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

Cross Asset Strategy

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<p>The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a>.</p>
</div><h3>Macro Insights</h3><p>In <a href="https://www.smartkarma.com/insights/anwar-makes-his-move-at-last-election-in-sabah-this-week-should-bolster-him-too" target="_blank" data-smartkarma-citation="insights:43522" rel="noopener">Anwar Makes His Move at Last; Election in Sabah This Week Should Bolster Him Too,</a> CrossASEAN Chief Economist <a href="https://www.smartkarma.com/profiles/prasenjit-k-basu" target="_blank" data-smartkarma-citation="accounts:612" rel="noopener">Prasenjit K. Basu</a> comments on Anwar's move to form a new Government in Malaysia.</p><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/gojek-and-grab-a-merger-of-the-super-apps-on-the-offing-we-think-not" target="_blank" data-smartkarma-citation="insights:39926" rel="noopener">Gojek and Grab - A Merger of the Super Apps on the Offing? We Think Not,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> takes a look at South East Asia's two leading ride-hailing companies in light of recent talk of a merger of the two Unicorns. </p><p>In <a href="https://www.smartkarma.com/insights/mitra-keluarga-mika-margin-expansion-from-covid-19" target="_blank" data-smartkarma-citation="insights:43470" rel="noopener">Mitra Keluarga (MIKA): Margin Expansion from COVID-19</a> comments on one of Indonesia's best quality hospitals in light of COVID-19. </p><p>In <a href="https://www.smartkarma.com/insights/snippets-44-more-turbulence-at-thai-four-new-airports" target="_blank" data-smartkarma-citation="insights:42364" rel="noopener">Snippets #44: More Turbulence at THAI, Four New Airports!,</a> out Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> comments on five pieces of interesting news or developments that could impact Thai equities.  </p><p>in <a href="https://www.smartkarma.com/insights/bangkok-s-finest-bangkok-glass-and-bam" target="_blank" data-smartkarma-citation="insights:41197" rel="noopener">Bangkok's Finest: Bangkok Glass and BAM,</a><a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> follows up with two companies which came to IPO around two years ago, namely <a href="https://www.smartkarma.com/entities/bangkok-glass-pcl" target="_blank" data-smartkarma-citation="entities:27024:1" rel="noopener">Bangkok Glass PCL (BG TB)</a> and <a href="https://www.smartkarma.com/entities/bangkok-commercial-asset-management-public-company-limited" target="_blank" data-smartkarma-citation="entities:28442:1" rel="noopener">Bangkok Commercial Asset Management (BAM TB).</a></p><p>In <a href="https://www.smartkarma.com/insights/dbs-reckoning-at-quarter-end" target="_blank" data-smartkarma-citation="insights:43528" rel="noopener">DBS – Reckoning At Quarter End,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> revisits <a href="https://www.smartkarma.com/entities/dbs-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22:1" rel="noopener">DBS Group Holdings (DBS SP)</a> ahead of its quarterly results, where he sees the potential for a positive surprise.</p><p>In <a href="https://www.smartkarma.com/insights/scg-packaging-ipo-unexciting" target="_blank" data-smartkarma-citation="insights:43557" rel="noopener">SCG Packaging IPO - Unexciting</a>, <a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a> revisits this up-and-coming IPO born out of <a href="https://www.smartkarma.com/entities/siam-cement-pcl-the" target="_blank" data-smartkarma-citation="entities:2589:1" rel="noopener">Siam Cement (SCC TB)</a>. </p><p>In <a href="https://www.smartkarma.com/insights/scg-packaging-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:43464" rel="noopener">SCG Packaging IPO: Valuation Insights,</a><a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> casts his eye over this significant Thai IPO looking at valuations.</p><p>In <a href="https://www.smartkarma.com/insights/home-improvement-sector-outlook-2h20" target="_blank" data-smartkarma-citation="insights:43567" rel="noopener">Home Improvement Sector Outlook 2H20,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> provide an update on the home-improvement segment in Thailand and maintain a positive outlook on both <a href="https://www.smartkarma.com/entities/home-product-center-pcl" target="_blank" data-smartkarma-citation="entities:9906:1" rel="noopener">Home Product Center (HMPRO TB)</a>,  <a href="https://www.smartkarma.com/entities/siam-global-house-pcl" target="_blank" data-smartkarma-citation="entities:19449:1" rel="noopener">Siam Global House (GLOBAL TB),</a> and <a href="https://www.smartkarma.com/entities/dohome-pcl" target="_blank" data-smartkarma-citation="entities:27331:1" rel="noopener">Dohome PCL (DOHOME TB)</a>. </p><p>In <a href="https://www.smartkarma.com/insights/gunkul-profit-from-japan-asset-disposal" target="_blank" data-smartkarma-citation="insights:43534" rel="noopener">GUNKUL: Profit from Japan Asset