Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

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

Research Reinvented

Equity Bottom-Up

<p>For this next session of our Corporate Webinars, we are joined by the CEO of <a href="https://www.smartkarma.com/entities/precious-shipping-pcl" target="_blank" data-smartkarma-citation="entities:13819:1" rel="noopener">Precious Shipping (PSL TB)</a>, Khalid Hashim, who will present some key aspects about the company and engage in a fireside chat with Smartkarma Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a>.</p>
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<p>Every week, Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with Corporate IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>
<h3>This Corporate Webinar will be hosted on Tuesday, 17/November/2020, 5:00PM SGT/HKT, 4:00PM ICT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=83678405749" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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For this next session of our Corporate Webinars, we are joined by the CEO of Precious Shipping (PSL TB), Khalid Hashim, who will present some key aspects about the company and engage in a fireside chat with Smartkarma Insight Provider Angus Mackintosh.

Every week, Corporate Webinars by Smartkarma Corporate Solutions feature discussions with Corporate IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.
This Corporate Webinar will be hosted on Tuesday, 17/November/2020, 5:00PM SGT/HKT, 4:00PM ICT.

Register for the Webinar here



Smartkarma Corporate Webinar | Shipping: The Impact of COVID-19 and PSL’s Response

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

<p><strong>We initiate coverage of PSL with a BUY rating, based on a target price of Bt7.10, which is derived from 1.0xPBV’21E, its 10-year average.</strong></p>
<p><strong>The Story:</strong></p>
<div>• Solid position in bloodied industry</div>
<div>• Expected TC rate recovery in 2021</div>
<div>• Effective cost management is its core competency</div>
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<p><strong>Risks:</strong></p>
<div>• Charter rate fluctuation</div>
<div>• Exchange rate fluctuation</div>
<div>• Outcome of arbitration with Chinese shipyard</div>

We initiate coverage of PSL with a BUY rating, based on a target price of Bt7.10, which is derived from 1.0xPBV’21E, its 10-year average.
The Story:
• Solid position in bloodied industry
• Expected TC rate recovery in 2021
• Effective cost management is its core competency

 

Risks:
• Charter rate fluctuation
• Exchange rate fluctuation
• Outcome of arbitration with Chinese shipyard

PSL: Another Opportunity at the Bottom of Dry Bulk Cycle

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).

<p>We first heard about this for the first time when the same tycoon (Nishita Shah Federbush) who controls <a href="https://www.smartkarma.com/entities/17462" target="_blank" data-smartkarma-citation="entities:17462:1">Mega Lifesciences (MEGA TB)</a>, a top five global generics drug maker, also has a big chunk of this stock in her family portfolio. Four takeaways from the meeting:</p><ul>
<li>Flat earnings despite 20% growth at revenue and EBITDA level due to increased depreciation;</li>
<li>Additional 150 ton/day capacity following the <strong>acquisition of </strong><strong>Saraburi Quick Lime, </strong>adding Bt20-30m in EBITDA annually. On top of this, the company is still expanding capacity as well as overseas market presence in Asia (CMLV, Taiwan, Korea).</li>
<li>Introduce key shareholders apart from GBuP (G Premji) Group of India, namely Belgian global technology leader Carmeuse.</li>
<li>Burgeoning equipment business for both flare cleansing for exports to Japan/Singapore as well as EOD furnaces for internal use.</li>
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We first heard about this for the first time when the same tycoon (Nishita Shah Federbush) who controls Mega Lifesciences (MEGA TB), a top five global generics drug maker, also has a big chunk of this stock in her family portfolio. Four takeaways from the meeting:
Flat earnings despite 20% growth at revenue and EBITDA level due to increased depreciation;
Additional 150 ton/day capacity following the acquisition of Saraburi Quick Lime, adding Bt20-30m in EBITDA annually. On top of this, the company is still expanding capacity as well as overseas market presence in Asia (CMLV, Taiwan, Korea).
Introduce key shareholders apart from GBuP (G Premji) Group of India, namely Belgian global technology leader Carmeuse.
Burgeoning equipment business for both flare cleansing for exports to Japan/Singapore as well as EOD furnaces for internal use.


