TMB / Thanachart
Eastspring Global
Innovation & ARK series
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
11
TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION
Performance Review
Source: ARK Invest as of 31 Mar 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
12
TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION
Market Outlook
Mega-cap
Disruptive Innovation
valuation % Private Equity valuation
valuation
Yield Curve Flat Inverted
recessions recession
GDP
saving rate covid
Source: ARK Invest as of 31 Mar 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
13
TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION
Market Outlook
.6%
disrupt
Short
Amazon disrupt
iPhone Apple Nokia, Samsung Blackberry
Bitcoin cryptoassets
Source: ARK Invest as of 31 Mar 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
14
TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION
Top Contribution 1Q 2022
Tesla (Contributor) :
Gigafactory Hertz Model 3 Model Y
Signify Health (Contributor) : Signify Health
JP Morgan Healthcare
Roku (Detractor) : Roku
OEM
Zoom Video (Detractor) : Zoom ARK
Zoom
Source: ARK Invest as of 31 Mar 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
15
TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION
Inflation, Interest Rates, and Recession views
FED :
GDP : GDP real GDP
GDP
2 GDP 3 recession
recession recession
:
PPI CPI PCE
leading indicator 2
Source: ARK Invest - "In the Know," (May 6, 2022)
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
16
TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION
Inflation, Interest Rates, and Recession views
:
% private equity valuation
valuation
Dot-com-bubble? :
Dot-com bubble
dot-com bubble
Source: ARK Invest - "In the Know," (May 6, 2022)
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
17
TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION
CURRENT PORTFOLIO
Source: ARK Invest as of 31 Mar 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
18
TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION
1 2022
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
19
TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION
500.0% 474.7%
400.0%
300.0%
200.0%
139.0%
100.0% 52.2%64.6% 55.3% 73.1% 65.3%
29.9% 30.3% 33.9% 28.8% 22.4%
41.3% 34.5%
14.0% 20.9%
0.0%
0.0%
-15.7%
-100.0%
CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
EPS Revenue EPS (F) Revenue (F)
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
20
TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION
UPSIDE TOP-10 HOLDING
Name GICS Sector Country %1M %YTD %1Yr Target Price %Upside
Tesla Inc Consumer Discretionary UNITED STATES -15.6% -18.1% 28.7% 999.91 15.51%
Roku Inc Communication Services UNITED STATES -15.6% -57.6% -69.5% 154.60 59.66%
Zoom Video Communications Inc Information Technology UNITED STATES -13.1% -47.6% -67.4% 158.32 64.26%
Block Inc Information Technology UNITED STATES -21.9% -40.4% -58.8% 157.00 63.22%
Exact Sciences Corp Health Care UNITED STATES -18.3% -29.3% -47.4% 98.06 78.29%
Coinbase Global Inc Financials UNITED STATES -35.5% -58.9% -60.7% 264.14 154.61%
Teladoc Health Inc Health Care UNITED STATES -49.4% -63.6% -77.9% 51.44 53.78%
Unity Software Inc Information Technology UNITED STATES -36.8% -59.9% -35.9% 132.23 130.61%
Twilio Inc Information Technology UNITED STATES -26.7% -59.2% -65.0% 222.45 107.16%
UiPath Inc Information Technology UNITED STATES -14.1% -60.3% -75.2% 35.40 106.68%
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
21
TMB EASTSPRING NEXT GENERATION INTERNET
CURRENT PORTFOLIO
Source: ARK Invest as of 31 Mar 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
22
TMB EASTSPRING NEXT GENERATION INTERNET
1 2022
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
23
TMB EASTSPRING NEXT GENERATION INTERNET