Disposal</a>, <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/gunkul-engineering-pcl" target="_blank" data-smartkarma-citation="entities:15272:1" rel="noopener">Gunkul Engineering (GUNKUL TB)</a> following the disposal of a 67MW solar project in Japan (SCOD in 2022), where it booked special profit of Bt715m. </p><p>In <a href="https://www.smartkarma.com/insights/jkn-await-for-new-rerating-catalyst" target="_blank" data-smartkarma-citation="insights:43529" rel="noopener">JKN: Await for New Rerating Catalyst</a>, <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/jkn-global-media-pcl" target="_blank" data-smartkarma-citation="entities:24236:1" rel="noopener">JKN Global Media (JKN TB)</a> following the recent surge in the share price and downgrade the company recommendation to HOLD. </p><h3>Sector and Thematic Insights</h3><p>In <a href="https://www.smartkarma.com/insights/thai-banks-leveraged-to-tourism" target="_blank" data-smartkarma-citation="insights:43487" rel="noopener">Thai Banks – Leveraged To Tourism?</a>, banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> revisits the Thai banks as the country prepares to open its borders to foreign arrivals, albeit in a small way to start with.  </p><p>In <a href="https://www.smartkarma.com/insights/top-100-asian-unicorns" target="_blank" data-smartkarma-citation="insights:43552" rel="noopener">Top 100 Asian Unicorns</a>, <a href="https://www.smartkarma.com/profiles/douglas-kim" target="_blank" data-smartkarma-citation="accounts:342" rel="noopener">Douglas Kim</a> provides a list with summaries of the top 100 unicorns in Asia (including a number in South East Asia), broken down by the major countries in Asia. </p><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/pakuwon-jati-tear-sheet-lucror-analytics-3ea61a3d-39e3-4628-b256-4d7b1da56f77" target="_blank" data-smartkarma-citation="insights:43496" rel="noopener">Pakuwon Jati - Tear Sheet</a>, <a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" data-smartkarma-citation="accounts:7108" rel="noopener">Trung Nguyen</a> from <a href="https://www.smartkarma.com/companies/lucror-analytics" target="_blank" data-smartkarma-citation="companies:1350" rel="noopener">Lucror Analytics</a> provides us with a bird's eye view of this leading Indonesian Property company from a credit perspective. </p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma.
Macro InsightsIn Anwar Makes His Move at Last; Election in Sabah This Week Should Bolster Him Too, CrossASEAN Chief Economist Prasenjit K. Basu comments on Anwar's move to form a new Government in Malaysia.Equity Bottom-Up InsightsIn Gojek and Grab - A Merger of the Super Apps on the Offing? We Think Not, CrossASEAN Insight Provider Angus Mackintosh takes a look at South East Asia's two leading ride-hailing companies in light of recent talk of a merger of the two Unicorns. In Mitra Keluarga (MIKA): Margin Expansion from COVID-19 comments on one of Indonesia's best quality hospitals in light of COVID-19. In Snippets #44: More Turbulence at THAI, Four New Airports!, out Thai guru Athaporn Arayasantiparb, CFA comments on five pieces of interesting news or developments that could impact Thai equities.  in Bangkok's Finest: Bangkok Glass and BAM,Athaporn Arayasantiparb, CFA follows up with two companies which came to IPO around two years ago, namely Bangkok Glass PCL (BG TB) and Bangkok Commercial Asset Management (BAM TB).In DBS – Reckoning At Quarter End, banking specialist Daniel Tabbush revisits DBS Group Holdings (DBS SP) ahead of its quarterly results, where he sees the potential for a positive surprise.In SCG Packaging IPO - Unexciting, Sumeet Singh revisits this up-and-coming IPO born out of Siam Cement (SCC TB). In SCG Packaging IPO: Valuation Insights,Arun George casts his eye over this significant Thai IPO looking at valuations.In Home Improvement Sector Outlook 2H20, our friends at Country Group provide an update on the home-improvement segment in Thailand and maintain a positive outlook on both Home Product Center (HMPRO TB),  Siam Global House (GLOBAL TB), and Dohome PCL (DOHOME TB). In GUNKUL: Profit from Japan Asset Disposal, Country Group revisit Gunkul Engineering (GUNKUL TB) following the disposal of a 67MW solar project in Japan (SCOD in 2022), where it booked special profit of Bt715m. In JKN: Await for New Rerating Catalyst, Country Group revisit JKN Global Media (JKN TB) following the recent surge in the share price and downgrade the company recommendation to HOLD. Sector and Thematic InsightsIn Thai Banks – Leveraged To Tourism?, banking specialist Daniel Tabbush revisits the Thai banks as the country prepares to open its borders to foreign arrivals, albeit in a small way to start with.  In Top 100 Asian Unicorns, Douglas Kim provides a list with summaries of the top 100 unicorns in Asia (including a number in South East Asia), broken down by the major countries in Asia. Credit InsightsIn Pakuwon Jati - Tear Sheet, Trung Nguyen from Lucror Analytics provides us with a bird's eye view of this leading Indonesian Property company from a credit perspective. 

