Amareos

Ryan Shea

Thematic (Sector/Industry)

Summary: Housing has several characteristics that mean it is almost perfectly designed to be prone to bubble-like behaviour. By definition a bubble occurs when the price of an asset is significantly overvalued making it increasingly difficult to justify based on underlying fundamentals. In such situations it is the overriding optimism of the crowd, with unrealistically high expectations, that acts as the propellant for further gains. Ten years on from the bursting of the US housing market…

Summary: Housing has several characteristics that mean it is almost perfectly designed to be prone to bubble-like behaviour. By definition a bubble occurs when the price of an asset is significantly overvalued making it increasingly difficult to justify based on underlying fundamentals. In such situations it is the overriding optimism of the crowd, with unrealistically high expectations, that acts as the propellant for further gains. Ten years on from the bursting of the US housing market…

The Market Sentimentalist: Global Real Estate – Where Are The Risks Residing?

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

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

Research Reinvented

<h2>The Week That Was in ASEAN@Smartkarma</h2>In this week's ASEAN weekly, better consumption numbers in Indonesia are a theme, with <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a>highlighting better numbers for February in <a href="https://www.smartkarma.com/insights/ace-hardware-consumers-are-back-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:9387">ACE Hardware - Consumers Are Back!</a> and writing about more optimism on mortgages in <a href="https://www.smartkarma.com/insights/bank-central-asia-surprising-in-its-positivity-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:9343">Bank Central Asia - Surprising in Its Positivity</a>. <a href="https://www.smartkarma.com/profiles/1006" target="_blank" data-smartkarma-citation="accounts:1006">Henry Soediarko</a>  writes on <a href="https://www.smartkarma.com/entities/23035" target="_blank" data-smartkarma-citation="entities:23035">GMA Network Inc (GMA7 PM)</a> which is the second largest TV network in the Philippines, trading on almost a five-year low PER, with a dividend yield of 6.5%.We…

The Week That Was in ASEAN@SmartkarmaIn this week's ASEAN weekly, better consumption numbers in Indonesia are a theme, with Angus Mackintoshhighlighting better numbers for February in ACE Hardware - Consumers Are Back! and writing about more optimism on mortgages in Bank Central Asia - Surprising in Its Positivity. Henry Soediarko  writes on GMA Network Inc (GMA7 PM) which is the second largest TV network in the Philippines, trading on almost a five-year low PER, with a dividend yield of 6.5%.We…

The Week That Was in ASEAN@Smartkarma - Consumers, Frontiers, and Mortgages

In this week's ASEAN weekly offering I include a "Bonus Insight" with <a href="https://www.smartkarma.com/entities/440" target="_blank" data-smartkarma-citation="entities:440:1">Bank Central Asia Tbk Pt (BBCA IJ)</a> from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Sarana Menara Nusantara Pt (TOWR IJ)</a> (Protelindo) from <a href="https://www.smartkarma.com/profiles/286" target="_blank" data-smartkarma-citation="accounts:286">New Street Research</a>, an inaugural note from <a href="https://www.smartkarma.com/profiles/1218" target="_blank" data-smartkarma-citation="accounts:1218">Surabhi Chopra</a> on <a href="https://www.smartkarma.com/entities/1051" target="_blank" data-smartkarma-citation="entities:1051:1">Telekomunikasi Indonesia (TLKM IJ)</a>…

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on Sarana Menara Nusantara Pt (TOWR IJ) (Protelindo) from New Street Research, an inaugural note from Surabhi Chopra on Telekomunikasi Indonesia (TLKM IJ)…

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

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.

§  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

For this week's ASEAN Weekly, created in the midst of Jakarta "Macet", I interviewed Insight Provider and Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb</a> to canvass his views on Thailand and his top picks at the moment. His views on the overall economy suggest there may be too much optimism around on a domestic recovery and higher oil prices may eventually stymie growth for the Thai consumer. He likes selected banks, higher end property developers, energy, construction and tourism. Please read on for a…

For this week's ASEAN Weekly, created in the midst of Jakarta "Macet", I interviewed Insight Provider and Thai guru Athaporn Arayasantiparb to canvass his views on Thailand and his top picks at the moment. His views on the overall economy suggest there may be too much optimism around on a domestic recovery and higher oil prices may eventually stymie growth for the Thai consumer. He likes selected banks, higher end property developers, energy, construction and tourism. Please read on for a…

The Week That Was in ASEAN@Smartkarma (Part 2) - Macet=Traffic Jam

Philippines

SM Prime Holdings Inc., through its subsidiaries, is engaged in residential property, shopping malls, offices, hotels and convention centers development.

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Sm Prime Holdings (SMPH PM)

The Market Sentimentalist: Global Real Estate – Where Are The Risks Residing?

Summary: Housing has several characteristics that mean it is almost perfectly designed to be prone to bubble-like behaviour. By definition a bubble...

Amareos

The Week That Was in ASEAN@Smartkarma - Consumers, Frontiers, and Mortgages

The Week That Was in ASEAN@SmartkarmaIn this week's ASEAN weekly, better consumption numbers in Indonesia are a theme, with Angus...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please...

Angus Mackintosh

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)

The Week That Was in ASEAN@Smartkarma (Part 2) - Macet=Traffic Jam

For this week's ASEAN Weekly, created in the midst of Jakarta "Macet", I interviewed Insight Provider and Thai guru Athaporn Arayasantiparb to...

Angus Mackintosh

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