200.0% 176.1%
150.0%
100.0% 76.6% 91.4%
58.9%
50.0% 43.2% 38.1%
22.5% 22.9% 19.8%
31.6% 23.8% 29.9% 24.0%
19.1% 13.2% 17.6%
0.0%
-5.2%
-50.0%
-62.0%
-100.0%
CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
EPS Revenue EPS (F) Revenue (F)
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
24
TMB EASTSPRING NEXT GENERATION INTERNET
UPSIDE TOP-10 HOLDING
Name GICS Sector Country %1M %YTD %1Yr Target Price %Upside
Tesla Inc Consumer Discretionary UNITED STATES -15.6% -18.1% 28.7% 999.91 15.51%
Trimble Inc Information Technology UNITED STATES -11.1% -26.5% -19.2% 89.70 39.98%
Kratos Defense & Security Solu Industrials UNITED STATES -27.8% -27.8% -48.3% 21.96 56.73%
Komatsu Ltd Industrials JAPAN 4.4% 4.5% -21.5% 25.27 3.48%
UiPath Inc Information Technology UNITED STATES -14.1% -60.3% -75.2% 35.40 106.68%
Deere & Co Industrials UNITED STATES -9.8% 10.1% -4.3% 429.05 13.67%
AeroVironment Inc Industrials UNITED STATES -21.2% 31.0% -25.8% 86.50 6.46%
Iridium Communications Inc Communication Services UNITED STATES -12.5% -15.4% -7.9% 52.33 49.78%
Blade Air Mobility Inc Industrials UNITED STATES -4.5% -13.3% -12.0% 13.80 80.16%
Teradyne Inc Information Technology UNITED STATES -2.5% -35.2% -17.4% 138.26 30.54%
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
25
TMB EASTSPRING GENOMIC REVOLUTION
CURRENT PORTFOLIO
Source: ARK Invest as of 31 Mar 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
26
TMB EASTSPRING GENOMIC REVOLUTION
1 2022
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
27
TMB EASTSPRING GENOMIC REVOLUTION
150.0%
114.9%
100.0% 78.0% 82.0%
50.0%
18.5% 7.7%4.9% 14.0%
6.3% 4.4% 7.0%
0.0%
-0.9% -6.4% -8.0%-4.0%
-13.6%
-17.1%
-50.0% -25.7%
-100.0%
-150.0%
-151.2%
-200.0%
CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
EPS Revenue EPS (F) Revenue (F)
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
28
TMB EASTSPRING GENOMIC REVOLUTION
UPSIDE TOP-10 HOLDING
Name GICS Sector Country %1M %YTD %1Yr Target Price %Upside
Exact Sciences Corp Health Care UNITED STATES -18.3% -29.3% -47.4% 98.06 78.29%
Ionis Pharmaceuticals Inc Health Care UNITED STATES -9.5% 19.3% -0.7% 47.80 31.68%
Teladoc Health Inc Health Care UNITED STATES -49.4% -63.6% -77.9% 51.44 53.78%
Fate Therapeutics Inc Health Care UNITED STATES -36.4% -58.7% -68.4% 86.26 257.05%
Signify Health Inc Health Care UNITED STATES -25.6% -12.7% -53.7% 23.80 91.63%
Vertex Pharmaceuticals Inc Health Care UNITED STATES -9.4% 15.6% 18.1% 295.36 16.32%
Incyte Corp Health Care UNITED STATES -9.6% 2.5% -9.1% 91.75 22.01%
CRISPR Therapeutics AG Health Care SWITZERLAND -22.1% -36.6% -55.4% 130.09 170.97%
CareDx Inc Health Care UNITED STATES -30.0% -43.3% -66.8% 52.00 101.71%
Intellia Therapeutics Inc Health Care UNITED STATES -24.5% -59.8% -29.8% 136.65 187.26%
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
29
TMB EASTSPRING FINTECH INNOVATION
CURRENT PORTFOLIO
Source: ARK Invest as of 31 Mar 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
30
TMB EASTSPRING FINTECH INNOVATION
1 2022
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
31
TMB EASTSPRING FINTECH INNOVATION
80.0%
70.0% 66.6%
60.0%
50.0% 46.6% 47.2%
40.1%
40.0% 35.8%
28.5% 30.0% 29.1%
30.0% 24.0% 26.0%
18.6% 17.7%
20.0% 17.4% 16.0% 14.6%
10.2%
10.0%
1.9%
0.0%
-10.0% -4.0%
CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
EPS Revenue EPS (F) Revenue (F)
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
32
TMB EASTSPRING FINTECH INNOVATION
UPSIDE TOP-10 HOLDING
Name GICS Sector Country %1M %YTD %1Yr Target Price %Upside
Block Inc Information Technology UNITED STATES -21.9% -40.4% -58.8% 157.00 63.22%
Shopify Inc Information Technology CANADA -35.9% -72.0% -63.9% 753.23 54.96%
Coinbase Global Inc Financials UNITED STATES -35.5% -58.9% -60.7% 264.14 154.61%
