Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

Sony Financial Group / Technical Analysis

Mid Term Country Allocation (Tactical view) in terms of Relative Value vs MXAP • HSCEI/MXAP ratio is moving in a range pattern. Therefore downgrade HSCEI from increase exposure to hold. While HSI/MXAP ratio remains above a trend line support (preference for a tactical HSI outperformance over HSCEI). • Keep “overweight” position on HSI, Nikkei, ASX and TWSE. • Maintain “Hold for KOSPI and Nifty vs MXAPShould you have any questions and wish to speak with one of our analysts, please don’t hesitate to…

Mid Term Country Allocation (Tactical view) in terms of Relative Value vs MXAP • HSCEI/MXAP ratio is moving in a range pattern. Therefore downgrade HSCEI from increase exposure to hold. While HSI/MXAP ratio remains above a trend line support (preference for a tactical HSI outperformance over HSCEI). • Keep “overweight” position on HSI, Nikkei, ASX and TWSE. • Maintain “Hold for KOSPI and Nifty vs MXAPShould you have any questions and wish to speak with one of our analysts, please don’t hesitate to…

BBSP Equity Asia Weekly Research 10th January 2018

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Thematic (Sector/Industry)

Thailand is probably the second biggest tobacco market in ASEAN after Indonesia. Heck, it's not easy to compete with a market where some kids start smoking at 8, but 16 is not an unusual age for Thai teens to start, so it isn't surprising that the boldly named TMT (Tobbaco Monopoly of Thailand) was once the country's biggest contributor of state revenues in the past yo! Of course, this is something that doctors and medical experts have always opposed, since they feel that any state revenue…

Thailand is probably the second biggest tobacco market in ASEAN after Indonesia. Heck, it's not easy to compete with a market where some kids start smoking at 8, but 16 is not an unusual age for Thai teens to start, so it isn't surprising that the boldly named TMT (Tobbaco Monopoly of Thailand) was once the country's biggest contributor of state revenues in the past yo! Of course, this is something that doctors and medical experts have always opposed, since they feel that any state revenue…

Tax Troubles Backfire for Thailand's Big Tobacco

China Unicom Hong Kong / Technical Analysis

Long-Term Allocation (Strategic view) in terms of Relative Value vs MXAP • NIKKEI/MXAP: Long-term outperformance still expected. • ASX/MXAP: Outperformance expected holding above long-term support (from 2003). • TWSE/MXAP: Neutral at the moment, watching closely a key level (2.22) to surpass to confirm TWSE long-term outperformance vs MXAP. • KOSPI/MXAP: Long-term outperformance in progress/still expected. • HSI/MXAP: Long-term outperformance in progress/still expected. • HSCEI/MXAP: Long-term…

Long-Term Allocation (Strategic view) in terms of Relative Value vs MXAP • NIKKEI/MXAP: Long-term outperformance still expected. • ASX/MXAP: Outperformance expected holding above long-term support (from 2003). • TWSE/MXAP: Neutral at the moment, watching closely a key level (2.22) to surpass to confirm TWSE long-term outperformance vs MXAP.  • KOSPI/MXAP: Long-term outperformance in progress/still expected. • HSI/MXAP: Long-term outperformance in progress/still expected. • HSCEI/MXAP: Long-term…

BBSP Equity Asia Weekly Research 25 Oct 2017

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

With tougher government regulation, cigarette consumption is observing a decline internationally. In response, in order to maintain its competitive edge, Japan Tobacco Inc’s acquisitions in Asia Pacific, namely in the Philippines and Indonesia, are seen as part of its international strategy to maintain long-term growth. Furthermore, this will enable JTI to be more well-balanced than before; in a better position to compete directly with Philip Morris International and British American Tobacco. Besides examining the impact of the company’s expansion in both the Philippines and Indonesia, this briefing seeks to highlight the future outlook and potential markets for JTI’s growth within Asia Pacific.

With tougher government regulation, cigarette consumption is observing a decline internationally. In response, in order to maintain its competitive edge, Japan Tobacco Inc’s acquisitions in Asia Pacific, namely in the Philippines and Indonesia, are seen as part of its international strategy to maintain long-term growth. Furthermore, this will enable JTI to be more well-balanced than before; in a better position to compete directly with Philip Morris International and British American Tobacco. Besides examining the impact of the company’s expansion in both the Philippines and Indonesia, this briefing seeks to highlight the future outlook and potential markets for JTI’s growth within Asia Pacific.

Part 2: Japan Tobacco Inc: Expansion in Asia Pacific

Equity Analyst, LightStream Research

Chacko Jacob

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.

We visited Yoyogi Park in Tokyo last weekend with the hope of relishing some fresh seafood at the annual Hokkaido Food Festival. But the long queues in front of every food stall assured us that it would take more than an hour to lay our hands on any of the delicacies and so, naturally, we made our way to the beer stands where the wait was a little less than five minutes for a glass of cold craft beer. What caught our eye in the midst of all the commotion was the IQOS smoking stands that were…

We visited Yoyogi Park in Tokyo last weekend with the hope of relishing some fresh seafood at the annual Hokkaido Food Festival. But the long queues in front of every food stall assured us that it would take more than an hour to lay our hands on any of the delicacies and so, naturally, we made our way to the beer stands where the wait was a little less than five minutes for a glass of cold craft beer. What caught our eye in the midst of all the commotion was the IQOS smoking stands that were…

Friday Musings - IQOS: License to Smoke…Anywhere?

Japan

Japan Tobacco, Inc. operates as an tobacco product company. The Company manufactures, markets and sells cigarettes and other tobacco products internationally. Japan Tobacco is also engaged in pharmaceutical and food businesses.

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Japan Tobacco (2914 JP)

BBSP Equity Asia Weekly Research 10th January 2018

Mid Term Country Allocation (Tactical view) in terms of Relative Value vs MXAP• HSCEI/MXAP ratio is moving in a range pattern. Therefore downgrade...

BBSP Asia

Tax Troubles Backfire for Thailand's Big Tobacco

Thailand is probably the second biggest tobacco market in ASEAN after Indonesia. Heck, it's not easy to compete with a market where some kids start...

Athaporn Arayasantiparb, CFA

BBSP Equity Asia Weekly Research 25 Oct 2017

Long-Term Allocation (Strategic view) in terms of Relative Value vs MXAP• NIKKEI/MXAP: Long-term outperformance still expected.• ASX/MXAP:...

BBSP Asia

Part 2: Japan Tobacco Inc: Expansion in Asia Pacific

With tougher government regulation, cigarette consumption is observing a decline internationally. In response, in order to maintain its competitive...

Euromonitor International Ltd.

Friday Musings - IQOS: License to Smoke…Anywhere?

We visited Yoyogi Park in Tokyo last weekend with the hope of relishing some fresh seafood at the annual Hokkaido Food Festival. But the long...

Chacko Jacob

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