Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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Research Reinvented

Equity Bottom-Up

All Inspire Development / Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/all-inspire-development-public-co-ltd">All Inspire Development</a> is in severe financial distress, having been declared bankrupt by the Central Bankruptcy Court and its securities delisted from the Stock Exchange of Thailand in September 2024.</li>
  <li>The company has experienced a catastrophic decline in financial performance, with revenue collapsing, substantial and accelerating net losses, and a complete erosion of margins since 2020.</li>
  <li>The future of the company is highly uncertain and entirely dependent on the outcome of bankruptcy and receivership proceedings. There is no viable path to recovery for equity holders, as the company's liabilities far exceed its assets.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
All Inspire Development is in severe financial distress, having been declared bankrupt by the Central Bankruptcy Court and its securities delisted from the Stock Exchange of Thailand in September 2024.
  The company has experienced a catastrophic decline in financial performance, with revenue collapsing, substantial and accelerating net losses, and a complete erosion of margins since 2020.
  The future of the company is highly uncertain and entirely dependent on the outcome of bankruptcy and receivership proceedings. There is no viable path to recovery for equity holders, as the company's liabilities far exceed its assets.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: All Inspire Development (ALL TB) - Aug 2026

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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

Cross Asset Strategy

<div class="content-highlight">
<p>The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a></p>
</div><h3>Macro Insights</h3><p>In <a href="https://www.smartkarma.com/insights/thai-macro-watch-august-the-new-tech-wars-chinese-flood" target="_blank" data-smartkarma-citation="insights:42012" rel="noopener">Thai Macro Watch (August): The New Tech Wars, Chinese Flood</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> five global events and their impact on Thai equities.</p><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/ace-hardware-indonesia-aces-ij-building-a-road-to-recovery" target="_blank" data-smartkarma-citation="insights:42520" rel="noopener">Ace Hardware Indonesia (ACES IJ) - Building A Road to Recovery,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits one of Indonesia's leading retailers after a call with management.</p><p>In <a href="https://www.smartkarma.com/insights/akr-corporindo-akra-ij-the-landed-logistics-player" target="_blank" data-smartkarma-citation="insights:42569" rel="noopener">AKR Corporindo (AKRA IJ) - The Landed Logistics Player,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits this Indonesian chemical and fuel distributor with an increasing contribution coming from its JIIPE industrial estate. </p><p>In <a href="https://www.smartkarma.com/insights/sats-from-serving-22-5m-pax-in-1q20-to-serving-200k-pax-in-1q21-houston-we-have-a-problem" target="_blank" data-smartkarma-citation="insights:42488" rel="noopener">SATS: From Serving 22.5M Pax in 1Q20 -&gt; To Serving 200K Pax in 1Q21. Houston We Have a Problem.</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a> revisits Singapore airport maintenance leader post its recent numbers. </p><p>In <a href="https://www.smartkarma.com/insights/permata-bank-mandatory-takeover-launched-finally" target="_blank" data-smartkarma-citation="insights:42577" rel="noopener">Permata Bank Mandatory Takeover Launched. Finally.</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits the <a href="https://www.smartkarma.com/entities/bank-permata-tbk-pt" target="_blank" data-smartkarma-citation="entities:728:1" rel="noopener">Bank Permata (BNLI IJ)</a> deal as it enters its final stage.</p><p>In <a href="https://www.smartkarma.com/insights/sprime-good-point-of-entry-singha-connection-could-add-further-upside" target="_blank" data-smartkarma-citation="insights:42589" rel="noopener">SPRIME: Good Point of Entry, Singha Connection Could Add Further Upside,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/aimirt-good-growth-outlook-but-already-priced-in" target="_blank" data-smartkarma-citation="insights:42639" rel="noopener">AIMIRT: Good Growth Outlook, but Already Priced In</a> initiates coverage on <a href="https://www.smartkarma.com/entities/aim-industrial-growth-freehold-and-leasehold-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:29180:1" rel="noopener">AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (AIMIRT TB)</a> with a HOLD recommendation based on a target price of Bt14.30, implying an upside of 6% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/teamg-cost-savings-and-government-stimulus-to-drive-profit" target="_blank" data-smartkarma-citation="insights:42628" rel="noopener">TEAMG: