Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Mongkol Prakitchaiwattana is the second largest shareholder in <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a>, behind <a href="https://www.smartkarma.com/entities/krung-thai-bank-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:298:1" rel="noopener">Krung Thai Bank Pub (KTB TB)</a>.</li>
<li>He also holds stakes in <a href="https://www.smartkarma.com/entities/xspring-capital-pcl" target="_blank" data-smartkarma-citation="entities:19807:1" rel="noopener">XSpring Capital (XPG TB)</a>, <a href="https://www.smartkarma.com/entities/bec-world-public-co-ltd" target="_blank" data-smartkarma-citation="entities:16881:1" rel="noopener">BEC World Public (BEC TB)</a>, and <a href="https://www.smartkarma.com/entities/the-practical-solution-public-company-limited" target="_blank" data-smartkarma-citation="entities:45379:1" rel="noopener">The Practical Solution (TPS TB)</a>.
</li>
<li>All four companies went limit down on the 23rd June. And again the next day. Both KTC and TPS say nothing has fundamentally changed. The cause? Margin calls. </li>
</ul>


Mongkol Prakitchaiwattana is the second largest shareholder in Krungthai Card (KTC TB), behind Krung Thai Bank Pub (KTB TB).
He also holds stakes in XSpring Capital (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB).

All four companies went limit down on the 23rd June. And again the next day. Both KTC and TPS say nothing has fundamentally changed. The cause? Margin calls. 


Krungthai Card (KTC TB): Buying Opportunity After Margin Call

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Equity Bottom-Up

The Practical Solution / Equity Bottom-Up

<ul><li>The company has delivered strong sales growth, which is essential for long-term value creation</li><li>The tightness of the operation is very good based on the cash conversion cycle</li><li>Its competitive strategy appears solid based on the gross profit margin</li></ul>

The company has delivered strong sales growth, which is essential for long-term value creationThe tightness of the operation is very good based on the cash conversion cycleIts competitive strategy appears solid based on the gross profit margin

<ul><li>The company has delivered excellent sales growth, which is essential for long-term value creation</li><li>The tightness of the operation is excellent based on the cash conversion cycle</li><li>The efficiency is excellent when looking at the growth in sales relative to the growth in assets</li></ul>

The company has delivered excellent sales growth, which is essential for long-term value creationThe tightness of the operation is excellent based on the cash conversion cycleThe efficiency is excellent when looking at the growth in sales relative to the growth in assets

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Exceptional Growth Trajectory: TPS has demonstrated a robust growth profile, with a 3-year revenue Compound Annual Growth Rate (CAGR) of 39.81% and a net income CAGR of 51.78%, driven by its strong position in Thailand's expanding IT services sector.</li>
 <li>
Attractive Shareholder Returns: The company offers a compelling dividend yield, which stood at 6.94% in 2024, coupled with a consistent history of dividend growth (35.72% 3-year CAGR). This is complemented by strong share price momentum, having outperformed the Thai IT industry and the broader market over the past year.</li>
 <li>
Favorable Industry Dynamics: Operating as a key IT solutions provider in Thailand, TPS is well-positioned to capitalize on the country's digital transformation. The growing cybersecurity market, driven by increased digital adoption and regulatory requirements, presents a significant tailwind for future growth.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Exceptional Growth Trajectory: TPS has demonstrated a robust growth profile, with a 3-year revenue Compound Annual Growth Rate (CAGR) of 39.81% and a net income CAGR of 51.78%, driven by its strong position in Thailand's expanding IT services sector.
  
Attractive Shareholder Returns: The company offers a compelling dividend yield, which stood at 6.94% in 2024, coupled with a consistent history of dividend growth (35.72% 3-year CAGR). This is complemented by strong share price momentum, having outperformed the Thai IT industry and the broader market over the past year.
  
Favorable Industry Dynamics: Operating as a key IT solutions provider in Thailand, TPS is well-positioned to capitalize on the country's digital transformation. The growing cybersecurity market, driven by increased digital adoption and regulatory requirements, presents a significant tailwind for future growth.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: The Practical Solution (TPS TB) - Nov 2025

<ul>
<li>Given the size of Mandi - relative to <a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.</li>
<li>While <a href="https://www.smartkarma.com/entities/grindr-inc" target="_blank" data-smartkarma-citation="entities:37106:1" rel="noopener">Grindr (GRND US)</a> Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. </li>
</ul>


Given the size of Mandi - relative to 3SBio Inc (1530 HK) - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.

CATL (3750 HK)  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.
While Grindr (GRND US) Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. 


Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

Thailand

The Practical Solution Public Company Limited operates as a tech company, providing consulting, design, procurement, installation, and distribution of products and equipment related to information technology systems. This includes computer network systems, fully integrated communication systems, wireless communication systems, network security systems, and data center solutions. The company also offers maintenance and after-sales services. It was established on May 20, 2004, and is headquartered in Bangkok, Thailand.

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The Practical Solution (TPS TB)

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