ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<div class="content-highlight">
This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma.</a>
</div><h2>Macro Insights</h2>In <a href="https://www.smartkarma.com/insights/trump-orchestrates-an-opec-production-cut-with-g20-backing-crude-to-stay-low" target="_blank" data-smartkarma-citation="insights:38371" rel="noopener">Trump Orchestrates an OPEC+ Production Cut with G20 Backing: Crude to Stay Low,</a> CrossASEAN Economist <a href="https://www.smartkarma.com/profiles/prasenjit-k-basu" target="_blank" data-smartkarma-citation="accounts:612" rel="noopener">Prasenjit K. Basu</a> lays out his views on the direction of the crude oil price post the most recent OPEC deal. In <a href="https://www.smartkarma.com/insights/the-sound-of-silence" target="_blank" data-smartkarma-citation="insights:38463" rel="noopener">The Sound of Silence</a>, <a href="https://www.smartkarma.com/profiles/dr-jim-walker" target="_blank" data-smartkarma-citation="accounts:1628" rel="noopener">Dr Jim Walker</a> dives deeper into the battle against COVID-19, which he sees as a silent war and asks whether the silence cure is more deadly than the virus?<h2>Equity Bottom-Up Insights</h2>In <a href="https://www.smartkarma.com/insights/mitra-keluarga-mika-ij-the-covid-19-impact-bites" target="_blank" data-smartkarma-citation="insights:38431" rel="noopener">Mitra Keluarga (MIKA IJ)- The COVID-19 Impact Bites</a> Cross ASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits one of Indonesia's leading hospital players post results and a conversation with management. In <a href="https://www.smartkarma.com/insights/link-net-tbk-pt-link-ij-entertaining-and-connecting-the-home-crowd" target="_blank" data-smartkarma-citation="insights:38269" rel="noopener">Link Net Tbk Pt (LINK IJ) - Entertaining and Connecting the Home Crowd,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's best quality high-speed broadband player after a conversation with management and finds it defensive in the current environment. In <a href="https://www.smartkarma.com/insights/jasa-marga-jsmr-further-fall-from-covid-19-scaling-up" target="_blank" data-smartkarma-citation="insights:38251" rel="noopener">Jasa Marga (JSMR): Further Fall from COVID-19 Scaling Up</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> zooms in on Indonesia's leading toll-road player in light on the potentially severe impact of COVID-19. In <a href="https://www.smartkarma.com/insights/ipo-radar-pttor-part-i-a-gas-station-operator-behind-amazon-coffee" target="_blank" data-smartkarma-citation="insights:38116" rel="noopener">IPO Radar: PTTOR (Part I), A Gas Station Operator Behind Amazon Coffee,</a> our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> takes a close look at the upcoming IPO.In a second insight, <a href="https://www.smartkarma.com/insights/ipo-radar-pttor-part-2-valuation-and-risks" target="_blank" data-smartkarma-citation="insights:38122" rel="noopener">IPO Radar: PTTOR (Part 2), Valuation and Risks,</a><a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> lays out his valuation assumptions for the <a href="https://www.smartkarma.com/entities/ptt-oil-and-retail" target="_blank" data-smartkarma-citation="entities:28939:1" rel="noopener">PTT Oil and Retail (PTTOR TB)</a> IPO. In <a href="https://www.smartkarma.com/insights/bangkok-bank-permata-tender-offer-spread-finely-poised" target="_blank" data-smartkarma-citation="insights:38368" rel="noopener">Bangkok Bank/Permata Tender Offer Spread: Finely Poised,</a><a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> revisits this ongoing transaction and concludes that it will complete as scheduled. In <a href="https://www.smartkarma.com/insights/singapore-air-rights-the-circular-is-out-and-the-mcbs-are-still-ugly" target="_blank" data-smartkarma-citation="insights:38428" rel="noopener">Singapore Air Rights - The Circular Is Out And the MCBs Are Still Ugly,</a> events specialist <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits this ongoing mammoth capital raising situation.In <a href="https://www.smartkarma.com/insights/ambank-value-in-times-of-moral-hazard" target="_blank" data-smartkarma-citation="insights:38415" rel="noopener">AmBank: Value in Times of Moral Hazard,</a> banking specialist <a href="https://www.smartkarma.com/profiles/paul-hollingworth" target="_blank" data-smartkarma-citation="accounts:2554" rel="noopener">Paul Hollingworth</a> zeros in on leading Malaysian bank <a href="https://www.smartkarma.com/entities/ammb-holdings-bhd" target="_blank" data-smartkarma-citation="entities:137:1" rel="noopener">Ammb Holdings (AMM MK)</a> and finds value to be had.In <a href="https://www.smartkarma.com/insights/chuan-hup-the-chairman-knows-a-good-deal" target="_blank" data-smartkarma-citation="insights:38326" rel="noopener">Chuan Hup: The Chairman Knows A Good Deal</a>, events specialist <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> zeros in on this takeover situation.In <a href="https://www.smartkarma.com/insights/egco-thai-utility-premier-defensive-during-covid-19-crisis" target="_blank" data-smartkarma-citation="insights:38392" rel="noopener">EGCO: Thai Utility Premier Defensive During COVID-19 Crisis,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> initiate coverage of EGCO with a BUY rating, based on a 2020E target price of Bt321.In <a href="https://www.smartkarma.com/insights/tpch-growth-safe-haven" target="_blank" data-smartkarma-citation="insights:38471" rel="noopener">TPCH: Growth Safe Haven,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> maintain their BUY rating on TPCH with new 2021E target price at Bt13.9 (from Bt13.7), pegged to 10.0x FY21E PER.In <a href="https://www.smartkarma.com/insights/tasco-expects-sales-recovery-in-2q20e" target="_blank" data-smartkarma-citation="insights:38499" rel="noopener">TASCO: Expects Sales Recovery in 2Q20E,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> maintain their ‘BUY’ rating but cut our target price by 23% to Bt21.0, based on 12.8x FY20E PER.<h2>Sector and Thematic Insights</h2>In <a href="https://www.smartkarma.com/insights/singapore-reits-get-out-of-jail-free-card-for-the-tenants" target="_blank" data-smartkarma-citation="insights:38494" rel="noopener">Singapore REITs - Get Out of Jail Free Card, for the Tenants,</a><a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a> zeroes in on the Singapore REIT sector after some recent announcement of measures to provide REITs with greater flexibility to manage cash flows.In <a href="https://www.smartkarma.com/insights/cement-opportunities-in-india-less-so-in-indonesia-from-the-china-covid-19-playbook" target="_blank" data-smartkarma-citation="insights:38378" rel="noopener">Cement - Opportunities in India, Less so in Indonesia from the China COVID-19 Playbook</a>, <a href="https://www.smartkarma.com/profiles/victoria-li" target="_blank" data-smartkarma-citation="accounts:780" rel="noopener">Victoria Li</a> takes a bird's eye view of the cement markets of China, India, and Indonesia in light of COVID-19.