Cost-Savings and Government Stimulus to Drive Profit,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> revisits <a href="https://www.smartkarma.com/entities/team-consulting-engineering-and-management-public-company-limited" target="_blank" data-smartkarma-citation="entities:29175:1" rel="noopener">TEAM Consulting Engineering and Management (TEAMG TB)</a> and maintains a BUY recommendation on the company as he increases the target price to Bt2.81 from Bt2.42, implying an upside of 17% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/sisb-good-entry-point-for-investment-in-private-schools" target="_blank" data-smartkarma-citation="insights:42632" rel="noopener">SISB: Good Entry Point for Investment in Private Schools,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price.</p><p>In <a href="https://www.smartkarma.com/insights/sflex-staying-behind-key-players-in-the-market" target="_blank" data-smartkarma-citation="insights:42679" rel="noopener">SFLEX: Staying Behind Key Players in the Market,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on <a href="https://www.smartkarma.com/entities/starflex-pcl" target="_blank" data-smartkarma-citation="entities:29172:1" rel="noopener">Starflex PCL (SFLEX TB)</a> with a SELL recommendation based on a target price of Bt8.90, implying a downside of 28% from the current price. </p><p>In <a href="https://www.smartkarma.com/insights/boffice-asset-expansion-motivates-the-upside" target="_blank" data-smartkarma-citation="insights:42678" rel="noopener">BOFFICE: Asset Expansion Motivates the Upside,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on <a href="https://www.smartkarma.com/entities/bhiraj-office-leasehold-reit" target="_blank" data-smartkarma-citation="entities:29173:1" rel="noopener">Bhiraj Office Leasehold REIT (BOFFICE TB)</a> with a BUY recommendation based on a target price of Bt14.10, implying an upside of 18% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/all-valuation-remains-undemanding-expect-further-upside" target="_blank" data-smartkarma-citation="insights:42635" rel="noopener">ALL: Valuation Remains Undemanding, Expect Further Upside</a>, <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> revisits <a href="https://www.smartkarma.com/entities/all-inspire-development-pcl" target="_blank" data-smartkarma-citation="entities:29177:1" rel="noopener">All Inspire Development PCL (ALL TB),</a> where he has a Buy recommendation based on a target price of Bt4.39, implying an upside of 31% from the current price. </p><p>In <a href="https://www.smartkarma.com/insights/m-rapid-sssg-recovery-with-potential-growth-from-seafood-restaurant" target="_blank" data-smartkarma-citation="insights:42578" rel="noopener">M: Rapid SSSG Recovery with Potential Growth from Seafood Restaurant,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> circle back to <a href="https://www.smartkarma.com/entities/mk-restaurants-group-pcl" target="_blank" data-smartkarma-citation="entities:17689:1" rel="noopener">MK Restaurants Group (M TB)</a> after attending the recent analyst briefing, where they came away more positive with signs of an SSSG recovery post lockdown easing.</p><p>In <a href="https://www.smartkarma.com/insights/egco-positive-2h20-earnings-outlook-from-better-overseas-performance" target="_blank" data-smartkarma-citation="insights:42634" rel="noopener">EGCO: Positive 2H20 Earnings Outlook from Better Overseas Performance,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/electricity-generating-pcl" target="_blank" data-smartkarma-citation="entities:6149:1" rel="noopener">Electricity Generating (EGCO TB)</a> after the company's positive analyst briefing. </p><p>In <a href="https://www.smartkarma.com/insights/wice-expect-earnings-to-continue-growing-yoy-in-2h20" target="_blank" data-smartkarma-citation="insights:42537" rel="noopener">WICE: Expect Earnings to Continue Growing YoY in 2H20,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> circle back to <a href="https://www.smartkarma.com/entities/wice-logistics-pcl" target="_blank" data-smartkarma-citation="entities:26172:1" rel="noopener">Wice Logistics (WICE TB)</a> after going to the company's analyst briefing. </p><p>In <a href="https://www.smartkarma.com/insights/hana-covid-19-impact-has-passed" target="_blank" data-smartkarma-citation="insights:42575" rel="noopener">HANA: Covid-19 Impact Has Passed,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisits one of Thailand's leading electronics manufacturing services companies. </p><h3>Sector and Thematic Insights</h3><p>In <a href="https://www.smartkarma.com/insights/indonesia-banks-most-to-recover" target="_blank" data-smartkarma-citation="insights:42493" rel="noopener">Indonesia Banks – Most To Recover?,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> zooms in on the potential recovery to come for Indonesian Banks. </p><div><div><div id="ember9100"><div><section><div