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

<a href="https://www.smartkarma.com/entities/23631" target="_blank" data-smartkarma-citation="entities:23631:1">Banpu Power PCL (BPP TB)</a>, the utility subsidiary of <a href="https://www.smartkarma.com/entities/15363" target="_blank" data-smartkarma-citation="entities:15363:1">Banpu Public Co Ltd (BANPU TB)</a>, is currently raising US$330-390m to pay down debt and fund expansion. In this insight, we will cover the follow topics: <ul><li>What are its main segments and what are the main growth drivers?</li><li>What are the key risks to forecasts?</li><li>How does it fare again its peers?</li><li>The deal's valuation.</li><li>How does it score in our quant driven Smartkarma ECM Framework?</li></ul>We would like to thank <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> for his valuable input.

Banpu Power PCL (BPP TB), the utility subsidiary of Banpu Public Co Ltd (BANPU TB), is currently raising US$330-390m to pay down debt and fund expansion. In this insight, we will cover the follow topics: What are its main segments and what are the main growth drivers?What are the key risks to forecasts?How does it fare again its peers?The deal's valuation.How does it score in our quant driven Smartkarma ECM Framework?We would like to thank Athaporn Arayasantiparb, CFA for his valuable input.

Banpu Power IPO: Stable Income Streams, Moderate Growth, but Fair Valuation

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

With our new 5-part Silicon September series, we explore five of the newest technology trends sweeping through the globe starting with ride hailing and autonomous driving, led by innovative leaders Google and Tesla. At some point, self-driving cars could put Bangkok's 20,000 taxi drivers out of work, but the impact on retailers that serve them (eg CP All) would be minimal. Even if cars drove themselves, someone still needs to own them, and that's where MTLS (Maung  Thai Leasing), the market leader in this area, comes in. On its own, we think MTLS is a good business, but at 37x PE, it's a little overblown for its current fundamentals. If they owned a vast fleet of cars that drove themselves, things could be different. Of course, there's more at stake than just cars. Oil giants like PTT could get hit big time. Meanwhile, power companies like GSPC (Global Synergy Power) could benefit. Maybe, that's why GSPC is PTT's favorite subsidiary today.

With our new 5-part Silicon September series, we explore five of the newest technology trends sweeping through the globe starting with ride hailing and autonomous driving, led by innovative leaders Google and Tesla. At some point, self-driving cars could put Bangkok's 20,000 taxi drivers out of work, but the impact on retailers that serve them (eg CP All) would be minimal. Even if cars drove themselves, someone still needs to own them, and that's where MTLS (Maung  Thai Leasing), the market leader in this area, comes in. On its own, we think MTLS is a good business, but at 37x PE, it's a little overblown for its current fundamentals. If they owned a vast fleet of cars that drove themselves, things could be different. Of course, there's more at stake than just cars. Oil giants like PTT could get hit big time. Meanwhile, power companies like GSPC (Global Synergy Power) could benefit. Maybe, that's why GSPC is PTT's favorite subsidiary today.

Silicon September 1.0: Ride Hailing and Autonomous Driving

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

<table class="table table-striped"><tbody>
<tr>
<td>Stock</td>
<td>Shr price (Bt/sh)</td>
<td>Mkt cap (US$ bn)</td>
<td>% ytd performance</td>
<td>PE (x)</td>
<td>Yld (%)</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>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…



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

Glow Energy is a power and utility company in Thailand, primarily engaged in generating and supplying electricity, steam, and industrial water. It serves both the Electricity Generating Authority of Thailand (EGAT) and industrial customers in various industrial estates, with power plants in Thailand and Laos. The company was established in 1993 and is headquartered in Bangkok, Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Glow Energy (GLOW TB)

Banpu Power IPO: Stable Income Streams, Moderate Growth, but Fair Valuation

Banpu Power PCL (BPP TB), the utility subsidiary of Banpu Public Co Ltd (BANPU TB), is currently raising US$330-390m to pay down debt and fund...

Ke Yan, CFA, FRM

Silicon September 1.0: Ride Hailing and Autonomous Driving

With our new 5-part Silicon September series, we explore five of the newest technology trends sweeping through the globe starting with ride hailing...

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)

P/E

Dividend (Yield)