This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma.
Macro InsightsIn Trump Orchestrates an OPEC+ Production Cut with G20 Backing: Crude to Stay Low, CrossASEAN Economist Prasenjit K. Basu lays out his views on the direction of the crude oil price post the most recent OPEC deal. In The Sound of Silence, Dr Jim Walker dives deeper into the battle against COVID-19, which he sees as a silent war and asks whether the silence cure is more deadly than the virus?Equity Bottom-Up InsightsIn Mitra Keluarga (MIKA IJ)- The COVID-19 Impact Bites Cross ASEAN Insight Provider Angus Mackintosh revisits one of Indonesia's leading hospital players post results and a conversation with management. In Link Net Tbk Pt (LINK IJ) - Entertaining and Connecting the Home Crowd,Angus Mackintosh revisits Indonesia's best quality high-speed broadband player after a conversation with management and finds it defensive in the current environment. In Jasa Marga (JSMR): Further Fall from COVID-19 Scaling Up, CrossASEAN Insight Provider Henry Soediarko zooms in on Indonesia's leading toll-road player in light on the potentially severe impact of COVID-19. In IPO Radar: PTTOR (Part I), A Gas Station Operator Behind Amazon Coffee, our Thai guru Athaporn Arayasantiparb, CFA takes a close look at the upcoming IPO.In a second insight, IPO Radar: PTTOR (Part 2), Valuation and Risks,Athaporn Arayasantiparb, CFA lays out his valuation assumptions for the PTT Oil and Retail (PTTOR TB) IPO. In Bangkok Bank/Permata Tender Offer Spread: Finely Poised,Arun George revisits this ongoing transaction and concludes that it will complete as scheduled. In Singapore Air Rights - The Circular Is Out And the MCBs Are Still Ugly, events specialist Travis Lundy revisits this ongoing mammoth capital raising situation.In AmBank: Value in Times of Moral Hazard, banking specialist Paul Hollingworth zeros in on leading Malaysian bank Ammb Holdings (AMM MK) and finds value to be had.In Chuan Hup: The Chairman Knows A Good Deal, events specialist David Blennerhassett zeros in on this takeover situation.In EGCO: Thai Utility Premier Defensive During COVID-19 Crisis, our friends at Country Group initiate coverage of EGCO with a BUY rating, based on a 2020E target price of Bt321.In TPCH: Growth Safe Haven,Country Group maintain their BUY rating on TPCH with new 2021E target price at Bt13.9 (from Bt13.7), pegged to 10.0x FY21E PER.In TASCO: Expects Sales Recovery in 2Q20E,Country Group maintain their ‘BUY’ rating but cut our target price by 23% to Bt21.0, based on 12.8x FY20E PER.Sector and Thematic InsightsIn Singapore REITs - Get Out of Jail Free Card, for the Tenants,Sumeet Singh zeroes in on the Singapore REIT sector after some recent announcement of measures to provide REITs with greater flexibility to manage cash flows.In Cement - Opportunities in India, Less so in Indonesia from the China COVID-19 Playbook, Victoria Li takes a bird's eye view of the cement markets of China, India, and Indonesia in light of COVID-19. 