The Week that Was in ASEAN@Smartkarma - Unicorns & Super Apps, SCG Packaging, and Thai Banks

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<section><div id="ember1644"><div><p>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p></div></div></section>

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.

The Stocks to Own in Thailand – Vol. 30

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<p><em><strong>Corrigenda: There is an error in this Insight. Please note the correction.</strong></em></p>
<p><em><strong>Correction: The <a href="https://www.smartkarma.com/insights/singapore-sti-macro-bear-pressure-mounting-with-tactical-relief-from-2-400" target="_blank" data-smartkarma-citation="insights:42932" rel="noopener">Singapore STI Macro Bear Pressure Mounting with Tactical Relief from 2,400</a> Insight is improperly attributed to Thomas Monaco. That Insight was published by <a href="https://www.smartkarma.com/profiles/thomas-schroeder" target="_blank" data-smartkarma-citation="accounts:381" rel="noopener">Thomas Schroeder</a>.</strong></em></p>
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<div class="content-highlight">
<p>The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma.</a></p>
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<h3>Equity Bottom-Up Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/kalbe-farma-klbf-ij-a-nutritional-spin-off" target="_blank" data-smartkarma-citation="insights:42533" rel="noopener">Kalbe Farma (KLBF IJ) - A Nutritional Spin-Off?,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits South East Asia's largest pharmaceutical company in light of news that the company is considering spinning off its Nutritionals division to raise around US$500m. </p>
<p>In <a href="https://www.smartkarma.com/insights/link-net-tbk-pt-link-ij-summer-migration-at-last" target="_blank" data-smartkarma-citation="insights:42829" rel="noopener">Link Net Tbk Pt (LINK IJ) - Summer Migration at Last,</a> <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's highest quality high-speed broadband provider following a call with managment, which focused on its recent results, as well as the decision to build its own pole infrastructure to carry its fibre.  </p>
<p>In <a href="https://www.smartkarma.com/insights/singtel-make-the-call" target="_blank" data-smartkarma-citation="insights:42900" rel="noopener">SingTel: Make The Call,</a> <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> zeros in on Singapore's leading telecom provider and finds deep value appearing in the stock.</p>
<p>In <a href="https://www.smartkarma.com/insights/scg-packaging-ipo-initiation-shrink-wrapping" target="_blank" data-smartkarma-citation="insights:42967" rel="noopener">SCG Packaging IPO Initiation: Shrink Wrapping,</a> <a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> takes a first look at the upcoming spin-off from <a href="https://www.smartkarma.com/entities/siam-cement-pcl-the" target="_blank" data-smartkarma-citation="entities:2589:1" rel="noopener">Siam Cement (SCC TB)</a> and IPO of SCG Packaging, which will get a lot of investor focus given ist size and share in of the packaging market in SE Asia. </p>
<p>In <a href="https://www.smartkarma.com/insights/sembcorp-last-chance-before" target="_blank" data-smartkarma-citation="insights:42886" rel="noopener">Sembcorp - Last Chance Before...</a> <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> looks at the enormously dilutive rights issue and de-merger of Semcorp Marine. </p>
<p> In <a href="https://www.smartkarma.com/insights/singapore-sti-macro-bear-pressure-mounting-with-tactical-relief-from-2-400" target="_blank" data-smartkarma-citation="insights:42932" rel="noopener">Singapore STI Macro Bear Pressure Mounting with Tactical Relief from 2,400,</a> technical analysis specialist <a href="https://www.smartkarma.com/profiles/thomas-j-monaco" target="_blank" data-smartkarma-citation="accounts:1716" rel="noopener">Thomas J. Monaco</a> works his technical magic on the <a href="https://www.smartkarma.com/entities/ftse-straits-times-index-sti" target="_blank" data-smartkarma-citation="entities:22902:1" rel="noopener">FTSE Straits Times Index (STI) (STI INDEX).</a></p>
<p>In <a href="https://www.smartkarma.com/insights/ratch-3q20-earnings-to-improve-from-overseas-performance" target="_blank" data-smartkarma-citation="insights:42789" rel="noopener">RATCH: 3Q20 Earnings to Improve from Overseas Performance</a>, our friend at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> report back on <a href="https://www.smartkarma.com/entities/ratch-group-pcl" target="_blank" data-smartkarma-citation="entities:15338:1" rel="noopener">Ratchaburi Electric (RATCH TB)</a> post its more recent analyst meeting, which left a positive impression.  </p>
<p>In <a href="https://www.smartkarma.com/insights/b-work-good-dividend-yield-makes-an-attractive-investment" target="_blank" data-smartkarma-citation="insights:42782" rel="noopener">B-WORK: Good Dividend Yield Makes an Attractive Investment,</a> <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a> revisits <a href="https://www.smartkarma.com/entities/bualuang-office-leasehold-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:26187:1" rel="noopener">Bualuang Office Leasehold Real Estate Investment Trust (B-WORK TB)</a> and takes a positive view. </p>
