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

i-Tail Corporation / Equity Capital Markets

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Positives - For the Pampered Pets

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

PTT Oil and Retail Business / Equity Bottom-Up

<ul>
<li>We upgrade the recommendation to BUY from HOLD based on a revised up target price of Bt30.0(11%up from previous Bt27.0)on the back of 10 to 36% earnings revision for 2022-23E</li>
<li>Higher marketing margin drove 2Q22 profit The 2Q22 net profit grew to an all-time high of Bt6.6bn (+104% YoY, +71% QoQ). The result came out better than our expectation </li>
<li>Oil business EBITDA rose to Bt8.3bn (+98%YoY,+73%QoQ), on the back of spike in gross profit/unit to Bt1.6/Liter (+31%YoY, +41%QoQ) from easing of diesel price cap and higher jet fuel sales.</li>
</ul>


We upgrade the recommendation to BUY from HOLD based on a revised up target price of Bt30.0(11%up from previous Bt27.0)on the back of 10 to 36% earnings revision for 2022-23E
Higher marketing margin drove 2Q22 profit The 2Q22 net profit grew to an all-time high of Bt6.6bn (+104% YoY, +71% QoQ). The result came out better than our expectation 
Oil business EBITDA rose to Bt8.3bn (+98%YoY,+73%QoQ), on the back of spike in gross profit/unit to Bt1.6/Liter (+31%YoY, +41%QoQ) from easing of diesel price cap and higher jet fuel sales.


OR : Revamping Oil Marketing Margin and Undemanding Valuation

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

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

<ul>
<li>Yesterday analyst meeting came out in a positive tone. We maintain the HOLD rating with a target price of Bt27.0, derived from an SOTP methodology. Our TP implies 25xPE’22E</li>
<li>Expect the 2Q22 earnings to improve both YoY and QoQ, on the back of continued oil sales growth  and healthy marketing margin.</li>
<li>The 2H22 earnings should improve YoY from better sales growth, however oil marketing margin may prone to downside risk as the crude oil price continue to remain at high levels.</li>
</ul>


Yesterday analyst meeting came out in a positive tone. We maintain the HOLD rating with a target price of Bt27.0, derived from an SOTP methodology. Our TP implies 25xPE’22E
Expect the 2Q22 earnings to improve both YoY and QoQ, on the back of continued oil sales growth  and healthy marketing margin.
The 2H22 earnings should improve YoY from better sales growth, however oil marketing margin may prone to downside risk as the crude oil price continue to remain at high levels.


OR: Rising Sales and Healthy Margin in 2Q22

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)

I-Tail Corporation Pre-IPO - The Positives - For the Pampered Pets

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

OR : Revamping Oil Marketing Margin and Undemanding Valuation

We upgrade the recommendation to BUY from HOLD based on a revised up target price of Bt30.0 (11% up from previous Bt27.0) on the back of 10 to 36%...

Pi Securities PCL, Thailand

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

OR: Rising Sales and Healthy Margin in 2Q22

Yesterday analyst meeting came out in a positive tone. We maintain the HOLD rating with a target price of Bt27.0, derived from an SOTP methodology....

Pi Securities PCL, Thailand

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