id="ember9112"><div><p>In <a href="https://www.smartkarma.com/insights/asia-banks-oversized-dividends" target="_blank" data-smartkarma-citation="insights:42535" rel="noopener">Asia Banks – Oversized Dividends,</a><a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> zeros in on dividend payments for Asian banks during the pandemic period. </p></div></div></section></div></div></div></div><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/bank-rakyat-indonesia-pondering-pricing-on-a-promised-new-issue" target="_blank" data-smartkarma-citation="insights:42524" rel="noopener">Bank Rakyat Indonesia: Pondering Pricing on a Promised New Issue</a><a href="https://www.smartkarma.com/profiles/hank-calenti-cfa" target="_blank" data-smartkarma-citation="accounts:5194" rel="noopener">Hank Calenti, CFA</a> takes a look at the proposed US$1bn bond issue from <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> and finds it appealing. <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> could price a potential five-year senior unsecured </p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma
Macro InsightsIn Thai Macro Watch (August): The New Tech Wars, Chinese Flood, our Thai guru Athaporn Arayasantiparb, CFA five global events and their impact on Thai equities.Equity Bottom-Up InsightsIn Ace Hardware Indonesia (ACES IJ) - Building A Road to Recovery, CrossASEAN Insight Provider Angus Mackintosh revisits one of Indonesia's leading retailers after a call with management.In AKR Corporindo (AKRA IJ) - The Landed Logistics Player,Angus Mackintosh revisits this Indonesian chemical and fuel distributor with an increasing contribution coming from its JIIPE industrial estate. In SATS: From Serving 22.5M Pax in 1Q20 -&gt; To Serving 200K Pax in 1Q21. Houston We Have a Problem. CrossASEAN Insight Provider Nicolas Van Broekhoven revisits Singapore airport maintenance leader post its recent numbers. In Permata Bank Mandatory Takeover Launched. Finally.Travis Lundy revisits the Bank Permata (BNLI IJ) deal as it enters its final stage.In SPRIME: Good Point of Entry, Singha Connection Could Add Further Upside,Dr Andrew Stotz, CFA initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price. In AIMIRT: Good Growth Outlook, but Already Priced In initiates coverage on AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (AIMIRT TB) with a HOLD recommendation based on a target price of Bt14.30, implying an upside of 6% from the current share price. In TEAMG: Cost-Savings and Government Stimulus to Drive Profit,Dr Andrew Stotz, CFA revisits TEAM Consulting Engineering and Management (TEAMG TB) and maintains a BUY recommendation on the company as he increases the target price to Bt2.81 from Bt2.42, implying an upside of 17% from the current share price. In SISB: Good Entry Point for Investment in Private Schools,Dr Andrew Stotz, CFA initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price.In SFLEX: Staying Behind Key Players in the Market,Dr Andrew Stotz, CFA initiates coverage on Starflex PCL (SFLEX TB) with a SELL recommendation based on a target price of Bt8.90, implying a downside of 28% from the current price. In BOFFICE: Asset Expansion Motivates the Upside,Dr Andrew Stotz, CFA initiates coverage on Bhiraj Office Leasehold REIT (BOFFICE TB) with a BUY recommendation based on a target price of Bt14.10, implying an upside of 18% from the current share price. In ALL: Valuation Remains Undemanding, Expect Further Upside, Dr Andrew Stotz, CFA revisits All Inspire Development PCL (ALL TB), where he has a Buy recommendation based on a target price of Bt4.39, implying an upside of 31% from the current price. In M: Rapid SSSG Recovery with Potential Growth from Seafood Restaurant, our friends at Country Group circle back to MK Restaurants Group (M TB) after attending the recent analyst briefing, where they came away more positive with signs of an SSSG recovery post lockdown easing.In EGCO: Positive 2H20 Earnings Outlook from Better Overseas Performance,Country Group revisit Electricity Generating (EGCO TB) after the company's positive analyst briefing. In WICE: Expect Earnings to Continue Growing YoY in 2H20,Country Group circle back to Wice Logistics (WICE TB) after going to the company's analyst briefing. In HANA: Covid-19 Impact Has Passed,Country Group revisits one of Thailand's leading electronics manufacturing services companies. Sector and Thematic InsightsIn Indonesia Banks – Most To Recover?, banking specialist Daniel Tabbush zooms in on the potential recovery to come for Indonesian Banks. In Asia Banks – Oversized Dividends,Daniel Tabbush zeros in on dividend payments for Asian banks during the pandemic period. Credit InsightsIn Bank Rakyat Indonesia: Pondering Pricing on a Promised New IssueHank Calenti, CFA takes a look at the proposed US$1bn bond issue from Bank Rakyat Indonesia Persero (BBRI IJ) and finds it appealing. Bank Rakyat Indonesia Persero (BBRI IJ) could price a potential five-year senior unsecured 

