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

<p>Thailand has managed its way through the COVID-19 Pandemic admirably, in terms of bringing the numbers of new infections almost down to zero, outperforming its ASEAN peers along with Vietnam, quite considerably. </p>
<p>In order to achieve this result, the country imposed quite draconian lockdown measures closing restaurants and non-essential retail, even including an alcohol ban for a period to dissuade the population from socialising. </p>
<p>The Kingdom probably saw the impact at its most intense in April and May, with a gradual recovery starting in June and July across the domestic economy. </p>
<p>As part of these measures, Thailand closed its borders to foreigners and most importantly to tourists from the start of the pandemic until now. This has put a significant dent in the country's economy,  given that tourism is estimated to account for anything between 12%-20% of GDP. </p>
<p>The repercussions of this are wide-ranging from the obvious knock to hotels and restaurants but also has a significant impact on retailers, domestic consumption, and indirectly on the banking system, as NPLs from the different tourism-related segments start to rise.</p>
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<p>Thailand is taking the first steps to tentatively re-open the country's doors to tourism, for those wishing to stay more than 90 days, as well as for COVID-19 free medical tourists. There may be a more meaningful opening up towards the end of the year.</p>
<p>We look at <strong>hotels, hospitals, and retailers</strong> in an attempt to identify the key beneficiaries of gradual recovery in tourism and those stocks that remain the most defensive. There is also likely to be a knock-on impact for the<strong> Thai banks</strong>, which are looking attractive from a valuation perspective. </p>
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Thailand has managed its way through the COVID-19 Pandemic admirably, in terms of bringing the numbers of new infections almost down to zero, outperforming its ASEAN peers along with Vietnam, quite considerably. 
In order to achieve this result, the country imposed quite draconian lockdown measures closing restaurants and non-essential retail, even including an alcohol ban for a period to dissuade the population from socialising. 
The Kingdom probably saw the impact at its most intense in April and May, with a gradual recovery starting in June and July across the domestic economy. 
As part of these measures, Thailand closed its borders to foreigners and most importantly to tourists from the start of the pandemic until now. This has put a significant dent in the country's economy,  given that tourism is estimated to account for anything between 12%-20% of GDP. 
The repercussions of this are wide-ranging from the obvious knock to hotels and restaurants but also has a significant impact on retailers, domestic consumption, and indirectly on the banking system, as NPLs from the different tourism-related segments start to rise.

Thailand is taking the first steps to tentatively re-open the country's doors to tourism, for those wishing to stay more than 90 days, as well as for COVID-19 free medical tourists. There may be a more meaningful opening up towards the end of the year.
We look at hotels, hospitals, and retailers in an attempt to identify the key beneficiaries of gradual recovery in tourism and those stocks that remain the most defensive. There is also likely to be a knock-on impact for the Thai banks, which are looking attractive from a valuation perspective. 


Thailand's Tourism Dilemma - Buy Retailers, Hospitals, and Select Hotels

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<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

