MediBeacon Inc., whose largest shareholder is Pansend Life Sciences, LLC, a subsidiary of HC2 Holdings, Inc announced on Thursday that they have entered into a definitive agreement with Huadong Medicine, a publicly traded company on the Shenzhen Stock Exchange.

The agreement will provide exclusive rights to MediBeacon’s portfolio of assets in Greater China, according to a company release on Thursday. Huadong Medicine will be responsible to fund the clinical trials, commercial and regulatory activities in 25 Asian countries including Greater China, Thailand, Vietnam, Indonesia, Philippines and Singapore.

MediBeacon’s Transdermal Glomerular Filtration Rate Measurement System (TGFR) is poised to begin its pivotal trial in the US and Europe. The TGFR is designed to measure kidney function at the point of care without the need for blood sampling or urine collection. The US Food and Drug Administration (FDA) granted “breakthrough device” designation to the TGFR in 2018. MediBeacon’s agents and devices are not approved for human use by any regulatory agency.

It is estimated that 10.8 per cent of the people in China suffer from chronic kidney disease, which remains a “hidden epidemic” affecting more than 850 million people worldwide. The ability to measure GFR (the transdermal glomerular filtration rate) is of high clinical interest, especially for patients with, or at risk of, kidney disease.

Under the deal’s terms, MediBeacon will receive an initial $15 million equity payment at a pre-money valuation of $300 million and a second $15 million equity payment upon achieving US FDA approval for the TGFR at a pre-money valuation of $400 million.

Huadong Medicine will fund all commercial and regulatory activities in Greater China and select Asian countries. In addition, MediBeacon will receive royalty payments on net sales in the specified countries.

“We are extremely excited to partner with Huadong Medicine in Greater China,” said Steve Hanley, CEO and co-founder of MediBeacon. “Huadong has over 6,500 representatives covering all key areas of China including a strong presence in the nephrology community. As a leading pharmaceutical company in China, we believe they are the perfect partner to drive market adoption for our pipeline of products.”

As part of this transaction, Richard B Dorshow, PhD, the chief scientific officer and co-founder of MediBeacon Inc, will assume the role of special scientific advisor to Huadong Medicine.

MediBeacon’s fluorescent agent platform for use in physiological function monitoring has important applications beyond the field of kidney health, said the release. The company’s transdermal gastrointestinal permeability system has been supported by multiple grants from the Bill & Melinda Gates Foundation. In addition, the company has just completed initial pre-clinical studies evaluating use of its agents in imaging the vasculature of the eye.

The company has a market capitalization at its initial public offering (IPO) of Bt473 million (approximately US$15.3 million).

mai President Prapan Charoenprawatt said that KUMWEL would start trading on mai in the Industrials industry group.

KUMWEL and subsidiaries manufacture and distribute grounding system, lightning protection system, surge protection system, and lightning detection & warning system products compliant with international standards for the stability and safety of the electrical system in infrastructure for customers in various businesses including electricity authorities, transportation, telecommunication, industrial, real estate, and military security sectors.

Currently, KUMWEL provides a line of more than 2,500 items. The company has a registered paid-up capital of Bt215 million, consisting of 300 million existing common shares and 130 million newly issued shares, with a par value of Bt0.50 each.

From July 24 to 26, 2019, it offered newly issued shares to the general public via IPO at Bt1.10 each, for a total of Bt143 million.

The IPO price was equivalent to price-to-earnings (P/E) ratio of 17.94 times, calculated by using the company’s net profit in the past 12 months (April 1, 2018 – March 31, 2019) amounting to Bt26.36 million, divided by 430 million fully diluted shares. Asset Pro Management Co Ltd is its financial advisor and Phillip Securities (Thailand) is its lead underwriter.

KUMWEL chief executive Boonsak Kiatjaroonlert said that the company places importance on new product research and development, as well as quality control. It has gained trust from both domestic and international clients. The products have been in accordance with the international standards in terms of design, testing and installation, such as UL standard certified by Underwriters Laboratories Inc., USA; IEC standard by KEMA Quality from DEKRA, the Netherlands; and Verband Dutscher Klekrotechniker or VDE from Germany, among others. The fund raised would be used for factory construction, factory maintenance, new product research and development, product-testing room renovation and development, and as working capital.

KUMWEL’s major shareholder after IPO is Kiatjaroonlert family (64.64 per cent). KUMWEL’s dividend policy is to pay no less than 40 percent of net profit after corporate income tax and legal reserves.

Nikan Prachyasilpawut, CEO and founder of Bake A Wish, said: “We are ready to welcome customers who enjoy Japanese-style baked goods made fresh daily using traditional Kobe-recipes. The new menu for the Detective Conan Café 2019 perfectly fuses Thai and Japanese anime pop culture with culinary delights. Once again, this café was conceptualised and developed by PARCO [Singapore].”