The Week that Was in ASEAN@Smartkarma - Ace Hardwear, Thai Macro, and Indonesian Banks

<div class="content-highlight">
<p>This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a></p>
</div><h3>Macro Insights</h3><p>In <a href="https://www.smartkarma.com/insights/malaysia-pm-muhyiddin-steadily-gains-a-reputation-for-quiet-competence" target="_blank" data-smartkarma-citation="insights:41634" rel="noopener">Malaysia: PM Muhyiddin Steadily Gains a Reputation for Quiet Competence,</a> CrossASEAN Cheif Economist <a href="https://www.smartkarma.com/profiles/prasenjit-k-basu" target="_blank" data-smartkarma-citation="accounts:612" rel="noopener">Prasenjit K. Basu</a> zeros in on Malaysian politics with PM scoring important wins.</p><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/central-retail-crc-tb-buy-for-looming-recovery" target="_blank" data-smartkarma-citation="insights:41669" rel="noopener">Central Retail (CRC TB) - Buy for Looming Recovery,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits one of Thailand's leading retailers and finds a brighter few months ahead. </p><p>In <a href="https://www.smartkarma.com/insights/astra-international-asii-ij-simmering-recovery-afoot" target="_blank" data-smartkarma-citation="insights:41690" rel="noopener">Astra International (ASII IJ) - Simmering Recovery Afoot,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's largest car, motorcycle, and heavy equipment player and sees better days ahead. </p><p>In <a href="https://www.smartkarma.com/insights/nippon-indosari-corpindo-roti-ij-the-breadmaker-cometh" target="_blank" data-smartkarma-citation="insights:40374" rel="noopener">Nippon Indosari Corpindo (ROTI IJ) - The Breadmaker Cometh </a>CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's largest mass-market bread producer. </p><p>In <a href="https://www.smartkarma.com/insights/unilever-unvr-covid-19-beneficiary-and-discount-to-huvr" target="_blank" data-smartkarma-citation="insights:41525" rel="noopener">Unilever (UNVR): COVID-19 Beneficiary and Discount to HUVR,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> takes a look at one of Indonesia's largest consumer staples players. </p><p>In <a href="https://www.smartkarma.com/insights/sampoerna-hmsp-losing-from-higher-excise-tax" target="_blank" data-smartkarma-citation="insights:41521" rel="noopener">Sampoerna (HMSP): Losing From Higher Excise Tax,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> zeros in one of Indonesia'slargest cigarette companies and sees some further risk to margins, favouring competitor <a href="https://www.smartkarma.com/entities/gudang-garam-tbk-pt" target="_blank" data-smartkarma-citation="entities:722:1" rel="noopener">Gudang Garam (GGRM IJ).</a></p><p>In <a href="https://www.smartkarma.com/insights/bank-central-asia-hunkering-down-is-not-helping" target="_blank" data-smartkarma-citation="insights:41611" rel="noopener">Bank Central Asia – Hunkering Down Is Not Helping,</a><a href="https://www.smartkarma.com/profiles/thomas-j-monaco" target="_blank" data-smartkarma-citation="accounts:1716" rel="noopener">Thomas J. Monaco</a> takes a look at Indonesia's best quality private bank and finds it having tough going. </p><p>In <a href="https://www.smartkarma.com/insights/ipo-radar-rojukiss-a-korean-skincare-high-flyer-of-the-asean-region" target="_blank" data-smartkarma-citation="insights:41556" rel="noopener">IPO Radar: Rojukiss, a Korean Skincare High-Flyer of the ASEAN Region,</a> our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> zeros in on the IPO of skincare player <a href="https://www.smartkarma.com/entities/rojukiss" target="_blank" data-smartkarma-citation="entities:29210:1" rel="noopener">Rojukiss (KISS TB).</a></p><p>In <a href="https://www.smartkarma.com/insights/stubworld-would-jardines-move-back-to-hk" target="_blank" data-smartkarma-citation="insights:41692" rel="noopener">StubWorld: Would Jardines Move Back To HK?</a>, <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> zeros in on <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> and asks whether it may consider moving its domicile back to Hong Kong. </p><p>In <a href="https://www.smartkarma.com/insights/accordia-golf-trust-deal-gets-more-complicated" target="_blank" data-smartkarma-citation="insights:41628" rel="noopener">Accordia Golf Trust Deal Gets More Complicated,</a> events driven specialist <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits this lingering privatisation situation.