial performance, characterized by accelerating revenue growth, significant margin expansion, and triple-digit growth in net income and EPS over the past three years.</li>
 <li>While the company's strategic focus on reinvesting for growth has fueled impressive operational expansion, this comes at the expense of shareholder distributions, with no dividends paid in recent years.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Cahaya Aero Services (CASS) is a dominant integrated aviation support provider in Indonesia, poised to capitalize on the nation's robust recovery and projected long-term growth in air travel.
  The company is demonstrating exceptional financial performance, characterized by accelerating revenue growth, significant margin expansion, and triple-digit growth in net income and EPS over the past three years.
  While the company's strategic focus on reinvesting for growth has fueled impressive operational expansion, this comes at the expense of shareholder distributions, with no dividends paid in recent years.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Cahaya Aero Services (CASS IJ) - Dec 2025

Deutsche Lufthansa Aktiengesellschaft provides passenger and cargo air transportation services worldwide. The Company offers flight and connection programs in North America, Scandinavia, and Asia. Deutsche Lufthansa also provides travel agency, catering, and aircraft maintenance services.

<ul>
 <li>
<a href="https://smartkarma.com/entities/deutsche-lufthansa-ag">Deutsche Lufthansa </a>is a leading global aviation group with a diversified business model encompassing passenger airlines, cargo, and maintenance, repair, and overhaul (MRO) services. This diversification provides multiple revenue streams and resilience against market volatility in any single segment.</li>
 <li>The company is undergoing a significant strategic transformation focused on fleet modernization, cost reduction, and enhancing operational efficiency to improve profitability.</li>
 <li>Key challenges for Lufthansa include intense competition from both legacy and low-cost carriers, high operating costs, and susceptibility to external factors such as fuel price volatility, geopolitical instability, and labor disputes.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Deutsche Lufthansa is a leading global aviation group with a diversified business model encompassing passenger airlines, cargo, and maintenance, repair, and overhaul (MRO) services. This diversification provides multiple revenue streams and resilience against market volatility in any single segment.
  The company is undergoing a significant strategic transformation focused on fleet modernization, cost reduction, and enhancing operational efficiency to improve profitability.
  Key challenges for Lufthansa include intense competition from both legacy and low-cost carriers, high operating costs, and susceptibility to external factors such as fuel price volatility, geopolitical instability, and labor disputes.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Deutsche Lufthansa  (LHA GR) - Dec 2025

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 Nov 28th. We estimate that they had an aggregated short interest worth USD2.2bn.</li>
<li>We tabulate league tables 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 Intouch, Airports of Thailand, PTT GlobalChem, CP Foods, Advanced Info Service, Airports Of Thailand, Advanced Info Service, Cp Foods.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 28th. We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league tables 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 Intouch, Airports of Thailand, PTT GlobalChem, CP Foods, Advanced Info Service, Airports Of Thailand, Advanced Info Service, Cp Foods.


Thailand Short Interest Weekly (Nov 28th): Intouch, Airports of Thailand, PTT GlobalChem, CP Foods