Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Delivering Global Macro Investment Insights

DeSaque Macro Research

DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the view to delivering global macro investment insights aimed at providing new ideas to clients.

Said DeSaque has over 26 years of experience working as a professional economist in financial services. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist at Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he eventually became Head of the London Economics Department.

Said takes a very keen interest in international relations, along with their implications for economic development. His research interests include the economic transformation of China and its implications for global capital markets, particularly in the United States. He is a member of Chatham House in London.

The US economy and capital markets have historically been Said’s main focus of attention. He frequently presents his views to institutional investors in diverse geographic locations. In recent years, Said has also been carefully monitoring economic developments in Asia, particularly China and Japan.

FX & Rates

<ul>
<li>Prior to 1983, Hong Kong experienced economic overheating and high inflation. The currency peg’s inception coincided with the rising anti-inflationary credibility of Fed policy conduct. </li>
<li>Hong Kong is, however, now totally exposed to any draconian attempts by the Fed to recoup lost credibility via tighter policy settings.</li>
<li>China needs its own sovereign-controlled financial hub.  Hong Kong could be China’s financial centre, but recent currency weaponisation implies tenability of the currency board becomes increasingly driven by geopolitics.</li>
</ul>


Prior to 1983, Hong Kong experienced economic overheating and high inflation. The currency peg’s inception coincided with the rising anti-inflationary credibility of Fed policy conduct. 
Hong Kong is, however, now totally exposed to any draconian attempts by the Fed to recoup lost credibility via tighter policy settings.
China needs its own sovereign-controlled financial hub.  Hong Kong could be China’s financial centre, but recent currency weaponisation implies tenability of the currency board becomes increasingly driven by geopolitics.


Last Major Currency Peg: Hong Kong’s Fate Could Be Determined by the Fed and Geopolitics

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.

Equity Bottom-Up

PTT Exploration & Production / Equity Bottom-Up

<ul><li>We expect a good start for PTTEP's core earnings in 1Q21E, despite the projected oil hedging loss weighing on the bottom line.</li><li>We make an upward revision to its 2021-22E NP (at a 29% CAGR) on the higher Dubai price assumptions and the first incorporation of Oman Block 61 after the deal's completion.</li><li>We upgrade our rating to Buy (from Hold), with the newly revised 2021E TP of Bt132, given its solid growth platform focusing on core E&P, the LNG value chain and new businesses.</li></ul>

We expect a good start for PTTEP's core earnings in 1Q21E, despite the projected oil hedging loss weighing on the bottom line.We make an upward revision to its 2021-22E NP (at a 29% CAGR) on the higher Dubai price assumptions and the first incorporation of Oman Block 61 after the deal's completion.We upgrade our rating to Buy (from Hold), with the newly revised 2021E TP of Bt132, given its solid growth platform focusing on core E&P, the LNG value chain and new businesses.

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Hong Kong Treasury (HONG KONG GOVT)

Last Major Currency Peg: Hong Kong’s Fate Could Be Determined by the Fed and Geopolitics

Hong Kong adopted its dollar peg in 1983 when Fed credibility was rising. Its future depends on the Fed's efforts to recoup lost credibility and...

DeSaque Macro Research

Solid Earnings and Growth Prospects

We expect a good start for PTTEP's core earnings in 1Q21E, despite the projected oil hedging loss weighing on the bottom line. We make an upward...

Krungthai XSpring

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