ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

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

Research Reinvented

Thematic (Sector/Industry)

This week's output in ASEAN is an eclectic mix of macro commentary on the Philippines, Indonesia, Singapore and Thailand, a Frontier markets piece and strong equity bottom up ideas on stocks including; <a href="https://www.smartkarma.com/entities/3656" target="_blank" data-smartkarma-citation="entities:3656:1">Thai Beverage Pcl (THBEV SP)</a>, <a href="https://www.smartkarma.com/entities/12808" target="_blank" data-smartkarma-citation="entities:12808:1">Ace Hardware Indonesia (ACES IJ)</a>, <a href="https://www.smartkarma.com/entities/13619" target="_blank" data-smartkarma-citation="entities:13619:1">Mitra Pinasthika Mustika Tbk Pt (MPMX IJ)</a>,  <a href="https://www.smartkarma.com/entities/19840" target="_blank" data-smartkarma-citation="entities:19840:1">Pembangunan Perumahan (Persero) Tbk Pt (PTPP IJ)</a>, <a href="https://www.smartkarma.com/entities/765" target="_blank" data-smartkarma-citation="entities:765:1">Olam International Ltd (OLAM SP)</a>, <a href="https://www.smartkarma.com/entities/8387" target="_blank" data-smartkarma-citation="entities:8387:1">Valuetronics Holdings Ltd (VALUE SP)</a>, <a href="https://www.smartkarma.com/entities/18019" target="_blank" data-smartkarma-citation="entities:18019:1">Thaicom Pcl (THCOM TB)</a>, <a href="https://www.smartkarma.com/entities/197" target="_blank" data-smartkarma-citation="entities:197:1">PTT PCL (PTT TB)</a> , <a href="https://www.smartkarma.com/entities/105" target="_blank" data-smartkarma-citation="entities:105:1">Capitaland Mall Trust (CT</a>…

This week's output in ASEAN is an eclectic mix of macro commentary on the Philippines, Indonesia, Singapore and Thailand, a Frontier markets piece and strong equity bottom up ideas on stocks including; Thai Beverage Pcl (THBEV SP), Ace Hardware Indonesia (ACES IJ), Mitra Pinasthika Mustika Tbk Pt (MPMX IJ),  Pembangunan Perumahan (Persero) Tbk Pt (PTPP IJ), Olam International Ltd (OLAM SP), Valuetronics Holdings Ltd (VALUE SP), Thaicom Pcl (THCOM TB), PTT PCL (PTT TB) , Capitaland Mall Trust (CT…

The Week that Was in ASEAN@Smartkarma - Scooters, Satellites and Outlets

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

A few centuries ago, coffee would have been an entirely alien concept in this country. These days, drinking coffee is as habitual as brushing your teeth. I recall drinking 3 cups a day when I was studying, 2 while working, and one per day in retirement. I'm sure I'll cut it down to zero when I'm dead, but ah...there'll be new people to pick up the slack yo. There are at least 10,000 places you could have coffee in Thailand, and that's not counting the infinite number of street vendors. Between…

A few centuries ago, coffee would have been an entirely alien concept in this country. These days, drinking coffee is as habitual as brushing your teeth. I recall drinking 3 cups a day when I was studying, 2 while working, and one per day in retirement. I'm sure I'll cut it down to zero when I'm dead, but ah...there'll be new people to pick up the slack yo. There are at least 10,000 places you could have coffee in Thailand, and that's not counting the infinite number of street vendors. Between…

This is a quickie run-down on MCorp Review's overweight and underweights for sectors in Thailand as well as brief follow-up commentary. The IPO market has been surprisingly weak this year. Partly, it could just be timing, but after the first day of trading, there's really no chance for a one-day pop that doubles or triples your share price anymore. Partly, this could be that some of the recent IPOs (eg. WHAUP, MM) happened just before the long Songkran holiday (April 13-17), and Thai fund…

This is a quickie run-down on MCorp Review's overweight and underweights for sectors in Thailand as well as brief follow-up commentary. The IPO market has been surprisingly weak this year. Partly, it could just be timing, but after the first day of trading, there's really no chance for a one-day pop that doubles or triples your share price anymore. Partly, this could be that some of the recent IPOs (eg. WHAUP, MM) happened just before the long Songkran holiday (April 13-17), and Thai fund…

<h2>The Week That Was in ASEAN@Smartkarma</h2>In this week's ASEAN weekly, better consumption numbers in Indonesia are a theme, with <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a>highlighting better numbers for February in <a href="https://www.smartkarma.com/insights/ace-hardware-consumers-are-back-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:9387">ACE Hardware - Consumers Are Back!</a> and writing about more optimism on mortgages in <a href="https://www.smartkarma.com/insights/bank-central-asia-surprising-in-its-positivity-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:9343">Bank Central Asia - Surprising in Its Positivity</a>. <a href="https://www.smartkarma.com/profiles/1006" target="_blank" data-smartkarma-citation="accounts:1006">Henry Soediarko</a>  writes on <a href="https://www.smartkarma.com/entities/23035" target="_blank" data-smartkarma-citation="entities:23035">GMA Network Inc (GMA7 PM)</a> which is the second largest TV network in the Philippines, trading on almost a five-year low PER, with a dividend yield of 6.5%.We…

