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

<ul><li>The company reaffirmed its 2025E targets of land presales at 2,350 rai, an additional 200,000 sqm of rental space, and the sale of 70,000 sqm of assets to WHART worth Bt1.5bn.</li><li>The company announced a cut in its 2025E investment budget to Bt17–18bn (from Bt20bn), consistent with guidance provided at the analyst meeting.</li><li>The company remains confident in strong presales over the next 1–2 years, supported by: i) BOI approvals in 1H25, which increased and are comparable to 2024 levels, with the digital and data center (DC) industry accounting for 26% during 2023–1H25.</li></ul>

The company reaffirmed its 2025E targets of land presales at 2,350 rai, an additional 200,000 sqm of rental space, and the sale of 70,000 sqm of assets to WHART worth Bt1.5bn.The company announced a cut in its 2025E investment budget to Bt17–18bn (from Bt20bn), consistent with guidance provided at the analyst meeting.The company remains confident in strong presales over the next 1–2 years, supported by: i) BOI approvals in 1H25, which increased and are comparable to 2024 levels, with the digital and data center (DC) industry accounting for 26% during 2023–1H25.

WHA CORPORATION Plc. (WHA): The 2H25E Outlook Remains In Line With Expectations

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, aims to raise 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 various aspects of the deal. In this note, we talk about its 3Q22 updates and run the deal through our ECM framework.</li>
</ul>


I-Tail, an OEM in the wet pet food category, aims to raise 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 various aspects of the deal. In this note, we talk about its 3Q22 updates and run the deal through our ECM framework.


I-Tail Corporation IPO - Blowout 3Q22, Revised Earnings, Updated Thoughts on Valuation

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.

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (TLI TB)</a> will start trading on 25 July. Thai Life raised US$975 million at the IPO price of THB16.00 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:71653" rel="noopener">Thai Life Insurance IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:71693" rel="noopener">Thai Life Insurance IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:71995" rel="noopener">Thai Life Insurance IPO: Valuation Insights</a>. </li>
<li>The average of our DDM and relative valuation methodology suggests a price of THB15.43 per share. Remain on the sidelines as the IPO price is fair. </li>
</ul>



Thai Life Insurance (TLI TB) will start trading on 25 July. Thai Life raised US$975 million at the IPO price of THB16.00 per share.
We previously discussed the IPO in Thai Life Insurance IPO: The Bull Case, Thai Life Insurance IPO: The Bear Case and Thai Life Insurance IPO: Valuation Insights. 
The average of our DDM and relative valuation methodology suggests a price of THB15.43 per share. Remain on the sidelines as the IPO price is fair. 


LG Energy Solution / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>There were no major IPO launches during the week. Thai Life will list early next week</li>
<li>There were no major placements apart from ANZ and a smallish one in Xtep. There are two major lock-up expiries coming up.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
There were no major IPO launches during the week. Thai Life will list early next week
There were no major placements apart from ANZ and a smallish one in Xtep. There are two major lock-up expiries coming up.


ECM Weekly (24th Jul 2022) - ANZ, Zomato, LG Energy, Xtep, SoCar, WCP, Thai Life, Beneunder, Ubox

<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

Thailand

Thaire Life Assurance PCL provides a range of reinsurance products and services. The Company offers reinsurance coverage for business, individual, group, mortgage, credit, life, personal accident, critical illness and health.

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Thaire Life Assurance (THREL TB)

WHA CORPORATION Plc. (WHA): The 2H25E Outlook Remains In Line With Expectations

The company reaffirmed its 2025E targets of land presales at 2,350 rai, an additional 200,000 sqm of rental space, and the sale of 70,000 sqm of...

Krungthai XSpring

I-Tail Corporation IPO - Blowout 3Q22, Revised Earnings, Updated Thoughts on Valuation

I-Tail, an OEM in the wet pet food category, aims to raise around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group. In this...

Sumeet Singh

Thai Life Insurance IPO: Trading Debut

The average of our DDM and relative valuation methodology suggests a price of THB15.43 per share. Remain on the sidelines as the IPO price is fair.

Arun George

ECM Weekly (24th Jul 2022) - ANZ, Zomato, LG Energy, Xtep, SoCar, WCP, Thai Life, Beneunder, Ubox

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

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

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