</p><p>In <a href="https://www.smartkarma.com/insights/all-undemanding-valuation-and-good-growth-prospects-in-shunned-sector" target="_blank" data-smartkarma-citation="insights:41756" rel="noopener">ALL: Undemanding Valuation and Good Growth Prospects in Shunned Sector,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on <a href="https://www.smartkarma.com/entities/all-inspire-development-pcl" target="_blank" data-smartkarma-citation="entities:29177:1" rel="noopener">All Inspire Development PCL (ALL TB)</a> with a BUY recommendation based on a target price of Bt4.39, implying an upside of 25% from the current price. </p><p>In <a href="https://www.smartkarma.com/insights/asian-good-performance-has-already-priced-in" target="_blank" data-smartkarma-citation="insights:41656" rel="noopener">ASIAN: Good Performance Has Already Priced In,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> downgrade our recommendation to ‘SELL’ from ‘BUY’ with a new target price for 2021E at Bt7.20 (from Bt6.0).</p><div><div id="ember6523">
<div id="ember6524">
<span>In </span><a href="https://www.smartkarma.com/insights/delta-covid-19-impact-surprisingly-turned-positive" target="_blank" data-smartkarma-citation="insights:41672" rel="noopener">DELTA: Covid-19 Impact Surprisingly Turned Positive,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a><span> maintains a HOLD rating on </span><a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thai (DELTA TB)</a><span> with a new 2021E target price of Bt84.00, up from Bt56.50.</span>
</div>
<div></div>
</div></div><p>In <a href="https://www.smartkarma.com/insights/synex-expect-earnings-to-grow-yoy-in-2020-but-has-mostly-priced-in" target="_blank" data-smartkarma-citation="insights:41698" rel="noopener">SYNEX: Expect Earnings to Grow YoY in 2020 but Has Mostly Priced In</a>, our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/synnex-thailand-pcl" target="_blank" data-smartkarma-citation="entities:8077:1" rel="noopener">Synnex Thailand (SYNEX TB)</a> and expect earnings to grow 15%YoY in 2020E amid negative environment in overall spending induced by global widespread of coronavirus. </p><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/philippine-bank-asset-quality-reported-versus-reality-and-relative-value" target="_blank" data-smartkarma-citation="insights:41710" rel="noopener">Philippine Bank Asset Quality: Reported Versus Reality and Relative Value,</a> Credit specialist <a href="https://www.smartkarma.com/profiles/hank-calenti-cfa" target="_blank" data-smartkarma-citation="accounts:5194" rel="noopener">Hank Calenti, CFA</a> revisits the Philippine banks and sees some potentially heightened risks ahead.</p><p><a href="https://www.smartkarma.com/entities/rizal-commercial-banking-corp" target="_blank" data-smartkarma-citation="entities:23143:1" rel="noopener"></a>In <a href="https://www.smartkarma.com/insights/sritex-earnings-flash-h1-fy-2020-results-lucror-analytics" target="_blank" data-smartkarma-citation="insights:41714" rel="noopener">Sritex - Earnings Flash - H1 FY 2020 Results,</a><a href="https://www.smartkarma.com/companies/lucror-analytics" target="_blank" data-smartkarma-citation="companies:1350" rel="noopener">Lucror Analytics</a> Credit Specialist <a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" data-smartkarma-citation="accounts:7108" rel="noopener">Trung Nguyen</a> reports back on results from Indonesia's leading textile player <a href="https://www.smartkarma.com/entities/sri-rejeki-isman-tbk-pt" target="_blank" data-smartkarma-citation="entities:20178:1" rel="noopener">Sri Rejeki Isman (SRIL IJ).</a></p><p>In <a href="https://www.smartkarma.com/insights/japfa-comfeed-earnings-flash-h1-fy-2020-results-lucror-analytics" target="_blank" data-smartkarma-citation="insights:41715" rel="noopener">Japfa Comfeed - Earnings Flash - H1 FY 2020 Results,</a><a href="https://www.smartkarma.com/companies/lucror-analytics" target="_blank" data-smartkarma-citation="companies:1350" rel="noopener">Lucror Analytics</a> Credit Specialist <a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" data-smartkarma-citation="accounts:7108" rel="noopener">Trung Nguyen</a> comments on results from chicken player <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia (JPFA IJ).</a></p>