<p>In <a href="https://www.smartkarma.com/insights/rbf-the-excessive-outperformance-may-come-to-a-halt" target="_blank" data-smartkarma-citation="insights:42788" rel="noopener">RBF: The Excessive Outperformance May Come to a Halt,</a> <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a> upgrades his recommendation on <a href="https://www.smartkarma.com/entities/r-b-food-supply-pcl" target="_blank" data-smartkarma-citation="entities:28949:1" rel="noopener">R&amp;B Food Supply PCL (RBF TB)</a> to HOLD from SELL based on raising his target price of THB9.25 from THB8.70, implying a downside of 9% from the current price. </p>
<p>In <a href="https://www.smartkarma.com/insights/sti-acquisition-benefits-are-not-fully-priced-in-strong-buy" target="_blank" data-smartkarma-citation="insights:42785" rel="noopener">STI: Acquisition Benefits Are Not Fully Priced In, Strong BUY,</a> <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a> revisits <a href="https://www.smartkarma.com/entities/stonehenge-inter-pcl" target="_blank" data-smartkarma-citation="entities:27353:1" rel="noopener">Stonehenge Inter (STI TB)</a> with a BUY recommendation based on his target of THB10.10, implying an upside of 31% from the current share price. </p>
<p>In <a href="https://www.smartkarma.com/insights/dod-strong-performance-deserves-a-re-rating" target="_blank" data-smartkarma-citation="insights:42676" rel="noopener">DOD: Strong Performance Deserves a Re-Rating,</a> <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a> upgrades his recommendation on <a href="https://www.smartkarma.com/entities/dod-biotech-pcl" target="_blank" data-smartkarma-citation="entities:26179:1" rel="noopener">DOD Biotech PCL (DOD TB)</a> to BUY from HOLD based on raising his target price to Bt10.70 from Bt7.55, implying an upside of 26% from the current price. </p>
<p>In <a href="https://www.smartkarma.com/insights/vranda-the-calm-before-challenging-times" target="_blank" data-smartkarma-citation="insights:42781" rel="noopener">VRANDA: The Calm Before Challenging Times,</a> <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a> has a SELL recommendation on <a href="https://www.smartkarma.com/entities/veranda-resort-pcl" target="_blank" data-smartkarma-citation="entities:29176:1" rel="noopener">Veranda Resort PCL (VRANDA TB)</a> based on a target price of THB4.30, implying a downside of 26% from the current share price. </p>
<p>In <a href="https://www.smartkarma.com/insights/ace-results-are-not-stunning-stay-on-hold" target="_blank" data-smartkarma-citation="insights:42784" rel="noopener">ACE: Results Are Not Stunning, Stay on HOLD,</a> <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a> upgrades his recommendation on <a href="https://www.smartkarma.com/entities/absolute-clean-energy-pcl" target="_blank" data-smartkarma-citation="entities:29155:1" rel="noopener">Absolute Clean Energy PCL (ACE TB)</a> to HOLD from SELL based on raising his target price to THB3.49 from THB2.64, implying an upside of 8% from the current price. </p>
<p>In <a href="https://www.smartkarma.com/insights/spa-weak-demand-continues-to-pressure-2h20-earnings" target="_blank" data-smartkarma-citation="insights:42813" rel="noopener">SPA: Weak Demand Continues to Pressure 2H20 Earnings,</a> <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a> downgrades <a href="https://www.smartkarma.com/entities/siam-wellness-group-pcl" target="_blank" data-smartkarma-citation="entities:3765:1" rel="noopener">Siam Wellness Group (SPA TB)</a> from BUY to HOLD rating and cut his target price by 31% to THB6.6 to factor in weakening earnings momentum in 2H20. </p>
<p>In <a href="https://www.smartkarma.com/insights/gunkul-new-60mw-power-plant-to-drive-2h20-earnings" target="_blank" data-smartkarma-citation="insights:42820" rel="noopener">GUNKUL: New 60MW Power Plant to Drive 2H20 Earnings,</a> <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> maintain a BUY rating on <a href="https://www.smartkarma.com/entities/gunkul-engineering-pcl" target="_blank" data-smartkarma-citation="entities:15272:1" rel="noopener">Gunkul Engineering (GUNKUL TB)</a> with a target price of THB3.24 derived using DCF method (WACC 7.8% and TG 1%) implying 11.4x FY20E PER or 0.5x relative PER to Thai utility sector. </p>
<h3>Sector and Thematic Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/telecom-review-sept-2020-ais-and-asiasoft-get-aggressive-on-gaming" target="_blank" data-smartkarma-citation="insights:41022" rel="noopener">Telecom Review (Sept 2020): AIS and AsiaSoft Get Aggressive on Gaming,</a> our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> takes a look at gaming, specifically related to <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> and <a href="https://www.smartkarma.com/entities/asiasoft-corp-pcl" target="_blank" data-smartkarma-citation="entities:5429:1" rel="noopener">Asiasoft Corp (AS TB)</a> in Thailand. </p>


Corrigenda: There is an error in this Insight. Please note the correction.
Correction: The Singapore STI Macro Bear Pressure Mounting with Tactical Relief from 2,400 Insight is improperly attributed to Thomas Monaco. That Insight was published by Thomas Schroeder.



