Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Summit Power Intl / Equity Capital Markets

Summit Power International, the largest private IPP player in Bangladesh, is seeking to raise USD200 million to list in Singapore. In this insight, we will explore the following topics:<ul><li>What does the company do? What assets does it operate?</li><li>What is the landscape of Bangladesh power sector? Who are the players? Why are PPA contracts attractive?</li><li>What are the understated risks of the listing?</li><li>How does the company compare to its peers in financial metrics?</li><li>Where is the fair value of the company? Why is it tricky to put a fair value on the company?</li><li>How does the deal score in our ECM Framework? </li></ul>

Summit Power International, the largest private IPP player in Bangladesh, is seeking to raise USD200 million to list in Singapore. In this insight, we will explore the following topics:What does the company do? What assets does it operate?What is the landscape of Bangladesh power sector? Who are the players? Why are PPA contracts attractive?What are the understated risks of the listing?How does the company compare to its peers in financial metrics?Where is the fair value of the company? Why is it tricky to put a fair value on the company?How does the deal score in our ECM Framework? 

Summit Power Intl IPO: Visible Pipeline but Tricky Valuation for the Frontier Listing

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).

Equity Bottom-Up

Unlike the first portfolio we picked in 2017, the small cap picks we chose in Season 2 didn't do quite well. In fact, with the exception of Dental Corp, most of the stocks we picked actually dropped. This reflected some of the difficulties with Shariah-compliant investing. Some of the stocks we considered, for example Thai Union and BJC, did better than the ones we picked, but they would not have been Shariah-compliant to begin with. <table class="table table-striped"><tbody>
<tr>
<td>Previous Picks</td>
<td style="text-align: center;">% Performance</td>
</tr>
<tr>
<td>TKS</td>
<td style="text-align: center;">-19</td>
</tr>
<tr>
<td>FORTH</td>
<td style="text-align: center;">-3</td>
</tr>
<tr>
<td>D (Dental Corp)</td>
<td style="text-align: center;">+9</td>
</tr>
<tr>
<td>CNT</td>
</tr>
</tbody></table>…

Unlike the first portfolio we picked in 2017, the small cap picks we chose in Season 2 didn't do quite well. In fact, with the exception of Dental Corp, most of the stocks we picked actually dropped. This reflected some of the difficulties with Shariah-compliant investing. Some of the stocks we considered, for example Thai Union and BJC, did better than the ones we picked, but they would not have been Shariah-compliant to begin with. 

Previous Picks
% Performance


TKS
-19


FORTH
-3


D (Dental Corp)
+9


CNT

…

Starting Off. Now that you have seen the key themes we think will dominate Thai equities for 2018 in the first part of the series, we move on to the stock picks. For the last three stocks, feel free to pick two out of three, since both AIS and Ratchaburi are defensives (we will explain why some investors may prefer one over the other). Also, most of the value for Intuch will still come from its core holdings in AIS, but we put Intuch into this list primarily for the smaller Internet holdings…

Starting Off. Now that you have seen the key themes we think will dominate Thai equities for 2018 in the first part of the series, we move on to the stock picks. For the last three stocks, feel free to pick two out of three, since both AIS and Ratchaburi are defensives (we will explain why some investors may prefer one over the other). Also, most of the value for Intuch will still come from its core holdings in AIS, but we put Intuch into this list primarily for the smaller Internet holdings…

Thai Strategy 2018 (Part II): Stock Picks

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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

Research Reinvented

Gulf Development / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/26038" target="_blank" data-smartkarma-citation="entities:26038:1">Gulf Energy Development Public Company Limited (GULF TB)</a> is looking to raise about US$700m in its upcoming IPO. Proceeds raised will be used to fund a portion of its equity contributions and provide loans to Gulf’s subsidiaries and associates and other companies as well as to invest in Gulf’s future power projects.In this insight, we will look at the company's planned projects, its purchasing power agreement (PPA) with EGAT, track record with Japanese counterparts, and some risks that are associated with the projects. As usual, we will also run the IPO through our ECM framework.

Gulf Energy Development Public Company Limited (GULF TB) is looking to raise about US$700m in its upcoming IPO. Proceeds raised will be used to fund a portion of its equity contributions and provide loans to Gulf’s subsidiaries and associates and other companies as well as to invest in Gulf’s future power projects.In this insight, we will look at the company's planned projects, its purchasing power agreement (PPA) with EGAT, track record with Japanese counterparts, and some risks that are associated with the projects. As usual, we will also run the IPO through our ECM framework.

GULF Energy IPO Review - Largest Power Plant Operator by Planned Capacity with Decent Upside

The dynamics in Thai power industry could change significantly when EV (electric vehicles) comes to Thailand. This is one of the five trends we discussed in <a href="https://www.smartkarma.com/insights/five-big-ideas-for-the-next-five-years" target="_blank" data-smartkarma-citation="insights:8457">Five Big Ideas for the Next Five Years</a>, but as Kevin Kelly of Wired magazine once said in his audio-book The Inevitables, the future usually arrives faster than we think. Currently, industry players have sounded the alarm bells on the country's high reserve margin of 30% (well above regulator's minimum planned level of 19%). We have too many…

The dynamics in Thai power industry could change significantly when EV (electric vehicles) comes to Thailand. This is one of the five trends we discussed in Five Big Ideas for the Next Five Years, but as Kevin Kelly of Wired magazine once said in his audio-book The Inevitables, the future usually arrives faster than we think. Currently, industry players have sounded the alarm bells on the country's high reserve margin of 30% (well above regulator's minimum planned level of 19%). We have too many…

Thailand

Ratch Group is a leading investment holding company primarily focused on electricity generation and energy businesses. The company's portfolio includes fossil-fuel-based, renewable energy, and battery energy storage projects across Thailand, ASEAN, and Australia. It also invests in infrastructure and electricity-related businesses, such as maintenance and operation services, fuel supply, and energy innovation. Headquartered in Nonthaburi, Thailand, the company was established on March 7, 2000.

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Ratch Group (RATCH TB)

Summit Power Intl IPO: Visible Pipeline but Tricky Valuation for the Frontier Listing

Summit Power International, the largest private IPP player in Bangladesh, is seeking to raise USD200 million to list in Singapore. In this insight,...

Ke Yan, CFA, FRM

Islamic Investing 2018: Change of Plans

Unlike the first portfolio we picked in 2017, the small cap picks we chose in Season 2 didn't do quite well. In fact, with the exception of Dental...

Athaporn Arayasantiparb, CFA

Thai Strategy 2018 (Part II): Stock Picks

Starting Off. Now that you have seen the key themes we think will dominate Thai equities for 2018 in the first part of the series, we move on to...

Athaporn Arayasantiparb, CFA

GULF Energy IPO Review - Largest Power Plant Operator by Planned Capacity with Decent Upside

Gulf Energy Development Public Company Limited (GULF TB) is looking to raise about US$700m in its upcoming IPO. Proceeds raised will be used to...

Zhen Zhou, Toh

RATCH: Power Is the New Oil

The dynamics in Thai power industry could change significantly when EV (electric vehicles) comes to Thailand. This is one of the five trends we...

Athaporn Arayasantiparb, CFA

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