Learning that drives better investment decisions

Gearing Could Become Problematic in the US

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Chart of the Day: Net-debt to equity is well-above the 2008 level, while times-interest-earned is slightly lower. Worth pointing out is that the effective interest rate is significantly lower now. Problematic if earnings stagnate and rates increase.

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Corporate Debt Is More Concerning Than Household Debt in the US

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Chart of the Day: US household debt is back just above the levels seen at the start of the new millennium; big deleveraging since the Global Financial Crisis. Corporates, though, are back to 2008 levels which could constitute a risk if rates were to increase.

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Gov’t Debt Has Driven Total Debt Growth in the US

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Chart of the Day: Since 2001, US household debt as a % of GDP has remained at about the same level. Corporate debt has increased a bit. While gov’t debt as a % of GDP has doubled since 2001.

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Thailand Was Asia’s Top Performer in 1H19

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Chart of the Day: In 1H19, all Asian markets were up except for Malaysia. In local currency terms, Hong Kong was the strongest performer. For foreign investors, Thailand was the best as the Baht strengthened significantly.

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MONEY FM 89.3: The Thai SET’s Recent Strength

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MONEY FM 89.3: Andrew Stotz is guest on Across the ASEAN to discuss The Thai SET’s Recent Strength and What’s Keeping Thai Markets Afloat?

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The Super Strong Thai Baht Is Unlikely to Weaken Substantially

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It is hard for the Bank of Thailand to weaken the Baht as the government 10-year bond yield is already pretty low at 2.2%. The Baht also has some safe-haven status as Thailand has relatively large international currency reserves.

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Taiwan Mobile – World Class Benchmarking

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Taiwan Mobile Company Limited (3045 TT): Profitable Growth rank of 2 was same compared to the prior period’s rank of 2. This was World Class compared to 130 large Telecom companies worldwide.

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Quality Construction Products – World Class Benchmarking

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Quality Construction Products Public Company Limited (Q-CON TB): Profitable Growth rank of 1 was up compared to the prior period’s rank of 3. This was World Class compared to 460 small Materials companies worldwide.

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China Steel Chemical – World Class Benchmarking

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China Steel Chemical Corporation (1723 TT): Profitable Growth rank of 1 was up compared to the prior period’s rank of 2. This was World Class compared to 820 medium Materials companies worldwide.

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Quality Houses – World Class Benchmarking

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Quality Houses Public Company Limited (QH TB): Profitable Growth rank of 3 was same compared to the prior period’s rank of 3. This was above-average compared to 320 medium Real Estate companies worldwide.

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