Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<p>Thailand-based power plant player B.Grimm Power launched book building to raise up to US$348m to fund its expansion and pay down debt. At Smartkarma, we covered recent Thai utility listings, including <a href="https://www.smartkarma.com/entities/23631" target="_blank" data-smartkarma-citation="entities:23631:1">Banpu Power PCL (BPP TB)</a>, <a href="https://www.smartkarma.com/entities/23995" target="_blank" data-smartkarma-citation="entities:23995:1">WHA Utilities and Power (WHAUP TB)</a>, and <a href="https://www.smartkarma.com/entities/24044" target="_blank" data-smartkarma-citation="entities:24044:1">TPI Polene Power Public Company Limited (TPIPP TB)</a>. In this insight, we will cover the background of the company, its growth, valuation and score the deal on our Smartkarma ECM framework. </p><div><h2>Deal and framework score overview</h2></div><p>The below…</p>

Thailand-based power plant player B.Grimm Power launched book building to raise up to US$348m to fund its expansion and pay down debt. At Smartkarma, we covered recent Thai utility listings, including Banpu Power PCL (BPP TB), WHA Utilities and Power (WHAUP TB), and TPI Polene Power Public Company Limited (TPIPP TB). In this insight, we will cover the background of the company, its growth, valuation and score the deal on our Smartkarma ECM framework. Deal and framework score overviewThe below…

B.Grimm Power IPO: Quality Name but Upside Capped by Leverage

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Equity Bottom-Up

Electricity Generating / Equity Bottom-Up

<ul><li>Improving asset turnover, strong stock price momentum, and<br>improving operating profit relative to its sector</li><li>International expansion with the acquisition of Chevron’s 402MW<br>geothermal project in Indonesia (20% stake), contributions expected to<br>start in 2Q17</li><li>EGCO has definite capacity growth plans in place as the commissioning<br>of Small Power Producers—TP, TJ and SK Cogen, with combined capacity<br>of 322MW—starts in 3Q17</li><li>Trades in line with ASEAN Utilities at 17CE* 11.5x PE but offers<br>substantially better EPS growth</li><li>Risks: Construction delays on new projects, plant outages</li></ul><p><em>* Consensus Estimates</em></p>

Improving asset turnover, strong stock price momentum, and improving operating profit relative to its sectorInternational expansion with the acquisition of Chevron’s 402MW geothermal project in Indonesia (20% stake), contributions expected to start in 2Q17EGCO has definite capacity growth plans in place as the commissioning of Small Power Producers—TP, TJ and SK Cogen, with combined capacity of 322MW—starts in 3Q17Trades in line with ASEAN Utilities at 17CE* 11.5x PE but offers substantially better EPS growthRisks: Construction delays on new projects, plant outages* Consensus Estimates

EGCO (EGCO TB): Expansion Plans Power Price and Profit

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

North Bangkok Power Plant Block 1 Infrastructure Fund / Equity Bottom-Up

North Bangkok Power Plant Block 1 Infrastructure Fund (EGATIF TB)

North Bangkok Power Plant Block 1 Infrastructure Fund

<p><strong>EGAT</strong> is the state-owned power company that controls over half of the electricity generation capacity in Thailand as well as two of the country's biggest IPPs: Ratchaburi and EGCO. Other listed assets include the North Bangkok power plant (EGATIF) and Eastwater, an EGCO investment for industrial power. In this review, we explain the basics of Thai power industry and highlight why we like Ratchaburi best. Power is by far the most defensive sector in Thailand, and no one dominates it more than this Group.</p>

EGAT is the state-owned power company that controls over half of the electricity generation capacity in Thailand as well as two of the country's biggest IPPs: Ratchaburi and EGCO. Other listed assets include the North Bangkok power plant (EGATIF) and Eastwater, an EGCO investment for industrial power. In this review, we explain the basics of Thai power industry and highlight why we like Ratchaburi best. Power is by far the most defensive sector in Thailand, and no one dominates it more than this Group.