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<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><h2>Macro Insights</h2><p>In <a href="https://www.smartkarma.com/insights/a-real-electoral-contest-in-singapore-albeit-limited-by-lack-of-physical-campaigning" target="_blank" data-smartkarma-citation="insights:40706" rel="noopener">A Real Electoral Contest in Singapore, Albeit Limited by Lack of Physical Campaigning,</a> CrossASEAN Chief 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 the prospects for the upcoming Singapore election, where he sees the PAP coming out on top but with major challenges ahead.  </p><p>In <a href="https://www.smartkarma.com/insights/the-race-to-the-bottom-growth-pessimism-increasing-but-still-too-optimistic" target="_blank" data-smartkarma-citation="insights:40647" rel="noopener">The Race to the Bottom: Growth Pessimism Increasing but Still Too Optimistic,</a><a href="https://www.smartkarma.com/profiles/dr-jim-walker" target="_blank" data-smartkarma-citation="accounts:1628" rel="noopener">Dr Jim Walker</a> addresses what he sees as an overt optimistic view of the world and its eventual recovery from multilateral agencies. </p><h2>Equity Botton-Up Insights</h2><p>In <a href="https://www.smartkarma.com/insights/bangkok-dusit-medical-bdms-tb-well-placed-to-treat-the-recovery" target="_blank" data-smartkarma-citation="insights:40689" rel="noopener">Bangkok Dusit Medical (BDMS TB) - Well-Placed to Treat the 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 this leading Thai hospital stock as a pandemic recovery play. </p><p>In <a href="https://www.smartkarma.com/insights/matahari-department-store-lppf-ij-opportunity-knocks" target="_blank" data-smartkarma-citation="insights:40855" rel="noopener">Matahari Department Store (LPPF IJ) - Opportunity Knocks?,</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 department store operator post a call with the company. </p><p>In <a href="https://www.smartkarma.com/insights/sri-trang-gloves-ipo-trading-riding-on-covid-19-second-wave" target="_blank" data-smartkarma-citation="insights:40843" rel="noopener">Sri Trang Gloves IPO Trading - Riding on COVID-19 Second Wave,</a><a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a> revisits the IPO of <a href="https://www.smartkarma.com/entities/sri-trang-gloves-thailand-public-company-limited" target="_blank" data-smartkarma-citation="entities:29141:1" rel="noopener">Sri Trang Gloves (STGT TB)</a> in Thailand. </p><p>In <a href="https://www.smartkarma.com/insights/sgx-bolt-on-transaction" target="_blank" data-smartkarma-citation="insights:40816" rel="noopener">SGX – Bolt-On Transaction,</a><a href="https://www.smartkarma.com/profiles/thomas-j-monaco" target="_blank" data-smartkarma-citation="accounts:1716" rel="noopener">Thomas J. Monaco</a> zeros in on the most recent acquisition by <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">SGX (SGX SP)</a> and sees only marginal impact. </p><p>In <a href="https://www.smartkarma.com/insights/accordia-golf-trust-buyout-a-gimme-but" target="_blank" data-smartkarma-citation="insights:40778" rel="noopener">Accordia Golf Trust Buyout... A Gimme But...</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> takes a look at this lingering buyout situation.  </p><p>In <a href="https://www.smartkarma.com/insights/major-accordia-golf-trust-shareholder-has-issues-with-price-process" target="_blank" data-smartkarma-citation="insights:40960" rel="noopener">Major Accordia Golf Trust Shareholder Has Issues With Price &amp; Process,</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits this buyout situation after some telling comments from its major shareholder. </p><p>In <a href="https://www.smartkarma.com/insights/teamg-government-stimulus-should-support-sales-growth" target="_blank" data-smartkarma-citation="insights:40909" rel="noopener">TEAMG: Government Stimulus Should Support Sales Growth,</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/team-consulting-engineering" target="_blank" data-smartkarma-citation="entities:29175:1" rel="noopener">TEAM Consulting Engineering &amp; (TEAMG TB)</a> with a BUY recommendation based on a target price of Bt2.42, implying an upside of 20% from the current share price. </p><p>In<a href="https://www.smartkarma.com/insights/tasco-healthy-demand-from-domestic-projects" target="_blank" data-smartkarma-citation="insights:40823" rel="noopener"> TASCO: Healthy Demand from Domestic Projects,</a> out friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisits <a href="https://www.smartkarma.com/entities/tipco-asphalt-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:5336:1" rel="noopener">Tipco Asphalt (TASCO TB)</a> after attending the company's analyst briefing, where the company expressed a positive tone.  </p><h2>Sector and Thematic Insights</h2><p>In <a href="https://www.smartkarma.com/insights/osotspa-indorama-strong-operations-amidst-pandemic" target="_blank" data-smartkarma-citation="insights:38510" rel="noopener">Osotspa, Indorama: Strong Operations Amidst Pandemic,</a> our Thai guru writes up two recent company visits to consumer products giant <a href="https://www.smartkarma.com/entities/osotspa-public-company-limited" target="_blank" data-smartkarma-citation="entities:27004:1" rel="noopener">Osotspa Public Company Limited (OSP TB),</a> manufacturer of top-selling energy drink M-150 and liquid Vitamin C C-Vitt and petrochemicals giant <a href="https://www.smartkarma.com/entities/indorama-synthetics-tbk-pt" target="_blank" data-smartkarma-citation="entities:14801:1" rel="noopener">Indorama Synthetics (INDR IJ)</a>, both of which he sees as resilient pandemic recovery plays. </p><h2>Credit Insights</h2><p>In <a href="https://www.smartkarma.com/insights/laos-pdr-twin-deficit-dilemma" target="_blank" data-smartkarma-citation="insights:40916" rel="noopener">LAOS PDR: Twin Deficit Dilemma</a><a href="https://www.smartkarma.com/profiles/warut-promboon" target="_blank" data-smartkarma-citation="accounts:1226" rel="noopener">Warut Promboon</a> initiates coverage of <a href="https://www.smartkarma.com/entities/laos-sovereign-credit" target="_blank" data-smartkarma-citation="entities:29165:1" rel="noopener">Laos Sovereign Credit (LAOS GOVT)</a> (Laos) as a high-yield sovereign credit.</p><p>In <a href="https://www.smartkarma.com/insights/agung-podomoro-land-tear-sheet-lucror-analytics-1c280801-cb38-4f92-9c94-6effca262a5d" target="_blank" data-smartkarma-citation="insights:40845" rel="noopener">Agung Podomoro Land - Tear Sheet,</a><a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" data-smartkarma-citation="accounts:7108" rel="noopener">Trung Nguyen</a> takes a birds-eye view of this Indonesian property developer from a credit perspective. </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 A Real Electoral Contest in Singapore, Albeit Limited by Lack of Physical Campaigning, CrossASEAN Chief economist Prasenjit K. Basu zeros in on the prospects for the upcoming Singapore election, where he sees the PAP coming out on top but with major challenges ahead.  In The Race to the Bottom: Growth Pessimism Increasing but Still Too Optimistic,Dr Jim Walker addresses what he sees as an overt optimistic view of the world and its eventual recovery from multilateral agencies. Equity Botton-Up InsightsIn Bangkok Dusit Medical (BDMS TB) - Well-Placed to Treat the Recovery, CrossASEAN Insight Provider Angus Mackintosh revisits this leading Thai hospital stock as a pandemic recovery play. In Matahari Department Store (LPPF IJ) - Opportunity Knocks?, CrossASEAN Insight Provider Angus Mackintosh revisits Indonesia's largest department store operator post a call with the company. In Sri Trang Gloves IPO Trading - Riding on COVID-19 Second Wave,Sumeet Singh revisits the IPO of Sri Trang Gloves (STGT TB) in Thailand. In SGX – Bolt-On Transaction,Thomas J. Monaco zeros in on the most recent acquisition by SGX (SGX SP) and sees only marginal impact. In Accordia Golf Trust Buyout... A Gimme But...Travis Lundy takes a look at this lingering buyout situation.  In Major Accordia Golf Trust Shareholder Has Issues With Price &amp; Process,Travis Lundy revisits this buyout situation after some telling comments from its major shareholder. In TEAMG: Government Stimulus Should Support Sales Growth,Dr Andrew Stotz, CFA initiates coverage on TEAM Consulting Engineering &amp; (TEAMG TB) with a BUY recommendation based on a target price of Bt2.42, implying an upside of 20% from the current share price. In TASCO: Healthy Demand from Domestic Projects, out friends at Country Group revisits Tipco Asphalt (TASCO TB) after attending the company's analyst briefing, where the company expressed a positive tone.  Sector and Thematic InsightsIn Osotspa, Indorama: Strong Operations Amidst Pandemic, our Thai guru writes up two recent company visits to consumer products giant Osotspa Public Company Limited (OSP TB), manufacturer of top-selling energy drink M-150 and liquid Vitamin C C-Vitt and petrochemicals giant Indorama Synthetics (INDR IJ), both of which he sees as resilient pandemic recovery plays. Credit InsightsIn LAOS PDR: Twin Deficit DilemmaWarut Promboon initiates coverage of Laos Sovereign Credit (LAOS GOVT) (Laos) as a high-yield sovereign credit.In Agung Podomoro Land - Tear Sheet,Trung Nguyen takes a birds-eye view of this Indonesian property developer from a credit perspective. 