The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma.

Equity Bottom-Up Insights
In Kalbe Farma (KLBF IJ) - A Nutritional Spin-Off?, CrossASEAN Insight Provider Angus Mackintosh revisits South East Asia's largest pharmaceutical company in light of news that the company is considering spinning off its Nutritionals division to raise around US$500m. 
In Link Net Tbk Pt (LINK IJ) - Summer Migration at Last, Angus Mackintosh revisits Indonesia's highest quality high-speed broadband provider following a call with managment, which focused on its recent results, as well as the decision to build its own pole infrastructure to carry its fibre.  
In SingTel: Make The Call, David Blennerhassett zeros in on Singapore's leading telecom provider and finds deep value appearing in the stock.
In SCG Packaging IPO Initiation: Shrink Wrapping, Arun George takes a first look at the upcoming spin-off from Siam Cement (SCC TB) and IPO of SCG Packaging, which will get a lot of investor focus given ist size and share in of the packaging market in SE Asia. 
In Sembcorp - Last Chance Before... Travis Lundy looks at the enormously dilutive rights issue and de-merger of Semcorp Marine. 
 In Singapore STI Macro Bear Pressure Mounting with Tactical Relief from 2,400, technical analysis specialist Thomas J. Monaco works his technical magic on the FTSE Straits Times Index (STI) (STI INDEX).
In RATCH: 3Q20 Earnings to Improve from Overseas Performance, our friend at Country Group report back on Ratchaburi Electric (RATCH TB) post its more recent analyst meeting, which left a positive impression.  
In B-WORK: Good Dividend Yield Makes an Attractive Investment, Dr. Andrew Stotz, CFA revisits Bualuang Office Leasehold Real Estate Investment Trust (B-WORK TB) and takes a positive view. 
In RBF: The Excessive Outperformance May Come to a Halt, Dr. Andrew Stotz, CFA upgrades his recommendation on R&amp;B Food Supply PCL (RBF TB) to HOLD from SELL based on raising his target price of THB9.25 from THB8.70, implying a downside of 9% from the current price. 
In STI: Acquisition Benefits Are Not Fully Priced In, Strong BUY, Dr. Andrew Stotz, CFA revisits Stonehenge Inter (STI TB) with a BUY recommendation based on his target of THB10.10, implying an upside of 31% from the current share price. 
In DOD: Strong Performance Deserves a Re-Rating, Dr. Andrew Stotz, CFA upgrades his recommendation on DOD Biotech PCL (DOD TB) to BUY from HOLD based on raising his target price to Bt10.70 from Bt7.55, implying an upside of 26% from the current price. 
In VRANDA: The Calm Before Challenging Times, Dr. Andrew Stotz, CFA has a SELL recommendation on Veranda Resort PCL (VRANDA TB) based on a target price of THB4.30, implying a downside of 26% from the current share price. 
In ACE: Results Are Not Stunning, Stay on HOLD, Dr. Andrew Stotz, CFA upgrades his recommendation on Absolute Clean Energy PCL (ACE TB) to HOLD from SELL based on raising his target price to THB3.49 from THB2.64, implying an upside of 8% from the current price. 
In SPA: Weak Demand Continues to Pressure 2H20 Earnings, Dr. Andrew Stotz, CFA downgrades Siam Wellness Group (SPA TB) from BUY to HOLD rating and cut his target price by 31% to THB6.6 to factor in weakening earnings momentum in 2H20. 
In GUNKUL: New 60MW Power Plant to Drive 2H20 Earnings, Country Group maintain a BUY rating on Gunkul Engineering (GUNKUL TB) with a target price of THB3.24 derived using DCF method (WACC 7.8% and TG 1%) implying 11.4x FY20E PER or 0.5x relative PER to Thai utility sector. 
Sector and Thematic Insights
In Telecom Review (Sept 2020): AIS and AsiaSoft Get Aggressive on Gaming, our Thai guru Athaporn Arayasantiparb, CFA takes a look at gaming, specifically related to Advanced Info Service (ADVANC TB) and Asiasoft Corp (AS TB) in Thailand. 

