Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Positives - For the Pampered Pets

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Maintain BUY for SCB with a new target price of Bt144.00.We like its steady net profit growth,resilient asset quality, undemanding valuation, and potential gain from interest rate hikes. For 3Q22</li>
<li>Strong 3Q22 earnings despite lackluster loan growth We expect SCB X (SCB) to post a net profit of Bt10.8b in 3Q22, up 23% YoY (+8%QoQ). Despite muted fee income impacted </li>
<li>Lending growth is likely to minimally decline by 0.5% QoQ as the bank prudently lends to customers to prevent new NPLs. Asset quality remains resilient, with the NPL ratio being</li>
</ul>


Maintain BUY for SCB with a new target price of Bt144.00.We like its steady net profit growth,resilient asset quality, undemanding valuation, and potential gain from interest rate hikes. For 3Q22
Strong 3Q22 earnings despite lackluster loan growth We expect SCB X (SCB) to post a net profit of Bt10.8b in 3Q22, up 23% YoY (+8%QoQ). Despite muted fee income impacted 
Lending growth is likely to minimally decline by 0.5% QoQ as the bank prudently lends to customers to prevent new NPLs. Asset quality remains resilient, with the NPL ratio being


Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>The decision to not invest in BitKrub, crypto currency exchange, is highly positive</li>
<li>Net interest margins are rising, with better loan yields, stable deposit costs</li>
<li>Stage 2 loan decline is substantial, positive for future NPL outlook</li>
</ul>


The decision to not invest in BitKrub, crypto currency exchange, is highly positive
Net interest margins are rising, with better loan yields, stable deposit costs
Stage 2 loan decline is substantial, positive for future NPL outlook


Thai Life Insurance  / Equity Capital Markets

<ul>
<li>Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note, we talk about allocation and the trading dynamics</li>
</ul>


Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note, we talk about allocation and the trading dynamics


Thai Life Insurance IPO Trading - One for Domestics and Cornerstones

<ul>
<li>Maintain BUY for SCB with a target price of Bt139.00. SCB’s 2Q22 net profit came in line with our expectation of Bt10bn (+14% YoY, -1% QoQ). Asset quality remained resilient </li>
<li>Analyst meeting We are neutral after attending the analyst meeting on 21 July. SCB adjusted some2022 financial guidance to reflect its 1H22 performance and potential effects on the economic environment.</li>
<li>Despite the volatility in the cryptocurrency market,SCB would continue to pursue its business expansion in digital asset businesses.  SCB mentioned that it had minimal cryptocurrency exposure of less than US$1m.</li>
</ul>


Maintain BUY for SCB with a target price of Bt139.00. SCB’s 2Q22 net profit came in line with our expectation of Bt10bn (+14% YoY, -1% QoQ). Asset quality remained resilient 
Analyst meeting We are neutral after attending the analyst meeting on 21 July. SCB adjusted some2022 financial guidance to reflect its 1H22 performance and potential effects on the economic environment.
Despite the volatility in the cryptocurrency market,SCB would continue to pursue its business expansion in digital asset businesses.  SCB mentioned that it had minimal cryptocurrency exposure of less than US$1m.


SCB : Recovery Amidst Rising Global Risks

Thailand

SCB X Public Company Limited provides banking services. The Bank offers accounts, loans, cards, deposits, insurance, investment, payment, digital banking, and other related services. SCB X serves customers worldwide.

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Siam Commercial Bank (SCB TB)

I-Tail Corporation Pre-IPO - The Positives - For the Pampered Pets

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

SCB : Growth Intact Despite Uncertainty

Maintain BUY for SCB with a new target price of Bt144.00. We like its steady net profit growth, resilient asset quality, undemanding valuation, and...

Pi Securities PCL, Thailand

SCBx - Positive Strategy Development

SCB's positive strategy development to not invest in the crypto currency platform is hugely positive, but so also is the bank's improving margins...

Daniel Tabbush

Thai Life Insurance IPO Trading - One for Domestics and Cornerstones

Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal. In this...

Sumeet Singh

SCB : Recovery Amidst Rising Global Risks

Maintain BUY for SCB with a target price of Bt139.00. SCB’s 2Q22 net profit came in line with our expectation of Bt10bn (+14% YoY, -1% QoQ). Asset...

Pi Securities PCL, Thailand

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