The Week That Was in ASEAN@Smartkarma- Indonesian Healthcare, Singapore REITs, and Regional Cement

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<div>
On 4th January 2019, <a href="https://www.smartkarma.com/entities/pci-ltd" target="_blank" data-smartkarma-citation="entities:11743:1" rel="noopener">Pci Ltd (PCI SP)</a> <a href="https://links.sgx.com/FileOpen/Pagani.Joint%20Announcement.FinalReleaseVersion.4Jan2019.ashx?App=Announcement&amp;FileID=539535" target="_blank" rel="noopener">announced</a> that Pagani Holding  (an SPV indirectly owned by Platinum Equity Advisors) had made an S$1.33/share cash offer for the company by way of a Scheme. The transaction was discussed in <a href="https://skr.ma/E8k2B" target="_blank" rel="noopener">PCI Ltd - All Over Before It Starts</a>. 
</div>
<div>
<a href="https://www.smartkarma.com/entities/13010" target="_blank" data-smartkarma-citation="entities:13010:1" rel="noopener">Chuan Hup Holdings (CH SP)</a> (CHH), which held 76.7% in PCI, gave an irrevocable undertaking to vote its stake in favour of the scheme resolution, and to reject or vote against any competing offers. PCI's executive chairman, Peh Kwee Chim (PKC), is Chuan Hup's majority owner. 
</div>
<div>
With the 75%-for scheme condition satisfied and a lifetime-high takeover price, this was a done deal. The Scheme became effective on the <a href="https://links.sgx.com/FileOpen/Pagani.EffectiveDateAnnouncement29Apr19.ashx?App=Announcement&amp;FileID=556846" target="_blank" rel="noopener">29 April</a>.
Following the sale of PCI, CHH 's remaining ops included investment holding and trading, and a property segment comprising property development and investment in properties. The two segments accounted for ~9% &amp; 16% of revenue in FY19 &amp; FY18 (June Year-End).
But subsequent to the sale, CHH was cashed-up with a net cash position of US$108mn (Dec-19) in cash plus a further US$21mn in "investment securities", for a total of ~S$183mn, versus its market cap of S$180mn. This is after paying a special dividend of S$0.09/share (~S$83mn) in FY19.
On the 14 February, CHH <a href="https://www.smartkarma.com/compose/insight/38326/via%20an%20off-market%20acquisition" target="_blank" rel="noopener">announced</a> it was ceasing quarterly reporting. 
On the <a href="http://chuanhup.listedcompany.com/newsroom/20200305_173151_C33_PLOK1Y33Y09726W9.1.pdf" target="_blank" rel="noopener">5 March</a>, PKC acquired 2.09% in CHH, via an off-market acquisition, taking his stake to 53.621%.
The chairman clearly sees a good deal above where shares currently trade. Coupled with the cessation of the quarterly reporting, one wonders if there are larger restructuring plans ahead for CHH.
</div>


On 4th January 2019, Pci Ltd (PCI SP) announced that Pagani Holding  (an SPV indirectly owned by Platinum Equity Advisors) had made an S$1.33/share cash offer for the company by way of a Scheme. The transaction was discussed in PCI Ltd - All Over Before It Starts. 


Chuan Hup Holdings (CH SP) (CHH), which held 76.7% in PCI, gave an irrevocable undertaking to vote its stake in favour of the scheme resolution, and to reject or vote against any competing offers. PCI's executive chairman, Peh Kwee Chim (PKC), is Chuan Hup's majority owner. 


With the 75%-for scheme condition satisfied and a lifetime-high takeover price, this was a done deal. The Scheme became effective on the 29 April.
Following the sale of PCI, CHH 's remaining ops included investment holding and trading, and a property segment comprising property development and investment in properties. The two segments accounted for ~9% &amp; 16% of revenue in FY19 &amp; FY18 (June Year-End).
But subsequent to the sale, CHH was cashed-up with a net cash position of US$108mn (Dec-19) in cash plus a further US$21mn in "investment securities", for a total of ~S$183mn, versus its market cap of S$180mn. This is after paying a special dividend of S$0.09/share (~S$83mn) in FY19.
On the 14 February, CHH announced it was ceasing quarterly reporting. 
On the 5 March, PKC acquired 2.09% in CHH, via an off-market acquisition, taking his stake to 53.621%.
The chairman clearly sees a good deal above where shares currently trade. Coupled with the cessation of the quarterly reporting, one wonders if there are larger restructuring plans ahead for CHH.


Chuan Hup: The Chairman Knows A Good Deal

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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<ul>
<li>
In 1Q19, IT was the best-performing sector on SGX with a total return of 28.6%, after registering a total return of -16.3% in calendar year 2018. It was also among the top net buy sectors for the quarter, garnering total institutional inflow of S$100.5 million, the second-highest inflow after REITs (+S$242.6 million). 
	 </li>
	<li>
The 20 largest IT stocks on SGX have a combined market cap of nearly S$16 billion, and averaged a total return of +21.7% in the 2019 YTD. They also averaged a PE ratio of 13.6x, ROE of 13.8% and dividend indicated yield of 3.5%. 
	 </li>
	<li>Among the 20, the five best performers in the YTD were: Hi-P (+65.0%), TPV Tech (+46.2%), Innotek (+41.0%), Venture (+37.9%), and CSE Global (+36.8%). The five have averaged a YTD total return of +45.4%, bringing their 1Y and 3Y total returns to +11.9% and +194.3% respectively.</li>
</ul>
Sector Draws Institutional Interest 

In the first quarter of 2019, Information Technology (IT) was the best-performing sector on SGX with a total return of 28.6%, reversing the -16.3% total return in calendar year 2018.

IT was also among the top net buy sectors for the January-March quarter, garnering total institutional inflow of S$100.5 million, according to SGX data. This comprised S$33.1 million, S$45.7 million, and S$21.7 million for the months of January, February and March 2019 respectively. IT received the second-highest inflows in the quarter after REITs, which garnered S$242.6 million.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-04/IT%20Sector%20Insti%20inflows.PNG" alt="Institutional Inflows">
 </figure>
 <div class="content-caption">Institutional Inflows</div>
March Electronics Manufacturing Activity 

The <a href="https://sipmm.io/singapore-manufacturing-activity-picks-up-march-but-electronics-decline/">Purchasing Managers' Index (PMI)</a> for Singapore's key electronics sector edged higher in March to 49.8 from 49.5 in February, but remains in contraction – below the expansionary level of 50 – for the fifth consecutive month.

