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

<ul>
<li>Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken 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 will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken 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 will talk about the deal dynamics and run the deal through our ECM framework.


Thai Life Insurance IPO - Can’t Pinpoint the Upside

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Thailand has found out an interesting mix of vaccines that is so far safe with a number of Thai as clinical trials that led the government to regain its confidence in the country's reopening. The company's share price has lagged the Thai Index by around 12% and it is currently trading at 7% PBR to its 5 years historical PBR. The downside may come from the slow down in the vaccination drive and also from the potential of further virus mutataion. Nonetheless, Thailand is recovering from the COVID-19 as herd immunity in China is expected to be achieved by end of this year thus a potential for a revenue increment in the next year.

Thailand has found out an interesting mix of vaccines that is so far safe with a number of Thai as clinical trials that led the government to regain its confidence in the country's reopening. The company's share price has lagged the Thai Index by around 12% and it is currently trading at 7% PBR to its 5 years historical PBR. The downside may come from the slow down in the vaccination drive and also from the potential of further virus mutataion. Nonetheless, Thailand is recovering from the COVID-19 as herd immunity in China is expected to be achieved by end of this year thus a potential for a revenue increment in the next year. 

Contrary to last year when foreign tourists entering Thailand must be quarantined for at least 14 days, the quarantine requirements will be waived for vaccinated foreign visitors arriving on the resort island of Phuket from July 1, the first destination to reopen since the Covid-19 pandemic. The plan to re-open Phuket for tourism was supported by local business operators that joined forces and offered to be the reopening model for major tourist provinces. Flights to the province and hotels to attract quality tourists will be made available.<div class="content-highlight">The stock is currently trading at the premium to its 5-year average in the three valuation metrics especially in the PER and EV/EBITDA where earnings and cash flow (EBITDA) were particularly low in 2020 due to the poor tourists' arrival in Thailand. However, the current PBR premium to the 5-year average is not that much, suggesting that the <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> is not exactly overvalued compared to its 5-year average.   </div>

Contrary to last year when foreign tourists entering Thailand must be quarantined for at least 14 days, the quarantine requirements will be waived for vaccinated foreign visitors arriving on the resort island of Phuket from July 1, the first destination to reopen since the Covid-19 pandemic. The plan to re-open Phuket for tourism was supported by local business operators that joined forces and offered to be the reopening model for major tourist provinces. Flights to the province and hotels to attract quality tourists will be made available.The stock is currently trading at the premium to its 5-year average in the three valuation metrics especially in the PER and EV/EBITDA where earnings and cash flow (EBITDA) were particularly low in 2020 due to the poor tourists' arrival in Thailand. However, the current PBR premium to the 5-year average is not that much, suggesting that the Airports of Thailand (AOT TB) is not exactly overvalued compared to its 5-year average.   

Airport of Thailand (AOT): Tourists, Come Back.

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

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<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/183/934/original/BANNER-TourDec20.png?1611266148" class="editor-image img-responsive" data-smartkarma-image-id="183934"></figure>
</section>
Data and anecdotes from a range of sources in December and January show the recovery in Chinese domestic travel demand has stalled. Looking forward, government estimates suggest travel activity over the Lunar New Year holiday in February will also remain muted. 
In the run up to the long holiday period, Chinese officials have responded aggressively to Covid19 outbreaks in several Chinese cities, most of them in Northern China. Until vaccines reach most of the population and prove effective against new variants of the virus, travel demand -- outbound and domestic -- will likely remain depressed. Even a Summer rebound now appears optimistic. 
A combination of hesitant consumers and necessarily aggressive government responses to new outbreaks leaves current travel demand far below normal (2019) levels. The stalled recovery in Chinese travel activity thus lags substantially the return of the Chinese consumer. With few signs of "pent-up" travel demand, it appears Chinese tourists may have altered spending priorities. 
The Chinese travel sector will enjoy easy YoY "comps" in early 2021 as we lap the worst of the Covid19 crisis in H120. However, in the medium-term, we see a "new normal" developing: non-essential travel has become riskier and less attractive, and thus a lower priority for consumers, and this will likely remain the case until Covid19 is put decisively in the rear-view mirror.




Data and anecdotes from a range of sources in December and January show the recovery in Chinese domestic travel demand has stalled. Looking forward, government estimates suggest travel activity over the Lunar New Year holiday in February will also remain muted. 
In the run up to the long holiday period, Chinese officials have responded aggressively to Covid19 outbreaks in several Chinese cities, most of them in Northern China. Until vaccines reach most of the population and prove effective against new variants of the virus, travel demand -- outbound and domestic -- will likely remain depressed. Even a Summer rebound now appears optimistic. 
A combination of hesitant consumers and necessarily aggressive government responses to new outbreaks leaves current travel demand far below normal (2019) levels. The stalled recovery in Chinese travel activity thus lags substantially the return of the Chinese consumer. With few signs of "pent-up" travel demand, it appears Chinese tourists may have altered spending priorities. 
The Chinese travel sector will enjoy easy YoY "comps" in early 2021 as we lap the worst of the Covid19 crisis in H120. However, in the medium-term, we see a "new normal" developing: non-essential travel has become riskier and less attractive, and thus a lower priority for consumers, and this will likely remain the case until Covid19 is put decisively in the rear-view mirror.  

December-January Travel Data Confirm Stalled Domestic Recovery; Weak LNY Unlikely to Help

Thailand

Thai Airways International Public Company Limited is Thailand's national airline providing air transportation, freight and mail services on domestic and international routes including Asia, Europe, North America, Africa and South West Pacific.  The Company is a state enterprise which is controlled by the government and partly owned by the public.

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Thai Airways International (THAI TB)

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

Thai Life Insurance IPO - Can’t Pinpoint the Upside

Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around...

Sumeet Singh

AOT: Thailand Reopening

Thailand is recovering from the COVID-19 as herd immunity in China is expected to be achieved by end of this year thus a potential for a revenue...

Henry Soediarko

Airport of Thailand (AOT): Tourists, Come Back.

The quarantine requirements will be waived for vaccinated foreign visitors arriving on the resort island of Phuket from July 1, the first...

Henry Soediarko

December-January Travel Data Confirm Stalled Domestic Recovery; Weak LNY Unlikely to Help

The recovery in domestic travel demand stalled again in December, and we believe improvement will be muted in the near-term as officials battle...

Tracking Traffic

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