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

<ul>
<li>We anticipate KEX to continue to incur loss for longer period than we previously expected,but at a lower extent in terms of loss amount.The company report3Q22 net loss at Bt675m</li>
<li>Net loss in 3Q22 reduced by 8% from the worst in 2Q22 KEX report net loss in 3Q22 at Bt675m, the second lowest level since listed in DEC’20 </li>
<li>QoQ improvement backed by efficiency enhancement program mainly on the implementation of last-mile optimisation has trimmed cost of goods sold down by 3% amid 2% drop in revenue.</li>
</ul>


We anticipate KEX to continue to incur loss for longer period than we previously expected,but at a lower extent in terms of loss amount.The company report3Q22 net loss at Bt675m
Net loss in 3Q22 reduced by 8% from the worst in 2Q22 KEX report net loss in 3Q22 at Bt675m, the second lowest level since listed in DEC’20 
QoQ improvement backed by efficiency enhancement program mainly on the implementation of last-mile optimisation has trimmed cost of goods sold down by 3% amid 2% drop in revenue.


KEX : Net Loss in 3Q22 Has Slightly Improved

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>
<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

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Bangkok Expressway and Metro / Equity Bottom-Up

<ul>
<li>Q2 22 result was healthy derived from both increase in ridership as well as ASP in both expressway and rail. </li>
<li>Cost increase but not as high as revenue increase therefore margin expanded while net profit went up 3x YoY. 2H 2022 will be even better. </li>
<li>Compared to AOT, BEM's PBR is 63% cheaper while its share price still underperformed AOT this year by 11%. </li>
</ul>


Q2 22 result was healthy derived from both increase in ridership as well as ASP in both expressway and rail. 
Cost increase but not as high as revenue increase therefore margin expanded while net profit went up 3x YoY. 2H 2022 will be even better. 
Compared to AOT, BEM's PBR is 63% cheaper while its share price still underperformed AOT this year by 11%. 


Bangkok Express and Metro (BEM): Marching On

<ul>
<li>We anticipate KEX net loss in 2Q22 atBt732m to be the bottom quarter of 2022 but still continue to incur net loss for at least in the next two quarters </li>
<li>Most disappointed net loss since listed KEX report net loss in 2Q22 at Bt732m, the lowest level since listed in DEC’20 (post net loss of Bt491m in 1Q22). </li>
<li>QoQ worsening was due to a 3% drop in revenue to Bt4.3bn amid low season, together with upward pressures on costs which were primarily caused by tightening labour market</li>
</ul>


We anticipate KEX net loss in 2Q22 atBt732m to be the bottom quarter of 2022 but still continue to incur net loss for at least in the next two quarters 
Most disappointed net loss since listed KEX report net loss in 2Q22 at Bt732m, the lowest level since listed in DEC’20 (post net loss of Bt491m in 1Q22). 
QoQ worsening was due to a 3% drop in revenue to Bt4.3bn amid low season, together with upward pressures on costs which were primarily caused by tightening labour market


KEX : Net Loss in 2Q22 Should Be Bottom of 2022

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Thai Life Insurance / Equity Capital Markets

<ul>
<li>Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took 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 talk about allocation and the trading dynamics</li>
</ul>


Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took 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 talk about allocation and the trading dynamics


Thai Life Insurance IPO Trading - One for Domestics and Cornerstones

Thailand

Kex Express is a nationwide parcel delivery company in Thailand, providing integrated logistics solutions for C2C, B2C, and B2B segments, including domestic and international parcel delivery. They also offer ocean freight, cross-border land transportation, and customs clearance services. The company is headquartered in Bangkok, Thailand, and was founded in 2006.

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Kex Express (KEX TB)

KEX : Net Loss in 3Q22 Has Slightly Improved

We anticipate KEX to continue to incur loss for longer period than we previously expected, but at a lower extent in terms of loss amount. The...

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

Bangkok Express and Metro (BEM): Marching On

The early sign of recovery is there and BEM has proven that it participates and does not lag behind the improvement in the ridership recovery as...

Henry Soediarko

KEX : Net Loss in 2Q22 Should Be Bottom of 2022

We anticipate KEX net loss in 2Q22 at Bt732m to be the bottom quarter of 2022 but still continue to incur net loss for at least in the next two...

Pi Securities PCL, Thailand

Thai Life Insurance IPO Trading - One for Domestics and Cornerstones

Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal. In this...

Sumeet Singh

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