Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Event-Driven

Hitachi Chemical Storage Battery (Thailand) Public Company Limited / Event-Driven

Hitachi Chemical Storage Battery (Thailand) Public Company Limited

It’s nice being an investment banker these days in Thailand. Looks like a good string of small deals coming their way. The recent ones we heard about are not earth-shaking, but they are pretty diverse in terms of industry. In most cases, however, the premium are likely to be small. Nice to get an update yo.<ul>
<li>
Hitachi’s Thai unit to make a tender offer for BAT-3K
</li>
<li>
TOA’s tender offer of Sherwood</li>
<li>Potential management buyout of Q-CON
</li>
</ul><table class="table table-striped"><tbody>
<tr>
<td>Stock</td>
<td>Business</td>
<td style="text-align: center;">Shr pr (Bt/sh)</td>
<td style="text-align: center;">Mkt cap (US$ m)</td>
<td style="text-align: center;">PE (x)</td>
<td style="text-align: center;">Yld (%)</td>
</tr>
<tr>
<td>BAT-3K (Thai</td>
</tr>
</tbody></table>…

It’s nice being an investment banker these days in Thailand. Looks like a good string of small deals coming their way. The recent ones we heard about are not earth-shaking, but they are pretty diverse in terms of industry. In most cases, however, the premium are likely to be small. Nice to get an update yo.

Hitachi’s Thai unit to make a tender offer for BAT-3K


TOA’s tender offer of Sherwood
Potential management buyout of Q-CON



Stock
Business
Shr pr (Bt/sh)
Mkt cap (US$ m)
PE (x)
Yld (%)


BAT-3K (Thai

…

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.

Thematic (Sector/Industry)

§  Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT in the YTD with an 11.9% total return.§  The capitalisation of Singapore’s REIT Sector has almost doubled over the past five years. Singapore’s REIT Sector also maintains a competitive edge with higher average yields and lower average gearing ratios than the combined REIT Sector of Japan, Australia and Hong Kong. §  The NikkoAM - StraitsTrading Asia ex Japan REIT ETF  which is expected to include up to 70% weightage in Singapore REITs is scheduled to list on SGX on 29 March 2017. Ascendas REIT and CapitaLand Mall Trust are expected to maintain relatively large weightings in the ETF.

§  Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT in the YTD with an 11.9% total return.§  The capitalisation of Singapore’s REIT Sector has almost doubled over the past five years. Singapore’s REIT Sector also maintains a competitive edge with higher average yields and lower average gearing ratios than the combined REIT Sector of Japan, Australia and Hong Kong. §  The NikkoAM - StraitsTrading Asia ex Japan REIT ETF  which is expected to include up to 70% weightage in Singapore REITs is scheduled to list on SGX on 29 March 2017. Ascendas REIT and CapitaLand Mall Trust are expected to maintain relatively large weightings in the ETF. 

Ascendas REIT Is Now Singapore's Largest Capitalised REIT

<ul>
<li>SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the Sector is still trading near one standard deviation below its historical mean.</li>
<li>
Potential drivers for the Singapore property market exist on both the supply and demand front. The biggest Real Estate Developer stocks with substantial Singapore exposure include UOL Group, United Industrial Corporation, Wheelock Properties, Wing Tai Holdings and Bukit…</li>
</ul>


SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the Sector is still trading near one standard deviation below its historical mean.

Potential drivers for the Singapore property market exist on both the supply and demand front. The biggest Real Estate Developer stocks with substantial Singapore exposure include UOL Group, United Industrial Corporation, Wheelock Properties, Wing Tai Holdings and Bukit…


Real Estate Sector Outperformed in the Year to Date

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

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

<ul><li>More attractive to analysts and strong stock price momentum relative to its sector</li><li>Continued focus on cost control should further boost operating profit, up 29% in 9M16 YoY</li><li>QH's low-rise projects in the Ratchapruek zone should become more attractive as connectivity improves on Sirat Outer Ring Road expressway opening</li><li>The stock is attractive on 17CE* 13.2% ROE/PB versus Thai Real Estate at 4.3%</li><li>Risk: Interest rate hike to result in higher mortgage rate</li></ul>* Consensus Estimates

More attractive to analysts and strong stock price momentum relative to its sectorContinued focus on cost control should further boost operating profit, up 29% in 9M16 YoYQH's low-rise projects in the Ratchapruek zone should become more attractive as connectivity improves on Sirat Outer Ring Road expressway openingThe stock is attractive on 17CE* 13.2% ROE/PB versus Thai Real Estate at 4.3%Risk: Interest rate hike to result in higher mortgage rate* Consensus Estimates

Thailand

Quality Houses Public Company Limited is a property development company. The Company specializes in single-house, apartment, and condominium development projects.

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Quality Houses (QH TB)

Recent/Upcoming Deals in Thailand

It’s nice being an investment banker these days in Thailand. Looks like a good string of small deals coming their way. The recent ones we heard...

Athaporn Arayasantiparb, CFA

Ascendas REIT Is Now Singapore's Largest Capitalised REIT

§ Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT...

Singapore Exchange Ltd (SGX)

Real Estate Sector Outperformed in the Year to Date

SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the...

Singapore Exchange Ltd (SGX)

EB on Open Source & Investing

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing...

Athaporn Arayasantiparb, CFA

QH: Q as in Quality Valuation

More attractive to analysts and strong stock price momentum relative to its sector Continued focus on cost control should further boost operating...

A. Stotz Investment Research

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