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

<p>Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO. Prior to listing,  it was jointly owned by Bank of Ayudhya and CVC Capital Partners. </p><p>We have covered various aspects of the deal in our earlier note, <a href="https://www.smartkarma.com/insights/ngern-tid-lor-pre-ipo-pre-covid-growth-track-record-has-been-very-strong" target="_blank" rel="noopener">Ngern Tid Lor Pre-IPO - Pre-COVID growth track record has been very strong</a>,  <a href="https://www.smartkarma.com/insights/ngern-tid-lor-pre-ipo-peer-comparison-playing-catch-up-after-being-left-behind" target="_blank" rel="noopener">Ngern Tid Lor Pre-IPO - Peer Comparison - Playing Catch up After Being Left Behind </a>and <a href="https://www.smartkarma.com/insights/ngern-tid-lor-ipo-not-really-at-a-large-discount-but-the-overall-sector-has-been-doing-very-well" target="_blank" rel="noopener">Ngern Tid Lor IPO - Not Really at a Large Discount but the Overall Sector Has Been Doing Very Well</a>.</p><p>In this note, we will look at the deal dynamics and talk about valuations.</p>

Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO. Prior to listing,  it was jointly owned by Bank of Ayudhya and CVC Capital Partners. We have covered various aspects of the deal in our earlier note, Ngern Tid Lor Pre-IPO - Pre-COVID growth track record has been very strong,  Ngern Tid Lor Pre-IPO - Peer Comparison - Playing Catch up After Being Left Behind and Ngern Tid Lor IPO - Not Really at a Large Discount but the Overall Sector Has Been Doing Very Well.In this note, we will look at the deal dynamics and talk about valuations.

Ngern Tid Lor IPO Trading - Should Be a Steady Listing

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

Osotspa Public Company Limited / Equity Bottom-Up

<p>We initiate coverage of OSP with a BUY rating, based on a target price of Bt43.0, which is derived from 35xPE’21E, close to the average of the Thailand Energy Drinks sector and at a 40% discount to the Asia ex-Japan Consumer Staples sector.</p><h3>The story:</h3><div>• Growing and gaining market share in Thailand</div><div></div><div>• Sanitation and hygiene trend to drive improvement in personal care sales YoY</div><div></div><div>• Share price has already factored in COVID impact</div><div></div><div>• Expect OSP to report a 1Q21 net profit of Bt947m (+2%YoY, +11%QoQ).</div><p></p><h3>Risks:</h3><div>• Highly competitive industry</div><div></div><div>• Overseas investment failure</div><div></div><div>• Raw material price fluctuation</div>

We initiate coverage of OSP with a BUY rating, based on a target price of Bt43.0, which is derived from 35xPE’21E, close to the average of the Thailand Energy Drinks sector and at a 40% discount to the Asia ex-Japan Consumer Staples sector.The story:• Growing and gaining market share in Thailand• Sanitation and hygiene trend to drive improvement in personal care sales YoY• Share price has already factored in COVID impact• Expect OSP to report a 1Q21 net profit of Bt947m (+2%YoY, +11%QoQ).Risks:• Highly competitive industry• Overseas investment failure• Raw material price fluctuation

APAC IPOs & Placements

Zhen Zhou, Toh

PTT Oil & Retail Business  / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/ptt-oil-and-retail" target="_blank" data-smartkarma-citation="entities:28939:1" rel="noopener">PTT Oil and Retail (OR TB)</a> raised about US$1.6bn at THB18 per share, the top-end of the IPO price range.</p>
<div>
<p>PTTOR is a market leader in the oil business as well as F&amp;B business. It has leveraged its service station network to build out its brand, Amazon Cafe, which has a strong presence even beyond service stations. </p>
</div>
<div>
<p>We have previously covered the IPO in:</p>
<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/ptt-oil-and-retail-ipo-f-b-business-is-the-profit-driver" target="_blank" data-smartkarma-citation="insights:39105" rel="noopener">PTT Oil and Retail IPO - F&amp;B Business Is the Profit Driver</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/ptt-oil-and-retail-ipo-updated-financials-and-competitive-landscape" target="_blank" data-smartkarma-citation="insights:47002" rel="noopener">PTT Oil and Retail IPO - Updated Financials and Competitive Landscape</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/ptt-oil-and-retail-ipo-thoughts-on-valuation" target="_blank" data-smartkarma-citation="insights:47003" rel="noopener">PTT Oil and Retail IPO - Thoughts on Valuation</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/ptt-oil-and-retail-ipo-attractive-valuation-with-favorable-deal-dynamics-index-inclusion" target="_blank" data-smartkarma-citation="insights:47073" rel="noopener">PTT Oil and Retail IPO - Attractive Valuation with Favorable Deal Dynamics (Index Inclusion)</a> </li>
</ul>
<p>In this note, we will look at the deal dynamics and provide implied valuations at different share price levels.</p>
</div>

PTT Oil and Retail (OR TB) raised about US$1.6bn at THB18 per share, the top-end of the IPO price range.

PTTOR is a market leader in the oil business as well as F&amp;B business. It has leveraged its service station network to build out its brand, Amazon Cafe, which has a strong presence even beyond service stations. 


