Daily BriefsIPOs and Placements

Equity Capital Markets: Thai Beverage, Thai Life Insurance, aCommerce Group, MicroPort NeuroTech and more

In today’s briefing:

  • ThaiBev’s BeerCo IPO: What’s It Worth?
  • Thai Life Insurance Pre-IPO – Thoughts on Valuation and International Peer Comparison
  • ACommerce Pre-IPO – Updates Since Our Last Note – Probably Has to Scale Further to Become Profitable
  • Pre-IPO MicroPort NeuroTech – The Industry, the Business and the Concern

ThaiBev’s BeerCo IPO: What’s It Worth?

By Arun George

  • Thai Beverage (THBEV SP)’s BeerCo is once again pre-marketing an SGX IPO to raise US$0.8-1.0 billion, according to press reports.
  • In ThaiBev’s BeerCo IPO: Third Time’s the Charm?, we look at the latest developments and results. 
  • The target raise by offering 20% of BeerCo’s issued shares points to a valuation of US$4.0-5.0 billion. Our first-look valuation analysis suggests a valuation range of US$5.0-5.2 billion. 

Thai Life Insurance Pre-IPO – Thoughts on Valuation and International Peer Comparison

By Sumeet Singh

  • Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.
  • 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 valuations and undertake a peer comparison versus its international peers.

ACommerce Pre-IPO – Updates Since Our Last Note – Probably Has to Scale Further to Become Profitable

By Clarence Chu

  • ACommerce Group (ACOM TB) is looking to raise about US$200m in its upcoming Thailand IPO. 
  • ACommerce is an ecommerce enabler providing end-to-end and ala carte ecommerce solutions for brands in Southeast Asia (SEA). 
  • In this note, we will discuss aCommerce’s updates since our last note.

Pre-IPO MicroPort NeuroTech – The Industry, the Business and the Concern

By Xinyao (Criss) Wang

  • The advantages of NeuroTech are mainly reflected in the comprehensive product portfolio and stable product performance, with higher gross margin, stronger cost control ability and first-mover advantage than its peers.
  • The major concerns here are the domestic shrinking market size due to the centralized procurement, the fierce market competition and the pain points on its sales model.
  • In terms of valuation, our view is that NeuroTech’s valuation could be higher than that of the peers such as Zylox-Tonbridge, HeartCare Medical, Peijia Medical and Sino Medical.

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