Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

Macroeconomics

Asian monetary policy outlook: results of our Taylor Rule-based model<ul><li>China is behind the curve and needs to ease more aggressively.</li><li>The Philippines is behind the curve and needs to tighten.</li><li>India and Malaysia are ahead of the curve and need not hurry to ease in our view.</li><li>In general, an easing bias is likely in Asian monetary policy.</li></ul>

Asian monetary policy outlook: results of our Taylor Rule-based modelChina is behind the curve and needs to ease more aggressively.The Philippines is behind the curve and needs to tighten.India and Malaysia are ahead of the curve and need not hurry to ease in our view.In general, an easing bias is likely in Asian monetary policy.

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

North Bangkok Power Plant Block 1 Infrastructure Fund / Equity Bottom-Up

North Bangkok Power Plant Block 1 Infrastructure Fund (EGATIF TB)

North Bangkok Power Plant Block 1 Infrastructure Fund

Previously on "Introduction to Islamic Investing"...In the earlier review, we highlighted the theoretical basics of Islamic investing (precepts such as leverage, alcohol, pork) and even their religious roots (usury, myths about the devil's fall, etc). In this review, we get our hands dirty...OK busy...putting together a portfolio of 5 stocks that are Shariah compliant yo. Firstly, we start with the same portfolio we gave you in <a href="https://www.smartkarma.com/insights/5-stock-picks-for-santa-trump" target="_blank" data-smartkarma-citation="insights:7036">5 Stock Picks for Santa Trump</a>. Of course, the issue is thanks to the…

Previously on "Introduction to Islamic Investing"...In the earlier review, we highlighted the theoretical basics of Islamic investing (precepts such as leverage, alcohol, pork) and even their religious roots (usury, myths about the devil's fall, etc). In this review, we get our hands dirty...OK busy...putting together a portfolio of 5 stocks that are Shariah compliant yo. Firstly, we start with the same portfolio we gave you in 5 Stock Picks for Santa Trump. Of course, the issue is thanks to the…

Introduction to Islamic Investing (Portfolio)

EGAT is the state-owned power company that controls over half of the electricity generation capacity in Thailand as well as two of the country's biggest IPPs: Ratchaburi and EGCO. Other listed assets include the North Bangkok power plant (EGATIF) and Eastwater, an EGCO investment for industrial power. In this review, we explain the basics of Thai power industry and highlight why we like Ratchaburi best. Power is by far the most defensive sector in Thailand, and no one dominates it more than this Group.

EGAT is the state-owned power company that controls over half of the electricity generation capacity in Thailand as well as two of the country's biggest IPPs: Ratchaburi and EGCO. Other listed assets include the North Bangkok power plant (EGATIF) and Eastwater, an EGCO investment for industrial power. In this review, we explain the basics of Thai power industry and highlight why we like Ratchaburi best. Power is by far the most defensive sector in Thailand, and no one dominates it more than this Group.

Big Brother (Ep. 4): The Invisible Power Company

<table class="table table-striped"><tbody>
<tr>
<td>Stock</td>
<td>Shr price (Bt/sh)</td>
<td>Mkt cap (US$ bn)</td>
<td>% ytd performance</td>
<td>PE (x)</td>
<td>Yld (%)</td>
</tr>
<tr>
<td style="text-align: center;">EGATIF</td>
<td style="text-align: center;">11.6</td>
<td style="text-align: center;">0.7</td>
<td style="text-align: center;">12.6</td>
<td style="text-align: center;">N/A</td>
<td style="text-align: center;">2.6</td>
</tr>
<tr>
<td style="text-align: center;">RATCH</td>
<td style="text-align: center;">51.75</td>
<td style="text-align: center;">2.2</td>
<td style="text-align: center;">9.0</td>
<td style="text-align: center;">23.2</td>
<td style="text-align: center;">4.4</td>
</tr>
<tr>
<td style="text-align: center;">EGCO</td>
<td style="text-align: center;">201</td>
<td style="text-align: center;">3.1</td>
<td style="text-align: center;">32.7</td>
<td style="text-align: center;">17.7</td>
<td style="text-align: center;">3.1</td>
</tr>
<tr>
<td style="text-align: center;">GLOW</td>
<td style="text-align: center;">86</td>
<td style="text-align: center;">3.6</td>
<td style="text-align: center;">19.2</td>
<td style="text-align: center;">13.4</td>
<td style="text-align: center;">4.1</td>
</tr>
</tbody></table>What happened to markets? Thai equities have risen almost 20% this year. After 3-4 years of continuous selling (Bt400bn), foreign investors drove markets upwards by buying some Bt100bn in Thai equities this year. The Baht continues to strengthen over the last two days from Bt34.8 to Bt34.6, but both foreign and local funds sold heavily…



Stock
Shr price (Bt/sh)
Mkt cap (US$ bn)
% ytd performance
PE (x)
Yld (%)


EGATIF
11.6
0.7
12.6
N/A
2.6


RATCH
51.75
2.2
9.0
23.2
4.4


EGCO
201
3.1
32.7
17.7
3.1


GLOW
86
3.6
19.2
13.4
4.1

What happened to markets? Thai equities have risen almost 20% this year. After 3-4 years of continuous selling (Bt400bn), foreign investors drove markets upwards by buying some Bt100bn in Thai equities this year. The Baht continues to strengthen over the last two days from Bt34.8 to Bt34.6, but both foreign and local funds sold heavily…

Thailand

North Bangkok Power Plant Block 1 Infrastructure Fund (EGATIF) is a closed-end infrastructure fund that invests in the future availability revenue from the North Bangkok Power Plant Block 1. This power plant has a contracted capacity of 670 MW and uses natural gas as its primary fuel. The fund was established and listed on the Stock Exchange of Thailand in 2015, with its headquarters in Bangkok, Thailand.

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North Bangkok Power Plant Block 1 Infrastructure Fund (EGATIF TB)

Asian Monetary Policy Outlook

Asian monetary policy outlook: results of our Taylor Rule-based model China is behind the curve and needs to ease more aggressively. The...

Manu Bhaskaran

Introduction to Islamic Investing (Portfolio)

Previously on "Introduction to Islamic Investing"...In the earlier review, we highlighted the theoretical basics of Islamic investing (precepts...

Athaporn Arayasantiparb, CFA

Big Brother (Ep. 4): The Invisible Power Company

EGAT is the state-owned power company that controls over half of the electricity generation capacity in Thailand as well as two of the country's...

Athaporn Arayasantiparb, CFA

EGATIF: Safer than a Mattress

What happened to markets? Thai equities have risen almost 20% this year. After 3-4 years of continuous selling (Bt400bn), foreign investors drove...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)