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

<ul>
<li>On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.</li>
<li>We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.</li>
<li>In this note, we talk about the recent updates for BeerCo.</li>
</ul>


On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.
We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.
In this note, we talk about the recent updates for BeerCo.


ThaiBev BeerCo Pre-IPO - Back for Another Round

<ul>
<li>Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021.</li>
<li>NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance. </li>
<li>The lock-up on its two main shareholders will expire today.</li>
</ul>


Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021.
NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance. 
The lock-up on its two main shareholders will expire today.


Ngern Tid Lor IPO Lock-Up - A US$660m Overhang. Selldown Is a Question of When, Not If.

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>PTTEP reported 1Q22 net profit of Bt10.5bn(-9.0%YoY, Flat QoQ).Despite significant growth in sales volume and product selling price, the net profit was dragged by a higher hedging loss of US$240m. </li>
<li>Excluding extraordinary items, the recurring profit stood at Bt18.9bn (+113% YoY, +11% QoQ). YoY surge was underpinned  by a 12% sales volume and 27% average product selling price (ASP) growth.</li>
<li>Positive 2Q22 outlook as we expect the net profit to grow both YoY and QoQ,The gas production commencement from G1/61 and G2/61 projects(Thailand)should aid in a 10% QoQ sales growth. </li>
</ul>


PTTEP reported 1Q22 net profit of Bt10.5bn(-9.0%YoY, Flat QoQ).Despite significant growth in sales volume and product selling price, the net profit was dragged by a higher hedging loss of US$240m. 
Excluding extraordinary items, the recurring profit stood at Bt18.9bn (+113% YoY, +11% QoQ). YoY surge was underpinned  by a 12% sales volume and 27% average product selling price (ASP) growth.
Positive 2Q22 outlook as we expect the net profit to grow both YoY and QoQ,The gas production commencement from G1/61 and G2/61 projects(Thailand)should aid in a 10% QoQ sales growth. 


PTTEP: Hedging Loss Dragged 1Q22 Net Profit

<ul>
<li>We expect PTTEP to post 1Q22 net profit of Bt9.4bn (-18% YoY, -11% QoQ). Despite significant growth in sales volume and product selling price</li>
<li>Excluding the one-time items, the recurring profit is expected to be Bt16.6bn (+228% YoY,-3% QoQ). YoY surge will be underpinned  by a 11% growth in sales volume and a 25% </li>
<li>Bright 2022 outlook from crude oil &amp; gas price surge. We see the volatility to continue considering continued Russia-Ukraine war tensions, Reserve oil release by IEA members and COVID-19 </li>
</ul>


We expect PTTEP to post 1Q22 net profit of Bt9.4bn (-18% YoY, -11% QoQ). Despite significant growth in sales volume and product selling price
Excluding the one-time items, the recurring profit is expected to be Bt16.6bn (+228% YoY,-3% QoQ). YoY surge will be underpinned  by a 11% growth in sales volume and a 25% 
Bright 2022 outlook from crude oil &amp; gas price surge. We see the volatility to continue considering continued Russia-Ukraine war tensions, Reserve oil release by IEA members and COVID-19 


PTTEP: Hedging Loss to Drag 1Q22 Net Profit

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.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, the portfolio has gained 195% versus MSCI ASEAN’s 27%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, the portfolio has gained 195% versus MSCI ASEAN’s 27%


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.

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PTT E&P (PTTEP TB)

ThaiBev BeerCo Pre-IPO - Back for Another Round

Thai Beverage plans to resume BeerCo's proposed spin-off listing. This time the company is aiming to raise less than US$1bn, as per media reports.

Sumeet Singh

Ngern Tid Lor IPO Lock-Up - A US$660m Overhang. Selldown Is a Question of When, Not If.

Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021. The lock-up on its two...

Sumeet Singh

PTTEP: Hedging Loss Dragged 1Q22 Net Profit

PTTEP reported 1Q22 net profit of Bt10.5bn (-9.0%YoY, Flat QoQ). Despite significant growth in sales volume and product selling price, the net...

Pi Securities PCL, Thailand

PTTEP: Hedging Loss to Drag 1Q22 Net Profit

We expect PTTEP to post 1Q22 net profit of Bt9.4bn (-18% YoY, -11% QoQ). Despite significant growth in sales volume and product selling price, the...

Pi Securities PCL, Thailand

The Stocks to Own in ASEAN – Vol. 38

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, and 11 new join...

A. Stotz Investment Research

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