Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<ul>
<li>EA’s Q3 results on 14-November was disappointing as expected on the declining EBITDA.</li>
<li>Criat’s iRAP Global Plus PD Toolkit (iRap) still indicates the implied international credit rating of “B+” which gives us relative comfort for the credit.</li>
<li>EA’s story rests on the usage of its network to extend debt maturity and sell assets, and not so much on cashflow which may be generated in the near term. </li>
</ul>


EA’s Q3 results on 14-November was disappointing as expected on the declining EBITDA.
Criat’s iRAP Global Plus PD Toolkit (iRap) still indicates the implied international credit rating of “B+” which gives us relative comfort for the credit.
EA’s story rests on the usage of its network to extend debt maturity and sell assets, and not so much on cashflow which may be generated in the near term. 


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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 12th. We estimate that they had an aggregated short interest worth USD2.5bn.</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, Amata, Advanced Info Service, Bangkok Dusit, Central Pattana, Bangkok Dusit, Central Pattana, Advanced Info Service.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 12th. We estimate that they had an aggregated short interest worth USD2.5bn.
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, Amata, Advanced Info Service, Bangkok Dusit, Central Pattana, Bangkok Dusit, Central Pattana, Advanced Info Service.


Thailand Short Interest Weekly (Sep 12th): Intouch, Amata, Advanced Info Service, Bangkok Dusit

<ul>
<li>Recent events are credit and spread positive in the near-term for EA.</li>
<li>Q2 results are no surprise while we remain concerned on a declining recurring revenues.</li>
<li>We maintain our stance on no recommendation on EA's THB bonds for the lack of liquidity and reliable quotes.</li>
</ul>


Recent events are credit and spread positive in the near-term for EA.
Q2 results are no surprise while we remain concerned on a declining recurring revenues.
We maintain our stance on no recommendation on EA's THB bonds for the lack of liquidity and reliable quotes.


<ul>
<li>This flash note is an update for our readers on the indicative probability of default for Energy Absolute Public Company Limited (EA).</li>
<li>We plotted EA’s probability of default, using Criat’s iRAP Global Plus PD Toolkit (iRap), against its peers, and we believe the chart indicated a high probability of default still.</li>
<li>Given a lack of reliable bond quotes in the THB bond market, we continue to issue our report on EA without a recommendation.</li>
</ul>


This flash note is an update for our readers on the indicative probability of default for Energy Absolute Public Company Limited (EA).
We plotted EA’s probability of default, using Criat’s iRAP Global Plus PD Toolkit (iRap), against its peers, and we believe the chart indicated a high probability of default still.
Given a lack of reliable bond quotes in the THB bond market, we continue to issue our report on EA without a recommendation.


Energy Absolute: Trying to Be a B+ Credit

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, 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 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

Thailand

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

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Energy Absolute (EA TB)

Energy Absolute: Energy Limited

EA's disappointing Q3 results were expected due to declining EBITDA, but Criat's iRAP Global Plus PD Toolkit still gives relative comfort for the...

Bondcritic

Thailand Short Interest Weekly (Sep 12th): Intouch, Amata, Advanced Info Service, Bangkok Dusit

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Amata (AMATA TB), Advanced...

Ke Yan, CFA, FRM

Energy Absolute: No Tricks and No Treats

Recent events are positive for EA in the short term, but concerns remain about declining recurring revenues, leading to no recommendation on their...

Bondcritic

Energy Absolute: Trying to Be a B+ Credit

Update on Energy Absolute 's probability of default shows high risk compared to peers using iRAP Global Plus PD Toolkit. No recommendation due to...

Bondcritic

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, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Energy Absolute: Energy Limited

​EA's disappointing Q3 results were expected due to declining EBITDA, but Criat's iRAP Global Plus PD Toolkit still gives relative comfort for the...

Bondcritic

Thailand Short Interest Weekly (Sep 12th): Intouch, Amata, Advanced Info Service, Bangkok Dusit

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Amata (AMATA TB), Advanced...

Ke Yan, CFA, FRM

Energy Absolute: No Tricks and No Treats

​Recent events are positive for EA in the short term, but concerns remain about declining recurring revenues, leading to no recommendation on their...

Bondcritic

Energy Absolute: Trying to Be a B+ Credit

​Update on Energy Absolute 's probability of default shows high risk compared to peers using iRAP Global Plus PD Toolkit. No recommendation due to...

Bondcritic

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, FCMA, CGMA

EA's disappointing Q3 results were expected due to declining EBITDA, but Criat's iRAP Global Plus PD Toolkit still gives relative comfort for the...

Recent events are positive for EA in the short term, but concerns remain about declining recurring revenues, leading to no recommendation on their...

Update on Energy Absolute 's probability of default shows high risk compared to peers using iRAP Global Plus PD Toolkit. No recommendation due to...

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