The Week That Was in ASEAN@SmartkarmaIn this week's ASEAN weekly, better consumption numbers in Indonesia are a theme, with Angus Mackintoshhighlighting better numbers for February in ACE Hardware - Consumers Are Back! and writing about more optimism on mortgages in Bank Central Asia - Surprising in Its Positivity. Henry Soediarko  writes on GMA Network Inc (GMA7 PM) which is the second largest TV network in the Philippines, trading on almost a five-year low PER, with a dividend yield of 6.5%.We…

The Week That Was in ASEAN@Smartkarma - Consumers, Frontiers, and Mortgages

Investing in high growth Asian frontier economies., Asia Frontier Capital

Scott Osheroff

Investing in high growth Asian frontier economies.

Asia Frontier Capital

Asia Frontier Capital Ltd. is a pioneering fund management company based in Hong Kong that specializes in investing in high growth Asian frontier economies by managing the AFC Asia Frontier Fund , AFC Iraq Fund and the AFC Vietnam Fund.

The AFC Asia Frontier Fund invests in public equities of Asian frontier countries that are seeing increasing consumption due to favorable demographic trends, rising incomes and high GDP growth. The fund invests in listed equities of companies that have their principal business activities in Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries and offers high returns combined with significant diversification opportunities. This fund is directed by the founder and CEO of Asia Frontier Capital, Thomas Hugger, who has been investing in frontier markets across Asia and Africa for more than 20 years.

The AFC Iraq Fund was launched on the 26th June 2015 and aims to achieve long-term capital appreciation for investors by capturing value and growth potential in the post conflict high-growth & resource rich Iraq market. The fund emphasises long term investment horizon to truly capture the opportunity in Iraq. The fund's investable universe consists of locally listed companies that have their principal business activities in Iraq as well as foreign listed companies that have the majority of the business in Iraq as a whole including the prosperous Kurdish Region of Iraq (KRI). The AFC Iraq Fund offers access to investments in post conflict recovery potential of Iraq, including the KRI, and/or stability in its territory. The AFC Iraq Fund is managed by Asia Frontier Capital (Iraq) Limited, Cayman Islands under the executive leadership team of Thomas Hugger (CEO & Fund Manager) and Ahmed Tabaqchali (CIO) who have more than 47 years of investment experience as well as an extensive background covering global, emerging, frontier and MENA markets.

The AFC Vietnam Fund invests exclusively in listed Vietnamese equities to capture value in growth companies with a focus on the small to medium size companies. This market segment offers a unique investment opportunity as the valuation gap between large- and small-cap stocks in Vietnam is presently much wider than in comparable neighboring markets and the valuations are significantly depressed versus their regional peers. The fund adopts a fundamental-quantitative approach and employs an in-house earnings model to identify attractive companies where we see high growth opportunities. In conjunction with targeting the maximum upside potential the portfolio has been structured to mitigate corporate government and liquidity risks. The fund invests in a diversified portfolio of 70-90 attractively valued companies to carefully control concentration risk.  This approach allows the fund to sell, or buy, positions without having a significant market impact. The fund is directed under the executive leadership of Thomas Hugger and Andreas Vogelsanger who have more than 50 years combined experience managing investments in frontier markets, Asia and around the world.

For more information about the fund, management team and investment strategy please contact us at info@asiafrontiercapital.com.

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos to visit portfolio companies and other companies on our shortlist. The photos in this article are all by AFC.

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos to visit portfolio companies and other companies on our shortlist. The photos in this article are all by AFC.

Asia Frontier Capital Travel Report: Laos

Thailand

PTT Public Company Limited operates as an oil and gas company. The Company produces, transports, and sells natural gas, crude oil, lubricants, aviation and marine, and petrochemical products. PTT offers fleet cards, storage, electronic bill presentment, and other related services. PTT serves customers in Thailand.

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PTT PCL (PTT TB)

The Week that Was in ASEAN@Smartkarma - Scooters, Satellites and Outlets

This week's output in ASEAN is an eclectic mix of macro commentary on the Philippines, Indonesia, Singapore and Thailand, a Frontier markets piece...

Angus Mackintosh

A Cup of Joe: Stocks with Lotta Caffeine

A few centuries ago, coffee would have been an entirely alien concept in this country. These days, drinking coffee is as habitual as brushing your...

Athaporn Arayasantiparb, CFA

Sector Weights for Thailand

This is a quickie run-down on MCorp Review's overweight and underweights for sectors in Thailand as well as brief follow-up commentary. The IPO...

Athaporn Arayasantiparb, CFA

The Week That Was in ASEAN@Smartkarma - Consumers, Frontiers, and Mortgages

The Week That Was in ASEAN@SmartkarmaIn this week's ASEAN weekly, better consumption numbers in Indonesia are a theme, with Angus...

Angus Mackintosh

Asia Frontier Capital Travel Report: Laos

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos...

Asia Frontier Capital

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