Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> is proposing to take 79.66%-held <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a> private by a voluntary Delisting Offer. </li>
<li>The Offer price is THB 59/share, a 26.9% premium to last close. </li>
<li>This Delisting Offer requires a shareholder vote. Payment may occur sometime in August. </li>
</ul>



Thai Beverage (THBEV SP) is proposing to take 79.66%-held Oishi Group PCL (OISHI TB) private by a voluntary Delisting Offer. 
The Offer price is THB 59/share, a 26.9% premium to last close. 
This Delisting Offer requires a shareholder vote. Payment may occur sometime in August. 


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

Pertamina Geothermal Energy PT / Equity Capital Markets

<ul>
<li>Pertamina Geothermal Energy (PGE) is looking to raise around US$650m in its upcoming Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.</li>
<li>PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.</li>
<li>We have looked at the company's performance in our previous note. In this note, we talk about valuations.</li>
</ul>


Pertamina Geothermal Energy (PGE) is looking to raise around US$650m in its upcoming Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.
PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.
We have looked at the company's performance in our previous note. In this note, we talk about valuations.


Pertamina Geothermal Energy IPO - Thoughts on Valuation

<ul>
<li>Back on the 11 January, refiner/retailer <a href="https://www.smartkarma.com/entities/bangchak-corporation-public-company-limited" target="_blank" data-smartkarma-citation="entities:15875:1" rel="noopener">Bangchak Corporation (BCP TB)</a>'s board approved the purchase of a 65.99% stake in <a href="https://www.smartkarma.com/entities/esso-thailand-pcl" target="_blank" data-smartkarma-citation="entities:17717:1" rel="noopener">Esso Thailand (ESSO TB)</a> from Exxon Mobil.</li>
<li>The purchase price remains indeterminate (the indicative price is Bt8.84/share), based on a pricing adjustment mechanism as it relates to Esso's financial accounts at the close of the stake purchase.</li>
<li>Esso is down 17% since the announcement, and 37% from its recent (Oct-22) high. That seems excessive. </li>
</ul>


Back on the 11 January, refiner/retailer Bangchak Corporation (BCP TB)'s board approved the purchase of a 65.99% stake in Esso Thailand (ESSO TB) from Exxon Mobil.
The purchase price remains indeterminate (the indicative price is Bt8.84/share), based on a pricing adjustment mechanism as it relates to Esso's financial accounts at the close of the stake purchase.
Esso is down 17% since the announcement, and 37% from its recent (Oct-22) high. That seems excessive. 


Esso Thailand: Ignore Bangchak Corp’s Takeunder

<ul>
<li>Thailand's state-owned energy firm <a href="https://www.smartkarma.com/entities/ptt-pcl" target="_blank" data-smartkarma-citation="entities:197:1" rel="noopener">PTT (PTT TB)</a> recently announced a ~67% and ~13% increase yoy in 1H22 revenue and net profit, buoyed by higher average selling prices and sales volume.</li>
<li>Earlier this month PTT also announced the divestment of its Indonesian coal mining business as the company transitions towards clean energy.</li>
<li>PTT's goal is to make Thailand a liquified natural gas hub in Asia. The market appears to be fully pricing in this ambitious roadmap.</li>
</ul>


Thailand's state-owned energy firm PTT (PTT TB) recently announced a ~67% and ~13% increase yoy in 1H22 revenue and net profit, buoyed by higher average selling prices and sales volume.
Earlier this month PTT also announced the divestment of its Indonesian coal mining business as the company transitions towards clean energy.
PTT's goal is to make Thailand a liquified natural gas hub in Asia. The market appears to be fully pricing in this ambitious roadmap.


PTT (PTT TB): Asset Sales And Solid Results

Total Access Communication / Event-Driven

<ul>
<li>Thailand's Trade Competition Commission said that only the National Broadcasting and Telecommunications Commission has the authority to block the <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp (TRUE TB)</a> / <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> merger.</li>
<li>At issue, the government appears to be stonewalling the transition of the NBTC board, potentially abetting the merger. </li>
<li>Both True and DTAC are trading through their VTO terms, ignoring dividends.</li>
</ul>


Thailand's Trade Competition Commission said that only the National Broadcasting and Telecommunications Commission has the authority to block the True Corp (TRUE TB) / Total Access Communication (DTAC TB) merger.
At issue, the government appears to be stonewalling the transition of the NBTC board, potentially abetting the merger. 
Both True and DTAC are trading through their VTO terms, ignoring dividends.


Thailand

Global Power Synergy Company Ltd. (GPSC) provides utilities services. The Company generates and distributes electricity, steam, and processed water. GPSC serves customers in Thailand.

Global Power Synergy Company Ltd (GPSC TB)

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Global Power Synergy Company Ltd (GPSC TB)

ThaiBev To Take Oishi Group Private

ThaiBev is proposing to take 79.66%-held Oishi Group private by a voluntary Delisting Offer. Assuming completion on the 23 August, I'd buy around...

David Blennerhassett

Pertamina Geothermal Energy IPO - Thoughts on Valuation

Pertamina Geothermal Energy is looking to raise around US$650m in its upcoming Indonesia IPO. In this note, we talk about valuations.

Sumeet Singh

Esso Thailand: Ignore Bangchak Corp’s Takeunder

Without a quantum shift in Esso's fundamentals over the next 6-8 months, this is a takeunder. A 17% fall is excessive. Shareholders should ignore...

David Blennerhassett

PTT (PTT TB): Asset Sales And Solid Results

PTT's goal is to make Thailand a liquified natural gas hub in Asia. The market appears to be fully pricing in this ambitious roadmap.

David Blennerhassett

NBTC To Decide On True/DTAC Merger

Long DTAC short TRUE trade at the current price ratio, using a share ratio in the 9.7x range. If the deal goes through, you are long deal risk at a...

David Blennerhassett

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