However, the overall manufacturing PMI – a key barometer of economic activity in the broader manufacturing industry – stood at 50.8 in March, up 0.4 percentage point from February. March’s reading marks the index’s 31st straight month of expansion.

The <a href="https://sipmm.edu.sg/">Singapore Institute of Purchasing and Materials Management</a> (SIPMM), which compiles the index by surveying around 150 industrial companies, attributed the stronger performance in March to faster growth in new orders, factory output and inventory levels.

Best-Performing IT Stocks in YTD

The 20 largest capitalised IT stocks on SGX have a combined market cap of nearly S$16 billion. In the 2019 year-to-date, they have averaged a total return of +21.7%, bringing their one-year and three-year total returns to -4.1% and +171.5% respectively.

These 20 largest IT stocks also averaged a price-earnings ratio of 13.6x, a Return on Equity (ROE) of 13.8% and a dividend indicated yield of 3.5%.

Among the 20, the five best performers in the YTD were: Hi-P International (+65.0%), TPV Technology (+46.2%), Innotek Ltd (+41.0%), Venture Corp (+37.9%), and CSE Global (+36.8%).

These five stocks – which are focused on the businesses of consumer electronics, electronics components, office automation, industrial machinery and electronics manufacturing services – have averaged a YTD total return of +45.4%, bringing their one-year and three-year total returns to +11.9% and +194.3% respectively.