The Week that Was in ASEAN@Smartkarma - Singapore's Election, Thai Hospitals, and Rubber Gloves

<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><h2>Macro Insights</h2><p>In <a href="https://www.smartkarma.com/insights/forgive-us-our-debts-external-debt-complacency-was-the-old-normal" target="_blank" data-smartkarma-citation="insights:39053" rel="noopener">Forgive Us Our Debts?: External Debt Complacency Was the ‘old Normal’</a>, <a href="https://www.smartkarma.com/profiles/dr-jim-walker" target="_blank" data-smartkarma-citation="accounts:1628" rel="noopener">Dr Jim Walker</a> explores Asia's debt situation and suggests Asian economies are about to have a debt rethink akin to the Asian Crisis. </p><p>In <a href="https://www.smartkarma.com/insights/singapore-export-headwinds" target="_blank" data-smartkarma-citation="insights:40698" rel="noopener">Singapore: Export Headwinds,</a><a href="https://www.smartkarma.com/profiles/sharmila-whelan" target="_blank" data-smartkarma-citation="accounts:1728" rel="noopener">Sharmila Whelan</a> revisits Singapore's economy and sees challenges ahead as exports come under pressure. </p><h2>Equity Bottom-Up Insights</h2><p>In <a href="https://www.smartkarma.com/insights/berli-jucker-bjc-tb-calm-after-the-storm" target="_blank" data-smartkarma-citation="insights:40638" rel="noopener">Berli Jucker (BJC TB) - Calm After the Storm,</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 this Thai consumer player as Thailand comes out of the COVID-19 restrictions. </p><p>In <a href="https://www.smartkarma.com/insights/pt-surya-citra-media-tbk-scma-ij-tencent-buying-iflix-a-sign" target="_blank" data-smartkarma-citation="insights:40709" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ) - Tencent Buying IFlix a Sign?,</a><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 media companies in light of <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>'s recent acquisition of iFlix and sees some read-across for its own OTT player Vidio.com. </p><p>In <a href="https://www.smartkarma.com/insights/link-net-tbk-pt-link-ij-1q2020-big-on-subscribers-but-at-a-higher-cost" target="_blank" data-smartkarma-citation="insights:40586" rel="noopener">Link Net Tbk Pt (LINK IJ) - 1Q2020 Big on Subscribers but at a Higher Cost,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> reports back on <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net Tbk Pt (LINK IJ)</a> post its recent 1Q2020 results, which saw the company report a rapid increase in new subscribers but with some cost increases at the same time.</p><p>In <a href="https://www.smartkarma.com/insights/osotspa-placement-resilient-business-but-founding-family-is-selling" target="_blank" data-smartkarma-citation="insights:40727" rel="noopener">Osotspa Placement - Resilient Business but Founding Family Is Selling,</a><a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" data-smartkarma-citation="accounts:673" rel="noopener">Zhen Zhou, Toh</a> takes a look at <a href="https://www.smartkarma.com/entities/osotspa-public-company-limited" target="_blank" data-smartkarma-citation="entities:27004:1" rel="noopener">Osotspa Public Company Limited (OSP TB)</a> in light of a recently announced share sale.</p><p>In <a href="https://www.smartkarma.com/insights/aot-still-a-valid-proxy-for-tourism" target="_blank" data-smartkarma-citation="insights:40587" rel="noopener">AOT: Still a Valid Proxy for Tourism?,</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> revisits Thailand's airport operator as the country has lowered some COVID-19 related restrictions. </p><p>In <a href="https://www.smartkarma.com/insights/minor-and-tac-consumer-navigate-the-pandemic" target="_blank" data-smartkarma-citation="insights:40652" rel="noopener">MINOR and TAC Consumer Navigate the Pandemic,</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> looks at how both <a href="https://www.smartkarma.com/entities/minor-international-pcl" target="_blank" data-smartkarma-citation="entities:2154:1" rel="noopener">Minor International (MINT TB)</a> and TAC Consumer are coping with COVID-19. </p><p>In <a href="https://www.smartkarma.com/insights/sri-trang-gloves-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:40656" rel="noopener">Sri Trang Gloves IPO: Valuation Insights,</a><a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> takes a close look at the upcoming IPO of this Thai rubber glove producer. </p><p>In <a href="https://www.smartkarma.com/insights/sri-trang-gloves-ipo-one-to-keep-an-eye-for-ve-effect-of-covid-19" target="_blank" data-smartkarma-citation="insights:40590" rel="noopener">Sri Trang Gloves IPO - One to Keep an Eye for +ve Effect of COVID-19,</a><a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a> takes a look at this upcoming Thai Rubber glove IPO.