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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 27th.We estimate that they had an aggregated short interest worth USD2.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Bangchak, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 27th.We estimate that they had an aggregated short interest worth USD2.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Bangchak, Gulf Energy Development.


Thailand Short Interest Weekly (Dec 27th): Bangchak, Gulf Energy Development

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 20th.We estimate that they had an aggregated short interest worth USD2.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 20th.We estimate that they had an aggregated short interest worth USD2.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank, Gulf Energy Development.


Thailand Short Interest Weekly (Dec 20th): PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank

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

Equity Capital Markets

Daya Intiguna Yasa / Equity Capital Markets

<ul>
<li>Home improvements player <a href="https://www.smartkarma.com/entities/pt-daya-intiguna-yasa-tbk-mr-diy-indonesia" target="_blank" data-smartkarma-citation="entities:44124:1" rel="noopener">PT Daya Intiguna Yasa (Mr DIY Indonesia)</a> completed the book building for its IPO this week for its Jakarta listing where it seeks to raise US$296m. </li>
<li>
<a href="https://www.smartkarma.com/entities/pt-daya-intiguna-yasa-tbk-mr-diy-indonesia" target="_blank" data-smartkarma-citation="entities:44124:1" rel="noopener">Mr DIY</a>  has seen a rapid rollout of outlets with over 900 stores across Indonesia and SSSG over the last two years of 30%-40% and the company is already profitable. </li>
<li>
<a href="https://www.smartkarma.com/entities/pt-daya-intiguna-yasa-tbk-mr-diy-indonesia" target="_blank" data-smartkarma-citation="entities:44124:1" rel="noopener">Mr DIY</a>  has a 25% market share of the home improvements segment focusing on the mass market with affordable products. Prefer <a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia</a> as a proxy for this space.</li>
</ul>


Home improvements player PT Daya Intiguna Yasa (Mr DIY Indonesia) completed the book building for its IPO this week for its Jakarta listing where it seeks to raise US$296m. 

Mr DIY  has seen a rapid rollout of outlets with over 900 stores across Indonesia and SSSG over the last two years of 30%-40% and the company is already profitable. 

Mr DIY  has a 25% market share of the home improvements segment focusing on the mass market with affordable products. Prefer Aspirasi Hidup Indonesia as a proxy for this space.


Mr DIY Indonesia IPO - Prefer Aspirasi Hidup Indonesia (ACES IJ)

Equity Bottom-Up

Catur Sentosa Adiprana / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/catur-sentosa-adiprana-tbk" target="_blank" data-smartkarma-citation="entities:18671:1" rel="noopener">Catur Sentosa Adiprana (CSAP IJ)</a> has grown rapidly from a building material distribution company into the leading retailer in building materials and home improvement through Mitra10 and shop-in-shop Atria. </li>
<li>The company already has 52 Mitra10 superstores in Indonesia, with six distribution centres across the country, selling a range of home decoration products, with an increasing portion of private labels.</li>
<li>CSAP has seen a market improvement in margins for Mitra10 through more private label and scale benefits, and margins will continue to improve. Valuations are attractive with earnings growth accelerating. </li>
</ul>



Catur Sentosa Adiprana (CSAP IJ) has grown rapidly from a building material distribution company into the leading retailer in building materials and home improvement through Mitra10 and shop-in-shop Atria. 
The company already has 52 Mitra10 superstores in Indonesia, with six distribution centres across the country, selling a range of home decoration products, with an increasing portion of private labels.
CSAP has seen a market improvement in margins for Mitra10 through more private label and scale benefits, and margins will continue to improve. Valuations are attractive with earnings growth accelerating. 


PT Catur Sentosa Adiprana - One-Stop Shop for Homemakers

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Chinese automotive maintenance services platform Tuhu Car has announced the terms for its HKEx IPO. Tuhu plans to raise net proceeds of HK$1.0-1.1bn (US$132-161m) through the issuance of 40.62m shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a> 's franchised business model seems to have worked well, while its focus on high margin products/services have helped improve profitability.</li>
<li>In this insight, we discuss our forecasts and valuation for the company, and our analysis suggests that Tuhu Car’s IPO is priced reasonably.</li>
</ul>


Chinese automotive maintenance services platform Tuhu Car has announced the terms for its HKEx IPO. Tuhu plans to raise net proceeds of HK$1.0-1.1bn (US$132-161m) through the issuance of 40.62m shares.

Tuhu Car (2007986D HK) 's franchised business model seems to have worked well, while its focus on high margin products/services have helped improve profitability.
In this insight, we discuss our forecasts and valuation for the company, and our analysis suggests that Tuhu Car’s IPO is priced reasonably.


Thailand

Siam Global House Public Company Limited is a Thailand-based retailer specializing in construction materials, home decorative products, tools, and equipment for construction, home improvement, and gardening. It operates large warehouse stores under the "Global House" trade name, offering a wide array of products including electrical appliances, furniture, and plumbing equipment. The company was founded in 1995 and is headquartered in Mueang Roi Et, Thailand.

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Siam Global House (GLOBAL TB)

Thailand Short Interest Weekly (Dec 27th): Bangchak, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Bangchak, Gulf Energy Development.

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Dec 20th): PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in PTT, CP AXTRA NON-VOTING DR, Bangchak,...

Ke Yan, CFA, FRM

Mr DIY Indonesia IPO - Prefer Aspirasi Hidup Indonesia (ACES IJ)

Mr DIY has a 25% market share of the home improvements segment focusing on the mass market with affordable products. We prefer ACES IJ as a proxy...

Angus Mackintosh

PT Catur Sentosa Adiprana - One-Stop Shop for Homemakers

Catur Sentosa Adiprana (CSAP IJ) has grown from a building material distribution company into the leading Indonesian retailer in building materials...

Angus Mackintosh

Tuhu Car IPO: Forecasts and Valuation

Tuhu Car priced its IPO at HK$28.00 per share, at the bottom end of the IPO price range and raised net proceeds of HK$1,081m (US$138m) excluding...

Shifara Samsudeen, FCMA, CGMA

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