Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Thaksin Shinawatra, born the son of a coffee guy up in Chiangmai and stepson of a silk tycoon, grew up to be the most famous citizen...and now fugitive in Thailand, or is he Montenegrin now? Thaksin founded AIS, the biggest mobile operator in Thailand, and his main holding company ShinCorp (now Intuch) also holds satellite monopoly Thaicom and Internet service provider CS Loxinfo. Today, they sold most of that (though conspiracy theorists have a different story) and only control SC Asset, a small but highly profitable property developer. His two sisters still control M-Link, a mobile phone distributor with much reduced network contracts.As 23rd and arguably most influential Prime Minister in Thailand, Thaksin polarized the country into two camps. Upcountry dudes praise his populist policies, while Bangkok elitists like myself (well, that's what call us) deride him for his many alleged corruption charges. Love him, hate him....No one ignores Thaksin (you could say the same for Donald Trump...a figure he is frequently compared to by Bloomberg).

Thaksin Shinawatra, born the son of a coffee guy up in Chiangmai and stepson of a silk tycoon, grew up to be the most famous citizen...and now fugitive in Thailand, or is he Montenegrin now? Thaksin founded AIS, the biggest mobile operator in Thailand, and his main holding company ShinCorp (now Intuch) also holds satellite monopoly Thaicom and Internet service provider CS Loxinfo. Today, they sold most of that (though conspiracy theorists have a different story) and only control SC Asset, a small but highly profitable property developer. His two sisters still control M-Link, a mobile phone distributor with much reduced network contracts.As 23rd and arguably most influential Prime Minister in Thailand, Thaksin polarized the country into two camps. Upcountry dudes praise his populist policies, while Bangkok elitists like myself (well, that's what call us) deride him for his many alleged corruption charges. Love him, hate him....No one ignores Thaksin (you could say the same for Donald Trump...a figure he is frequently compared to by Bloomberg).

Thai-Coons Ep. 8: Thaksin...Business Genius or Political Provacateur?

<table class="table table-striped"><tbody>
<tr>
<td style="text-align: left;">Stock</td>
<td style="text-align: left;">Business</td>
<td style="text-align: left;">Shr pr</td>
<td style="text-align: left;">Mkt cap (US$ bn)</td>
<td style="text-align: left;">PE (x)</td>
<td style="text-align: left;">Yield (%)</td>
<td style="text-align: left;">ROI (%)</td>
</tr>
<tr>
<td>Facebook (FB)</td>
<td>Social network</td>
<td>USD128</td>
<td>358</td>
<td>61.3</td>
<td>0</td>
<td>12.6</td>
</tr>
<tr>
<td>Softbank (9984)</td>
<td>Venture capital</td>
<td>6,691 Yen</td>
<td>78.5</td>
<td>17.7</td>
<td>0.6</td>
<td>3.4</td>
</tr>
<tr>
<td>Fanuc (6954)</td>
<td>Robotics</td>
<td>16,735 Yen</td>
<td>33.5</td>
<td>23.5</td>
<td>2.9</td>
<td>10.2</td>
</tr>
<tr>
<td>Intuch</td>
<td>Telecoms/venture cap</td>
<td>52.25 Baht</td>
<td>4.8</td>
<td>8.8</td>
<td>8.8</td>
<td> 54.8</td>
</tr>
</tbody></table>Two Old Men. As we highlighted earlier in <a href="https://www.smartkarma.com/insights/sathorn-series-1-the-case-against-rate-cuts" target="_blank" data-smartkarma-citation="insights:5359">Sathorn Series 1: The Case Against Rate Cuts</a> , Thailand is the oldest population in ASEAN, so it's no wonder we look to Japan, the country with Asia's oldest population for leadership and inspiration for…



Stock
Business
Shr pr
Mkt cap (US$ bn)
PE (x)
Yield (%)
ROI (%)


Facebook (FB)
Social network
USD128
358
61.3
0
12.6


Softbank (9984)
Venture capital
6,691 Yen
78.5
17.7
0.6
3.4


Fanuc (6954)
Robotics
16,735 Yen
33.5
23.5
2.9
10.2


Intuch
Telecoms/venture cap
52.25 Baht
4.8
8.8
8.8
 54.8

Two Old Men. As we highlighted earlier in Sathorn Series 1: The Case Against Rate Cuts , Thailand is the oldest population in ASEAN, so it's no wonder we look to Japan, the country with Asia's oldest population for leadership and inspiration for…

Silicon September 3.0: Changing the Rules of Productivity (AI, VR, & Robotics)

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Singapore Telecommunications / Equity Bottom-Up

It looks like a case of taking with one hand (<a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti (BHARTI IN)</a>) and giving with the other (<a href="https://www.smartkarma.com/entities/17638" target="_blank" data-smartkarma-citation="entities:17638:1">Intouch (INTUCH TB)</a>) in the deal announced by <a href="https://www.smartkarma.com/entities/20" target="_blank" data-smartkarma-citation="entities:20:1">Singtel (ST SP)</a> yesterday. Temasek looks to have decided to clean up its telecom holdings and the recipient of this "largesse" was Singtel in what they described as a willing buyer/willing seller transaction. It looks very much like it was initiated by Temasek which has raised its stake in Singtel through a share placement to 52.2% and sold stakes in the two…

It looks like a case of taking with one hand (Bharti (BHARTI IN)) and giving with the other (Intouch (INTUCH TB)) in the deal announced by Singtel (ST SP) yesterday. Temasek looks to have decided to clean up its telecom holdings and the recipient of this "largesse" was Singtel in what they described as a willing buyer/willing seller transaction. It looks very much like it was initiated by Temasek which has raised its stake in Singtel through a share placement to 52.2% and sold stakes in the two…

Singtel: Bharti and Intouch Deals Appear Value Neutral.