The Week that Was in ASEAN@Smartkama - Kalbe Spin-Off, SingTel's Deep Value, and Thailand's Gamers

<div class="content-highlight">
<p>This past week's offering of Insights across <strong><a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> </strong>is filled with another eclectic mix of differentiated, substantive and actionable insights from across <strong>South East Asia</strong> and includes <strong>macro, top-down </strong>and<strong> thematic pieces</strong>, as well as <strong>actionable equity bottom-up pieces</strong>. Please find a brief summary below, with a fuller write up in the detailed section.</p>
<p>The top Macro Insight this week comes from <strong><a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr Jim Walker</a></strong> who takes a close look at the Thai Economy and finds a vibrant growth story domestically, despite recent slower headline GDP figures. In the equity-bottom-up space, the top three include two pieces from <strong>CrossASEAN</strong> Insight Provider <strong><a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a></strong> on <a href="https://www.smartkarma.com/entities/5230" target="_blank" data-smartkarma-citation="entities:5230:1"><strong>Pt Matahari Department Store (LPPF IJ</strong>)</a> and <strong><a href="https://www.smartkarma.com/entities/878" target="_blank" data-smartkarma-citation="entities:878:1">Siloam International Hospitals (SILO IJ)</a></strong>, two beaten up Lippo Group companies and a trade idea from <strong><a href="https://www.smartkarma.com/profiles/2658" target="_blank" data-smartkarma-citation="accounts:2658">Curtis Lehnert </a></strong>on Hong Kong-listed SE Asian conglomerate <strong><a href="https://www.smartkarma.com/entities/173" target="_blank" data-smartkarma-citation="entities:173:1">First Pacific Co (142 HK)</a></strong>. We would also highlight a piece on the <strong>Thai Media</strong> sector from <strong><a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a></strong> looking at the <strong>latest spectrum swap between Pay TV and telecoms operators.</strong> </p>
</div><h2>Macro insights</h2><p>In <a href="https://www.smartkarma.com/insights/weak-headline-gdp-numbers-misleading-for-thai-growth" target="_blank" data-smartkarma-citation="insights:26469">Weak Headline GDP Numbers Misleading for Thai Growth</a>, <a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr. Jim Walker</a> suggests that economic growth in Thailand is being underestimated, with domestic consumption now booming. </p><p>In <a href="https://www.smartkarma.com/insights/finance-minister-s-expanded-tax-holidays-for-pioneer-industries-lazy-policymaking" target="_blank" data-smartkarma-citation="insights:26424">Finance Minister's Expanded Tax Holidays for Pioneer Industries: Lazy Policymaking?</a>, <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> comments on the latest move by the Indonesian Government to introduce further tax holidays for certain industries. </p><p>In <a href="https://www.smartkarma.com/insights/singapore-what-ails-consumption-and-investment-in-the-city-state" target="_blank" data-smartkarma-citation="insights:26471">Singapore: What Ails Consumption and Investment in the City-State</a>,  <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> investigates the reasons behind sluggish consumption and investment in Singapore. </p><p>In <a href="https://www.smartkarma.com/insights/212-demo-lifts-hardline-fpi-papua-massacre-strong-tax-receipts-prabowo-vs-press-lrt-trial" target="_blank" data-smartkarma-citation="insights:26559">'212' Demo Lifts Hardline FPI / Papua Massacre / Strong Tax Receipts / Prabowo Vs Press / LRT Trial</a>, <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> comments on the most important political and economic developments over the past week. </p><p>In <a href="https://www.smartkarma.com/insights/philippine-november-cpi-inflation-s-inflection-point-to-the-downside-shows-up" target="_blank" data-smartkarma-citation="insights:26565">Philippine November CPI: Inflation's Inflection Point to the Downside Shows Up</a>, <a href="https://www.smartkarma.com/profiles/1930" target="_blank" data-smartkarma-citation="accounts:1930">Jun Trinidad</a> looks at the implication of the latest inflation numbers in the Philippines. </p><p>In <a href="https://www.smartkarma.com/insights/amid-slumping-oil-prices-could-we-rewind-to-the-sweet-spot" target="_blank" data-smartkarma-citation="insights:26462">Amid Slumping Oil Prices, Could We Rewind to the 'Sweet Spot'?</a> , <a href="https://www.smartkarma.com/profiles/1930" target="_blank" data-smartkarma-citation="accounts:1930">Jun Trinidad</a> asks whether falling oil prices can create a more beneficial inflationary environment in the Philippines. </p><h2>Equity Bottom-up Insights</h2><p>In <a href="https://www.smartkarma.com/insights/matahari-department-store-the-king-is-dead-long-live-the-king-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:26460">Matahari Department Store - "The King Is Dead, Long Live the King?"</a>, former Jakartan <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> circled back to <a href="https://www.smartkarma.com/entities/5230" target="_blank" data-smartkarma-citation="entities:5230:1">Pt Matahari Department Store (LPPF IJ)</a> and suggests that despite the travails of its shareholder, the future is not altogether bleak.