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

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.</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 will talk about the not so positive aspects of the deal.</li>
</ul>


Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.
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 will talk about the not so positive aspects of the deal.


Thai Life Insurance Pre-IPO - The Negatives - Lacks Growth

<ul>
<li>Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.</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 the positive aspects of the deal.</li>
</ul>


Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.
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 the positive aspects of the deal.


Thai Life Insurance Pre-IPO - The Positives - Resilient Performance with a Changing Product Mix

<ul>
<li>Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021.</li>
<li>NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance. </li>
<li>The lock-up on its two main shareholders will expire today.</li>
</ul>


Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021.
NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance. 
The lock-up on its two main shareholders will expire today.


Ngern Tid Lor IPO Lock-Up - A US$660m Overhang. Selldown Is a Question of When, Not If.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<ul>
<li>In this insight, we discuss the recent COVID-19 stats including cases, deaths, and recovery/death rates.</li>
<li>In addition, we analyze the easing of travel restrictions among major Asian countries including Australia, India, Japan, Singapore, Thailand, and South Korea. </li>
<li>More countries are treating COVID-19 not as a pandemic but as a serious flu. </li>
</ul>


In this insight, we discuss the recent COVID-19 stats including cases, deaths, and recovery/death rates.
In addition, we analyze the easing of travel restrictions among major Asian countries including Australia, India, Japan, Singapore, Thailand, and South Korea. 
More countries are treating COVID-19 not as a pandemic but as a serious flu. 


A Review of COVID-19 Cases & The Easing of Travel Restrictions in Major Asian Countries

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

In the review, we look at the distressed Thai aviation industry from four key angles. While there is considerable upside to be had from a sectoral turnaround, survival of most local carriers, with the exception of Bangkok Airways, is really at risk, and neither the government nor private sector may be up to the task of rescuing them:<ul>
<li>
The existential crisis. With Bt330bn of debts in default, Thai Airways is the largest bankruptcy in Thai history, 5.5x the size of TPI's case in 1997. Former subsidiary Nok Air and archrival Air Asia are also restructuring. There's no guarantee any of them will survive the crisis.</li>
<li>
The rescue plans &amp; finances involved. Thai Airways will spend Bt3bn hiring Advisors (Baker &amp; Mckenzie, E&amp;Y, and Finansia). The industry will lay off close to 10,000 people (if not more) to cut costs and are now looking for Bt17bn in soft loans. Even in the best case, THAI probably will need 5 years to get back to profitability...if it survives.</li>
<li>
Reliance on domestic travel and non-core revenues. With international tourism basically dried up, airlines increasingly rely on domestic travel, but that hardly fills their collective fleet of 200 planes. With THAI and NOK at negative equity and AAV at 3.5x gearing, they make money wherever they can now in the short term, ignoring all impact on image.</li>
<li>
International travel recovery. In the long run, international tourism recovery is vital. If the three carriers disappear, it could be a windfall for Bangkok Airways and foreign airlines like Emirates. </li>
</ul>

In the review, we look at the distressed Thai aviation industry from four key angles. While there is considerable upside to be had from a sectoral turnaround, survival of most local carriers, with the exception of Bangkok Airways, is really at risk, and neither the government nor private sector may be up to the task of rescuing them:

The existential crisis. With Bt330bn of debts in default, Thai Airways is the largest bankruptcy in Thai history, 5.5x the size of TPI's case in 1997. Former subsidiary Nok Air and archrival Air Asia are also restructuring. There's no guarantee any of them will survive the crisis.

The rescue plans &amp; finances involved. Thai Airways will spend Bt3bn hiring Advisors (Baker &amp; Mckenzie, E&amp;Y, and Finansia). The industry will lay off close to 10,000 people (if not more) to cut costs and are now looking for Bt17bn in soft loans. Even in the best case, THAI probably will need 5 years to get back to profitability...if it survives.

Reliance on domestic travel and non-core revenues. With international tourism basically dried up, airlines increasingly rely on domestic travel, but that hardly fills their collective fleet of 200 planes. With THAI and NOK at negative equity and AAV at 3.5x gearing, they make money wherever they can now in the short term, ignoring all impact on image.

International travel recovery. In the long run, international tourism recovery is vital. If the three carriers disappear, it could be a windfall for Bangkok Airways and foreign airlines like Emirates. 


Mission Impossible 2021: Rescuing the Thai Airline Industry

Thailand

Bangkok Airways Company Limited offers air transportation services. The Company operates flights and airports to various resort destinations in Thailand, Myanmar, Laos, Cambodia, Vietnam, Malaysia, Singapore, China, and Japan.

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Bangkok Airways (BA TB)

Thai Life Insurance Pre-IPO - The Negatives - Lacks Growth

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. In this note, we talk about the not so positive aspects of the...

Sumeet Singh

Thai Life Insurance Pre-IPO - The Positives - Resilient Performance with a Changing Product Mix

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. It is one of the largest Life Insurance companies in Thailand,...

Sumeet Singh

Ngern Tid Lor IPO Lock-Up - A US$660m Overhang. Selldown Is a Question of When, Not If.

Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021. The lock-up on its two...

Sumeet Singh

A Review of COVID-19 Cases & The Easing of Travel Restrictions in Major Asian Countries

We discuss the recent COVID-19 stats including cases, deaths, and recovery/death rates in major Asian countries. More countries are treating COVID...

Douglas Kim

Mission Impossible 2021: Rescuing the Thai Airline Industry

Bangkok Airways might be the only survivor amongst the 4 listed carriers. Short term, Thai aviation relies on domestic tourist, but long term,...

Athaporn Arayasantiparb, CFA

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