IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a> notes that discussions with KKR are ongoing, but the indicative proposal is held up by due diligence access to <a href="https://www.smartkarma.com/entities/ramsay-generale-de-sante" target="_blank" data-smartkarma-citation="entities:21473:1" rel="noopener">Ramsay Generale de Sante (GDS FP)</a>.</li>
<li>KKR proposed an alternative proposal that the Board rejected as “<em>meaningfully inferior.</em>” KKR remains interested, and its shenanigans are likely a move to nudge down the price.</li>
<li>At the last close, the risk/reward profile is favourable as the downside due to a deal break (-3% estimated decline) is lower than the upside (+20%) to the indicative proposal.</li>
</ul>



Ramsay Health Care (RHC AU) notes that discussions with KKR are ongoing, but the indicative proposal is held up by due diligence access to Ramsay Generale de Sante (GDS FP).
KKR proposed an alternative proposal that the Board rejected as “meaningfully inferior.” KKR remains interested, and its shenanigans are likely a move to nudge down the price.
At the last close, the risk/reward profile is favourable as the downside due to a deal break (-3% estimated decline) is lower than the upside (+20%) to the indicative proposal.


Ramsay's Overdue Update on the KKR Proposal

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

Bangkok Chain Hospital / Equity Bottom-Up

<ul>
<li>We retain our HOLD rating with a TP of Bt21.00, after roll over to 24.7xPE’23E (bottom level before the pandemic lockdown). Although, we expect 2H22 earnings trend to slow down</li>
<li>2H22 earnings momentum to slowdown We expect 2H22 earnings momentum to drop HoH due to declining COVID-related revenue, following lower number of infection patients in tandem with the Thai government </li>
<li>We believe there are downside risk to COVID related sales, arising from 1.1m unsold doses (total 2.26m) of Moderna vaccines. Given the lower number of infected patients, the demand slowdown </li>
</ul>


We retain our HOLD rating with a TP of Bt21.00, after roll over to 24.7xPE’23E (bottom level before the pandemic lockdown). Although, we expect 2H22 earnings trend to slow down
2H22 earnings momentum to slowdown We expect 2H22 earnings momentum to drop HoH due to declining COVID-related revenue, following lower number of infection patients in tandem with the Thai government 
We believe there are downside risk to COVID related sales, arising from 1.1m unsold doses (total 2.26m) of Moderna vaccines. Given the lower number of infected patients, the demand slowdown 


<ul>
<li>Downgrade to HOLD from BUY rating with a TP of Bt21, derived from 13.4xPE’22E due to limited upside. Despite weakening earnings momentum in 2H22</li>
<li>2Q22 earnings result came out as expected BCH’s 2Q22 net profit came in at Bt1.1bn, flat YoY but decrease 44%QoQ, which was in-line with our projection.</li>
<li>Earnings momentum to slide down in 2H22 We believe 2H22 earnings trend to fall both YoY and HoH,pressure by pandemic-related contribution normalizing off high base in 2H21 and first half </li>
</ul>


Downgrade to HOLD from BUY rating with a TP of Bt21, derived from 13.4xPE’22E due to limited upside. Despite weakening earnings momentum in 2H22
2Q22 earnings result came out as expected BCH’s 2Q22 net profit came in at Bt1.1bn, flat YoY but decrease 44%QoQ, which was in-line with our projection.
Earnings momentum to slide down in 2H22 We believe 2H22 earnings trend to fall both YoY and HoH,pressure by pandemic-related contribution normalizing off high base in 2H21 and first half 


BCH : 2Q22 Earnings In-Line with Estimate

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 (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken 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 will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken 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 will talk about the deal dynamics and run the deal through our ECM framework.


Thai Life Insurance IPO - Can’t Pinpoint the Upside

<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 valuations and undertake a peer comparison versus its international peers.</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 valuations and undertake a peer comparison versus its international peers.


Thai Life Insurance Pre-IPO - Thoughts on Valuation and International Peer Comparison

Thailand

Bangkok Chain Hospital Public Company Limited operates a chain of hospitals in Thailand serving both the cash and managed care markets.

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Bangkok Chain Hospital (BCH TB)

Ramsay's Overdue Update on the KKR Proposal

KKR is interested but is looking to nudge the price down. A potential binding offer's risk/reward profile is favourable due to the limited downside...

Arun George

BCH : 2H22 Earnings to Slowdown

We retain our HOLD rating with a TP of Bt21.00, after roll over to 24.7xPE’23E (bottom level before the pandemic lockdown). Although, we expect...

Pi Securities PCL, Thailand

BCH : 2Q22 Earnings In-Line with Estimate

Downgrade to HOLD from BUY rating with a TP of Bt21, derived from 13.4xPE’22E due to limited upside. Despite weakening earnings momentum in 2H22,...

Pi Securities PCL, Thailand

Thai Life Insurance IPO - Can’t Pinpoint the Upside

Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around...

Sumeet Singh

Thai Life Insurance Pre-IPO - Thoughts on Valuation and International Peer Comparison

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. In this note, we talk about valuations.

Sumeet Singh

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