</p><p>In <a href="https://www.smartkarma.com/insights/siloam-international-hospital-silo-ij-healthcare-for-the-rich-and-poor-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:26010">Siloam International Hospital (SILO IJ) - Healthcare for the Rich and Poor</a>, CrossASEAN Insight provider <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> takes a look at the leading hospital operators in Indonesia and sees the potential for a much brighter future. </p><p>In <a href="https://www.smartkarma.com/insights/genting-overstretched-in-the-us-and-facing-challenges-in-maylaysia-over-theme-park-woes" target="_blank" data-smartkarma-citation="insights:26476">Genting: Overstretched in the US and Facing Challenges in Malaysia over Theme Park Woes</a>, gaming specialist <a href="https://www.smartkarma.com/profiles/1005" target="_blank" data-smartkarma-citation="accounts:1005">Howard J Klein</a> circles back to <a href="https://www.smartkarma.com/entities/14210" target="_blank" data-smartkarma-citation="entities:14210:1">Genting Bhd (GENT MK)</a> and sees an uncertain future. </p><p>In <a href="https://www.smartkarma.com/insights/rhb-bank-when-you-drink-the-water-remember-the-spring" target="_blank" data-smartkarma-citation="insights:26558">RHB Bank: 飲水思源 "When You Drink the Water, Remember the Spring"</a>, <a href="https://www.smartkarma.com/profiles/2554" target="_blank" data-smartkarma-citation="accounts:2554">Paul Hollingworth</a> writes on Malaysian Bank <a href="https://www.smartkarma.com/entities/24161" target="_blank" data-smartkarma-citation="entities:24161:1">RHB Bank Bhd (RHBBANK MK)</a> and suggests it's an interesting story. </p><p>In his Insight, <a href="https://www.smartkarma.com/insights/blue-bird-buy-level-with-macd-bull-inflection-pocket" target="_blank" data-smartkarma-citation="insights:26498">Blue Bird Buy Level with MACD Bull Inflection Pocket</a>, Technical Insight Provider <a href="https://www.smartkarma.com/profiles/381" target="_blank" data-smartkarma-citation="accounts:381">Thomas Schroeder</a> works his magic on Indonesian taxi operator <a href="https://www.smartkarma.com/entities/19482" target="_blank" data-smartkarma-citation="entities:19482:1">Blue Bird (BIRD IJ)</a>. </p><p>In <a href="https://www.smartkarma.com/insights/trade-idea-first-pacific-stub-142-hk-taming-the-beast" target="_blank" data-smartkarma-citation="insights:26364">TRADE IDEA - First Pacific Stub (142 HK): Taming the Beast</a>, <a href="https://www.smartkarma.com/profiles/2658" target="_blank" data-smartkarma-citation="accounts:2658">Curtis Lehnert</a> takes a detailed look at this South East Asian Holding company and finds it a compelling trade, given its discount to NAV of 51%. </p><p>In <a href="https://www.smartkarma.com/insights/hmpro-hmpro-tb-continued-margin-and-store-expansions" target="_blank" data-smartkarma-citation="insights:26524">HMPRO (HMPRO TB): Continued Margin and Store Expansions</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> works his magic on <a href="https://www.smartkarma.com/entities/9906" target="_blank" data-smartkarma-citation="entities:9906:1">Home Product Center (HMPRO TB)</a> and find plenty to cheer about. </p><p>In his insight, <a href="https://www.smartkarma.com/insights/m-m-tb-efficiency-improvements-to-drive-margin" target="_blank" data-smartkarma-citation="insights:26546">M (M TB): Efficiency Improvements to Drive Margin</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a>  takes a close look at one of Thailand's leading restaurant operators, <a href="https://www.smartkarma.com/entities/17689" target="_blank" data-smartkarma-citation="entities:17689:1">Mk Restaurants Group (M TB)</a>, and comes back with a positive view. </p><p>In <a href="https://www.smartkarma.com/insights/ipo-stalker-thai-enger-aggressive-new-construction-company" target="_blank" data-smartkarma-citation="insights:26532">IPO Stalker: Thai Enger, Aggressive New Construction Company</a>, Thai Guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> takes a look at this recent IPO after having had a chance to meet with management of this construction company.</p><p>In <a href="https://www.smartkarma.com/insights/metro-retail-stores-group-mrsgi-pm-a-fire-sale-at-a-filipino-retailer" target="_blank" data-smartkarma-citation="insights:26481">Metro Retail Stores Group (MRSGI PM)- A Fire Sale at a Filipino Retailer</a>, Insight Provider <a href="https://www.smartkarma.com/profiles/1378" target="_blank" data-smartkarma-citation="accounts:1378">Marc Melendez, CFA</a> takes a close look at this Philippines Retailer and takes a positive view. </p><h2>Sector and Thematic Insights</h2><p>In <a href="https://www.smartkarma.com/insights/thai-media-spotlight-government-rescue-plan" target="_blank" data-smartkarma-citation="insights:26489">Thai Media Spotlight: Government Rescue Plan</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> looks at the recently announced plan from the government to swap spectrum between telecoms and Pay TV operators, which he sees as a positive move. </p><p>In <a href="https://www.smartkarma.com/insights/interesting-stocks-to-consider-in-asean-vol-2" target="_blank" data-smartkarma-citation="insights:26466">Interesting Stocks to Consider in ASEAN, Vol. 2</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> gives us his picks across ASEAN. He highlights 15 stocks in ASEAN that look interesting to us based upon his FVMR Methodology. His research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof. The stocks are listed below.</p>


