Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<p>The <strong>Vongkusolkij</strong> family of Mitr Phol Group boasts market leadership in not one but two very distinct industries: sugar and coal (Banpu), and have diversified into power. But they are also big shareholders in Erawan, Thailand's largest low-cost hotel play. To understand why anyone would want to get into three very different sectors, we outline the structure of Thailand's sugar industry and the family structure and personality of <strong>Chanin</strong>, the patriarch's younger brother, to understand their diversification. You will be equally surprised that the family has dabbled in insurance (Royal Sun &amp; Alliance) and even has links to the founders of Kiatnakin Phatra, an investment bank that has gained a great deal of spotlight lately...and of course, the timing for this review couldn't be better. October 28 was Banpu Power's first trading day.</p>

The Vongkusolkij family of Mitr Phol Group boasts market leadership in not one but two very distinct industries: sugar and coal (Banpu), and have diversified into power. But they are also big shareholders in Erawan, Thailand's largest low-cost hotel play. To understand why anyone would want to get into three very different sectors, we outline the structure of Thailand's sugar industry and the family structure and personality of Chanin, the patriarch's younger brother, to understand their diversification. You will be equally surprised that the family has dabbled in insurance (Royal Sun &amp; Alliance) and even has links to the founders of Kiatnakin Phatra, an investment bank that has gained a great deal of spotlight lately...and of course, the timing for this review couldn't be better. October 28 was Banpu Power's first trading day.

Rabble Rousers (Episode 2): The Hardest Dots To Connect

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<p><em>Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div><h2><em>Accuracy Rate:</em></h2></div><p>Our accuracy rate so far this year has been<strong> 79.2% for IPOs and 66.7% for Placements.</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/014/627/original/2016-Total-Deals-2016-Accuracy-Rate-_chartbuilder.png?1476415849" class="editor-image img-responsive" data-smartkarma-image-id="14627"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/014/628/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder.png?1476415856" class="editor-image img-responsive" data-smartkarma-image-id="14628"></figure><h2><em>Placements:</em></h2><div><h2><strong>What we wrote on this week:</strong></h2></div><p><strong><a href="https://www.smartkarma.com/insights/sats-placement-just-a-small-deal-and-still-a-fundamentally-strong-company" target="_blank" data-smartkarma-citation="insights:6387">SATS Placement - Just a Small Deal and Still a Fundamentally Strong Company</a> </strong></p><ul>
<li>Temasek sold 2% of the company's total outstanding shares</li>
<li>Trading just 0.6% above deal price</li>
<li>Settlement is on 17th October</li>
<li>Analysts have maintained neutral…</li>
</ul>

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:Our accuracy rate so far this year has been 79.2% for IPOs and 66.7% for Placements.Placements:What we wrote on this week:SATS Placement - Just a Small Deal and Still a Fundamentally Strong Company 
Temasek sold 2% of the company's total outstanding shares
Trading just 0.6% above deal price
Settlement is on 17th October
Analysts have maintained neutral…


Smartkarma - ECM Coverage Weekly Update (17 Oct 2016)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<p><a href="https://www.smartkarma.com/entities/23631" target="_blank" data-smartkarma-citation="entities:23631:1">Banpu Power PCL (BPP TB)</a>, the utility subsidiary of <a href="https://www.smartkarma.com/entities/15363" target="_blank" data-smartkarma-citation="entities:15363:1">Banpu Public Co Ltd (BANPU TB)</a>, is currently raising US$330-390m to pay down debt and fund expansion. In this insight, we will cover the follow topics: </p><ul><li>What are its main segments and what are the main growth drivers?</li><li>What are the key risks to forecasts?</li><li>How does it fare again its peers?</li><li>The deal's valuation.</li><li>How does it score in our quant driven Smartkarma ECM Framework?</li></ul><p>We would like to thank <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> for his valuable input.</p>

Banpu Power PCL (BPP TB), the utility subsidiary of Banpu Public Co Ltd (BANPU TB), is currently raising US$330-390m to pay down debt and fund expansion. In this insight, we will cover the follow topics: What are its main segments and what are the main growth drivers?What are the key risks to forecasts?How does it fare again its peers?The deal's valuation.How does it score in our quant driven Smartkarma ECM Framework?We would like to thank Athaporn Arayasantiparb, CFA for his valuable input.

Banpu Power IPO: Stable Income Streams, Moderate Growth, but Fair Valuation

Thailand

Banpu Power PCL operats power plants in Thailand, Laos, China and Japan.

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Banpu Power PCL (BPP TB)

Rabble Rousers (Episode 2): The Hardest Dots To Connect

The Vongkusolkij family of Mitr Phol Group boasts market leadership in not one but two very distinct industries: sugar and coal (Banpu), and have...

Athaporn Arayasantiparb, CFA

Smartkarma - ECM Coverage Weekly Update (17 Oct 2016)

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:Our accuracy...

Zhen Zhou, Toh

Banpu Power IPO: Stable Income Streams, Moderate Growth, but Fair Valuation

Banpu Power PCL (BPP TB), the utility subsidiary of Banpu Public Co Ltd (BANPU TB), is currently raising US$330-390m to pay down debt and fund...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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