Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<ul>
<li>This report will be different as we look into the latest THB bond offerings and give our opinion to Thai retail investors. </li>
<li>Thai rates will continue to be depressed in an attempt to spur the economy.</li>
<li>For Thai retailed investors, we believe Sermsang Power’s 2.33-year THB bonds with 4.5% are the most attractive among peers.</li>
</ul>


This report will be different as we look into the latest THB bond offerings and give our opinion to Thai retail investors. 
Thai rates will continue to be depressed in an attempt to spur the economy.
For Thai retailed investors, we believe Sermsang Power’s 2.33-year THB bonds with 4.5% are the most attractive among peers.


Asian Bond Monitor: Baht Bond Bummers (“BBB”)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

The Stock Exchange of Thailand (SET) will announce the results of the semi-annual review of the SET50 index in December and the changes will be effective from 2 January 2020. Passive funds and index arb desks will need to trade at (or by) the close on 30 December 2019.We see a possibility of <a href="https://www.smartkarma.com/entities/vgi-pcl" target="_blank" rel="noopener" data-smartkarma-citation="entities:12409:1">VGI Global Media (VGI TB)</a> being added to the SET50 index in this review and <a href="https://www.smartkarma.com/entities/banpu-power-pcl" target="_blank" rel="noopener" data-smartkarma-citation="entities:23631:1">Banpu Power PCL (BPP TB)</a> as a possible deletion candidate.This Insight covers the SET50 index methodology, our expected changes, historical impact on additions/deletions to the index and suggest trades for this rebalance.

The Stock Exchange of Thailand (SET) will announce the results of the semi-annual review of the SET50 index in December and the changes will be effective from 2 January 2020. Passive funds and index arb desks will need to trade at (or by) the close on 30 December 2019.We see a possibility of VGI Global Media (VGI TB) being added to the SET50 index in this review and Banpu Power PCL (BPP TB) as a possible deletion candidate.This Insight covers the SET50 index methodology, our expected changes, historical impact on additions/deletions to the index and suggest trades for this rebalance.

SET50 Index Rebalance Preview - Better Early Than Late

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The MSCI ACWI and ACWI ex-US have managed to break above their respective 200-day moving averages, and are now bumping up against overhead resistance.  Supportive of a bottoming global market, cyclical Sectors are emerging as leadership. We examine the technical state of major developed and EM markets and highlight in today’s report and highlight attractive and actionable stocks within the Materials, Manufacturing, and Technology sectors.

The MSCI ACWI and ACWI ex-US have managed to break above their respective 200-day moving averages, and are now bumping up against overhead resistance.  Supportive of a bottoming global market, cyclical Sectors are emerging as leadership. We examine the technical state of major developed and EM markets and highlight in today’s report and highlight attractive and actionable stocks within the Materials, Manufacturing, and Technology sectors.

Global Bottoming Process Continues; Remain Overweight China

MSCI Emerging Markets Index / Technical Analysis

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness.  Although the MSCI EM's price index remains in a downtrend, we are seeing signs of outperformance ona a relative strength basis and would add incremental exposure. In this report we highlight attractive and actionable themes within EM.

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness.  Although the MSCI EM's price index remains in a downtrend, we are seeing signs of outperformance ona a relative strength basis and would add incremental exposure. In this report we highlight attractive and actionable themes within EM.

EM Relative Strength Is Bottoming: Overweight

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

Equity Capital Markets

TPI Polene Power Public Company / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/24044" target="_blank" data-smartkarma-citation="entities:24044:1">TPI Polene Power Public Company Limited (TPIPP TB)</a> is raising approximately US$410 - 478m in its upcoming IPO. Proceeds raised will be used mainly to pay down debt, fund investments in new projects, and working capital. In this insight, we will look at TPIPP's position in Thailand's renewable energy market, its planned capacity expansion, and its financials. As usual, we will run the deal through our ECM framework.

TPI Polene Power Public Company Limited (TPIPP TB) is raising approximately US$410 - 478m in its upcoming IPO. Proceeds raised will be used mainly to pay down debt, fund investments in new projects, and working capital. In this insight, we will look at TPIPP's position in Thailand's renewable energy market, its planned capacity expansion, and its financials. As usual, we will run the deal through our ECM framework.

TPI Polene Power IPO Review - A Leader in Thailand's Renewable Energy Industry

Thailand

TPI Polene Public Company Limited manufactures cement and ready-mixed concrete, and low-density polyethylene (LDPE) plastic resin used in production of bags, bottles, water pipes, and coating materials.  It is Thailand's sole producer of low-density polyethylene which is marketed under Polene brand name.  Through joint venture, it also produces frit which is raw material in ceramic industry.

Price Gauge
52-week Range	0.00 - 0.00
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Tpi Polene Public (TPIPL TB)

Asian Bond Monitor: Baht Bond Bummers (“BBB”)

Analysis of latest THB bond offerings in Thailand reveals Sermsang Power's 2.33-year bonds with 4.5% as top choice for retail investors in...

Bondcritic

SET50 Index Rebalance Preview - Better Early Than Late

The Stock Exchange of Thailand (SET) will announce the results of the semi-annual review of the SET50 index in December and the changes will be...

Brian Freitas

Global Bottoming Process Continues; Remain Overweight China

The MSCI ACWI and ACWI ex-US have managed to break above their respective 200-day moving averages, and are now bumping up against overhead...

Vermilion Research

EM Relative Strength Is Bottoming: Overweight

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness. Although the MSCI EM's price index...

Vermilion Research

TPI Polene Power IPO Review - A Leader in Thailand's Renewable Energy Industry

TPI Polene Power Public Company Limited (TPIPP TB) is raising approximately US$410 - 478m in its upcoming IPO. Proceeds raised will be used mainly...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Bond Monitor: Baht Bond Bummers (“BBB”)

​Analysis of latest THB bond offerings in Thailand reveals Sermsang Power's 2.33-year bonds with 4.5% as top choice for retail investors in...

Bondcritic

SET50 Index Rebalance Preview - Better Early Than Late

The Stock Exchange of Thailand (SET) will announce the results of the semi-annual review of the SET50 index in December and the changes will be...

Brian Freitas

Global Bottoming Process Continues; Remain Overweight China

The MSCI ACWI and ACWI ex-US have managed to break above their respective 200-day moving averages, and are now bumping up against overhead...

Vermilion Research

EM Relative Strength Is Bottoming: Overweight

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness. Although the MSCI EM's price index...

Vermilion Research

TPI Polene Power IPO Review - A Leader in Thailand's Renewable Energy Industry

TPI Polene Power Public Company Limited (TPIPP TB) is raising approximately US$410 - 478m in its upcoming IPO. Proceeds raised will be used mainly...

Zhen Zhou, Toh

Analysis of latest THB bond offerings in Thailand reveals Sermsang Power's 2.33-year bonds with 4.5% as top choice for retail investors in...