Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>EV adoption in the ASEAN is very low compared to developed markets including the US, the Europe and China due to higher ASPs and lack of logistics, maintenance and repair.</li>
<li>However, there has been a rapid growth in EV related investment in the region recently, focusing on developing domestic EV markets to make them more affordable while conserving the environment.</li>
<li>The governments have put forward several incentives such as government funding, tax incentives to buy EVs, while introducing measures to discourage the use of ICE vehicles.</li>
</ul>


EV adoption in the ASEAN is very low compared to developed markets including the US, the Europe and China due to higher ASPs and lack of logistics, maintenance and repair.
However, there has been a rapid growth in EV related investment in the region recently, focusing on developing domestic EV markets to make them more affordable while conserving the environment.
The governments have put forward several incentives such as government funding, tax incentives to buy EVs, while introducing measures to discourage the use of ICE vehicles.


ASEAN EV Ecosystem Series: Committed Towards Building a Regional EV Ecosystem

<ul>
<li>EV Adoption in ASEAN is low compared to developed markets, however, development of a robust EV ecosystem remains a primary goal for the respective nations.</li>
<li>Governments in the region continues to introduce new policy measures and offer incentives to promote the sector, while companies continue to attract large investment to develop the EV market.</li>
<li>The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.</li>
</ul>


EV Adoption in ASEAN is low compared to developed markets, however, development of a robust EV ecosystem remains a primary goal for the respective nations.
Governments in the region continues to introduce new policy measures and offer incentives to promote the sector, while companies continue to attract large investment to develop the EV market.
The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.


ASEAN EV Ecosystem Update: Progressing Towards a Robust EV Ecosystem

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>The Energy Regulatory Commission (ERC) resolved to set the electricity tariff at Bt4.18/unit and Ft at Bt0.3972/unit for May to August 2024, flat from the previous period.</li><li>These rates align with the Case 3 scenario, representing the lowest figures, and are in line with our 2024E projections, supported by the declining trend in gas costs, including lower LNG prices and increased G1/61 gas volume.</li><li>The decision is expected to facilitate effective management of electricity tariffs and enhance the opportunities and continuity for EGAT's reclamation of the Ft subsidy, which is nearing Bt100bn. </li></ul>

The Energy Regulatory Commission (ERC) resolved to set the electricity tariff at Bt4.18/unit and Ft at Bt0.3972/unit for May to August 2024, flat from the previous period.These rates align with the Case 3 scenario, representing the lowest figures, and are in line with our 2024E projections, supported by the declining trend in gas costs, including lower LNG prices and increased G1/61 gas volume.The decision is expected to facilitate effective management of electricity tariffs and enhance the opportunities and continuity for EGAT's reclamation of the Ft subsidy, which is nearing Bt100bn. 

Energy (Power) - Flat Electricity Tariff and Ft for May to August

Merdeka Battery Materials / Equity Bottom-Up

<ul>
<li>EV supply chain is at a nascent stage in ASEAN and EV adoption in the region lags behind developed markets despite boasting a large population with a burgeoning middle class.</li>
<li>However, Governments in the region continue to introduce new initiatives and offer incentives to promote the sector, while companies continue to attract large investment to develop the EV market.</li>
<li>The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.</li>
</ul>


EV supply chain is at a nascent stage in ASEAN and EV adoption in the region lags behind developed markets despite boasting a large population with a burgeoning middle class.
However, Governments in the region continue to introduce new initiatives and offer incentives to promote the sector, while companies continue to attract large investment to develop the EV market.
The four companies we looked at have reported earnings and we have discussed their latest results and our investment thesis.


ASEAN EV Ecosystem Update: Further Initiatives to Build a Regional EV Ecosystem

<ul><li>We suggest selling MEGA (with there turn since it was first added at-0.50%), as the stock has fallen out of our top rankings.</li><li>Yesterday, our Big Cap portfolio generated a return of -0.03%, vs. the SET Index’s return of +0.25%, due to profit taking on stocks whose prices gained the day before, such as BDMS (-1.80%), MAJOR (-1.45%), BH (-0.81%), and MINT (-0.74%).</li><li><div><div><p>GULF is a holding company engaging in core businesses relating to the generation and distribution of power based on natural gas and alternative energy. The firm also invests in infrastructure and other related businesses.</p></div></div></li></ul>

We suggest selling MEGA (with there turn since it was first added at-0.50%), as the stock has fallen out of our top rankings.Yesterday, our Big Cap portfolio generated a return of -0.03%, vs. the SET Index’s return of +0.25%, due to profit taking on stocks whose prices gained the day before, such as BDMS (-1.80%), MAJOR (-1.45%), BH (-0.81%), and MINT (-0.74%).GULF is a holding company engaging in core businesses relating to the generation and distribution of power based on natural gas and alternative energy. The firm also invests in infrastructure and other related businesses.

Thailand

Energy Absolute Public Company Limited engages in the research, development, and production of biodiesel products in Thailand.

Energy Absolute (EA TB)

ASEAN EV Ecosystem Series: Committed Towards Building a Regional EV Ecosystem

EV adoption in the ASEAN is very low compared to developed markets. However, there has been rapid growth in EV related investment recently, aiming...

Shifara Samsudeen, ACMA, CGMA

ASEAN EV Ecosystem Update: Progressing Towards a Robust EV Ecosystem

Development of a robust EV ecosystem remains a primary goal and the governments in the ASEAN region continue to introduce new policy measures and...

Shifara Samsudeen, ACMA, CGMA

Energy (Power) - Flat Electricity Tariff and Ft for May to August

The Energy Regulatory Commission (ERC) resolved to set the electricity tariff at Bt4.18/unit and Ft at Bt0.3972/unit for May to August 2024, flat...

Krungthai XSpring

ASEAN EV Ecosystem Update: Further Initiatives to Build a Regional EV Ecosystem

Development of a robust EV ecosystem remains a primary goal of the governments in the region. Governments continue to introduce new initiatives...

Shifara Samsudeen, ACMA, CGMA

Big Cap Tactical Picks - August 5, 2022

We suggest selling MEGA (with there turn since it was first added at-0.50%), as the stock has fallen out of our top rankings.

Krungthai XSpring

ASEAN EV Ecosystem Series: Committed Towards Building a Regional EV Ecosystem

EV adoption in the ASEAN is very low compared to developed markets. However, there has been rapid growth in EV related investment recently, aiming...

Shifara Samsudeen, ACMA, CGMA

ASEAN EV Ecosystem Update: Progressing Towards a Robust EV Ecosystem

​Development of a robust EV ecosystem remains a primary goal and the governments in the ASEAN region continue to introduce new policy measures and...

Shifara Samsudeen, ACMA, CGMA

Energy (Power) - Flat Electricity Tariff and Ft for May to August

The Energy Regulatory Commission (ERC) resolved to set the electricity tariff at Bt4.18/unit and Ft at Bt0.3972/unit for May to August 2024, flat...

Krungthai XSpring

ASEAN EV Ecosystem Update: Further Initiatives to Build a Regional EV Ecosystem

Development of a robust EV ecosystem remains a primary goal of the governments in the region. Governments continue to introduce new initiatives...

Shifara Samsudeen, ACMA, CGMA

Big Cap Tactical Picks - August 5, 2022

We suggest selling MEGA (with there turn since it was first added at-0.50%), as the stock has fallen out of our top rankings.

Krungthai XSpring

Development of a robust EV ecosystem remains a primary goal and the governments in the ASEAN region continue to introduce new policy measures and...