Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

Songkran, here we come! In a little over a week, Thailand will be celebrating Songkran or the Thai New Year. The holiday will last five days between April 13 to April 17 and is the longest continuous holiday in the Thai calendar yo. For those of you who are not familiar with the word Songkran, it's better known as the "water-splashing" festival to most Western tourists. Originating in India, it was imported to Thailand in ancient times along with Buddhism and Brahminism, two religions that have…

Songkran, here we come! In a little over a week, Thailand will be celebrating Songkran or the Thai New Year. The holiday will last five days between April 13 to April 17 and is the longest continuous holiday in the Thai calendar yo. For those of you who are not familiar with the word Songkran, it's better known as the "water-splashing" festival to most Western tourists. Originating in India, it was imported to Thailand in ancient times along with Buddhism and Brahminism, two religions that have…

Songkran-Themed Stocks: A Week's Countdown

Our worst fears regarding Europe has not materialized, and the global economy does seem to be improving. Thai equities (SET index) have rebounded a recent low of 1,535 to its current level of 1,575 in March largely because of the seemingly obscure Dutch election. This is likely to continue if Macron defeats LePenn this month during the French elections. Stocks with high levels of European exposure (eg. Thai Optical, Exotic Foods) may do well in the short run, but we think the real money is in more fundamentally competitive exporters such as Thai Union and tourism plays, which we expect to benefit from both Brexit (for outbound travel) and THAAD (for inbound travel).

Our worst fears regarding Europe has not materialized, and the global economy does seem to be improving. Thai equities (SET index) have rebounded a recent low of 1,535 to its current level of 1,575 in March largely because of the seemingly obscure Dutch election. This is likely to continue if Macron defeats LePenn this month during the French elections. Stocks with high levels of European exposure (eg. Thai Optical, Exotic Foods) may do well in the short run, but we think the real money is in more fundamentally competitive exporters such as Thai Union and tourism plays, which we expect to benefit from both Brexit (for outbound travel) and THAAD (for inbound travel).

Thai Market Update: Europe, Tourism, and More

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Five Biggest Lessons from Thai Financial Crisis

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…
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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…



SGX's MOE Sector Sustains 4Q16 Momentum into 2017

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.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

Thailand Mourns Fallen King, Healing Will Take Some Time

Thailand

Asia Aviation Public Company Limited is a Thailand-based holding company primarily engaged in investing in low-fare airline businesses, specifically holding 100% of Thai AirAsia Company Limited. The company's operations include scheduled and chartered flight services, along with providing aviation, tourism, and hospitality training through its subsidiary, Asia Aviation Center Co., Ltd. Asia Aviation was incorporated in 2006 and is headquartered in Bangkok, Thailand.

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Asia Aviation (AAV TB)

Songkran-Themed Stocks: A Week's Countdown

Songkran, here we come! In a little over a week, Thailand will be celebrating Songkran or the Thai New Year. The holiday will last five days...

Athaporn Arayasantiparb, CFA

Thai Market Update: Europe, Tourism, and More

Our worst fears regarding Europe has not materialized, and the global economy does seem to be improving. Thai equities (SET index) have rebounded a...

Athaporn Arayasantiparb, CFA

Five Biggest Lessons from Thai Financial Crisis

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense...

Athaporn Arayasantiparb, CFA

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research

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