Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 10th. We estimate that they had an aggregated short interest worth USD2.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, PTT GlobalChem, Airports of Thailand, TMBThanachart Bank, Bangkok Bank, Airports Of Thailand, Bangkok Bank, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 10th. We estimate that they had an aggregated short interest worth USD2.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, PTT GlobalChem, Airports of Thailand, TMBThanachart Bank, Bangkok Bank, Airports Of Thailand, Bangkok Bank, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 10th): Intouch, PTT GlobalChem, Airports of Thailand

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 19th. We estimate that they had an aggregated short interest worth USD2.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, Thai Oil, Gulf Energy Development, Advanced Info Service, TISCO Financial, Thai Oil, Advanced Info Service, Tisco Financial, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 19th. We estimate that they had an aggregated short interest worth USD2.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Thai Oil, Gulf Energy Development, Advanced Info Service, TISCO Financial, Thai Oil, Advanced Info Service, Tisco Financial, Gulf Energy Development.


Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development

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.

Equity Bottom-Up

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Nine stocks remain, and five new join the fray</li>
<li>Since inception, it has gained 105% versus the SET 100 Index’s return of 38%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Nine stocks remain, and five new join the fray
Since inception, it has gained 105% versus the SET 100 Index’s return of 38%


The Stocks to Own in Thailand – Vol. 39

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

<ul>
<li>Maintain our BUY rating with a new TP of Bt13.90, implying 7.4xPE’23E , +1SD from its five years trading average, to reflect higher project launches value in 2023.</li>
<li>3Q22 earnings  expand YoY AP reported 3Q22’s net profit of Bt1.4bn (+37.6%YoY, -9%QoQ), in line with our forecast and market expectation</li>
<li>The YoY growth of net profit supported by (1) Higher revenue recognition of real estate sales to Bt8.7bn(+25.6%YoY)  mainly from transfers of existing and new launches</li>
</ul>


Maintain our BUY rating with a new TP of Bt13.90, implying 7.4xPE’23E , +1SD from its five years trading average, to reflect higher project launches value in 2023.
3Q22 earnings  expand YoY AP reported 3Q22’s net profit of Bt1.4bn (+37.6%YoY, -9%QoQ), in line with our forecast and market expectation
The YoY growth of net profit supported by (1) Higher revenue recognition of real estate sales to Bt8.7bn(+25.6%YoY)  mainly from transfers of existing and new launches


<ul>
<li>We initiate coverage of APwith a BUY rating at a TP of Bt12.9,based on 7.0xPE23,or +0.5SD of its 5-year trading average.Our rating reflects high potential growth in the low-rise segment</li>
<li>High potential growth in long term AP has a high potential to expand its revenue in the long term,backed by(1)strong presales momentum,especially in the low-rise segment,where it is the leader</li>
<li>New high for project launches to support 22-24E earnings AP plans to launch 60 projects worth Bt75bn in 2022 (a new high), composed of 52 low-rise projects, 5 high-rise projects</li>
</ul>


We initiate coverage of APwith a BUY rating at a TP of Bt12.9,based on 7.0xPE23,or +0.5SD of its 5-year trading average.Our rating reflects high potential growth in the low-rise segment
High potential growth in long term AP has a high potential to expand its revenue in the long term,backed by(1)strong presales momentum,especially in the low-rise segment,where it is the leader
New high for project launches to support 22-24E earnings AP plans to launch 60 projects worth Bt75bn in 2022 (a new high), composed of 52 low-rise projects, 5 high-rise projects


Thailand

AP (Thailand) Public Company Limited is a leading real estate developer in Thailand, specializing in the development of low-rise properties like single detached houses and townhouses, as well as high-rise condominiums. The company also provides after-sales, property brokerage, and construction services through its affiliates. AP Thailand was founded in 1991 and is headquartered in Bangkok, Thailand.

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AP Thailand (AP TB)

Thailand Short Interest Weekly (Oct 10th): Intouch, PTT GlobalChem, Airports of Thailand

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), PTT GlobalChem (PTTGC TB),...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Thai Oil (TOP TB), Gulf...

Ke Yan, CFA, FRM

The Stocks to Own in Thailand – Vol. 39

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Nine stocks remain, five new join...

A. Stotz Investment Research

AP : Earnings Remain Strong in 3Q22

Maintain our BUY rating with a new TP of Bt13.90, implying 7.4xPE’23E , +1SD from its five years trading average, to reflect higher project...

Pi Securities PCL, Thailand

AP : High Growth Potential in Low-Rises

We initiate coverage of AP with a BUY rating at a TP of Bt12.9, based on 7.0xPE23, or +0.5SD of its 5-year trading average. Our rating reflects...

Pi Securities PCL, Thailand

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