This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma
Macro InsightsIn Malaysia: PM Muhyiddin Steadily Gains a Reputation for Quiet Competence, CrossASEAN Cheif Economist Prasenjit K. Basu zeros in on Malaysian politics with PM scoring important wins.Equity Bottom-Up InsightsIn Central Retail (CRC TB) - Buy for Looming Recovery, CrossASEAN Insight Provider Angus Mackintosh revisits one of Thailand's leading retailers and finds a brighter few months ahead. In Astra International (ASII IJ) - Simmering Recovery Afoot,Angus Mackintosh revisits Indonesia's largest car, motorcycle, and heavy equipment player and sees better days ahead. In Nippon Indosari Corpindo (ROTI IJ) - The Breadmaker Cometh CrossASEAN Insight Provider Angus Mackintosh revisits Indonesia's largest mass-market bread producer. In Unilever (UNVR): COVID-19 Beneficiary and Discount to HUVR, CrossASEAN Insight Provider Henry Soediarko takes a look at one of Indonesia's largest consumer staples players. In Sampoerna (HMSP): Losing From Higher Excise Tax, CrossASEAN Insight Provider Henry Soediarko zeros in one of Indonesia'slargest cigarette companies and sees some further risk to margins, favouring competitor Gudang Garam (GGRM IJ).In Bank Central Asia – Hunkering Down Is Not Helping,Thomas J. Monaco takes a look at Indonesia's best quality private bank and finds it having tough going. In IPO Radar: Rojukiss, a Korean Skincare High-Flyer of the ASEAN Region, our Thai guru Athaporn Arayasantiparb, CFA zeros in on the IPO of skincare player Rojukiss (KISS TB).In StubWorld: Would Jardines Move Back To HK?, David Blennerhassett zeros in on Jardine Matheson Holdings (JM SP) and asks whether it may consider moving its domicile back to Hong Kong. In Accordia Golf Trust Deal Gets More Complicated, events driven specialist Travis Lundy revisits this lingering privatisation situation.In ALL: Undemanding Valuation and Good Growth Prospects in Shunned Sector,Dr Andrew Stotz, CFA initiates coverage on All Inspire Development PCL (ALL TB) with a BUY recommendation based on a target price of Bt4.39, implying an upside of 25% from the current price. In ASIAN: Good Performance Has Already Priced In,Country Group downgrade our recommendation to ‘SELL’ from ‘BUY’ with a new target price for 2021E at Bt7.20 (from Bt6.0).