The table below details the 20 largest IT stocks on SGX, sorted by YTD total return.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 1Y (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
			<td>
			P/E (x)
			</td>
			<td>
			Div Ind Yield (%)
			</td>
			<td>
			ROE (%)
			</td>
		</tr>
<tr>
<td>
			HI-P INTL
			</td>
			<td>
			H17
			</td>
			<td>
			1,170
			</td>
			<td>
			65.0
			</td>
			<td>
			-27.3
			</td>
			<td>
			343.2
			</td>
			<td>
			11.7
			</td>
			<td>
			3.4
			</td>
			<td>
			18.5
			</td>
		</tr>
<tr>
<td>
			TPV TECHNOLOGY
			</td>
			<td>
			T18
			</td>
			<td>
			669
			</td>
			<td>
			46.2
			</td>
			<td>
			45.5
			</td>
			<td>
			70.2
			</td>
			<td>
			23.0
			</td>
			<td>
			0.6
			</td>
			<td>
			1.4
			</td>
		</tr>
<tr>
<td>
			INNOTEK LTD
			</td>
			<td>
			M14
			</td>
			<td>
			134
			</td>
			<td>
			41.0
			</td>
			<td>
			41.2
			</td>
			<td>
			354.0
			</td>
			<td>
			6.6
			</td>
			<td>
			1.7
			</td>
			<td>
			14.3
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			5,542
			</td>
			<td>
			37.9
			</td>
			<td>
			-30.4
			</td>
			<td>
			164.7
			</td>
			<td>
			13.8
			</td>
			<td>
			3.6
			</td>
			<td>
			16.4
			</td>
		</tr>
<tr>
<td>
			CSE GLOBAL
			</td>
			<td>
			544
			</td>
			<td>
			264
			</td>
			<td>
			36.8
			</td>
			<td>
			30.5
			</td>
			<td>
			39.4
			</td>
			<td>
			13.3
			</td>
			<td>
			5.3
			</td>
			<td>
			11.7
			</td>
		</tr>
<tr>
<td>
			CHUAN HUP
			</td>
			<td>
			C33
			</td>
			<td>
			343
			</td>
			<td>
			34.5
			</td>
			<td>
			27.4
			</td>
			<td>
			55.5
			</td>
			<td>
			28.5
			</td>
			<td>
			2.7
			</td>
			<td>
			3.1
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			AWX
			</td>
			<td>
			293
			</td>
			<td>
			30.9
			</td>
			<td>
			-36.4
			</td>
			<td>
			1414.9
			</td>
			<td>
			8.8
			</td>
			<td>
			3.2
			</td>
			<td>
			45.5
			</td>
		</tr>
<tr>
<td>
			UMS HOLDINGS
			</td>
			<td>
			558
			</td>
			<td>
			386
			</td>
			<td>
			26.3
			</td>
			<td>
			-33.9
			</td>
			<td>
			75.8
			</td>
			<td>
			9.0
			</td>
			<td>
			6.3
			</td>
			<td>
			19.4
			</td>
		</tr>
<tr>
<td>
			PCI LTD
			</td>
			<td>
			P19
			</td>
			<td>
			263
			</td>
			<td>
			24.5
			</td>
			<td>
			69.1
			</td>
			<td>
			271.3
			</td>
			<td>
			12.1
			</td>
			<td>
			2.3
			</td>
			<td>
			16.9
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS
			</td>
			<td>
			5CP
			</td>
			<td>
			1,349
			</td>
			<td>
			23.8
			</td>
			<td>
			0.1
			</td>
			<td>
			3.1
			</td>
			<td>
			21.2
			</td>
			<td>
			2.6
			</td>
			<td>
			29.1
			</td>
		</tr>
<tr>
<td>
			MEMTECH INTL
			</td>
			<td>
			BOL
			</td>
			<td>
			134
			</td>
			<td>
			22.3
			</td>
			<td>
			-34.6
			</td>
			<td>
			50.4
			</td>
			<td>
			10.4
			</td>
			<td>
			3.1
			</td>
			<td>
			7.6
			</td>
		</tr>
<tr>
<td>
			NERA TELECOM
			</td>
			<td>
			N01
			</td>
			<td>
			114
			</td>
			<td>
			16.7
			</td>
			<td>
			-10.8
			</td>
			<td>
			-15.9
			</td>
			<td>
			14.7
			</td>
			<td>
			7.9
			</td>
			<td>
			11.4
			</td>
		</tr>
<tr>
<td>
			CREATIVE TECH
			</td>
			<td>
			C76
			</td>
			<td>
			320
			</td>
			<td>
			12.1
			</td>
			<td>
			-25.7
			</td>
			<td>
			302.8
			</td>
			<td>
			19.8
			</td>
			<td>
			NA
			</td>
			<td>
			11.1
			</td>
		</tr>
<tr>
<td>
			ELEC &amp; ELTEK
			</td>
			<td>
			E16
			</td>
			<td>
			363
			</td>
			<td>
			9.5
			</td>
			<td>
			-3.8
			</td>
			<td>
			75.3
			</td>
			<td>
			11.0
			</td>
			<td>
			NA
			</td>
			<td>
			6.2
			</td>
		</tr>
<tr>
<td>
			NETLINK NBN TRUST
			</td>
			<td>
			CJLU
			</td>
			<td>
			3,254
			</td>
			<td>
			9.2
			</td>
			<td>
			10.6
			</td>
			<td>
			NA
			</td>
			<td>
			1.0*
			</td>
			<td>
			4.9
			</td>
			<td>
			2.4
			</td>
		</tr>
<tr>
<td>
			MICRO-MECHANICS
			</td>
			<td>
			5DD
			</td>
			<td>
			238
			</td>
			<td>
			4.3
			</td>
			<td>
			-9.4
			</td>
			<td>
			158.1
			</td>
			<td>
			15.1
			</td>
			<td>
			5.3
			</td>
			<td>
			27.1
			</td>
		</tr>
<tr>
<td>
			VALUETRONICS LTD
			</td>
			<td>
			BN2
			</td>
			<td>
			295
			</td>
			<td>
			3.0
			</td>
			<td>
			-25.0
			</td>
			<td>
			82.2
			</td>
			<td>
			8.5
			</td>
			<td>
			5.2
			</td>
			<td>
			18.9
			</td>
		</tr>
<tr>
<td>
			MDR LTD
			</td>
			<td>
			A27
			</td>
			<td>
			130
			</td>
			<td>
			0.0
			</td>
			<td>
			-28.7
			</td>
			<td>
			-44.1
			</td>
			<td>
			20.0
			</td>
			<td>
			1.6
			</td>
			<td>
			2.7
			</td>
		</tr>
<tr>
<td>
			SUNNINGDALE TECH
			</td>
			<td>
			BHQ
			</td>
			<td>
			254
			</td>
			<td>
			-4.2
			</td>
			<td>
			-18.5
			</td>
			<td>
			21.4
			</td>
			<td>
			8.6
			</td>
			<td>
			5.6
			</td>
			<td>
			8.0
			</td>
		</tr>
<tr>
<td>
			GP INDUSTRIES
			</td>
			<td>
			G20
			</td>
			<td>
			283
			</td>
			<td>
			-4.9
			</td>
			<td>
			-21.7
			</td>
			<td>
			7.8
			</td>
			<td>
			14.3
			</td>
			<td>
			5.1
			</td>
			<td>
			5.4
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			21.7
			</td>
			<td>
			-4.1
			</td>
			<td>
			171.5
			</td>
			<td>
			13.6
			</td>
			<td>
			3.5
			</td>
			<td>
			13.8
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 18 April 2019)

*Note P/B ratio used instead of P/E for NetLink as more relevant for business trusts
</body></html>





In 1Q19, IT was the best-performing sector on SGX with a total return of 28.6%, after registering a total return of -16.3% in calendar year 2018. It was also among the top net buy sectors for the quarter, garnering total institutional inflow of S$100.5 million, the second-highest inflow after REITs (+S$242.6 million).  
	 
	
The 20 largest IT stocks on SGX have a combined market cap of nearly S$16 billion, and averaged a total return of +21.7% in the 2019 YTD. They also averaged a PE ratio of 13.6x, ROE of 13.8% and dividend indicated yield of 3.5%. 
	 
	Among the 20, the five best performers in the YTD were: Hi-P (+65.0%), TPV Tech (+46.2%), Innotek (+41.0%), Venture (+37.9%), and CSE Global (+36.8%). The five have averaged a YTD total return of +45.4%, bringing their 1Y and 3Y total returns to +11.9% and +194.3% respectively.

Sector Draws Institutional Interest 

In the first quarter of 2019, Information Technology (IT) was the best-performing sector on SGX with a total return of 28.6%, reversing the -16.3% total return in calendar year 2018.

IT was also among the top net buy sectors for the January-March quarter, garnering total institutional inflow of S$100.5 million, according to SGX data. This comprised S$33.1 million, S$45.7 million, and S$21.7 million for the months of January, February and March 2019 respectively. IT received the second-highest inflows in the quarter after REITs, which garnered S$242.6 million.

