Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Thailand's state-owned energy firm <strong><a href="https://www.smartkarma.com/entities/ptt-pcl" target="_blank" data-smartkarma-citation="entities:197:1" rel="noopener">PTT (PTT TB)</a></strong> recently announced a ~67% and ~13% increase yoy in 1H22 revenue and net profit, buoyed by higher average selling prices and sales volume.</li>
<li>Earlier this month PTT also announced the divestment of its Indonesian coal mining business as the company transitions towards clean energy.</li>
<li>PTT's goal is to make Thailand a liquified natural gas hub in Asia. The market appears to be fully pricing in this ambitious roadmap.</li>
</ul>


Thailand's state-owned energy firm PTT (PTT TB) recently announced a ~67% and ~13% increase yoy in 1H22 revenue and net profit, buoyed by higher average selling prices and sales volume.
Earlier this month PTT also announced the divestment of its Indonesian coal mining business as the company transitions towards clean energy.
PTT's goal is to make Thailand a liquified natural gas hub in Asia. The market appears to be fully pricing in this ambitious roadmap.


PTT (PTT TB): Asset Sales And Solid Results

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

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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<p>The Stock Exchange of Thailand (SET) has commenced a market consultation on changing the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a>, SET100 and SETHD indices to free float market cap weighted indices from the upcoming rebalance in June.</p><p>The market consultation document is short on detail, but the main points are the change in index calculation from full market cap weighted to free float market cap weighted, implementation of the changes in two tranches at the June and December reviews, and implementation of quarterly changes in free float for moves of +/-5%.</p><p>The biggest uncertainty for us is whether the selection of the stocks for inclusion/exclusion will use the full market cap or the free float market cap.</p><p>Using the full market cap for stock selection could see 3 changes at the upcoming June review, while using free float market cap for stock selection could result in up to 6 changes at the review. The two step implementation of the free float changes will dampen the index turnover but it will still be relatively high, ranging from a one-way turnover of 7.8% for changes in free float only to 9.52% if the stock selection methodology uses free float market cap.</p><p>In this Insight, we look at the proposed changes and enumerate three scenarios, the changes they will entail, the impact on the stocks and the turnover for each scenario.</p>

The Stock Exchange of Thailand (SET) has commenced a market consultation on changing the Stock Exchange of Thailand SET 50 Index (SET50 INDEX), SET100 and SETHD indices to free float market cap weighted indices from the upcoming rebalance in June.The market consultation document is short on detail, but the main points are the change in index calculation from full market cap weighted to free float market cap weighted, implementation of the changes in two tranches at the June and December reviews, and implementation of quarterly changes in free float for moves of +/-5%.The biggest uncertainty for us is whether the selection of the stocks for inclusion/exclusion will use the full market cap or the free float market cap.Using the full market cap for stock selection could see 3 changes at the upcoming June review, while using free float market cap for stock selection could result in up to 6 changes at the review. The two step implementation of the free float changes will dampen the index turnover but it will still be relatively high, ranging from a one-way turnover of 7.8% for changes in free float only to 9.52% if the stock selection methodology uses free float market cap.In this Insight, we look at the proposed changes and enumerate three scenarios, the changes they will entail, the impact on the stocks and the turnover for each scenario.

SET50 Index - Proposed Methodology Changes: Scenarios, Names Affected & Impact

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.

PTT Oil and Retail Business / Equity Capital Markets

<div><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>/PTTOR is the flagship company for the oil and retail business of <a href="https://www.smartkarma.com/entities/ptt-pcl" target="_blank" data-smartkarma-citation="entities:197:1" rel="noopener">PTT PCL (PTT TB)</a> in Thailand and in the Southeast Asia region such as Cambodia, Laos, Myanmar and Philippines. PTTOR is the largest player in Thailand’s fuel retail market. PTTOR priced its IPO at THB18.00 per share, at the upper end of its IPO price range of THB16.00-18.00 per share. The shares are set to start trading on Thursday, 11 February. </p></div><div>
<p>In <a href="https://www.smartkarma.com/insights/ptt-oil-and-retail-pttor-ipo-initiation-octane-ratings" target="_blank" data-smartkarma-citation="insights:46230" rel="noopener">PTT Oil and Retail (PTTOR) IPO Initiation: Octane Ratings</a>, we stated that PTTOR remains a market-leading business and well-placed to ride the recovery in oil prices, easing of lockdown restrictions and consumer confidence.</p>
<div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/ptt-oil-and-retail-pttor-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:47147" rel="noopener">PTT Oil and Retail (PTTOR) IPO: Valuation Insights</a>, we opined that a reasonable P/E valuation and solid cornerstone support makes PTTOR tempting at the proposed pricing range. Our base-case DCF derived price target of THB22.20 per share. Our valuation analysis shows that the IPO price remains attractive.</p></div>
</div>

PTT Oil and Retail (OR TB)/PTTOR is the flagship company for the oil and retail business of PTT PCL (PTT TB) in Thailand and in the Southeast Asia region such as Cambodia, Laos, Myanmar and Philippines. PTTOR is the largest player in Thailand’s fuel retail market. PTTOR priced its IPO at THB18.00 per share, at the upper end of its IPO price range of THB16.00-18.00 per share. The shares are set to start trading on Thursday, 11 February. 
In PTT Oil and Retail (PTTOR) IPO Initiation: Octane Ratings, we stated that PTTOR remains a market-leading business and well-placed to ride the recovery in oil prices, easing of lockdown restrictions and consumer confidence.
In PTT Oil and Retail (PTTOR) IPO: Valuation Insights, we opined that a reasonable P/E valuation and solid cornerstone support makes PTTOR tempting at the proposed pricing range. Our base-case DCF derived price target of THB22.20 per share. Our valuation analysis shows that the IPO price remains attractive.


PTT Oil and Retail (PTTOR) IPO: Trading Debut

APAC IPOs & Placements

Zhen Zhou, Toh

<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

Thailand

PTT Oil and Retail Business Public Company Limited is a Thailand-based company engaged in the sales and distribution of petroleum products, retail business, and other services, including the operation of fuel stations, convenience stores, and Cafe Amazon coffee shops. The company also provides lube oil blending, bottling, and fuel-related services. It was incorporated in 2007 and is headquartered in Bangkok, Thailand.

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PTT Oil and Retail Business (OR TB)

PTT (PTT TB): Asset Sales And Solid Results

PTT's goal is to make Thailand a liquified natural gas hub in Asia. The market appears to be fully pricing in this ambitious roadmap.

David Blennerhassett

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

SET50 Index - Proposed Methodology Changes: Scenarios, Names Affected & Impact

The SET has commenced a market consultation on the proposed changes to make its indices free float market cap weighted. We look at the impact on...

Brian Freitas

PTT Oil and Retail (PTTOR) IPO: Trading Debut

PTTOR priced its IPO at THB18.00 per share and the shares are set to start trading on 11 February. Our valuation analysis shows that the IPO price...

Arun George

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

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