This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.
The top Macro Insight this week comes from Dr Jim Walker who takes a close look at the Thai Economy and finds a vibrant growth story domestically, despite recent slower headline GDP figures. In the equity-bottom-up space, the top three include two pieces from CrossASEAN Insight Provider Angus Mackintosh on Pt Matahari Department Store (LPPF IJ) and Siloam International Hospitals (SILO IJ), two beaten up Lippo Group companies and a trade idea from Curtis Lehnert on Hong Kong-listed SE Asian conglomerate First Pacific Co (142 HK). We would also highlight a piece on the Thai Media sector from Athaporn Arayasantiparb, CFA looking at the latest spectrum swap between Pay TV and telecoms operators. 
Macro insightsIn Weak Headline GDP Numbers Misleading for Thai Growth, Dr. Jim Walker suggests that economic growth in Thailand is being underestimated, with domestic consumption now booming. In Finance Minister's Expanded Tax Holidays for Pioneer Industries: Lazy Policymaking?, Kevin O’Rourke comments on the latest move by the Indonesian Government to introduce further tax holidays for certain industries. In Singapore: What Ails Consumption and Investment in the City-State,  Manu Bhaskaran investigates the reasons behind sluggish consumption and investment in Singapore. In '212' Demo Lifts Hardline FPI / Papua Massacre / Strong Tax Receipts / Prabowo Vs Press / LRT Trial, Kevin O’Rourke comments on the most important political and economic developments over the past week. In Philippine November CPI: Inflation's Inflection Point to the Downside Shows Up, Jun Trinidad looks at the implication of the latest inflation numbers in the Philippines. In Amid Slumping Oil Prices, Could We Rewind to the 'Sweet Spot'? , Jun Trinidad asks whether falling oil prices can create a more beneficial inflationary environment in the Philippines. Equity Bottom-up InsightsIn Matahari Department Store - "The King Is Dead, Long Live the King?", former Jakartan Angus Mackintosh circled back to Pt Matahari Department Store (LPPF IJ) and suggests that despite the travails of its shareholder, the future is not altogether bleak.In Siloam International Hospital (SILO IJ) - Healthcare for the Rich and Poor, CrossASEAN Insight provider Angus Mackintosh takes a look at the leading hospital operators in Indonesia and sees the potential for a much brighter future. In Genting: Overstretched in the US and Facing Challenges in Malaysia over Theme Park Woes, gaming specialist Howard J Klein circles back to Genting Bhd (GENT MK) and sees an uncertain future. In RHB Bank: 飲水思源 "When You Drink the Water, Remember the Spring", Paul Hollingworth writes on Malaysian Bank RHB Bank Bhd (RHBBANK MK) and suggests it's an interesting story. In his Insight, Blue Bird Buy Level with MACD Bull Inflection Pocket, Technical Insight Provider Thomas Schroeder works his magic on Indonesian taxi operator Blue Bird (BIRD IJ). In TRADE IDEA - First Pacific Stub (142 HK): Taming the Beast, Curtis Lehnert takes a detailed look at this South East Asian Holding company and finds it a compelling trade, given its discount to NAV of 51%. In HMPRO (HMPRO TB): Continued Margin and Store Expansions, Dr. Andrew Stotz, CFA works his magic on Home Product Center (HMPRO TB) and find plenty to cheer about. In his insight, M (M TB): Efficiency Improvements to Drive Margin, Dr. Andrew Stotz, CFA  takes a close look at one of Thailand's leading restaurant operators, Mk Restaurants Group (M TB), and comes back with a positive view. In IPO Stalker: Thai Enger, Aggressive New Construction Company, Thai Guru Athaporn Arayasantiparb, CFA takes a look at this recent IPO after having had a chance to meet with management of this construction company.In Metro Retail Stores Group (MRSGI PM)- A Fire Sale at a Filipino Retailer, Insight Provider Marc Melendez, CFA takes a close look at this Philippines Retailer and takes a positive view. Sector and Thematic InsightsIn Thai Media Spotlight: Government Rescue Plan, Athaporn Arayasantiparb, CFA looks at the recently announced plan from the government to swap spectrum between telecoms and Pay TV operators, which he sees as a positive move. In Interesting Stocks to Consider in ASEAN, Vol. 2, Dr. Andrew Stotz, CFA gives us his picks across ASEAN. He highlights 15 stocks in ASEAN that look interesting to us based upon his FVMR Methodology. His research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof. The stocks are listed below.

The Week that Was in ASEAN@Smartkarma - Booming Thailand, Department Stores, and Hospitals

<p>We highlight 15 stocks in ASEAN that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p>

We highlight 15 stocks in ASEAN that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

Interesting Stocks to Consider in ASEAN, Vol. 2

Thailand

Gunkul Engineering Public Co. Ltd. specializes in renewable energy generation, including solar and wind farms, and the manufacturing and distribution of electrical equipment. The company also provides construction and maintenance services for power systems. It was founded in 1982 and is headquartered in Bangkok, Thailand.

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Gunkul Engineering (GUNKUL TB)

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