      
    
    Institutional Inflows
March Electronics Manufacturing Activity 

The Purchasing Managers' Index (PMI) for Singapore's key electronics sector edged higher in March to 49.8 from 49.5 in February, but remains in contraction – below the expansionary level of 50 – for the fifth consecutive month.

However, the overall manufacturing PMI – a key barometer of economic activity in the broader manufacturing industry – stood at 50.8 in March, up 0.4 percentage point from February. March’s reading marks the index’s 31st straight month of expansion.

The Singapore Institute of Purchasing and Materials Management (SIPMM), which compiles the index by surveying around 150 industrial companies, attributed the stronger performance in March to faster growth in new orders, factory output and inventory levels.

Best-Performing IT Stocks in YTD

The 20 largest capitalised IT stocks on SGX have a combined market cap of nearly S$16 billion. In the 2019 year-to-date, they have averaged a total return of +21.7%, bringing their one-year and three-year total returns to -4.1% and +171.5% respectively.

These 20 largest IT stocks also averaged a price-earnings ratio of 13.6x, a Return on Equity (ROE) of 13.8% and a dividend indicated yield of 3.5%.

Among the 20, the five best performers in the YTD were: Hi-P International (+65.0%), TPV Technology (+46.2%), Innotek Ltd (+41.0%), Venture Corp (+37.9%), and CSE Global (+36.8%).

These five stocks – which are focused on the businesses of consumer electronics, electronics components, office automation, industrial machinery and electronics manufacturing services – have averaged a YTD total return of +45.4%, bringing their one-year and three-year total returns to +11.9% and +194.3% respectively.

The table below details the 20 largest IT stocks on SGX, sorted by YTD total return.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
			
			P/E (x)
			
			
			Div Ind Yield (%)
			
			
			ROE (%)
			
		


			HI-P INTL
			
			
			H17
			
			
			1,170
			
			
			65.0
			
			
			-27.3
			
			
			343.2
			
			
			11.7
			
			
			3.4
			
			
			18.5
			
		


			TPV TECHNOLOGY
			
			
			T18
			
			
			669
			
			
			46.2
			
			
			45.5
			
			
			70.2
			
			
			23.0
			
			
			0.6
			
			
			1.4
			
		


			INNOTEK LTD
			
			
			M14
			
			
			134
			
			
			41.0
			
			
			41.2
			
			
			354.0
			
			
			6.6
			
			
			1.7
			
			
			14.3
			
		


			VENTURE CORP
			
			
			V03
			
			
			5,542
			
			
			37.9
			
			
			-30.4
			
			
			164.7
			
			
			13.8
			
			
			3.6
			
			
			16.4
			
		


			CSE GLOBAL
			
			
			544
			
			
			264
			
			
			36.8
			
			
			30.5
			
			
			39.4
			
			
			13.3
			
			
			5.3
			
			
			11.7
			
		


			CHUAN HUP
			
			
			C33
			
			
			343
			
			
			34.5
			
			
			27.4
			
			
			55.5
			
			
			28.5
			
			
			2.7
			
			
			3.1
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			293
			
			
			30.9
			
			
			-36.4
			
			
			1414.9
			
			
			8.8
			
			
			3.2
			
			
			45.5
			
		


			UMS HOLDINGS
			
			
			558
			
			
			386
			
			
			26.3
			
			
			-33.9
			
			
			75.8
			
			
			9.0
			
			
			6.3
			
			
			19.4
			
		


			PCI LTD
			
			
			P19
			
			
			263
			
			
			24.5
			
			
			69.1
			
			
			271.3
			
			
			12.1
			
			
			2.3
			
			
			16.9
			
		


			SILVERLAKE AXIS
			
			
			5CP
			
			
			1,349
			
			
			23.8
			
			
			0.1
			
			
			3.1
			
			
			21.2
			
			
			2.6
			
			
			29.1
			
		


			MEMTECH INTL
			
			
			BOL
			
			
			134
			
			
			22.3
			
			
			-34.6
			
			
			50.4
			
			
			10.4
			
			
			3.1
			
			
			7.6
			
		


			NERA TELECOM
			
			
			N01
			
			
			114
			
			
			16.7
			
			
			-10.8
			
			
			-15.9
			
			
			14.7
			
			
			7.9
			
			
			11.4
			
		


			CREATIVE TECH
			
			
			C76
			
			
			320
			
			
			12.1
			
			
			-25.7
			
			
			302.8
			
			
			19.8
			
			
			NA
			
			
			11.1
			
		


			ELEC &amp; ELTEK
			
			
			E16
			
			
			363
			
			
			9.5
			
			
			-3.8
			
			
			75.3
			
			
			11.0
			
			
			NA
			
			
			6.2
			
		


			NETLINK NBN TRUST
			
			
			CJLU
			
			
			3,254
			
			
			9.2
			
			
			10.6
			
			
			NA
			
			
			1.0*
			
			
			4.9
			
			
			2.4
			
		


			MICRO-MECHANICS
			
			
			5DD
			
			
			238
			
			
			4.3
			
			
			-9.4
			
			
			158.1
			
			
			15.1
			
			
			5.3
			
			
			27.1
			
		


			VALUETRONICS LTD
			
			
			BN2
			
			
			295
			
			
			3.0
			
			
			-25.0
			
			
			82.2
			
			
			8.5
			
			
			5.2
			
			
			18.9
			
		


