Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Malaysian conglomerate <a href="https://www.smartkarma.com/entities/ytl-corp-bhd" target="_blank" data-smartkarma-citation="entities:8553:1" rel="noopener">YTL Corp Bhd (YTL MK)</a> is coming up "cheap" versus <a href="https://www.smartkarma.com/entities/ytl-power-international-bhd" target="_blank" data-smartkarma-citation="entities:1239:1" rel="noopener">YTL Power International (YTLP MK)</a>. And Richard Li chips away at <a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a>.</li>
<li>Preceding my comments on YTL and PCCW are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Malaysian conglomerate YTL Corp Bhd (YTL MK) is coming up "cheap" versus YTL Power International (YTLP MK). And Richard Li chips away at PCCW Ltd (8 HK).
Preceding my comments on YTL and PCCW are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: YTL Is Coming Up Cheap; Li Buys More PCCW

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Pertamina Geothermal Energy PT / Equity Capital Markets

<ul>
<li>Pertamina Geothermal Energy (PGE) is looking to raise around US$650m in its upcoming Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.</li>
<li>PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.</li>
<li>We have looked at the company's performance in our previous note. In this note, we talk about valuations.</li>
</ul>


Pertamina Geothermal Energy (PGE) is looking to raise around US$650m in its upcoming Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.
PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.
We have looked at the company's performance in our previous note. In this note, we talk about valuations.


Pertamina Geothermal Energy IPO - Thoughts on Valuation

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>FX reserves, which had declined over 10% from Mar'22 to Oct'22, rebounded by 8.9% in Nov-Dec'22. Anwar's inclusive policies will likely induce a steady rebound in net capital inflows. </li>
<li>Base effects have facilitated 9.3%YoY real GDP growth in Q1-Q3 2022 led by strong private consumption and net exports; better growth cut the fiscal deficit to 4% of GDP YTD.    </li>
<li>Net foreign portfolio outflows averaged 1.75% of GDP since 2013. As FPI rebounds, and non-bumiputera businesses invest anew, Malaysia's real GDP will grow 6% despite the OECD recession in 2023.</li>
</ul>


FX reserves, which had declined over 10% from Mar'22 to Oct'22, rebounded by 8.9% in Nov-Dec'22. Anwar's inclusive policies will likely induce a steady rebound in net capital inflows. 
Base effects have facilitated 9.3%YoY real GDP growth in Q1-Q3 2022 led by strong private consumption and net exports; better growth cut the fiscal deficit to 4% of GDP YTD.    
Net foreign portfolio outflows averaged 1.75% of GDP since 2013. As FPI rebounds, and non-bumiputera businesses invest anew, Malaysia's real GDP will grow 6% despite the OECD recession in 2023.


Malaysia: Anwar Well-Positioned to Spur Economic Recovery as Capital Flows Back

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> to acquire 7 logistics properties in Chicago, USA at ~5.3% NPI yield</li><li><a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912" rel="noopener">OUE Commercial REIT (OUECT SP)</a> looking to acquire office assets in Sydney, Melbourne, and London</li><li>The SGD strengthening to keep SREITs resilient after travel rebound</li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) to acquire 7 logistics properties in Chicago, USA at ~5.3% NPI yieldOUE Commercial REIT (OUECT SP) looking to acquire office assets in Sydney, Melbourne, and LondonThe SGD strengthening to keep SREITs resilient after travel rebound

ASEAN Builder's Scoop (10May22) - AREIT Buys 7 Logistics Props in Chicago at ~5.3% Yield

<ul><li>DWS and Hines teams up to buy ramp-up industrial building for S$93.8m from Soilbuild</li><li>HDB resale flat in Bishan hits new record price of S$1.36m; million-dollar HDB transactions increases 3 times in 2021</li><li>Laguna noteholders to launch class-action suit against Peter Kwee</li></ul>

DWS and Hines teams up to buy ramp-up industrial building for S$93.8m from SoilbuildHDB resale flat in Bishan hits new record price of S$1.36m; million-dollar HDB transactions increases 3 times in 2021Laguna noteholders to launch class-action suit against Peter Kwee

ASEAN Builder's Scoop (7Jan22) - DWS/Hines Buys Soilbuild's Ramp-Up Facility

Malaysia

YTL Corporation Berhad is an investment holding and management company. Through its subsidiaries, the Company operates an integrated infrastructure development which includes construction work on contractual basis, property development, power generation, and hotel development and management. YTL Corporation also manufactures industrial products and supplies.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

YTL Corp (YTL MK)

StubWorld: YTL Is Coming Up Cheap; Li Buys More PCCW

PCCW has an attractive yield on its side, and Li buying. But a 6% premium is unsustainable for this holding company structure. I'd reverse the stub...

David Blennerhassett

Pertamina Geothermal Energy IPO - Thoughts on Valuation

Pertamina Geothermal Energy is looking to raise around US$650m in its upcoming Indonesia IPO. In this note, we talk about valuations.

Sumeet Singh

Malaysia: Anwar Well-Positioned to Spur Economic Recovery as Capital Flows Back

FX reserves & MYR have rebounded since Anwar became PM. Non-bumi businesses which were investing outside Malaysia since 2000 are set to return,...

Prasenjit K. Basu

ASEAN Builder's Scoop (10May22) - AREIT Buys 7 Logistics Props in Chicago at ~5.3% Yield

OUECT looking to buy AUS, London offices; Indo tourist arrivals gradual recovery; Marcos leading Phils election, YTL aims to grow REIT portfolio

SCCM Asia Research

ASEAN Builder's Scoop (7Jan22) - DWS/Hines Buys Soilbuild's Ramp-Up Facility

DWS/Hines buys Soilbuild's ramp-up facility; YLLG 2021 mrkt sales fell 24% YoY; Bishan HDB S$1.36m record price; LBS to launch MYR1.8bn projects in...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)