The new themed menu at the Siam Centre branch includes six mains, four desserts and four drinks, while the 14 Bake A Wish branches nationwide will each have four takeaway offerings following the Detective Conan theme.

Customers ordering from the Detective Conan Café menus will receive a free limited Detective Conan placemat and free coaster with any order of drink, while each themed dish will come with a giveaway, such as a free Detective Conan movie card or a keychain among others.

Meanwhile, Good Anime, a business unit of Dai-Ichi Kikaku (Thailand), the licensee of Detective Conan in Thailand, will launch a “Detective Cafe Station” on the ground floor of Siam Centre, next to the Detective Conan Café from August 1 to September 1. At this station, fans can buy original limited “Detective Conan” goods as well as other limited items. This station will also be the starting and ending point of the Mystery Walk called the “The Phantom Quest”, which will run from August 1 to 18.

He said there is considerable headroom for further gains in the shares of Thai mobile operators Advanced Info Service, Total Access Communication and True Corp due to many factors, including their expected core profit growth of 34.3 per cent year on year in the second half of this year versus the 12.6 per cent posted for the same period last year.

The other factors are potential upside gains for industry revenue growth and more aggressive capital management from market collaborations, relieved market concerns over a 5G capital expenditure cycle, and a spectrum price resetting at the recent allocation of 700 MHz spectrum.

“We see industry core EPS [earning per share] growth acceleration to come mainly from a recovery of mobile service revenue growth and effective cost control across the industry,” said Pisut.

“From our projections, True will continue to be a major core EPS growth contributor with a core 2H19 EPS turnaround to Bt0.05 from core loss per share (LPS) of Bt0.09 in 2H18, followed by DTAC (177 per cent year on year), JAS (53 per cent year on year) and ADVANC (15 per cent year on year).”

For upside potential for mobile service revenue growth, he cited the case that DTAC’s second quarter blended average revenue per users (ARPU) grew by 1.9 per cent year on year, which was 2.7 per cent above Kasikorn Securities’ preview of -0.01 per cent year on year.

This affirms an industry improvement in terms of competitive environment thanks to better competitive parity after DTAC built up its spectrum portfolio to be competitive with its rivals.

He expects mobile industry service revenue to grow 1.4 per cent year on year in the second quarter of 2019, edging up from 0.9 per cent growth year on year in the first quarter of 2019 and -1 per cent year on year in the fourth quarter of 2018.

“All telco managements share the same view that competition will remain benign for quite some time. If market collaboration persists, we see some upside potential to our 2019E mobile service revenue growth forecast of 3.3 per cent year on year,” he said.

“We believe the removal of low-end unlimited fixed speed packages will show a full effect in 3Q19 after the validity of various packages ends. On top of this, we foresee a chance for telcos to remove other loss-making or low-margin packages and then force customers to trade up their packages, resulting in further ARPU uplift.”

He said the latest spectrum allocation of 700 MHz has already normalised the 5G spectrum acquisition cost. Applying the price per MHz of 700 MHz and adjusting for varying degrees of spectrum propagation, he forecasts telcos will see a spectrum acquisition cost of 5G at Bt97.7 billion for 2650 MHz unpaired bandwidth of 700 MHz, 2600 MHz and 26000 MHz or Bt36.9 million per MHz. This is much cheaper than the 4G spectrum acquisition cost of Bt288 billion for 120 MHz unpaired bandwidth of 900 MHz and 1800 MHz, or Bt2.4 billion per MHz.

“Also, we see the normalisation of spectrum acquisition cost per MHz will benefit telcos in the long term when their 3G and 4G licenses expire in the next 7-14 years,” he said. “So, applying the price per MHz of 700 MHz and adjusting for varying degrees of spectrum propagation, we estimate a spectrum acquisition cost for 2100 MHz, 1800 MHz, 900 MHz and 2300 MHz when they come up for renewal to be Bt137.3 billion, or Bt366 million per MHz – much cheaper than the past acquisition cost of Bt358 billion, or Bt954 million per MHz,”.

Additionally, the 10-year instalment term for 700 MHz licences and 900 MHz licences should become an industry standard and thus applied to future spectrum auctions, he added.

“Combining a normalized spectrum acquisition cost and more relaxed spectrum payment terms, we foresee cash requirements for spectrum payments to be less burdensome and manageable for telcos,” he said.

“In summary, our calculation suggests that telcos will save Bt296 billion from the normalization of the spectrum acquisition cost over the next 22 years, implying 28 per cent potential upside in terms of present value using the industry average WACC [weighting average cost of capital] of 9.4 per cent,”.

On a year-to-date basis, telco share prices have broadly outperformed the SET thanks to easing competition, scope for FCF (free cash flow) expansion and subsiding regulatory uncertainty, he said.