			MDR LTD
			
			
			A27
			
			
			130
			
			
			0.0
			
			
			-28.7
			
			
			-44.1
			
			
			20.0
			
			
			1.6
			
			
			2.7
			
		


			SUNNINGDALE TECH
			
			
			BHQ
			
			
			254
			
			
			-4.2
			
			
			-18.5
			
			
			21.4
			
			
			8.6
			
			
			5.6
			
			
			8.0
			
		


			GP INDUSTRIES
			
			
			G20
			
			
			283
			
			
			-4.9
			
			
			-21.7
			
			
			7.8
			
			
			14.3
			
			
			5.1
			
			
			5.4
			
		


			Average
			
			
			 
			
			
			 
			
			
			21.7
			
			
			-4.1
			
			
			171.5
			
			
			13.6
			
			
			3.5
			
			
			13.8
			
		

Source: Bloomberg &amp; StockFacts (data as of 18 April 2019)

*Note P/B ratio used instead of P/E for NetLink as more relevant for business trusts



Five Largest, Best-Performing IT Stocks Averaged 45% YTD Total Return

<div class="content-highlight">This week's offering of Insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.</div><h2>Macro Insights</h2>In <a href="https://www.smartkarma.com/insights/widodo-pdi-p-lead-siregar-to-dc-tobin-tax-unlikely-kpk-bomb-scare-industry-minister-eyed" target="_blank" data-smartkarma-citation="insights:27221">Widodo, PDI-P Lead / Siregar to DC / Tobin Tax Unlikely / KPK Bomb Scare / Industry Minister Eyed</a>, <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> comments on the most significant economic and political developments over the last week. In his economic insight, <a href="https://www.smartkarma.com/insights/philippines-time-to-mull-over-the-risks-of-the-twin-deficit-syndrome" target="_blank" data-smartkarma-citation="insights:27043">Philippines: Time to Mull over the Risks of the 'twin Deficit' Syndrome</a>, <a href="https://www.smartkarma.com/profiles/1930" target="_blank" data-smartkarma-citation="accounts:1930">Jun Trinidad</a> comments on the selling macro imbalances in the Philippines and the risks posed for the economy. In <a href="https://www.smartkarma.com/insights/philippines-another-cpi-downside-surprise-in-december" target="_blank" data-smartkarma-citation="insights:27119">Philippines: Another CPI Downside Surprise in December</a>, <a href="https://www.smartkarma.com/profiles/1930" target="_blank" data-smartkarma-citation="accounts:1930">Jun Trinidad</a> comments on the lower than expected inflation figures coming out of the Philippines. <h2>Equity Bottom-up Insights</h2>In <a href="https://www.smartkarma.com/insights/bank-mandiri-bmri-ij-shape-shifting-and-millenial-mortgages-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:27048">Bank Mandiri (BMRI IJ) - Shape Shifting and Millenial Mortgages</a>, circles back to <a href="https://www.smartkarma.com/entities/441" target="_blank" data-smartkarma-citation="entities:441:1">Bank Mandiri Persero (BMRI IJ)</a> following a meeting with management in Jakarta. He sees <a href="https://www.smartkarma.com/entities/441" target="_blank" data-smartkarma-citation="entities:441:1">Bank Mandiri Persero (BMRI IJ)</a> as a key proxy for the Indonesian banking sector, with an increasingly well-diversified portfolio and growing exposure to the potentially higher growth areas of microlending and consumer loans.In <a href="https://www.smartkarma.com/insights/accordia-golf-trust-agt-sp-mbk-orix-agt-time-for-outperformance-9-5-dividend-yield" target="_blank" data-smartkarma-citation="insights:27193">Accordia Golf Trust (AGT SP): MBK + ORIX + AGT = Time for Outperformance? 9.5% Dividend Yield</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> circles back to this golfing play and suggests now it a good time to revisit. In <a href="https://www.smartkarma.com/insights/ips-securex-ipss-sp-micro-cap-could-benefit-from-sg-gov-t-hdb-upgrade-program" target="_blank" data-smartkarma-citation="insights:27062">IPS Securex (IPSS SP): Micro-Cap Could Benefit from SG Gov't HDB Upgrade Program</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> revisits this small cap which is a play on Housing Development Board upgrades in Singapore.  In <a href="https://www.smartkarma.com/insights/m1-offer-despatched-dynamics-still-iffy" target="_blank" data-smartkarma-citation="insights:27186">M1 Offer Despatched - Dynamics Still Iff</a>y, <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a> comments on the ongoing offer by Konnectivity for <a href="https://www.smartkarma.com/entities/412" target="_blank" data-smartkarma-citation="entities:412:1">M1 Ltd (M1 SP)</a> and whether we should expect a "bump" in the shares or to sell into the market.  In <a href="https://www.smartkarma.com/insights/m1-ltd-m1-sp-take-the-offer-axiata-unlikely-to-start-a-bidding-war" target="_blank" data-smartkarma-citation="insights:27177">M1 Ltd (M1 SP): Take the Offer, Axiata Unlikely to Start a Bidding War</a>, <a href="https://www.smartkarma.com/profiles/1680" target="_blank" data-smartkarma-citation="accounts:1680">Arun George</a> comments on Konnectivity's bid for <a href="https://www.smartkarma.com/entities/412" target="_blank" data-smartkarma-citation="entities:412:1">M1 Ltd (M1 SP)</a> and suggests taking up the offer.In <a href="https://www.smartkarma.com/insights/pci-ltd-all-over-before-it-starts" target="_blank" data-smartkarma-citation="insights:27127">PCI Ltd - All Over Before It Starts</a>, Ballingall event-driven specialist <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> comments on the ongoing bid for <a href="https://www.smartkarma.com/entities/11743" target="_blank" data-smartkarma-citation="entities:11743:1">Pci Ltd (PCI SP)</a> and sees it as a done deal.

