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.

Equity Bottom-Up

PTT Oil & Retail Business  / Equity Bottom-Up

<ul><li>We initiate OR with an Outperform rating (FV: Bt22.16), based on a required rate of return of 5.4%.</li><li>Our valuation matrix suggests that the current share price is fully valued.</li><li>The long- term earnings growth should gain positive momentum, with an expected 16% CAGR in 2023-25E, driven by the recovery in the mobility business and the expansion of the lifestyle business, while the tactical risk is neutral.</li></ul>

We initiate OR with an Outperform rating (FV: Bt22.16), based on a required rate of return of 5.4%.Our valuation matrix suggests that the current share price is fully valued.The long- term earnings growth should gain positive momentum, with an expected 16% CAGR in 2023-25E, driven by the recovery in the mobility business and the expansion of the lifestyle business, while the tactical risk is neutral.

PTT Oil and Retail Business - Empowering All Toward Inclusive Growth

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Refiner/retailer <a href="https://www.smartkarma.com/entities/bangchak-corporation-public-company-limited" target="_blank" data-smartkarma-citation="entities:15875:1" rel="noopener">Bangchak Corporation (BCP TB)</a>'s board has approved the purchase of a 65.99% stake in <a href="https://www.smartkarma.com/entities/esso-thailand-pcl" target="_blank" data-smartkarma-citation="entities:17717:1" rel="noopener">Esso Thailand (ESSO TB)</a> from <a href="https://www.smartkarma.com/entities/exxon-mobil-corp" target="_blank" data-smartkarma-citation="entities:811:1" rel="noopener">Exxon Mobil (XOM US)</a>.</li>
<li>The purchase price is subject to a price adjustment mechanism and will only be known upon completion of the SPA. The indicative Offer Price is THB 8.84, 20% below undisturbed. </li>
<li>Once completed - tentatively anticipated in the 3Q23 - a mandatory tender offer will be triggered for the remaining 34.01% of shares out in Esso. </li>
</ul>


Refiner/retailer Bangchak Corporation (BCP TB)'s board has approved the purchase of a 65.99% stake in Esso Thailand (ESSO TB) from Exxon Mobil (XOM US).
The purchase price is subject to a price adjustment mechanism and will only be known upon completion of the SPA. The indicative Offer Price is THB 8.84, 20% below undisturbed. 
Once completed - tentatively anticipated in the 3Q23 - a mandatory tender offer will be triggered for the remaining 34.01% of shares out in Esso. 


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>I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It 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 our previous notes, we have looked at the company’s past performance, undertaken a peer comparison and spoken about valuation. In this note, we will talk about the trading dynamics</li>
</ul>


I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It 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 our previous notes, we have looked at the company’s past performance, undertaken a peer comparison and spoken about valuation. In this note, we will talk about the trading dynamics


I-Tail Corporation IPO Trading - Should Be Able to Provide Some Holiday Cheer

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

<ul>
<li>We maintain the BUY call with a TP of Bt30,0. OR’s 3Q22 net profit plunged to a 9-quarter low of Bt701m (-63%YoY, -89%QoQ),falling out lower than ours and market expectation.</li>
<li>3Q22 profit hit by weak marketing margin The 3Q22 net profit fall to Bt701m (-63%YoY, -89%QoQ),dragged by weak contribution from mobility business (owing to lower sales and oil marketing margin) </li>
<li>Oil marketing margin came out at Bt0.68/liter (-38%YoY, -58%QoQ),15% beneath our assumption.The dip was primarily from the retail market,both gasoline and diesel had lower marketing margin due to higher cost.</li>
</ul>


We maintain the BUY call with a TP of Bt30,0. OR’s 3Q22 net profit plunged to a 9-quarter low of Bt701m (-63%YoY, -89%QoQ),falling out lower than ours and market expectation.
3Q22 profit hit by weak marketing margin The 3Q22 net profit fall to Bt701m (-63%YoY, -89%QoQ),dragged by weak contribution from mobility business (owing to lower sales and oil marketing margin) 
Oil marketing margin came out at Bt0.68/liter (-38%YoY, -58%QoQ),15% beneath our assumption.The dip was primarily from the retail market,both gasoline and diesel had lower marketing margin due to higher cost.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro (BTG TB)</a> raised about US$460m in its Thailand IPO. </li>
<li>Betagro is an integrated agro-industrial and food business in Thailand.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Betagro (BTG TB) raised about US$460m in its Thailand IPO. 
Betagro is an integrated agro-industrial and food business in Thailand.
In this note we will talk about the trading dynamics.


Betagro IPO Trading - Seems Fairly Valued

Thailand

PTT Oil and Retail Business Public Company Limited distributes petroleum products. The Company offers oil, gas, fuels, LPG, lubricants, and other related items. PTT Oil and Retail Business serves customers in Thailand.

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PTT Oil & Retail Business (OR TB)

PTT Oil and Retail Business - Empowering All Toward Inclusive Growth

We initiate OR with an Outperform rating (FV: Bt22.16), based on a required rate of return of 5.4%. Our valuation matrix suggests that the current...

Krungthai XSpring

Esso Thailand: Bangchak Corp's Takeunder

Without a high degree of clarity on Esso's net debt and working capital adjustments, this is an avoid for arb investors. From an equity valuation...

David Blennerhassett

I-Tail Corporation IPO Trading - Should Be Able to Provide Some Holiday Cheer

I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB).

Sumeet Singh

OR : Weak 3Q22 Earnings as Expected

We maintain the BUY call with a TP of Bt30,0. OR’s 3Q22 net profit plunged to a 9-quarter low of Bt701m (-63% YoY, -89% QoQ), falling out lower...

Pi Securities PCL, Thailand

Betagro IPO Trading - Seems Fairly Valued

Betagro (BTG TB) raised about US$460m in its Thailand IPO. Betagro is an integrated agro-industrial and food business in Thailand. In this note we...

Clarence Chu

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