Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Marginal float helped fuel the <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (VFS US)</a> bubble. Then it popped. </li>
<li>The <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a>/<a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> Circularity Detour and subsequent unwind created the B-Share construct which means they can maintain the voting control in South Africa without maintaining economic control.</li>
<li>The backlash against <a href="https://www.smartkarma.com/entities/star-cm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:36658:1" rel="noopener">Star CM Holdings (6698 HK)</a> calls into question the broader Chinese entertainment industry, and how it strikes a balance between viewership/profitability and ethical boundaries.</li>
</ul>


Marginal float helped fuel the VinFast (VFS US) bubble. Then it popped. 
The Prosus (PRX NA)/Naspers (NPN SJ) Circularity Detour and subsequent unwind created the B-Share construct which means they can maintain the voting control in South Africa without maintaining economic control.
The backlash against Star CM Holdings (6698 HK) calls into question the broader Chinese entertainment industry, and how it strikes a balance between viewership/profitability and ethical boundaries.


Last Week In Event SPACE: Vingroup/VinFast, Prosus/Naspers, STAR CM

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Index Rebalance

Delta Electronics (Thailand) / Index Rebalance

<ul>
<li>In this insight, we take a look at the potential ADDs/DELs for Thailand's SET50 index rebalance in December 2023.</li>
<li>At present, I see <a href="https://www.smartkarma.com/entities/jmt-network-services-pcl" target="_blank" data-smartkarma-citation="entities:8581:1" rel="noopener">JMT Network Services (JMT TB)</a> as an expected ADD and <a href="https://www.smartkarma.com/entities/central-plaza-hotel-pcl" target="_blank" data-smartkarma-citation="entities:18213:1" rel="noopener">Central Plaza Hotel (CENTEL TB)</a> as an expected DEL.</li>
<li>Separately, <a href="https://www.smartkarma.com/entities/delta-electronics-thai-pcl" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thai (DELTA TB)</a> is two trading days away from skipping the MSM list in August 2023 and avoiding deletion in the December 2023 rebalance.</li>
</ul>


In this insight, we take a look at the potential ADDs/DELs for Thailand's SET50 index rebalance in December 2023.
At present, I see JMT Network Services (JMT TB) as an expected ADD and Central Plaza Hotel (CENTEL TB) as an expected DEL.
Separately, Delta Electronics Thai (DELTA TB) is two trading days away from skipping the MSM list in August 2023 and avoiding deletion in the December 2023 rebalance.


Quiddity Leaderboard SET50 Dec 23: JMT Network Addition and Centel Plaza Deletion Likely

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

Big C Supercenter / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/big-c-supercenter-pcl" target="_blank" data-smartkarma-citation="entities:16801:1" rel="noopener">Big C Supercenter (BIGC TB)</a>  is looking to raise around US$1bn in its upcoming Thailand IPO. </li>
<li>Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Big C Supercenter (BIGC TB)  is looking to raise around US$1bn in its upcoming Thailand IPO. 
Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand
In this note, we talk about the not-so-positive aspects of the deal.


Big C Retail Pre-IPO - The Negatives - Hasn't Recovered from COVID

<ul>
<li>
<a href="https://www.smartkarma.com/entities/big-c-supercenter-pcl" target="_blank" data-smartkarma-citation="entities:16801:1" rel="noopener">Big C Supercenter (BIGC TB)</a> is looking to raise around US$1bn in its upcoming Thailand IPO. </li>
<li>Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand</li>
<li>In this note, we talk about the company background and the positive aspects of the deal.</li>
</ul>



Big C Supercenter (BIGC TB) is looking to raise around US$1bn in its upcoming Thailand IPO. 
Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand
In this note, we talk about the company background and the positive aspects of the deal.


Big C Retail Pre-IPO - The Positives - Has a Strong Presence

<ul>
<li>The completion of the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> - <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger could cause an intra-review change next week.</li>
<li>There could be two more index changes in the regular review in June 2023.</li>
<li>In this insight, we take a look at the current rankings of potential ADDs and potential DELs and their recent price and volume performance. </li>
</ul>


The completion of the Total Access Communication (DTAC TB) - True Corp Pcl (TRUE TB) merger could cause an intra-review change next week.
There could be two more index changes in the regular review in June 2023.
In this insight, we take a look at the current rankings of potential ADDs and potential DELs and their recent price and volume performance. 


Quiddity Leaderboard for SET Jun 23: DTAC-TRUE Intra-Review Changes

Thailand

Central Plaza Hotel Public Co. Ltd. operates in the hospitality and food businesses. The company manages and owns a diverse portfolio of hotels and resorts under multiple brands in Thailand and internationally, alongside a quick-service restaurant segment through its subsidiary Central Restaurant Group. It was established in 1980 and is headquartered in Bangkok, Thailand.

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Central Plaza Hotel (CENTEL TB)

Last Week In Event SPACE: Vingroup/VinFast, Prosus/Naspers, STAR CM

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Quiddity Leaderboard SET50 Dec 23: JMT Network Addition and Centel Plaza Deletion Likely

If you believe deletions fears have been factored into DELTA's share price, getting LONG DELTA vs the SET 50 index could be an interesting trade...

Janaghan Jeyakumar, CFA

Big C Retail Pre-IPO - The Negatives - Hasn't Recovered from COVID

Big C Supercenter (BIGC TB) is looking to raise around US$1bn in its upcoming Thailand IPO. In this note we talk about the not-so-positive aspects...

Sumeet Singh

Big C Retail Pre-IPO - The Positives - Has a Strong Presence

Big C Supercenter (BIGC TB) is looking to raise around US$1bn in its upcoming Thailand IPO. In this note, we talk about the postive aspects of the...

Sumeet Singh

Quiddity Leaderboard for SET Jun 23: DTAC-TRUE Intra-Review Changes

There could be 8.2mn shares to buy in Srisawad which translates to an estimated impact of 0.8 days of volume and a flow size of US$13mn.

Janaghan Jeyakumar, CFA

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