Twilio Inc Information Technology UNITED STATES -26.7% -59.2% -65.0% 222.45 107.16%
MercadoLibre Inc Consumer Discretionary ARGENTINA -20.1% -31.2% -37.4% 1,533.80 65.36%
Robinhood Markets Inc Financials UNITED STATES -10.0% -43.0% #N/A N/A 15.03 48.48%
UiPath Inc Information Technology UNITED STATES -14.1% -60.3% -75.2% 35.40 106.68%
Discovery Ltd Financials SOUTH AFRICA -21.3% -1.5% -2.1% 20,254.33 43.26%
Silvergate Capital Corp Financials UNITED STATES -12.8% -24.8% 19.6% 204.44 83.34%
Sea Ltd Communication Services SINGAPORE -33.4% -65.9% -68.3% 180.15 136.42%
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
33
TMB EASTSPRING AUTONOMOUS TECHNOLOGY AND ROBOTICS
CURRENT PORTFOLIO
Source: ARK Invest as of 31 Mar 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
34
TMB EASTSPRING AUTONOMOUS TECHNOLOGY AND ROBOTICS
1 2022
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
35
TMB EASTSPRING AUTONOMOUS TECHNOLOGY AND ROBOTICS
120.00% 111.7%
100.00%
79.89%
80.00%
60.00%
37.82%
40.00% 0.29 28.0%
20.31% 21.2%17.1% 17.2%13.5%
20.00% 15.6%15.4% 11.6%
0.09 11.12%
2.53% 0.03
0.00%
-4.7%
-20.00%
CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
EPS Revenue EPS (F) Revenue (F)
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
36
TMB EASTSPRING AUTONOMOUS TECHNOLOGY AND ROBOTICS
UPSIDE TOP-10 HOLDING
Name GICS Sector Country %1M %YTD %1Yr Target Price %Upside
Tesla Inc Consumer Discretionary UNITED STATES -15.6% -18.1% 28.7% 999.91 15.51%
Trimble Inc Information Technology UNITED STATES -11.1% -26.5% -19.2% 89.70 39.98%
Kratos Defense & Security Solu Industrials UNITED STATES -27.8% -27.8% -48.3% 21.96 56.73%
Komatsu Ltd Industrials JAPAN 4.4% 4.5% -21.5% 25.27 3.48%
UiPath Inc Information Technology UNITED STATES -14.1% -60.3% -75.2% 35.40 106.68%
Deere & Co Industrials UNITED STATES -9.8% 10.1% -4.3% 429.05 13.67%
AeroVironment Inc Industrials UNITED STATES -21.2% 31.0% -25.8% 86.50 6.46%
Iridium Communications Inc Communication Services UNITED STATES -12.5% -15.4% -7.9% 52.33 49.78%
Blade Air Mobility Inc Industrials UNITED STATES -4.5% -13.3% -12.0% 13.80 80.16%
Teradyne Inc Information Technology UNITED STATES -2.5% -35.2% -17.4% 138.26 30.54%
Source : Bloomberg as of 9 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
37
TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION
FAQ ARK
ARK Active
Source: TMBAM TFUND Eastspring Investment Strategy Bloomberg as of 5 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
38
TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION
FAQ
ARK NAV
Source: TMBAM TFUND Eastspring Investment Strategy Bloomberg as of 5 May 2022
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
39
TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION
FAQ ARK
ARK
Operation Margin ARK
TESLA ZOOM TELADOC
60000 53823 4500 4099.9 2500
4000 2032.7
50000 2000
3500
40000 3000 1500
31536 2651.4 1094
30000 24578 2500 1000
21461.3 2000 553.3
20000 417.9
1375.6 500 233.3
11758.8 1500 77.4 123.2
19.9 43.5
10000 7000.1 5519 1000 672.3
3198.4 4046 622.7 0
413.3 2013.5 721 330.5 -6 -17 -58
0 500 60.8 0 151.5 -74.2 -106.8 -97.1 -98.9
7.6 25.3 -500
-396.2 -74 -294 -888.7 -674.9 -1961.4 -976.1 -862 0 -485.1 -428.8
-10000 -500 -3.8 -1000
FY FY FY FY FY FY FY FY FY FY FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY 2019FY 2020FY 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Revenue Net Income Revenue Net Income Revenue Net Income
Source: TMBAM TFUND Eastspring Investment Strategy Bloomberg
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
40
TMB ES GLOBAL INNOVATION
Recommendations : Neutral
GINNO Growth / Tech
bps QT
SHORT-TERM OUTLOOK
FED
NAV
ARKK
LONG-TERM OUTLOOK
ARKK
%
Source: Investment Strategy Team
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
