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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL</a> is expected to benefit from the government’s copayment stimulus program, set to launch in October, directly through Makro, which supplies mom-and-pop stores and indirectly through 7-Eleven. </li>
<li>The company remains optimistic about a pick-up in growth in 2H2025, driven by promotions in 3Q2025 and government stimulus, along with improving margins driven by an improved product mix. </li>
<li>7-Eleven remains on track to expand its store network by 700 new outlets in FY2025, is gravitating toward slightly larger stores, allowing an increased number of SKUs. Valuations remain attractive.</li>
</ul>



CP ALL is expected to benefit from the government’s copayment stimulus program, set to launch in October, directly through Makro, which supplies mom-and-pop stores and indirectly through 7-Eleven. 
The company remains optimistic about a pick-up in growth in 2H2025, driven by promotions in 3Q2025 and government stimulus, along with improving margins driven by an improved product mix. 
7-Eleven remains on track to expand its store network by 700 new outlets in FY2025, is gravitating toward slightly larger stores, allowing an increased number of SKUs. Valuations remain attractive.


<ul>
<li>A meeting with <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL (CPALL TB)</a> management revealed some interesting new initiatives to drive growth as the company remains upbeat about its store expansion for 2025. </li>
<li>The company is moving towards opening larger-sized stores, with more RTE and RTD offerings and some parking and food vendors outside, which will help diversify merchandise offerings..  </li>
<li>It is unclear what direction Seven &amp; I's restructuring will take, but looking through that, the company is trading on historically attractive valuations.</li>
</ul>


A meeting with CP ALL (CPALL TB) management revealed some interesting new initiatives to drive growth as the company remains upbeat about its store expansion for 2025. 
The company is moving towards opening larger-sized stores, with more RTE and RTD offerings and some parking and food vendors outside, which will help diversify merchandise offerings..  
It is unclear what direction Seven &amp; I's restructuring will take, but looking through that, the company is trading on historically attractive valuations.


CP ALL (CPALL TB) - Increasing Size and Diversity

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL (CPALL TB)</a> has seen a rout in its share price as investors worry that it may be drawn into investing in <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings</a>.</li>
<li>Indications suggest that if it was to invest, the stake would be much smaller than previously reported and it would likely come with some beneficial concessions.</li>
<li>
<a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL (CPALL TB)</a> continues to see a strong recovery in both sales and profitability, with a positive outlook for FY2025, whilst valuations have been compressed to attractive levels.</li>
</ul>



CP ALL (CPALL TB) has seen a rout in its share price as investors worry that it may be drawn into investing in Seven &amp; I Holdings.
Indications suggest that if it was to invest, the stake would be much smaller than previously reported and it would likely come with some beneficial concessions.

CP ALL (CPALL TB) continues to see a strong recovery in both sales and profitability, with a positive outlook for FY2025, whilst valuations have been compressed to attractive levels.


CP ALL (CPALL TB) - Caught in a Force Seven Gale

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

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the not-so-positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 5th. We estimate that they had an aggregated short interest worth USD2.2bn.</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 Intouch, Gulf Energy Development, PTT, Bangkok Dusit, Siri Prime Office Property Fd, Ptt, Gulf Energy Development, Bangkok Dusit.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 5th. We estimate that they had an aggregated short interest worth USD2.2bn.
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 Intouch, Gulf Energy Development, PTT, Bangkok Dusit, Siri Prime Office Property Fd, Ptt, Gulf Energy Development, Bangkok Dusit.


Thailand Short Interest Weekly (Dec 5th): Intouch, Gulf Energy Development, PTT, Bangkok Dusit

Thailand

CP ALL PCL operates convenience store chains in Thailand and China.  The Company also owns and operates the a department store chain located primarily in Shanghai city and Chonqing city of China.

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CP ALL PCL (CPALL TB)

CP ALL (CPALL TB) - Stimulus Beneficiary

CP ALL is expected to benefit from the government’s copayment stimulus program, set to launch in October, directly through Makro, which supplies...

Angus Mackintosh

CP ALL (CPALL TB) - Increasing Size and Diversity

A meeting with CP ALL (CPALL TB) management revealed some interesting new initiatives to drive growth as the company remains upbeat about its store...

Angus Mackintosh

CP ALL (CPALL TB) - Caught in a Force Seven Gale

CP ALL (CPALL TB) continues to see a strong recovery in both sales and profitability, with a positive outlook for FY2025, whilst valuations have...

Angus Mackintosh

I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

Thailand Short Interest Weekly (Dec 5th): Intouch, Gulf Energy Development, PTT, Bangkok Dusit

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

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)