</p><p>In <a href="https://www.smartkarma.com/insights/mint-placement-known-asset-more-data-centres-less-sme-exposure-heading-in-the-right-direction" target="_blank" data-smartkarma-citation="insights:40611" rel="noopener">MINT Placement - Known Asset, More Data Centres, Less SME Exposure -&gt; Heading in the Right Direction,</a><a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a> revisits <a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40:1" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> after the announcement of a capital raising. </p><p>In <a href="https://www.smartkarma.com/insights/mapletree-industrial-trust-placement-reasonable-for-exposure-to-us-data-centres" target="_blank" data-smartkarma-citation="insights:40621" rel="noopener">Mapletree Industrial Trust Placement: Reasonable for Exposure to US Data Centres,</a><a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> also takes a look at <a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40:1" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> post the news of a placement of new units. </p><p>In <a href="https://www.smartkarma.com/insights/ilm-leader-in-home-furnishing-has-more-to-give" target="_blank" data-smartkarma-citation="insights:40723" rel="noopener">ILM: Leader in Home Furnishing Has More to Give,</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 ILM with a BUY recommendation based on a target price of Bt15.20, implying an upside of 13% from the current price. </p><p>In <a href="https://www.smartkarma.com/insights/ace-great-growth-opportunities-but-the-stock-is-overpriced" target="_blank" data-smartkarma-citation="insights:40724" rel="noopener">ACE: Great Growth Opportunities, but the Stock Is Overpriced,</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/absolute-clean-energy-pcl" target="_blank" data-smartkarma-citation="entities:29155:1" rel="noopener">Absolute Clean Energy PCL (ACE TB)</a> with a SELL recommendation based on a target price of Bt2.64, implying a downside of 36% from the current price. </p><h2>Sector and Thematic Insights</h2><p>In <a href="https://www.smartkarma.com/insights/snippets-41-new-thai-coons-of-2020-mexican-oil" target="_blank" data-smartkarma-citation="insights:39083" rel="noopener">Snippets #41: New Thai-Coons of 2020, Mexican Oil,</a><a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> highlights five interesting news/developments in Thailand with relevance to the stock market.</p><h2>Credit Insights</h2><p>In <a href="https://www.smartkarma.com/insights/neptune-orient-lines-cost-control-confidence" target="_blank" data-smartkarma-citation="insights:40610" rel="noopener">Neptune Orient Lines: Cost Control Confidence,</a> Credit Specialist <a href="https://www.smartkarma.com/profiles/warut-promboon" target="_blank" data-smartkarma-citation="accounts:1226" rel="noopener">Warut Promboon</a> revisits <a href="https://www.smartkarma.com/entities/neptune-orient-lines-ltd" target="_blank" data-smartkarma-citation="entities:415:1" rel="noopener">Neptune Orient Lines (NOL SP)</a> bonds in light of recent results from its parent company. </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 Forgive Us Our Debts?: External Debt Complacency Was the ‘old Normal’, Dr Jim Walker explores Asia's debt situation and suggests Asian economies are about to have a debt rethink akin to the Asian Crisis. In Singapore: Export Headwinds,Sharmila Whelan revisits Singapore's economy and sees challenges ahead as exports come under pressure. Equity Bottom-Up InsightsIn Berli Jucker (BJC TB) - Calm After the Storm, CrossASEAN Insight Provider Angus Mackintosh revisits this Thai consumer player as Thailand comes out of the COVID-19 restrictions. In PT Surya Citra Media Tbk (SCMA IJ) - Tencent Buying IFlix a Sign?,Angus Mackintosh revisits one of Indonesia's leading media companies in light of Tencent Holdings (700 HK)'s recent acquisition of iFlix and sees some read-across for its own OTT player Vidio.com. In Link Net Tbk Pt (LINK IJ) - 1Q2020 Big on Subscribers but at a Higher Cost,Angus Mackintosh reports back on Link Net Tbk Pt (LINK IJ) post its recent 1Q2020 results, which saw the company report a rapid increase in new subscribers but with some cost increases at the same time.In Osotspa Placement - Resilient Business but Founding Family Is Selling,Zhen Zhou, Toh takes a look at Osotspa Public Company Limited (OSP TB) in light of a recently announced share sale.In AOT: Still a Valid Proxy for Tourism?, CrossASEAN Insight Provider Henry Soediarko revisits Thailand's airport operator as the country has lowered some COVID-19 related restrictions. In MINOR and TAC Consumer Navigate the Pandemic, our Thai guru Athaporn Arayasantiparb, CFA looks at how both Minor International (MINT TB) and TAC Consumer are coping with COVID-19. In Sri Trang Gloves IPO: Valuation Insights,Arun George takes a close look at the upcoming IPO of this Thai rubber glove producer. In Sri Trang Gloves IPO - One to Keep an Eye for +ve Effect of COVID-19,Sumeet Singh takes a look at this upcoming Thai Rubber glove IPO.In MINT Placement - Known Asset, More Data Centres, Less SME Exposure -&gt; Heading in the Right Direction,Sumeet Singh revisits Mapletree Industrial Trust (MINT SP) after the announcement of a capital raising. In Mapletree Industrial Trust Placement: Reasonable for Exposure to US Data Centres,Arun George also takes a look at Mapletree Industrial Trust (MINT SP) post the news of a placement of new units. In ILM: Leader in Home Furnishing Has More to Give,Dr Andrew Stotz, CFA initiates coverage on ILM with a BUY recommendation based on a target price of Bt15.20, implying an upside of 13% from the current price. In ACE: Great Growth Opportunities, but the Stock Is Overpriced,Dr Andrew Stotz, CFA initiates coverage on Absolute Clean Energy PCL (ACE TB) with a SELL recommendation based on a target price of Bt2.64, implying a downside of 36% from the current price. Sector and Thematic InsightsIn Snippets #41: New Thai-Coons of 2020, Mexican Oil,Athaporn Arayasantiparb, CFA highlights five interesting news/developments in Thailand with relevance to the stock market.Credit InsightsIn Neptune Orient Lines: Cost Control Confidence, Credit Specialist Warut Promboon revisits Neptune Orient Lines (NOL SP) bonds in light of recent results from its parent company. 

