Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

The Vongkusolkij family of Mitr Phol Group boasts market leadership in not one but two very distinct industries: sugar and coal (Banpu), and have diversified into power. But they are also big shareholders in Erawan, Thailand's largest low-cost hotel play. To understand why anyone would want to get into three very different sectors, we outline the structure of Thailand's sugar industry and the family structure and personality of Chanin, the patriarch's younger brother, to understand their diversification. You will be equally surprised that the family has dabbled in insurance (Royal Sun &amp; Alliance) and even has links to the founders of Kiatnakin Phatra, an investment bank that has gained a great deal of spotlight lately...and of course, the timing for this review couldn't be better. October 28 was Banpu Power's first trading day.

The Vongkusolkij family of Mitr Phol Group boasts market leadership in not one but two very distinct industries: sugar and coal (Banpu), and have diversified into power. But they are also big shareholders in Erawan, Thailand's largest low-cost hotel play. To understand why anyone would want to get into three very different sectors, we outline the structure of Thailand's sugar industry and the family structure and personality of Chanin, the patriarch's younger brother, to understand their diversification. You will be equally surprised that the family has dabbled in insurance (Royal Sun &amp; Alliance) and even has links to the founders of Kiatnakin Phatra, an investment bank that has gained a great deal of spotlight lately...and of course, the timing for this review couldn't be better. October 28 was Banpu Power's first trading day.

Rabble Rousers (Episode 2): The Hardest Dots To Connect

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.

Thematic (Sector/Industry)

SGX lists four Upstream Coal Plays: Geo Energy Resources, Resources Prima Group, BlackGold Natural Resources and Golden Energy &amp; Resources.Geo Energy Resources has been the strongest performer among the four upstream plays in the 2016 year to date with a 37.9% gain. On 12 August,  Geo Energy Group reported that for the six months ending 30 June 2016, company revenue was US$33 million compared to US$10 million for the same period a year ago.

SGX lists four Upstream Coal Plays: Geo Energy Resources, Resources Prima Group, BlackGold Natural Resources and Golden Energy &amp; Resources.Geo Energy Resources has been the strongest performer among the four upstream plays in the 2016 year to date with a 37.9% gain. On 12 August,  Geo Energy Group reported that for the six months ending 30 June 2016, company revenue was US$33 million compared to US$10 million for the same period a year ago.

Geo Energy Resources Led Upstream Coal Plays in 2016 YTD

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/23631" target="_blank" data-smartkarma-citation="entities:23631:1">Banpu Power PCL (BPP TB)</a>, the utility subsidiary of <a href="https://www.smartkarma.com/entities/15363" target="_blank" data-smartkarma-citation="entities:15363:1">Banpu Public Co Ltd (BANPU TB)</a>, is currently raising US$330-390m to pay down debt and fund expansion. In this insight, we will cover the follow topics: <ul><li>What are its main segments and what are the main growth drivers?</li><li>What are the key risks to forecasts?</li><li>How does it fare again its peers?</li><li>The deal's valuation.</li><li>How does it score in our quant driven Smartkarma ECM Framework?</li></ul>We would like to thank <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> for his valuable input.

Banpu Power PCL (BPP TB), the utility subsidiary of Banpu Public Co Ltd (BANPU TB), is currently raising US$330-390m to pay down debt and fund expansion. In this insight, we will cover the follow topics: What are its main segments and what are the main growth drivers?What are the key risks to forecasts?How does it fare again its peers?The deal's valuation.How does it score in our quant driven Smartkarma ECM Framework?We would like to thank Athaporn Arayasantiparb, CFA for his valuable input.

