Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

Yangzijiang Shipbuilding / Equity Bottom-Up

<ul>
<li>Our focus on earnings delivery continues, this time turning to ASEAN. We screen stocks with consistent EPS estimate upgrades, strong EPS growth forecasts, net debt/equity below 1 and PEG&lt;1.3x.</li>
<li>In the six ASEAN markets, 10 stocks satisfy our criteria - four from Vietnam, two each from Indonesia and Thailand and one each from Singapore and Malaysia.</li>
<li>Nine of the ten stocks appreciated sharply over the past 3 and 6 months. Over the past 12 months 7 stocks appreciated and three declined.</li>
</ul>


Our focus on earnings delivery continues, this time turning to ASEAN. We screen stocks with consistent EPS estimate upgrades, strong EPS growth forecasts, net debt/equity below 1 and PEG&lt;1.3x.
In the six ASEAN markets, 10 stocks satisfy our criteria - four from Vietnam, two each from Indonesia and Thailand and one each from Singapore and Malaysia.
Nine of the ten stocks appreciated sharply over the past 3 and 6 months. Over the past 12 months 7 stocks appreciated and three declined.


Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet - Ten Stocks in ASEAN

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>The SET Index is expected to move sideways in a consolidation phase today, with the support at 1,284/1,270 points and the resistance at 1,300/1,316 points.</li><li>However, both the market and the Fed are expected to place greater weight on weak employment rather than persistently high inflation, increasing the likelihood of a rate cut in September.</li><li>President Trump said the US is ready to impose stricter sanctions on Russia, provided that other NATO members stop buying Russian oil and raise tariffs on Chinese goods by 50–100% to pressure China not to align with Russia.</li></ul>

The SET Index is expected to move sideways in a consolidation phase today, with the support at 1,284/1,270 points and the resistance at 1,300/1,316 points.However, both the market and the Fed are expected to place greater weight on weak employment rather than persistently high inflation, increasing the likelihood of a rate cut in September.President Trump said the US is ready to impose stricter sanctions on Russia, provided that other NATO members stop buying Russian oil and raise tariffs on Chinese goods by 50–100% to pressure China not to align with Russia.

Krungthai XSpring Zoom Eng. September 15, 2025

<ul><li>The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.</li><li>The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.</li><li>The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.</li></ul>

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.

Krungthai XSpring Zoom Eng. September 9, 2025

<ul><li>The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points.</li><li>On the domestic side, short-term sentiment remains slightly negative due to political overhang weighing on the Thai stock market.</li><li>However, once this passes, we see potential for sentiment to turn slightly positive to positive as the overhang is lifted.</li></ul>

The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points.On the domestic side, short-term sentiment remains slightly negative due to political overhang weighing on the Thai stock market.However, once this passes, we see potential for sentiment to turn slightly positive to positive as the overhang is lifted.

Krungthai XSpring Zoom Eng. August 29, 2025

<ul><li>We maintain our Neutral sector weighting on power stocks and reiterate our top picks: GULF (Buy; FV Bt64.75), supported by a strong earnings profile and high growth potential through debt leverage and M&amp;A; and BCPG (downgraded to Outperform from Buy) following the recent price rally, with FV unchanged at Bt9.00, backed by standout 3Q25E earnings and strong profit contribution from US CCGT assets (c.70% of operating MW).</li><li>The base effect of gas costs should support an improvement in IU margin QoQ in 3Q25E.</li><li>We expect 3Q25E earnings momentum for the power sector to be mixed.</li></ul>

We maintain our Neutral sector weighting on power stocks and reiterate our top picks: GULF (Buy; FV Bt64.75), supported by a strong earnings profile and high growth potential through debt leverage and M&amp;A; and BCPG (downgraded to Outperform from Buy) following the recent price rally, with FV unchanged at Bt9.00, backed by standout 3Q25E earnings and strong profit contribution from US CCGT assets (c.70% of operating MW).The base effect of gas costs should support an improvement in IU margin QoQ in 3Q25E.We expect 3Q25E earnings momentum for the power sector to be mixed.

Energy (Power): Easing Challenges; 3Q Peak Generation

Thailand

B.Grimm Power Public Company Limited operates as a renewable energy company. The Company focuses on the development, financing, construction, and operation of green field power plants. B.Grimm Power also renders electricity distribution, operations, and maintenance services. B.Grimm Power serves clients in Asia.

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B Grimm Power (BGRIM TB)

Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet - Ten Stocks in ASEAN

We identify stocks in ASEAN with consistent EPS est upgrades, strong growth forecasts, low debt/equity, and PEG<1.3x. Ten stocks meet the...

Manishi Raychaudhuri

Krungthai XSpring Zoom Eng. September 15, 2025

The SET Index is expected to move sideways in a consolidation phase today, with the support at 1,284/1,270 points and the resistance at 1,300/1,316...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 9, 2025

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 29, 2025

The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points.

Krungthai XSpring

Energy (Power): Easing Challenges; 3Q Peak Generation

We maintain our Neutral sector weighting on power stocks and reiterate our top picks: GULF (Buy; FV Bt64.75), supported by a strong earnings...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet - Ten Stocks in ASEAN

​We identify stocks in ASEAN with consistent EPS est upgrades, strong growth forecasts, low debt/equity, and PEG<1.3x. Ten stocks meet the...

Manishi Raychaudhuri

Krungthai XSpring Zoom Eng. September 15, 2025

The SET Index is expected to move sideways in a consolidation phase today, with the support at 1,284/1,270 points and the resistance at 1,300/1,316...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 9, 2025

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 29, 2025

The SET Index is expected to fluctuate today, with the support levels at 1,250/1,235 points and the resistance levels at 1,268/1,284 points.

Krungthai XSpring

Energy (Power): Easing Challenges; 3Q Peak Generation

We maintain our Neutral sector weighting on power stocks and reiterate our top picks: GULF (Buy; FV Bt64.75), supported by a strong earnings...

Krungthai XSpring

We identify stocks in ASEAN with consistent EPS est upgrades, strong growth forecasts, low debt/equity, and PEG<1.3x. Ten stocks meet the...