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, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It 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 our previous notes, we have looked at the company’s past performance, undertaken a peer comparison and spoken about valuation. In this note, we will talk about the trading dynamics</li>
</ul>


I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It 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 our previous notes, we have looked at the company’s past performance, undertaken a peer comparison and spoken about valuation. In this note, we will talk about the trading dynamics


I-Tail Corporation IPO Trading - Should Be Able to Provide Some Holiday Cheer

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

Osotspa Public Company Limited / Equity Bottom-Up

<ul>
<li>Analyst meeting came out with neutral tone,we believe OSP’s market share already hit the bottomed in 3Q22 at 48.2% from the highest level 54% in 2021 due to OSP introduced</li>
<li>Expect market share in 3Q22 should be the bottom After OSP deploys strategy on launching premium product (Bt12 per bottle) in March 2022,the energy drinks market in Thailand clearly divided </li>
<li>OSP aim to regain its market share in 2023 OSP targets profit growth of 30%YoY in 2023 driven by double-digit sales growth from regain its market share.Moreover, the company aim </li>
</ul>


Analyst meeting came out with neutral tone,we believe OSP’s market share already hit the bottomed in 3Q22 at 48.2% from the highest level 54% in 2021 due to OSP introduced
Expect market share in 3Q22 should be the bottom After OSP deploys strategy on launching premium product (Bt12 per bottle) in March 2022,the energy drinks market in Thailand clearly divided 
OSP aim to regain its market share in 2023 OSP targets profit growth of 30%YoY in 2023 driven by double-digit sales growth from regain its market share.Moreover, the company aim 


OSP : OSP Aim to Regain Its Market Share in 2023

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro (BTG TB)</a> raised about US$460m in its Thailand IPO. </li>
<li>Betagro is an integrated agro-industrial and food business in Thailand.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Betagro (BTG TB) raised about US$460m in its Thailand IPO. 
Betagro is an integrated agro-industrial and food business in Thailand.
In this note we will talk about the trading dynamics.


Betagro IPO Trading - Seems Fairly Valued

<ul>
<li>Maintain HOLD recommendation for OSP with a target price of Bt28 (Previous TP: Bt32). We expect the company to report 3Q22 net profit at Bt340m (-41%YoY, -44%QoQ) on pressure </li>
<li>Expect 3Q22 earnings to drop YoY and QoQ We expect OSP to post 3Q22 net profit of Bt340m (-41%YoY, -44%QoQ), the lowest level since listed</li>
<li>Revenue in 3Q22 is expected to flat YoY at Bt6.1bn (-15%QoQ). This due to the benefit from a surge in revenue from personal care segment and OEM</li>
</ul>


Maintain HOLD recommendation for OSP with a target price of Bt28 (Previous TP: Bt32). We expect the company to report 3Q22 net profit at Bt340m (-41%YoY, -44%QoQ) on pressure 
Expect 3Q22 earnings to drop YoY and QoQ We expect OSP to post 3Q22 net profit of Bt340m (-41%YoY, -44%QoQ), the lowest level since listed
Revenue in 3Q22 is expected to flat YoY at Bt6.1bn (-15%QoQ). This due to the benefit from a surge in revenue from personal care segment and OEM


OSP : Expect the Lowest Earnings Since Listed in 3Q22

<ul>
<li>Last week analyst meeting came with negative tone on 2H22 earnings outlook. C-Vitt led OSP’s functional drinks portfolio to achieve the all-time high market share of 44.6% in 2Q22. </li>
<li>Maintain its premium products strategy Over the past three years, OSP enjoys a strong market position as the largest domestic energy drinks player with 54.6% market share in 2021 </li>
<li>After OSP deploys strategy on launching premium product (M150 of Bt12 per bottle) in late of 1Q22. OSP’s energy drinks market share in Thailand fall to 49.1% in 2Q22.</li>
</ul>


Last week analyst meeting came with negative tone on 2H22 earnings outlook. C-Vitt led OSP’s functional drinks portfolio to achieve the all-time high market share of 44.6% in 2Q22. 
Maintain its premium products strategy Over the past three years, OSP enjoys a strong market position as the largest domestic energy drinks player with 54.6% market share in 2021 
After OSP deploys strategy on launching premium product (M150 of Bt12 per bottle) in late of 1Q22. OSP’s energy drinks market share in Thailand fall to 49.1% in 2Q22.


OSP : Maintain Its Premium Products Strategy

Thailand

Osotspa Public Company Limited produces and distributes non-alcoholic beverages. The Company offers energy drinks and candies. Osotspa also provides personal and health care products, including shampoos, deodorant, soaps, herbal medicines, and creams. Osotspa serves customers in Thailand.

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Osotspa Public Company Limited (OSP TB)

I-Tail Corporation IPO Trading - Should Be Able to Provide Some Holiday Cheer

I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB).

Sumeet Singh

Betagro IPO Trading - Seems Fairly Valued

Betagro (BTG TB) raised about US$460m in its Thailand IPO. Betagro is an integrated agro-industrial and food business in Thailand. In this note we...

Clarence Chu

OSP : Expect the Lowest Earnings Since Listed in 3Q22

Maintain HOLD recommendation for OSP with a target price of Bt28 (Previous TP: Bt32). We expect the company to report 3Q22 net profit at Bt340m (...

Pi Securities PCL, Thailand

OSP : Maintain Its Premium Products Strategy

Last week analyst meeting came with negative tone on 2H22 earnings outlook. C-Vitt led OSP’s functional drinks portfolio to achieve the all-time...

Pi Securities PCL, Thailand

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

I-Tail Corporation IPO Trading - Should Be Able to Provide Some Holiday Cheer

I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB).

Sumeet Singh

OSP : OSP Aim to Regain Its Market Share in 2023

Analyst meeting came out with neutral tone, we believe OSP’s market share already hit the bottomed in 3Q22 at 48.2% from the highest level 54% in...

Pi Securities PCL, Thailand

Betagro IPO Trading - Seems Fairly Valued

Betagro (BTG TB) raised about US$460m in its Thailand IPO. Betagro is an integrated agro-industrial and food business in Thailand. In this note we...

Clarence Chu

OSP : Expect the Lowest Earnings Since Listed in 3Q22

Maintain HOLD recommendation for OSP with a target price of Bt28 (Previous TP: Bt32). We expect the company to report 3Q22 net profit at Bt340m (...

Pi Securities PCL, Thailand

OSP : Maintain Its Premium Products Strategy

Last week analyst meeting came with negative tone on 2H22 earnings outlook. C-Vitt led OSP’s functional drinks portfolio to achieve the all-time...

Pi Securities PCL, Thailand