Banpu Power IPO: Stable Income Streams, Moderate Growth, but Fair Valuation

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

Chartonics flash  4 October 2016<div>Bullish energy theme for Q4</div>Oil is building energy for a rise out of noted bullish triangle patterns on the back of initial breakouts above RSI resistance levels. The July low in Brent missed our ideal 40.20 buy zone by a margin but does appear to have satisfied the corrective cycle that was followed by a rather mild pullback from early August that essentially formed the current triangle. Triangle patterns are formed when two cycles face off, in this case, the…

Chartonics flash  4 October 2016Bullish energy theme for Q4Oil is building energy for a rise out of noted bullish triangle patterns on the back of initial breakouts above RSI resistance levels. The July low in Brent missed our ideal 40.20 buy zone by a margin but does appear to have satisfied the corrective cycle that was followed by a rather mild pullback from early August that essentially formed the current triangle. Triangle patterns are formed when two cycles face off, in this case, the…

In this review, we predict that Thai equities will rally in October and early November before another major correction in December with the Fed rate hike. In the short term, we expect Thai banks to do well, as they and Asian counterparts (eg. Singapore's DBS) benefit in terms of relative growth if the US banks are hampered by the regulator's decision to increase capital requirements of the largest banks. We also see two companies run by Thailand's second richest tycoon Charoen Sirivadhanabhakdi, namely BJC and Thai Beverage, outperforming companies run by the larger CP Group, primarily due to corporate action and a market's tilt towards consumers and retailing sectors. Needless to say, we will be tactically overweight on banks, retailers, and consumers over the next two months.We also discuss: 1) the overall upgrade of Thailand's growth expectations on the back of stronger domestic consumption; and 2) highight the government's five strategic sectors, named 'The 5 S-Curves'.

In this review, we predict that Thai equities will rally in October and early November before another major correction in December with the Fed rate hike. In the short term, we expect Thai banks to do well, as they and Asian counterparts (eg. Singapore's DBS) benefit in terms of relative growth if the US banks are hampered by the regulator's decision to increase capital requirements of the largest banks. We also see two companies run by Thailand's second richest tycoon Charoen Sirivadhanabhakdi, namely BJC and Thai Beverage, outperforming companies run by the larger CP Group, primarily due to corporate action and a market's tilt towards consumers and retailing sectors. Needless to say, we will be tactically overweight on banks, retailers, and consumers over the next two months.We also discuss: 1) the overall upgrade of Thailand's growth expectations on the back of stronger domestic consumption; and 2) highight the government's five strategic sectors, named 'The 5 S-Curves'.

American Capital Requirement Increase: Charoen and Thai Banks to Lead October Rally

Thailand

Banpu Public Company Limited mines for coal and other minerals. The Company produces thermal coal and coking coal, and have expertise in open-pit and underground coal mining operations, as well as coal-fired power generation.  Banpu PCL has business bases in Thailand, Laos, Indonesia, China, Australia and Mongolia.

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Banpu (BANPU-R TB)

Rabble Rousers (Episode 2): The Hardest Dots To Connect

The Vongkusolkij family of Mitr Phol Group boasts market leadership in not one but two very distinct industries: sugar and coal (Banpu), and have...

Athaporn Arayasantiparb, CFA

Geo Energy Resources Led Upstream Coal Plays in 2016 YTD

SGX lists four Upstream Coal Plays: Geo Energy Resources, Resources Prima Group, BlackGold Natural Resources and Golden Energy & Resources.Geo...

Singapore Exchange Ltd (SGX)

Banpu Power IPO: Stable Income Streams, Moderate Growth, but Fair Valuation

Banpu Power PCL (BPP TB), the utility subsidiary of Banpu Public Co Ltd (BANPU TB), is currently raising US$330-390m to pay down debt and fund...

Ke Yan, CFA, FRM

Bullish Energy

Chartonics flash 4 October 2016Bullish energy theme for Q4Oil is building energy for a rise out of noted bullish triangle patterns on the back of...

Thomas Schroeder

American Capital Requirement Increase: Charoen and Thai Banks to Lead October Rally

In this review, we predict that Thai equities will rally in October and early November before another major correction in December with the Fed...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)