The Week that Was in ASEAN@Smartkarma - Debt Concerns, Thai Consumers, and Rubber Gloves

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 Jun 19th. We estimate that they had an aggregated short interest worth USD3.2bn.</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 Gulf Energy Development, BCPG, PTT GlobalChem, SCB X, True, Scb X, Gulf Energy Development, Ptt Globalchem, True.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 19th. We estimate that they had an aggregated short interest worth USD3.2bn.
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 Gulf Energy Development, BCPG, PTT GlobalChem, SCB X, True, Scb X, Gulf Energy Development, Ptt Globalchem, True.


Thailand Short Interest Weekly (Jun 19th): Gulf Energy Development, BCPG, PTT GlobalChem, SCB X

Thailand

Bumrungrad Hospital Public Co., Ltd. operates and manages hospitals and health care centers, providing comprehensive medical services for both outpatients and inpatients. It offers a wide range of specialty centers and clinics, including clinical research and property rental services. The company is headquartered in Bangkok, Thailand, and was founded in 1980.

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

Bumrungrad Hospital (BH TB)

Thailand's Tourism Dilemma - Buy Retailers, Hospitals, and Select Hotels

Thailand has maanged

Angus Mackintosh

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

This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

The Week that Was in ASEAN@Smartkarma - Singapore's Election, Thai Hospitals, and Rubber Gloves

This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

The Week that Was in ASEAN@Smartkarma - Debt Concerns, Thai Consumers, and Rubber Gloves

This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

Thailand Short Interest Weekly (Jun 19th): Gulf Energy Development, BCPG, PTT GlobalChem, SCB X

We analyzed SET short interest report for the past week and highlighted short interest changes in Gulf Energy Development (GULF TB), BCPG (BCPG...

Ke Yan, CFA, FRM

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