SUTHA: Growing Quick Lime Via Acquisitions & Expansion

<p>The other four new tycoons on Forbes are more difficult to group, because they come from such diverse set of industries. I guess we could pretty much call them industrialists, which is a pretty broad word too. There are other interesting things about this list. The two first ones (richer that is) are women, and the two guys on this list underwent several tough years in their commodities business, which is a bit of a surprise that they emerged. Don't count on the list being the same next year!</p><table class="table table-striped"><tbody>
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The other four new tycoons on Forbes are more difficult to group, because they come from such diverse set of industries. I guess we could pretty much call them industrialists, which is a pretty broad word too. There are other interesting things about this list. The two first ones (richer that is) are women, and the two guys on this list underwent several tough years in their commodities business, which is a bit of a surprise that they emerged. Don't count on the list being the same next year!


…

Little Thai-Coons of 2018 (Part 2): The New Industrialists

Transport Sector, China and Asia-focused Research

Charles De Trenck

Pacific Basin Shipping / Equity Bottom-Up

<p>So many ship stock charts said the same thing on breakouts last week. We couldn’t have asked for more. <a href="https://www.smartkarma.com/profiles/250" target="_blank" data-smartkarma-citation="accounts:250">John-Paul Smith</a> said so much by way of a macro view.</p><p>Bulk, tankers, and even container vessel owners  all broke to or flirted with new highs last week. But, these sub-categories also tell different stories – as they should.</p><p><strong>Stocks:</strong> If we look at Bulk in general, <a href="https://www.smartkarma.com/entities/21071" target="_blank" data-smartkarma-citation="entities:21071:1">Star Bulk Carriers Corp (SBLK US)</a> and <a href="https://www.smartkarma.com/entities/929" target="_blank" data-smartkarma-citation="entities:929:1">Pacific Basin Shipping Ltd (2343 HK)</a>,  and <a href="https://www.smartkarma.com/entities/21069" target="_blank" data-smartkarma-citation="entities:21069:1">Diana Shipping Inc (DSX US)</a> tell different but related…</p>

So many ship stock charts said the same thing on breakouts last week. We couldn’t have asked for more. John-Paul Smith said so much by way of a macro view.Bulk, tankers, and even container vessel owners  all broke to or flirted with new highs last week. But, these sub-categories also tell different stories – as they should.Stocks: If we look at Bulk in general, Star Bulk Carriers Corp (SBLK US) and Pacific Basin Shipping Ltd (2343 HK),  and Diana Shipping Inc (DSX US) tell different but related…

We’ve Got All the Breakouts We Want To Make Money in Shipping

Thailand

Precious Shipping is a Thailand-based ship-owner providing global dry-bulk transportation services. The company operates dry bulk ships on a tramp shipping basis, employing its vessels on both time and voyage charters, and handles cargoes such as cement, agricultural products, steel, fertilizers, ores, coal, and logs. It was founded in 1989 and is headquartered in Bangkok, Thailand.

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Precious Shipping (PSL TB)

Smartkarma Corporate Webinar | Shipping: The Impact of COVID-19 and PSL’s Response

Tune in on 17 November, 5PM SGT/4PM ICT to hear from the CEO of Precious Shipping, Khalid Hashim, on the impact of COVID-19 on shipping and how his...

Smartkarma Research

PSL: Another Opportunity at the Bottom of Dry Bulk Cycle

We initiate coverage of PSL with a BUY rating, based on a target price of Bt7.10, which is derived from 1.0xPBV’21E, its 10-year average. The...

Pi Securities PCL, Thailand

SUTHA: Growing Quick Lime Via Acquisitions & Expansion

We first heard about this for the first time when the same tycoon (Nishita Shah Federbush) who controls Mega Lifesciences (MEGA TB), a top five...

Athaporn Arayasantiparb, CFA

Little Thai-Coons of 2018 (Part 2): The New Industrialists

The other four new tycoons on Forbes are more difficult to group, because they come from such diverse set of industries. I guess we could pretty...

Athaporn Arayasantiparb, CFA

We’ve Got All the Breakouts We Want To Make Money in Shipping

So many ship stock charts said the same thing on breakouts last week. We couldn’t have asked for more. John-Paul Smith said so much by way of a...

Charles De Trenck

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52-week Range

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P/E

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