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.

Macroeconomics

<ul>
<li>Thailand has finally had Mr. Sretha Thavisin as the 30th Prime Minister (PM) of Thailand on 22-August.</li>
<li>The PTP decided to betray its voters to cross  the aisle to join the conservative side.</li>
<li>We believe the potential surge in the Thai stock performance should be the time to de-risk.</li>
</ul>


Thailand has finally had Mr. Sretha Thavisin as the 30th Prime Minister (PM) of Thailand on 22-August.
The PTP decided to betray its voters to cross  the aisle to join the conservative side.
We believe the potential surge in the Thai stock performance should be the time to de-risk.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> plumbs new 12-month lows for its implied stub, and NAV discount as the former PM returns from exile. </li>
<li>Preceding my comments on Intouch are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Intouch Holdings (INTUCH TB) plumbs new 12-month lows for its implied stub, and NAV discount as the former PM returns from exile. 
Preceding my comments on Intouch are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Intouch "Cheap" As Thaksin Returns

<ul>
<li>We are now in late July and Thailand still does not have a new Prime Minister (PM) yet.</li>
<li>We believe the future is very uncertain from now until next May when the senate power to elect the PM ends.</li>
<li>The uncertainty is by no means positive for Thailand’s capital market and our view toward any Thai assets remain negative in the near term.</li>
</ul>


We are now in late July and Thailand still does not have a new Prime Minister (PM) yet.
We believe the future is very uncertain from now until next May when the senate power to elect the PM ends.
The uncertainty is by no means positive for Thailand’s capital market and our view toward any Thai assets remain negative in the near term.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> is coming up cheap versus <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>. Yet the longer-term view suggests otherwise. </li>
<li>Preceding my comments on Intouch are the weekly setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn on a 90-day moving average, and a % market capitalisation threshold of at least 20%.</li>
</ul>



Intouch Holdings (INTUCH TB) is coming up cheap versus Advanced Info Service (ADVANC TB). Yet the longer-term view suggests otherwise. 
Preceding my comments on Intouch are the weekly setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn on a 90-day moving average, and a % market capitalisation threshold of at least 20%.


StubWorld: Intouch Not As Attractive As At First Glance

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

Pertamina Geothermal Energy PT / Equity Capital Markets

<ul>
<li>Pertamina Geothermal Energy (PGE) raised around US$600m in its Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.</li>
<li>PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the deal dynamics ahead of its listing.</li>
</ul>


Pertamina Geothermal Energy (PGE) raised around US$600m in its Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.
PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the deal dynamics ahead of its listing.


Pertamina Geothermal Energy IPO Trading - Should Be a Steady Listing

Thailand

Gulf Energy Development Public Company Limited produces and sells electricity and steam. The Company manages a portfolio of gas-fired and renewable power projects, as well as supplies steam and chilled water. Gulf Energy Development serves customers in Thailand.

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Gulf Energy Development (GULF TB)

Thailand : The Empire Strikes Back

Thai politics entered an uncharted territory where many voters view the current coalition as a betrayal of their trust and we believe the surge in...

Bondcritic

StubWorld: Intouch "Cheap" As Thaksin Returns

The negative implied stub and NAV discount are arguably close to the long-term averages. Strange things happen in Thailand. And Thaksin's return...

David Blennerhassett

Thailand : A Judicial War Against Pita

The parliament vote to exclude Pita from the PM vote on July 19th highlights Thailand’s country risk, not understood by many analysts. The...

Bondcritic

StubWorld: Intouch Not As Attractive As At First Glance

Unless Gulf were to reload another Offer - it cannot be ruled out - the NAV discount should continue to widen. I would not set up the stub trade here.

David Blennerhassett

Pertamina Geothermal Energy IPO Trading - Should Be a Steady Listing

Pertamina Geothermal Energy (PGE) raised around US$600m in its Indonesia IPO. In this note we talk about the trading dynamics.

Sumeet Singh

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