This week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.Macro InsightsIn Widodo, PDI-P Lead / Siregar to DC / Tobin Tax Unlikely / KPK Bomb Scare / Industry Minister Eyed, Kevin O’Rourke comments on the most significant economic and political developments over the last week. In his economic insight, Philippines: Time to Mull over the Risks of the 'twin Deficit' Syndrome, Jun Trinidad comments on the selling macro imbalances in the Philippines and the risks posed for the economy. In Philippines: Another CPI Downside Surprise in December, Jun Trinidad comments on the lower than expected inflation figures coming out of the Philippines. Equity Bottom-up InsightsIn Bank Mandiri (BMRI IJ) - Shape Shifting and Millenial Mortgages, circles back to Bank Mandiri Persero (BMRI IJ) following a meeting with management in Jakarta. He sees Bank Mandiri Persero (BMRI IJ) as a key proxy for the Indonesian banking sector, with an increasingly well-diversified portfolio and growing exposure to the potentially higher growth areas of microlending and consumer loans.In Accordia Golf Trust (AGT SP): MBK + ORIX + AGT = Time for Outperformance? 9.5% Dividend Yield, Nicolas Van Broekhoven circles back to this golfing play and suggests now it a good time to revisit. In IPS Securex (IPSS SP): Micro-Cap Could Benefit from SG Gov't HDB Upgrade Program, Nicolas Van Broekhoven revisits this small cap which is a play on Housing Development Board upgrades in Singapore.  In M1 Offer Despatched - Dynamics Still Iffy, Travis Lundy comments on the ongoing offer by Konnectivity for M1 Ltd (M1 SP) and whether we should expect a "bump" in the shares or to sell into the market.  In M1 Ltd (M1 SP): Take the Offer, Axiata Unlikely to Start a Bidding War, Arun George comments on Konnectivity's bid for M1 Ltd (M1 SP) and suggests taking up the offer.In PCI Ltd - All Over Before It Starts, Ballingall event-driven specialist David Blennerhassett comments on the ongoing bid for Pci Ltd (PCI SP) and sees it as a done deal. 

The Week that Was in ASEAN@Smartkarma - Twin Deficits, Bank Mandiri, and the M1 Bid

After gaining 22.5% over seven trading days back in mid-September, <a href="https://www.smartkarma.com/entities/11743" target="_blank" data-smartkarma-citation="entities:11743:1">Pci Ltd (PCI SP)</a> <a href="https://links.sgx.com/FileOpen/Announcement.18Sep18.ashx?App=Announcement&amp;FileID=525504" target="_blank">responded</a> to an SGX query over this price action that "it has been approached by a third party in connection with a potential transaction in relation to the securities of the Company. The discussions are on-going ...".
All was revealed on 4th January 2019, when PCI <a href="https://links.sgx.com/FileOpen/Pagani.Joint%20Announcement.FinalReleaseVersion.4Jan2019.ashx?App=Announcement&amp;FileID=539535" target="_blank">announced</a> that Pagani Holding  (a SPV indirectly owned by Platinum Equity Advisors) had made a S$1.33/share cash offer for the company by way of a scheme.
<a href="https://www.smartkarma.com/entities/13010" target="_blank" data-smartkarma-citation="entities:13010:1">Chuan Hup Holdings (CH SP)</a>, which holds 76.7% in PCI, has given an irrevocable undertaking to vote its stake in favour of the scheme resolution, and to reject or vote against any competing offers. PCI's executive chairman, Peh Kwee Chim, is Chuan Hup's majority owner. 
The price presents a ~18% premium to the last close, but a 49% premium to the "undisturbed" price back in early September and a 60% premium over the 12-month VWAP. The Offer values PCI at US$195mn.
With the 75%-for scheme condition satisfied and a lifetime-high takeover price, this is a done deal, and is duly reflected in the gross/annualised spread of 2.3%/6.8%, assuming mid-May completion.

After gaining 22.5% over seven trading days back in mid-September, Pci Ltd (PCI SP) responded to an SGX query over this price action that "it has been approached by a third party in connection with a potential transaction in relation to the securities of the Company. The discussions are on-going ...".
All was revealed on 4th January 2019, when PCI announced that Pagani Holding  (a SPV indirectly owned by Platinum Equity Advisors) had made a S$1.33/share cash offer for the company by way of a scheme.
Chuan Hup Holdings (CH SP), which holds 76.7% in PCI, has given an irrevocable undertaking to vote its stake in favour of the scheme resolution, and to reject or vote against any competing offers. PCI's executive chairman, Peh Kwee Chim, is Chuan Hup's majority owner. 
The price presents a ~18% premium to the last close, but a 49% premium to the "undisturbed" price back in early September and a 60% premium over the 12-month VWAP. The Offer values PCI at US$195mn.
With the 75%-for scheme condition satisfied and a lifetime-high takeover price, this is a done deal, and is duly reflected in the gross/annualised spread of 2.3%/6.8%, assuming mid-May completion.

Singapore

PCI Limited manufactures and sells printed circuit boards (PCB), modules, and cordless telephones. The Company also provides property management services and investment services.

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