Big Brother (Ep. 4): The Invisible Power Company

<table class="table table-striped"><tbody>
<tr>
<td><strong>Stock</strong></td>
<td><strong>Shr price (Bt/sh)</strong></td>
<td><strong>Mkt cap (US$ bn)</strong></td>
<td><strong>% ytd performance</strong></td>
<td><strong>PE (x)</strong></td>
<td><strong>Yld (%)</strong></td>
</tr>
<tr>
<td style="text-align: center;">EGATIF</td>
<td style="text-align: center;">11.6</td>
<td style="text-align: center;">0.7</td>
<td style="text-align: center;">12.6</td>
<td style="text-align: center;">N/A</td>
<td style="text-align: center;">2.6</td>
</tr>
<tr>
<td style="text-align: center;">RATCH</td>
<td style="text-align: center;">51.75</td>
<td style="text-align: center;">2.2</td>
<td style="text-align: center;">9.0</td>
<td style="text-align: center;">23.2</td>
<td style="text-align: center;">4.4</td>
</tr>
<tr>
<td style="text-align: center;">EGCO</td>
<td style="text-align: center;">201</td>
<td style="text-align: center;">3.1</td>
<td style="text-align: center;">32.7</td>
<td style="text-align: center;">17.7</td>
<td style="text-align: center;">3.1</td>
</tr>
<tr>
<td style="text-align: center;">GLOW</td>
<td style="text-align: center;">86</td>
<td style="text-align: center;">3.6</td>
<td style="text-align: center;">19.2</td>
<td style="text-align: center;">13.4</td>
<td style="text-align: center;">4.1</td>
</tr>
</tbody></table><p><strong>What happened to markets? </strong>Thai equities have risen almost 20% this year. After 3-4 years of continuous selling (Bt400bn), foreign investors drove markets upwards by buying some Bt100bn in Thai equities this year. The Baht continues to strengthen over the last two days from Bt34.8 to Bt34.6, but both foreign and local funds sold heavily…</p>



Stock
Shr price (Bt/sh)
Mkt cap (US$ bn)
% ytd performance
PE (x)
Yld (%)


EGATIF
11.6
0.7
12.6
N/A
2.6


RATCH
51.75
2.2
9.0
23.2
4.4


EGCO
201
3.1
32.7
17.7
3.1


GLOW
86
3.6
19.2
13.4
4.1

What happened to markets? Thai equities have risen almost 20% this year. After 3-4 years of continuous selling (Bt400bn), foreign investors drove markets upwards by buying some Bt100bn in Thai equities this year. The Baht continues to strengthen over the last two days from Bt34.8 to Bt34.6, but both foreign and local funds sold heavily…

Thailand

Electricity Generating Public Company Limited (EGCO Group) is an independent power producer and energy-related business operator. It generates electricity from various fuel sources, including fossil fuels and renewable energy, and provides maintenance, engineering, and construction services for power plants and other industries. The company is headquartered in Bangkok, Thailand, and was founded on May 12, 1992.

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Electricity Generating (EGCO TB)

B.Grimm Power IPO: Quality Name but Upside Capped by Leverage

Thailand-based power plant player B.Grimm Power launched book building to raise up to US$348m to fund its expansion and pay down debt. At...

Ke Yan, CFA, FRM

EGCO (EGCO TB): Expansion Plans Power Price and Profit

Improving asset turnover, strong stock price momentum, andimproving operating profit relative to its sector International expansion with the...

A. Stotz Investment Research

Big Brother (Ep. 4): The Invisible Power Company

EGAT is the state-owned power company that controls over half of the electricity generation capacity in Thailand as well as two of the country's...

Athaporn Arayasantiparb, CFA

EGATIF: Safer than a Mattress

What happened to markets? Thai equities have risen almost 20% this year. After 3-4 years of continuous selling (Bt400bn), foreign investors drove...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

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