We have previously covered the IPO in:


PTT Oil and Retail IPO - F&amp;B Business Is the Profit Driver 

PTT Oil and Retail IPO - Updated Financials and Competitive Landscape 

PTT Oil and Retail IPO - Thoughts on Valuation 

PTT Oil and Retail IPO - Attractive Valuation with Favorable Deal Dynamics (Index Inclusion) 

In this note, we will look at the deal dynamics and provide implied valuations at different share price levels.


PTT Oil and Retail IPO Trading - Still Reasonably Priced at the Top-End

Kerry Express Thailand / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" data-smartkarma-citation="entities:29253:1" rel="noopener">Kerry Express Thailand (KEX TB)</a> raised around US$277m in its Thailand IPO. The company is a subsidiary of Hong Kong listed <a href="https://www.smartkarma.com/entities/kerry-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:367:1" rel="noopener">Kerry Logistics Network (636 HK)</a> and also counts <a href="https://www.smartkarma.com/entities/vgi-pcl" target="_blank" data-smartkarma-citation="entities:12409:1" rel="noopener">VGI PCL (VGI TB)</a> as a major shareholder.</p></div><div><p>I've covered various aspects of the deal in my earlier note, <a href="https://www.smartkarma.com/insights/kerry-express-thailand-ipo-time-for-delivery" target="_blank" rel="noopener">Kerry Express Thailand IPO - Time for Delivery.</a></p></div><p>In this note, I'll talk about the deal updates and provide implied valuations at different share price levels.</p>

Kerry Express Thailand (KEX TB) raised around US$277m in its Thailand IPO. The company is a subsidiary of Hong Kong listed Kerry Logistics Network (636 HK) and also counts VGI PCL (VGI TB) as a major shareholder.I've covered various aspects of the deal in my earlier note, Kerry Express Thailand IPO - Time for Delivery.In this note, I'll talk about the deal updates and provide implied valuations at different share price levels.

Kerry Express Thailand IPO Trading - Delivering a Christmas Present

<div><p><a href="https://www.smartkarma.com/entities/scg-packaging-public-company-limited" target="_blank" data-smartkarma-citation="entities:28684:1" rel="noopener">SCG Packaging (SCGP TB)</a> raise around US$1.2bn in its Thailand IPO. It is a part of the <a href="https://www.smartkarma.com/entities/siam-cement-pcl-the" target="_blank" data-smartkarma-citation="entities:2589:1" rel="noopener">Siam Cement (SCC TB)</a> group.</p></div><div><p>SCGP is a packaging solutions provider in ASEAN offering fiber-based packaging, performance and polymer packaging, food service products, design, printing and other solutions. SCGP is the largest packaging paper and corrugated containers producer in ASEAN, as per Frost &amp; Sullivan. </p></div><div>I have covered various aspects of the deal in my earlier notes:</div><div><ul>
<li><a href="https://www.smartkarma.com/insights/scg-packaging-pre-ipo-shift-to-packaging-has-been-aiding-margins-but-acquisition-drove-up-leverage" target="_blank" rel="noopener">SCG Packaging Pre-IPO - Shift to packaging has been aiding margins but acquisitions have driven up leverage</a></li>
<li><a href="https://www.smartkarma.com/insights/scg-packaging-ipo-unexciting" target="_blank" rel="noopener">SCG Packaging IPO - Unexciting</a></li>
</ul></div><p>In this note, I'll talk about the deal updates and provide implied valuations at different share price levels.</p>

SCG Packaging (SCGP TB) raise around US$1.2bn in its Thailand IPO. It is a part of the Siam Cement (SCC TB) group.SCGP is a packaging solutions provider in ASEAN offering fiber-based packaging, performance and polymer packaging, food service products, design, printing and other solutions. SCGP is the largest packaging paper and corrugated containers producer in ASEAN, as per Frost &amp; Sullivan. I have covered various aspects of the deal in my earlier notes:
SCG Packaging Pre-IPO - Shift to packaging has been aiding margins but acquisitions have driven up leverage
SCG Packaging IPO - Unexciting
In this note, I'll talk about the deal updates and provide implied valuations at different share price levels.

SCG Packaging IPO Trading - Placed with Domestics

Thailand

Osotspa Public Company Limited produces and distributes non-alcoholic beverages. The Company offers energy drinks and candies. Osotspa also provides personal and health care products, including shampoos, deodorant, soaps, herbal medicines, and creams. Osotspa serves customers in Thailand.

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Osotspa Public Company Limited (OSP TB)

Ngern Tid Lor IPO Trading - Should Be a Steady Listing

Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO. Prior to listing, it was jointly...

Sumeet Singh

OSP: King of Energy Drinks in Thailand

We initiate coverage of OSP with a BUY rating, based on a target price of Bt43.0, which is derived from 35xPE’21E, close to the average of the...

Pi Securities PCL, Thailand

PTT Oil and Retail IPO Trading - Still Reasonably Priced at the Top-End

PTTOR raised about US$1.6bn at THB18 per share. In this note, we will look at the deal dynamics and provide implied valuations at different share...

Zhen Zhou, Toh

Kerry Express Thailand IPO Trading - Delivering a Christmas Present

Kerry Express Thailand (KEX TB) raised around US$277m in its IPO. Given its brand recognition, strong investor backing and sole way to play the e...

Sumeet Singh

SCG Packaging IPO Trading - Placed with Domestics

SCG Packaging (SCGP TB) raised around US$1.2bn in its Thailand IPO. Given its lack of growth in the past, we remain less than excited, to put it...

Sumeet Singh

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