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"

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

<ul>
 <li>Thaicom is in a pivotal transition phase, shifting from a traditional satellite operator to a diversified space-tech company, with significant investments in a new fleet of high-throughput and software-defined satellites (Thaicom 9, 9A, and 10) to drive future growth.</li>
 <li>The company is strategically expanding into high-growth markets, particularly India, with partnerships like Hughes Communications India, aiming to significantly increase revenue contribution from this region.</li>
 <li>While facing declining revenues from legacy services and significant capital expenditures for its new fleet, the company is focused on improving satellite utilization rates and developing new revenue streams from geospatial intelligence and LEO satellite services.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Thaicom is in a pivotal transition phase, shifting from a traditional satellite operator to a diversified space-tech company, with significant investments in a new fleet of high-throughput and software-defined satellites (Thaicom 9, 9A, and 10) to drive future growth.
  The company is strategically expanding into high-growth markets, particularly India, with partnerships like Hughes Communications India, aiming to significantly increase revenue contribution from this region.
  While facing declining revenues from legacy services and significant capital expenditures for its new fleet, the company is focused on improving satellite utilization rates and developing new revenue streams from geospatial intelligence and LEO satellite services.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Thaicom Pcl (THCOM TB) - Mar 2026

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.

Technical Analysis

<ul><li>DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the SET Index, limiting its gains.</li><li>Although the index's gains remained limited and selling pressure emerged at higher levels, positive sentiment and momentum remained intact.</li><li>We recommend buying on dips, given the index's sharp fluctuations and tendency to swing rapidly in both directions.</li></ul>

DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the SET Index, limiting its gains.Although the index's gains remained limited and selling pressure emerged at higher levels, positive sentiment and momentum remained intact.We recommend buying on dips, given the index's sharp fluctuations and tendency to swing rapidly in both directions.

Krungthai XSpring Technical Eng. August 14, 2026

Thematic (Sector/Industry)

<ul><li>As of March 2, 2026, 822 companies in the SET Index (representing 99% of total market capitalization) had reported 4Q25 results, posting combined net profit of Bt236,562mn, down 13.6% QoQ but up 24.0% YoY.</li><li>Excluding energy, petrochemicals, and banks, net profit was Bt103,243mn, beating consensus by 1.6%, rising slightly 0.6% QoQ and 29.4% YoY.</li><li>Among 144 companies with Bloomberg consensus estimates, combined net profit reached Bt203,755mn, down 3.9% QoQ but up 30.6% YoY, slightly beating consensus by 1.9%.</li></ul>

As of March 2, 2026, 822 companies in the SET Index (representing 99% of total market capitalization) had reported 4Q25 results, posting combined net profit of Bt236,562mn, down 13.6% QoQ but up 24.0% YoY.Excluding energy, petrochemicals, and banks, net profit was Bt103,243mn, beating consensus by 1.6%, rising slightly 0.6% QoQ and 29.4% YoY.Among 144 companies with Bloomberg consensus estimates, combined net profit reached Bt203,755mn, down 3.9% QoQ but up 30.6% YoY, slightly beating consensus by 1.9%.

Thailand

Thaicom is a leading Asian satellite operator and SpaceTech company, providing comprehensive satellite communications services, including broadband via High Throughput Satellite (HTS) and satellite TV broadcasting. The company also offers geospatial intelligence (GEOINT) services by leveraging Earth Observation satellite data, AI, and Machine Learning. Thaicom was founded in 1991 and is headquartered in Bangkok, Thailand.

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Thaicom (THCOM TB)

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

Since our insight on 1st Pac last Sept., the stock has gained 33%. Company had solid 2024 results. MPIC, the undervalued Phil./Indonesia...

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

Primer: Thaicom Pcl (THCOM TB) - Mar 2026

Thaicom is in a pivotal transition phase, shifting from a traditional satellite operator to a diversified space-tech company, with significant...

αSK Primers

Krungthai XSpring Technical Eng. August 14, 2026

DELTA's movement, mixed performance across Asian equity markets, and a fourth consecutive day of net foreign selling continued to influence the...

Krungthai XSpring

Special Report: 4Q25 Earnings Summary

Excluding energy, petrochemicals, and banks, net profit was Bt103,243mn, beating consensus by 1.6%, rising slightly 0.6% QoQ and 29.4% YoY.

Krungthai XSpring

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