IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

The Week that Was in ASEAN@Smartkarma - Digital Festive Cheer, Sea Ltd Going Financial, and KEX

PTT Oil and Retail (PTTOR) IPO: Valuation Insights

PTT Oil and Retail (PTTOR) IPO: Trading Debut

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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.

Equity Capital Markets

PTT Oil & Retail Business  / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/ptt-oil-and-retail" target="_blank" data-smartkarma-citation="entities:28939:1" rel="noopener">PTT Oil and Retail (PTTOR TB)</a> is the flagship company for the oil and retail business of <a href="https://www.smartkarma.com/entities/ptt-pcl" target="_blank" data-smartkarma-citation="entities:197:1" rel="noopener">PTT PCL (PTT TB)</a> in Thailand and in the Southeast Asia region such as Cambodia, Laos, Myanmar and Philippines. PTTOR is the largest player in Thailand’s fuel retail market. Among the non-independent retail markets segment, PTTOR had a leading market share of 31.8% as measured by the number of retail stations in 2019, according to Wood Mackenzie. PTTOR also owns the Café Amazon brand which is globally amongst the top 15 specialist coffee and tea shop brands in terms of revenue and top six as measured by the outlet number as of 2019, according to Euromonitor.</p><div class="content-highlight"><p>PTTOR has kicked off pre-marketing for a Thai IPO to raise around $2 billion, according to press reports. The timing of the long-delayed IPO is not ideal as the weak consumer confidence, COVID-19 lockdowns and low oil prices have wrecked PTTOR’s topline in 9M20. Creditability, PTTOR has navigated poor market conditions by improving margin and remaining cash generative in 9M20. Also, data points from the 3Q20 results point to the green shoots of recovery. Overall, we think that PTTOR remains a market-leading business and well-placed to ride the recovery in oil prices, easing of lockdown restrictions and consumer confidence. </p></div>

PTT Oil and Retail (PTTOR TB) is the flagship company for the oil and retail business of PTT PCL (PTT TB) in Thailand and in the Southeast Asia region such as Cambodia, Laos, Myanmar and Philippines. PTTOR is the largest player in Thailand’s fuel retail market. Among the non-independent retail markets segment, PTTOR had a leading market share of 31.8% as measured by the number of retail stations in 2019, according to Wood Mackenzie. PTTOR also owns the Café Amazon brand which is globally amongst the top 15 specialist coffee and tea shop brands in terms of revenue and top six as measured by the outlet number as of 2019, according to Euromonitor.PTTOR has kicked off pre-marketing for a Thai IPO to raise around $2 billion, according to press reports. The timing of the long-delayed IPO is not ideal as the weak consumer confidence, COVID-19 lockdowns and low oil prices have wrecked PTTOR’s topline in 9M20. Creditability, PTTOR has navigated poor market conditions by improving margin and remaining cash generative in 9M20. Also, data points from the 3Q20 results point to the green shoots of recovery. Overall, we think that PTTOR remains a market-leading business and well-placed to ride the recovery in oil prices, easing of lockdown restrictions and consumer confidence. 

PTT Oil and Retail (PTTOR) IPO Initiation: Octane Ratings