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/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a> has disclosed a “final” non-binding proposal from the XRG consortium at US$5.76 (A$8.89), a 27.7% premium to the undisturbed price of A$6.96 (13 June).</li>
<li>The offer is subject to several regulatory approvals. FIRB approval is the primary risk due to a foreign government-controlled entity controlling critical domestic infrastructure assets.</li>
<li>The offer is attractive compared to peer multiples and historical trading ranges. Retail has a mixed view on the offer, which should not be an issue for the vote.  </li>
</ul>



Santos Ltd (STO AU) has disclosed a “final” non-binding proposal from the XRG consortium at US$5.76 (A$8.89), a 27.7% premium to the undisturbed price of A$6.96 (13 June).
The offer is subject to several regulatory approvals. FIRB approval is the primary risk due to a foreign government-controlled entity controlling critical domestic infrastructure assets.
The offer is attractive compared to peer multiples and historical trading ranges. Retail has a mixed view on the offer, which should not be an issue for the vote.  


Santos (STO AU): XRG’s Non-Binding Offer Faces an FIRB Challenge

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 13th. We estimate that they had an aggregated short interest worth USD2.0bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in TMBThanachart Bank, Bangkok Dusit.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 13th. We estimate that they had an aggregated short interest worth USD2.0bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in TMBThanachart Bank, Bangkok Dusit.


Thailand Short Interest Weekly (Jun 13th): TMBThanachart Bank, Bangkok Dusit

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to weaken, with the support levels at 1,120/1,114 points and the resistance at 1,133/1,140 points.</li><li>The technical signal has shifted from an uptrend to a sideways trend within the 1,114-1,144 range, or possibly a downtrend (a break below 1,114 points would confirm a downtrend toward levels below 1,094 points).</li><li>External factors have turned negative again, reflecting concerns over global stagflation (negative for cyclical and tech sectors), after President Trump signaled the potential announcement of the adjusted reciprocal tariff against trading partners without negotiations within two weeks. </li></ul>

The SET Index is expected to weaken, with the support levels at 1,120/1,114 points and the resistance at 1,133/1,140 points.The technical signal has shifted from an uptrend to a sideways trend within the 1,114-1,144 range, or possibly a downtrend (a break below 1,114 points would confirm a downtrend toward levels below 1,094 points).External factors have turned negative again, reflecting concerns over global stagflation (negative for cyclical and tech sectors), after President Trump signaled the potential announcement of the adjusted reciprocal tariff against trading partners without negotiations within two weeks. 

KTX Zoom: The US Preparing to Increase Tariff on Automobiles and Auto Parts - JUNE 13, 2025

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,149/1,160 points and the support at 1,134/1,130 points.</li><li>We maintain a Selective Buy recommendation based on the technical signals, which are beginning to show positive signs as the index continued to form higher highs and higher lows for the third consecutive day.</li><li>This suggests a high likelihood of a buy signal within the next 1-2 days (to be confirmed if the index breaks above 1,149 points and the daily EMA). </li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,149/1,160 points and the support at 1,134/1,130 points.We maintain a Selective Buy recommendation based on the technical signals, which are beginning to show positive signs as the index continued to form higher highs and higher lows for the third consecutive day.This suggests a high likelihood of a buy signal within the next 1-2 days (to be confirmed if the index breaks above 1,149 points and the daily EMA). 

<ul><li>Today, the SET Index is expected to move sideways up, with the support levels at 1,133/1,127 points and the resistance levels at 1,144/1,150 points.</li><li>Technically, the market is still waiting for a new buy signal, which would occur if the index breaks above 1,144 points or tests the key support at 1,114 points.</li><li>External factors are slightly positive. The US and China have reached a trade agreement framework.</li></ul>

Today, the SET Index is expected to move sideways up, with the support levels at 1,133/1,127 points and the resistance levels at 1,144/1,150 points.Technically, the market is still waiting for a new buy signal, which would occur if the index breaks above 1,144 points or tests the key support at 1,114 points.External factors are slightly positive. The US and China have reached a trade agreement framework.

KTX Zoom: US and China Reach a Preliminary Deal; Monitor US Inflation-  JUNE 11, 2025

Thailand

PTT Exploration and Production Public Company Limited explores for crude oil and natural gas, develops fields for production, and produces oil and natural gas. The Company is a subsidiary of the Petroleum Authority of Thailand.

PTT Exploration & Production P (PTTEP-R TB)

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

PTT Exploration & Production P (PTTEP-R TB)

Santos (STO AU): XRG’s Non-Binding Offer Faces an FIRB Challenge

The offer is subject to several regulatory approvals. FIRB approval is the primary risk due to a foreign government-controlled entity controlling...

Arun George

Thailand Short Interest Weekly (Jun 13th): TMBThanachart Bank, Bangkok Dusit

We analyzed SET short interest report for the past week and highlighted short interest changes in TMBThanachart Bank, Bangkok Dusit.

Ke Yan, CFA, FRM

KTX Zoom: The US Preparing to Increase Tariff on Automobiles and Auto Parts - JUNE 13, 2025

The SET Index is expected to weaken, with the support levels at 1,120/1,114 points and the resistance at 1,133/1,140 points.

Krungthai XSpring

KTX Zoom - JUNE 12, 2025

The SET Index is expected to move sideways up, with the resistance at 1,149/1,160 points and the support at 1,134/1,130 points.

Krungthai XSpring

KTX Zoom: US and China Reach a Preliminary Deal; Monitor US Inflation- JUNE 11, 2025

Today, the SET Index is expected to move sideways up, with the support levels at 1,133/1,127 points and the resistance levels at 1,144/1,150 points.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)