We met up with Intuch Group on August 17 to touch base on the Group's operations and its listed (AIS, Thaicom, CS Loxinfo) and non-listed subsidiaries (Invent, Ookbee, and HSN). We believe upside for AIS and Intuch in now limited, but Thaicom could be worth Bt30-45/sh, depending on how the politics around its concessions evolve. A pro-Thaksin victory in the upcoming elections should be the best case for Thaicom.For the two telecom infrastructure funds, we would prefer Jasmine's over True's DIF (Digital Infrastructure Fund) given an almost 1% yield differential and better long-term safety of cashflows in our view. We believe its parent company Jasmine, a leading broadband Internet provider, could be worth close to Bt8/sh, implying roughly 30%. The broadband Internet market is large enough for all major players: Jasmine's 3BB, True Internet, and AIS Fiber. State-owned TOT remains a reactive player.

We met up with Intuch Group on August 17 to touch base on the Group's operations and its listed (AIS, Thaicom, CS Loxinfo) and non-listed subsidiaries (Invent, Ookbee, and HSN). We believe upside for AIS and Intuch in now limited, but Thaicom could be worth Bt30-45/sh, depending on how the politics around its concessions evolve. A pro-Thaksin victory in the upcoming elections should be the best case for Thaicom.For the two telecom infrastructure funds, we would prefer Jasmine's over True's DIF (Digital Infrastructure Fund) given an almost 1% yield differential and better long-term safety of cashflows in our view. We believe its parent company Jasmine, a leading broadband Internet provider, could be worth close to Bt8/sh, implying roughly 30%. The broadband Internet market is large enough for all major players: Jasmine's 3BB, True Internet, and AIS Fiber. State-owned TOT remains a reactive player.

Thaicom: Heads You Win, Tails...You Win a Little Less

Global Special Situations

Charles Nave

Event-Driven

Following the results of the second spectrum auction (in which True Corp and Jasmine were victors), the share price of Intouch and it's subsidiary AIS dropped 17% and 23% respectively.  This has resulted in a short term rally in the stub Intuch ex-AIS) from -THB8.30 to -THB3.60.This provides a prime trading opportunity.

Following the results of the second spectrum auction (in which True Corp and Jasmine were victors), the share price of Intouch and it's subsidiary AIS dropped 17% and 23% respectively.  This has resulted in a short term rally in the stub Intuch ex-AIS) from -THB8.30 to -THB3.60.This provides a prime trading opportunity.

Intouch (INTUCH TB):  Failed Spectrum Bid Provides Stub Trading Opportunity

Thailand

Intouch Holdings is a Thai investment holding company that focuses on the telecommunications, media, and technology (TMT) sectors, including digital businesses. It generates revenue primarily through dividends and share of profits from its major stakes in subsidiaries such as Advanced Info Service (AIS), Thailand's largest mobile operator, and Thaicom, Thailand's satellite operator. The company is headquartered in Bangkok, Thailand, and was founded in 1983.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Intouch Holdings (INTUCH-R TB)

Thai-Coons Ep. 8: Thaksin...Business Genius or Political Provacateur?

Thaksin Shinawatra, born the son of a coffee guy up in Chiangmai and stepson of a silk tycoon, grew up to be the most famous citizen...and now...

Athaporn Arayasantiparb, CFA

Silicon September 3.0: Changing the Rules of Productivity (AI, VR, & Robotics)

Two Old Men. As we highlighted earlier in Sathorn Series 1: The Case Against Rate Cuts , Thailand is the oldest population in ASEAN, so it's no...

Athaporn Arayasantiparb, CFA

Singtel: Bharti and Intouch Deals Appear Value Neutral.

It looks like a case of taking with one hand (Bharti (BHARTI IN)) and giving with the other (Intouch (INTUCH TB)) in the deal announced by Singtel...

New Street Research

Thaicom: Heads You Win, Tails...You Win a Little Less

We met up with Intuch Group on August 17 to touch base on the Group's operations and its listed (AIS, Thaicom, CS Loxinfo) and non-listed...

Athaporn Arayasantiparb, CFA

Intouch (INTUCH TB): Failed Spectrum Bid Provides Stub Trading Opportunity

Following the results of the second spectrum auction (in which True Corp and Jasmine were victors), the share price of Intouch and it's subsidiary...

Charles Nave

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)