In DELTA: Covid-19 Impact Surprisingly Turned Positive,Country Group maintains a HOLD rating on Delta Electronics Thai (DELTA TB) with a new 2021E target price of Bt84.00, up from Bt56.50.


In SYNEX: Expect Earnings to Grow YoY in 2020 but Has Mostly Priced In, our friends at Country Group revisit Synnex Thailand (SYNEX TB) and expect earnings to grow 15%YoY in 2020E amid negative environment in overall spending induced by global widespread of coronavirus. Credit InsightsIn Philippine Bank Asset Quality: Reported Versus Reality and Relative Value, Credit specialist Hank Calenti, CFA revisits the Philippine banks and sees some potentially heightened risks ahead.In Sritex - Earnings Flash - H1 FY 2020 Results,Lucror Analytics Credit Specialist Trung Nguyen reports back on results from Indonesia's leading textile player Sri Rejeki Isman (SRIL IJ).In Japfa Comfeed - Earnings Flash - H1 FY 2020 Results,Lucror Analytics Credit Specialist Trung Nguyen comments on results from chicken player Japfa Comfeed Indonesia (JPFA IJ).

The Week that Was in ASEAN@Smartkarma - Malaysian Politics, Thai Retail, and Indonesian Staples

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<p><strong>We downgrade our recommendation to SELL from HOLD and reduce our target price to Bt2.70 (previously Bt3.49), implying a downside of 16% from the current price. We derive our target price from a 20% discount to the 2022E PE ratio of Asia ex Japan Real Estate and apply a 15% small-cap discount.</strong></p>
<p><strong>Investment thesis:</strong></p>
<ul>
<li>Partnership with Japanese firms as a gateway to efficient residential development</li>
<li>Pipeline residential projects ensure strong mid-term growth</li>
<li>Convertible bonds dilutes existing shareholders</li>
</ul>
<p><strong>Interim:</strong> 1Q21 was a tough quarter for ALL, and the consequences of the pandemic on the real estate sector become visible. Both margin and revenue growth were suppressed by intense competition and weakened credit terms for potential buyers. Also, the additional shareholder dilution effect has let us downgrade our recommendation.</p>
<p><strong>Risks:</strong> Increased competition and slowdown in demand for residences, rising land and construction costs, delayed construction and transfer of projects, access to capital.</p>

We downgrade our recommendation to SELL from HOLD and reduce our target price to Bt2.70 (previously Bt3.49), implying a downside of 16% from the current price. We derive our target price from a 20% discount to the 2022E PE ratio of Asia ex Japan Real Estate and apply a 15% small-cap discount.
Investment thesis:

Partnership with Japanese firms as a gateway to efficient residential development
Pipeline residential projects ensure strong mid-term growth
Convertible bonds dilutes existing shareholders

Interim: 1Q21 was a tough quarter for ALL, and the consequences of the pandemic on the real estate sector become visible. Both margin and revenue growth were suppressed by intense competition and weakened credit terms for potential buyers. Also, the additional shareholder dilution effect has let us downgrade our recommendation.
Risks: Increased competition and slowdown in demand for residences, rising land and construction costs, delayed construction and transfer of projects, access to capital.

ALL: Worsened Outlook and Dilution Make the Stock Unattractive

<p><strong>We downgrade our recommendation to HOLD from BUY and reduce our target price to Bt3.49 (previously Bt4.00), implying a downside of 5% from the current price. We derive our target price from a 20% discount to the 2021E PE ratio of Asia ex Japan Real Estate and apply a 15% small-cap discount.</strong></p>
<p><strong>Investment thesis:</strong></p>
<ul>
<li>Recent investment in shopping mall diversifies revenue stream</li>
<li>Partnership with Japanese firms as a gateway to efficient residential development</li>
<li>Pipeline residential projects ensure constant near-term growth</li>
</ul>
<p><strong>Interim:</strong> The 4Q20 results provided mixed signals. While the high revenue was a positive surprise, the pandemic has caused price competition, resulting in lower margins. We expect that the Real Estate sector continues to face hardship throughout 2021.</p>
<p><strong>Risks:</strong> Increased competition and slowdown in demand for residences, rising land and construction costs, delayed construction and transfer of projects, access to capital.</p>

We downgrade our recommendation to HOLD from BUY and reduce our target price to Bt3.49 (previously Bt4.00), implying a downside of 5% from the current price. We derive our target price from a 20% discount to the 2021E PE ratio of Asia ex Japan Real Estate and apply a 15% small-cap discount.
Investment thesis:

Recent investment in shopping mall diversifies revenue stream
Partnership with Japanese firms as a gateway to efficient residential development
Pipeline residential projects ensure constant near-term growth

Interim: The 4Q20 results provided mixed signals. While the high revenue was a positive surprise, the pandemic has caused price competition, resulting in lower margins. We expect that the Real Estate sector continues to face hardship throughout 2021.
Risks: Increased competition and slowdown in demand for residences, rising land and construction costs, delayed construction and transfer of projects, access to capital.

ALL: Intense Price Competition Drags on Growth Prospects

Thailand

All Inspire Development Public Company Limited is a Thailand-based company specializing in real estate development, primarily focusing on condominiums and townhomes. They develop projects in areas near rail infrastructure and other high-potential locations, emphasizing unique and practical designs. The company was established in 2013 and is headquartered in Bangkok, Thailand.

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All Inspire Development (ALL TB)

Primer: All Inspire Development (ALL TB) - Aug 2026

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Angus Mackintosh

ALL: Worsened Outlook and Dilution Make the Stock Unattractive

We downgrade our recommendation to SELL from HOLD and reduce our target price to Bt2.70 (previously Bt3.49), implying a downside of 16% from the...

A. Stotz Investment Research

ALL: Intense Price Competition Drags on Growth Prospects

We downgrade our recommendation to HOLD from BUY and reduce our target price to Bt3.49 (previously Bt4.00), implying a downside of 5% from the...

A. Stotz Investment Research

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