Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 25th. We estimate that they had an aggregated short interest worth USD1.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&amp;P, Kasikornbank, Scc, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 25th. We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&amp;P, Kasikornbank, Scc, Gulf Energy Development.


Thailand Short Interest Weekly (Apr 25th): Delta Electronics, Krung Thai Bank, Ptt E&P, Kasikornbank

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

China Galaxy Securities / Index Rebalance

<ul>
<li>The WisdomTree Emerging Markets SmallCap Dividend Index is a fundamentally weighted index that measures the performance of small cap stocks within Emerging Markets.</li>
<li>The October rebalance will result in a one-way turnover of ~45% and in a one-way trade of US$1.24bn. There are ~300 stocks with over 1 day of ADV to trade.</li>
<li>With only 4 trading days to implementation, there could be large moves on stocks with large flows and impact over the next few days.</li>
</ul>


The WisdomTree Emerging Markets SmallCap Dividend Index is a fundamentally weighted index that measures the performance of small cap stocks within Emerging Markets.
The October rebalance will result in a one-way turnover of ~45% and in a one-way trade of US$1.24bn. There are ~300 stocks with over 1 day of ADV to trade.
With only 4 trading days to implementation, there could be large moves on stocks with large flows and impact over the next few days.


WisdomTree Emerging Markets SmallCap Dividend Index Rebalance: 45% Turnover & US$2.5bn to Trade

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 12.5xPE’23E, its five years trading average. Our rating reflects strong recovery in 2022-23</li>
<li>3Q22 earning grew YoY and QoQ LH reported 3Q22’s net profit of Bt2.25bn (+72%YoY, +5%QoQ),better than our forecast and market expectation.</li>
<li>The YoY enhancing of net profit supported by;(1) Revenue growth to Bt8.8bn(+28%YoY)from increasing real estate transfer to Bt7.5bn(+15%YoY)mainly from higher condominium transfer and higher income from hotel business to Bt937m(+458%YoY) </li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 12.5xPE’23E, its five years trading average. Our rating reflects strong recovery in 2022-23
3Q22 earning grew YoY and QoQ LH reported 3Q22’s net profit of Bt2.25bn (+72%YoY, +5%QoQ),better than our forecast and market expectation.
The YoY enhancing of net profit supported by;(1) Revenue growth to Bt8.8bn(+28%YoY)from increasing real estate transfer to Bt7.5bn(+15%YoY)mainly from higher condominium transfer and higher income from hotel business to Bt937m(+458%YoY) 


LH : 3Q22 Results Better than Our Forecast from Forex Gain

<ul>
<li>Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 15.2xPE’23E which is +1.5SD from its five years trading average. Our rating reflects strong recovery </li>
<li>Expect 3Q22 presales to grow YoY and QoQ We expect 3Q22 presales at Bt9.16 bn (+36% YoY, +24% QoQ), representing Bt8.5bn (+34%YoY,+27%QoQ) in low-rise and Bt675m (+147%YoY,-10%QoQ)</li>
<li>Moreover, we expect presales should remain strong in 2022 and inline with management guidance at Bt31bn (+8%YoY), drivened by 4 new projects launch in 4Q22E worth Bt4.4bn</li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 15.2xPE’23E which is +1.5SD from its five years trading average. Our rating reflects strong recovery 
Expect 3Q22 presales to grow YoY and QoQ We expect 3Q22 presales at Bt9.16 bn (+36% YoY, +24% QoQ), representing Bt8.5bn (+34%YoY,+27%QoQ) in low-rise and Bt675m (+147%YoY,-10%QoQ)
Moreover, we expect presales should remain strong in 2022 and inline with management guidance at Bt31bn (+8%YoY), drivened by 4 new projects launch in 4Q22E worth Bt4.4bn


<ul>
<li>Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method,implying 16xPE’22E which is +1.5SD from its five years trading average.Our rating reflects strong recovery in 2022-23 performance</li>
<li>2Q22 earning grew YoY and QoQ LH reported 2Q22’s net profit of Bt2.1bn (+14%YoY, +11% QoQ),better than our expectation at 7%. The YoY enhancing of net profit supported</li>
<li>Expect 3Q22 results to grow YoY and QoQ We expect 3Q22 earnings of LH to grow YoY and QoQ, supported by (1) 8 new project launch in 3Q22 worth Bt11.2bn.</li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method,implying 16xPE’22E which is +1.5SD from its five years trading average.Our rating reflects strong recovery in 2022-23 performance
2Q22 earning grew YoY and QoQ LH reported 2Q22’s net profit of Bt2.1bn (+14%YoY, +11% QoQ),better than our expectation at 7%. The YoY enhancing of net profit supported
Expect 3Q22 results to grow YoY and QoQ We expect 3Q22 earnings of LH to grow YoY and QoQ, supported by (1) 8 new project launch in 3Q22 worth Bt11.2bn.


Thailand

Land & Houses Public Company Limited is a real estate developer focused on developing and selling single detached houses, duo homes, townhouses, and residence condominium projects. It also operates a rental and service business, including shopping malls, hotels, and apartments. The company was founded in 1973 and is headquartered in Bangkok, Thailand.

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Land & Houses (LH TB)

Thailand Short Interest Weekly (Apr 25th): Delta Electronics, Krung Thai Bank, Ptt E&P, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&P,...

Ke Yan, CFA, FRM

WisdomTree Emerging Markets SmallCap Dividend Index Rebalance: 45% Turnover & US$2.5bn to Trade

There are 364 adds/325 deletes for the WisdomTree Emerging Markets SmallCap Dividend Index. One-way turnover is 45% resulting in a one-way trade of...

Brian Freitas

LH : 3Q22 Results Better than Our Forecast from Forex Gain

Maintain our BUY rating with a TP of Bt11.20, derived from SOTP method, implying 12.5xPE’23E, its five years trading average. Our rating reflects...

Pi Securities PCL, Thailand

LH : 3Q22 Result Will Expand YoY

Maintain our BUY rating with a TP of Bt11.20, derived from SOTP method, implying 15.2xPE’23E which is +1.5SD from its five years trading average....

Pi Securities PCL, Thailand

LH : 2Q22 Results Expanded YoY and QoQ

Maintain our BUY rating with a TP of Bt11.20, derived from SOTP method, implying 16xPE’22E which is +1.5SD from its five years trading average....

Pi Securities PCL, Thailand

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