“We maintain our positive sector view as we foresee robust financial performances in 2H19E, further spectrum price normalisation for 2600 MHz and 26000 MHz multiple band auction and room for opex [ operating expenses] saving, all of which should strengthen telcos’ FCF positions and their ability to pursue aggressive capital management,” he said.

“The key risks to our positive sector call are 1) intensifying price competition to reoccur; 2) 5G spectrum reserve prices to be way higher than our projection; and 3) new entrants to participate in upcoming 5G auctions.

“For mobile-related stocks, we see risks to include 1) too short a 4G harvest period; 2) risk of overinvestment in unproven 5G technology; 3) risk of new entrants; and 4) risk of equity calls.”

The move falls in line with the company’s ‘New Central New Retail’ policy by stepping forward to become a keen leader with strong capability in conducting business on a ‘customer-centric omnichannel’ platform.

The platform will create a borderless shopping experience with ‘brick-and-mortar’ stores and online channels, catering to the digital lifestyle of consumers today.

Tos Chirathivat, chairman of the executive committee at Central Retail, said the company started as a small family business 72 years ago.

“We are committed to offer new shopping experiences that cover any demand and requirement of consumers,” said Tos.

Being the leader in the Thai retail market, the company operates a wide range of multi-format stores, ranging from the first department store in Thailand to other retail outlets with diversified formats, including specialty stores for specific products. Furthermore, the company has added value to its offline channel with the launch of Omnichannel strategy to answer consumer’s shopping behaviour in every dimension, he said.

Tos said the retail industry has undergone a significant transformation and it will continue to evolve through new technology, data and the ever-changing lifestyle of consumers, adding that these are the key trends shaping the retail industry going forward.

Customers are more emotional than functional these days and massive transformation and collaboration will have to happen to create a seamless play between retail, payment and logistics.

“Central Group positions itself as the “Central of Life” for all our stakeholders. We will continue to revolutionise our platforms in order to create a “Central Experience, ” offering a unique , frictionless proposition throughout a customer’s journey,” said Tos.

Central Retail, as of March 31 this year, operates 1,979 retail stores in 51 Thai provinces. The company also has a total of 134 retail stores in Vietnam and Italy.

Yol Phokasub, chief executive officer at Central Retail, said the company conducted a restructuring process of its retail organisation over the past three years, aimed at strengthening its businesses and to expand under new models, driven by the prospects of new business opportunities amid the change in technology and consumers’ behaviour.

He said Central Retail had initiated a business model, covering three key dimensions: ‘multi-category’ of products comprising fashion, hardline, and food; ‘multi-format’ of retail stores; and ‘multi-market’ covering stores in Thailand and abroad.

“Our business strategy in the Asia-Pacific region is two-fold. Firstly, we are looking to increase the value of our assets under management [AUM] in the property sector in Asia-Pacific as the region’s emerging markets such as China and Southeast Asia have the potential for high yield, which is making them attractive for Asian investors,” said Christopher Chiang, head of real-estate Asia-Pacific, Credit Suisse.

Secondly, he said, Credit Suisse aims to help investors in the region make investments in developed markets.

Currently, Credit Suisse’s AUM stands at US$50 billion (Bt1.5 trillion) globally, with around $2 billion in Asia.

“We have raised $1 billion from Asian investors in the past two years and we aim to continue increasing our AUM from Asian clients in the upcoming years,” Chiang said, not revealing a specific target.

When compared to their Western counterparts, Asian investors are more attracted to properties that promise high yields despite higher risks, he said. This makes Asian investors more interested in spending on value-added projects instead of core projects.

Value-added projects are when Credit Suisse uses their client’s capital to invest in property that is empty, half-empty or undermanaged. They then refurbish the property before leasing it or selling it and returning the capital to the investors with profit.

In comparison, Western investors are more attracted to core investments, in which Credit Suisse purchases buildings at key locations and leases the property out for long-term income distribution to their clients, he said.

However, like their Western counterparts, Asian investors allocate around 92 per cent of their capital to the domestic market, and the remaining 8 per cent to offshore projects, said Francisca Farina Fischer, the private bank’s head of real-estate international.

According to a study by Credit Suisse, the appetite for real estate remains strong in developed markets, with cities like Boston, London, Paris, Berlin, Sydney, Tokyo and Seoul having the highest level of liquidity.

This presents key opportunities to Asian investors who are looking to invest in property overseas.

For instance, the rate of vacancy has been dropping and is at sub-1 per cent in Tokyo, indicating a strong demand for property in the city, Fischer said.

The key challenge for investing in Thailand’s property is the lack of transparency on both regulation and market data, Chiang said. Furthermore, the strengthening baht is also discouraging foreign investors from considering the Kingdom’s real-estate sector. Finally, he said, there are not a lot of commercial assets being traded in Thailand.

