Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Philippines fund ownership shows signs of life after decade long bear market</li>
<li>Asia Ex-Japan funds buy in to BDO Unibank, Bank of the Philippine Islands and Jollibee Foods Corp.</li>
<li>Despite this, The Philippines remains a zero allocation for 50% of the funds in our analysis.</li>
</ul>


Philippines fund ownership shows signs of life after decade long bear market
Asia Ex-Japan funds buy in to BDO Unibank, Bank of the Philippine Islands and Jollibee Foods Corp.
Despite this, The Philippines remains a zero allocation for 50% of the funds in our analysis.


Philippines: Emerging Signs of Investment Recovery

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

Areit (AyalaLand REIT) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ayala-land-inc" target="_blank" data-smartkarma-citation="entities:131:1" rel="noopener">Ayala Land Inc (ALI PM)</a> aims to raise around US$121m via selling around 11% of <a href="https://www.smartkarma.com/entities/areit-ayalaland-reit" target="_blank" data-smartkarma-citation="entities:28856:1" rel="noopener">Areit (AyalaLand REIT) (AREIT PM)</a>.</li>
<li>Ayala Land and AREIT have been moving towards concluding an asset for shares swap that had been in the works for a while. This placement appears to stem from that.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Ayala Land Inc (ALI PM) aims to raise around US$121m via selling around 11% of Areit (AyalaLand REIT) (AREIT PM).
Ayala Land and AREIT have been moving towards concluding an asset for shares swap that had been in the works for a while. This placement appears to stem from that.
In this note, we will talk about the placement and run the deal through our ECM framework.


AREIT Placement - Parent Is Buying High and Selling Low

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>There are many simple domestic banks that can shine in a complex world</li>
<li>Outside of the largest banks in many regions, there are uncovered gems</li>
<li>This lessor known bank in Philippines has seen dramatic profit growth</li>
</ul>


There are many simple domestic banks that can shine in a complex world
Outside of the largest banks in many regions, there are uncovered gems
This lessor known bank in Philippines has seen dramatic profit growth


Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Contemporary Amperex Technology (CATL) / Equity Bottom-Up

<ul>
<li>Change in earnings estimate directions, especially when estimates start increasing after a long period of decline, are what we call "inflections". These, we believe, are the strongest share price catalysts. </li>
<li>We identify nine market-sectors across Asia ex Japan exhibiting upward earnings inflections. Four are from financials, two from telecoms and one each from utilities, consumer durables and industrials.</li>
<li>These market-sectors are from HK/China (3), Korea (1), ASEAN (5). Financials' domination indicates that a broader Asian macroeconomic recovery could be under way. Eight companies are primarily driving the upgrades.</li>
</ul>


Change in earnings estimate directions, especially when estimates start increasing after a long period of decline, are what we call "inflections". These, we believe, are the strongest share price catalysts. 
We identify nine market-sectors across Asia ex Japan exhibiting upward earnings inflections. Four are from financials, two from telecoms and one each from utilities, consumer durables and industrials.
These market-sectors are from HK/China (3), Korea (1), ASEAN (5). Financials' domination indicates that a broader Asian macroeconomic recovery could be under way. Eight companies are primarily driving the upgrades.


Asian Equities: Keep an Eye on These Earnings Inflections

<ul>
<li>KTC has just released its 4Q24 results and presentation, with a stand out diagram on BOT debt relief measures</li>
<li>With the several measures in place by the BOT, including lowering minimum card payment, lengthening loan term and lowering rate, there are clear stresses.</li>
<li>ROA is under pressure, and part of this will be due to rising credit costs, which are up from 470bps to 610bps from FY22 to FY24</li>
</ul>


KTC has just released its 4Q24 results and presentation, with a stand out diagram on BOT debt relief measures
With the several measures in place by the BOT, including lowering minimum card payment, lengthening loan term and lowering rate, there are clear stresses.
ROA is under pressure, and part of this will be due to rising credit costs, which are up from 470bps to 610bps from FY22 to FY24


KTC - Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

Philippines

BDO Unibank Inc provides banking services. The Bank offers saving accounts, investment, loans, credit and debit cards, remittance, insurance, and trade financing services. BDO Unibank serves customers in Philippines.

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

BDO Unibank Inc (BDO PM)

Philippines: Emerging Signs of Investment Recovery

Philippines fund ownership shows signs of life after decade long bear market. Asia Ex-Japan funds buy in to BDO Unibank and Bank of the Philippine...

Steven Holden

AREIT Placement - Parent Is Buying High and Selling Low

Ayala Land Inc (ALI PM) aims to raise around US$121m via selling around 11% of Areit (AyalaLand REIT) (AREIT PM). In this note, we run the deal...

Sumeet Singh

Hail The Simple Banks

Simple and unfollowed banks in Asia-Pacific can reveal gems. CHIB in Philippines may be one of these banks, with exceptional core profit growth and...

Daniel Tabbush

Asian Equities: Keep an Eye on These Earnings Inflections

Earnings inflections, ie EPS est rising after long period of decline, are selectively underway in Asia. We identify 9 market-sectors - 3 from HK...

Manishi Raychaudhuri

KTC - Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

KTC reveals granular detail for many Bank of Thailand relief measures on consumer debt, suggesting that credit metrics are very weak, and this is...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Philippines: Emerging Signs of Investment Recovery

Philippines fund ownership shows signs of life after decade long bear market. Asia Ex-Japan funds buy in to BDO Unibank and Bank of the Philippine...

Steven Holden

AREIT Placement - Parent Is Buying High and Selling Low

Ayala Land Inc (ALI PM) aims to raise around US$121m via selling around 11% of Areit (AyalaLand REIT) (AREIT PM). In this note, we run the deal...

Sumeet Singh

Hail The Simple Banks

Simple and unfollowed banks in Asia-Pacific can reveal gems. CHIB in Philippines may be one of these banks, with exceptional core profit growth and...

Daniel Tabbush

Asian Equities: Keep an Eye on These Earnings Inflections

​Earnings inflections, ie EPS est rising after long period of decline, are selectively underway in Asia. We identify 9 market-sectors - 3 from HK...

Manishi Raychaudhuri

KTC - Stresses in Thailand Mass Market Credit Cards, Clear in BOT Debt Relief Measures

KTC reveals granular detail for many Bank of Thailand relief measures on consumer debt, suggesting that credit metrics are very weak, and this is...

Daniel Tabbush

Earnings inflections, ie EPS est rising after long period of decline, are selectively underway in Asia. We identify 9 market-sectors - 3 from HK...