“While we do not have investments in Southeast Asia at present, Credit Suisse is looking at opportunities to boost its footprint and AUM in the region as growth prospects in the Southeast Asian property market is promising,” Chiang added.

APICO LLC currently holds a 35 per cent participating interest in the Sinphuhorm Project, of which PTTEP is the operator with a 55 per cent participating interest. ExxonMobil Exploration and Production Khorat Inc holds the remaining 10 per cent participating interest.

Furthermore, APICO LLC also holds a 100 per cent participating interest in Block L15/43 and Block L27/43, which both are located in the northeastern region of Thailand.

The transaction is expected to be completed within the third quarter of 2019. After the completion, PTTEP’s stake in the Sinphuhorm Project will, directly and indirectly, increase to a total of 80.48 per cent.

Phongsthorn Thavisin, the PTTEP president and CEO, said “this acquisition of additional interest in APICO underlines PTTEP’s growth strategy in expanding investment in Thailand. The deal will generate return on investment to PTTEP while also driving further development of the Sinphuhorm Project to support electricity generation in northeast of Thailand”.

This is an acquisition of additional stakes in APICO after PTTEP had completed APICO’s share purchase transaction from Tatex Thailand in June 2019.

The Sinphuhorm Project covers Blocks EU1 and E5N in Udon Thani and Khon Kaen provinces. In the first half of 2019, the project’s average sales volume of natural gas was approximately 88 million cubic feet per day (14,487 barrels of oil equivalent per day) and the average condensate sales volume was 289 barrels per day.

Natural gas from the project is the main supply for the Nam Phong Power Plant in Khon Kaen, which has been included in the latest national Power Development Plan (PDP) 2018-2037 to support economic and social development of Thailand. The Sinphuhorm Project’s concessions were granted a 10-year extension by the cabinet in May 2019.

Charita will focus on increasing efficiency in aviation management, the hours of its aircrafts’ operation and the number of flights on existing routes while adding new routes.

“The focus is still placed on financial and investment management, promoting the use of technology and service innovation as well as HR management so as to create the optimal satisfaction for Thai Smile passengers, while performing full duties in line with the policy and business direction of Thai Airways International Public Company Limited,” the airline said.

Charita had been serving as acting chief executive and is recognised as a high-ranking executive in the airline industry.

“She is a thought leader who inspires others and who is behind the success of Thai Smile with The Best Airline in Thailand and the Travellers’ Choice Regional Airline – Asia from the TripAdvisor for three consecutive years,” the company said. “Moreover, she has continued planning and deploying the policy of connecting services seamlessly with Thai Airways International as well as substantially supporting digital transformation in the organisation.”

She had earlier served as the airline’s chief financial officer.

“She is also a high-level executive who continues to put the importance on CSR activities, such as Tong Fah Pah Yim, Smile for Life, and recently with the Arabica coffee support project from the Royal Project Foundation,” the company said

“Charita will cooperate with all sectors, both domestically and overseas, in various fields to push the business forward.

“In the past years, Charita has worked with deep understanding of the nature of aviation business and the operations of Thai Smile since her last position with Thai Airways International Public Company Limited as executive vice president of finance and accounting before moving to assume the management role at Thai Smile.”

Chief executive officer Aphinant Klewpatinond said the group has been more careful in giving new loans to high-risk segments, especially vehicles, since the fourth quarter last year. This has led to its auto lending contracting in the first half of this year.

However, its car loans in the second half could expand, though the group will continue to lend to the segment cautiously. He expects it will take at least two years before lending to the segment goes back to normal.

The other high-risk portfolio is property loans – for the real-estate, apartment and hotel businesses, Aphinant said.

Due to its present policy, the group’s overall new loans this year are expected to expand only 5 per cent, falling short of the 8 per cent target. A growth of 2.1 per cent was achieved in the first half.

Aphinant said new lending has expanded while only auto loans have slowed down. Car loans are the gro

Japan’s top auto maker has also designed four robots to assist and engage with athletes and spectators, while also facilitating remote participation, according to Games organizers.

Toyota will deploy approximately 200 short-distance battery electric vehicles to transport athletes, staff and visitors with accessibility needs around venues. The APMs, which can carry five passengers and travel 100 kilometres on a single charge, will also support relief activities.

Along with providing solutions for an ageing population and fans who would previously not have been able to attend, the technology will help reduce Tokyo 2020’s environmental burden to historically low levels.

The Tokyo 2020 Robot Project is also a major component of Toyota’s mobility innovations. Four different types of robot will assist spectators, athletes and officials at venues, and encourage virtual participation by fans watching remotely by relaying sounds and images.

IOC member Khunying Patama Leewasastrakul said: “Toyota has also developed robots designed to collect equipment from the field events such as hammer, discus and javelin. They are able to follow and retrieve the equipment instead of us having to use officials.”