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/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> is coming up cheap versus <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>. Yet the longer-term view suggests otherwise. </li>
<li>Preceding my comments on Intouch are the weekly setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn on a 90-day moving average, and a % market capitalisation threshold of at least 20%.</li>
</ul>



Intouch Holdings (INTUCH TB) is coming up cheap versus Advanced Info Service (ADVANC TB). Yet the longer-term view suggests otherwise. 
Preceding my comments on Intouch are the weekly setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn on a 90-day moving average, and a % market capitalisation threshold of at least 20%.


StubWorld: Intouch Not As Attractive As At First Glance

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) raised around US$600m in its 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>In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the deal dynamics ahead of its listing.</li>
</ul>


Pertamina Geothermal Energy (PGE) raised around US$600m in its 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.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the deal dynamics ahead of its listing.


Pertamina Geothermal Energy IPO Trading - Should Be a Steady Listing

<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>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 has 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 <a href="https://www.smartkarma.com/entities/exxon-mobil-corp" target="_blank" data-smartkarma-citation="entities:811:1" rel="noopener">Exxon Mobil (XOM US)</a>.</li>
<li>The purchase price is subject to a price adjustment mechanism and will only be known upon completion of the SPA. The indicative Offer Price is THB 8.84, 20% below undisturbed. </li>
<li>Once completed - tentatively anticipated in the 3Q23 - a mandatory tender offer will be triggered for the remaining 34.01% of shares out in Esso. </li>
</ul>


Refiner/retailer Bangchak Corporation (BCP TB)'s board has approved the purchase of a 65.99% stake in Esso Thailand (ESSO TB) from Exxon Mobil (XOM US).
The purchase price is subject to a price adjustment mechanism and will only be known upon completion of the SPA. The indicative Offer Price is THB 8.84, 20% below undisturbed. 
Once completed - tentatively anticipated in the 3Q23 - a mandatory tender offer will be triggered for the remaining 34.01% of shares out in Esso. 


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)

Electricity Generating Public Company Limited is an electric utility holding company.  The Company, through its two major subsidiaries, produces and supplies electricity to the Electricity Generating Authority of Thailand (EGAT), under long term power purchase agreements of 20 and 15 years.  It also operates energy related businesses through joint ventures.

Ratch Group PCL operates as a power producer company. The Company focuses on investment fossil fuel power generation and renewable projects, as well as businesses adjacent to electricity generation and energy. Ratchaburi Group serves customers in Asia.

B.Grimm Power Public Company Limited operates as a renewable energy company. The Company focuses on the development, financing, construction, and operation of green field power plants. B.Grimm Power also renders electricity distribution, operations, and maintenance services. B.Grimm Power serves clients in Asia.

CK Power PCL develops and generates power. The Company operates in Thailand.

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

TPI Polene Power Public Company Limited operates waste heat recovery power plants and oil and natural gas (NGV) stations. The Company conducts business in Thailand.

TPI Polene Power Public Company (TPIPP TB)

Energy Absolute Public Company Limited engages in the research, development, and production of biodiesel products in Thailand.

Super Energy Corporation Public Company Limited produces and distributes electricity using solar and alternative energy sources. The Company also offers information technology services. Super Energy Corporation serves customers in Thailand.

SPCG PCL is an alternative energy company that is developing solar farms.  The Company is developing solar farms located in the Northeastern region of Thailand.

Sichuan Chuantou Energy Co., Ltd. invests in electric power projects through its subsidiaries, the Company also develops and manufactures cable, railroad control systems and other automation equipment.

China Resources Power Holdings Company Limited is a power generation company. The Company invests, develops, owns, and operates coal-fired power plants in China.

NHPC Ltd is a hydro-power development company based in India. The Company has constructed approximately 11 hydro-power projects in India and abroad with a total installed capacity of 2554.35 MW.

JSW Energy Limited generates power by using Corex gas and coal. The Company, through its subsidiary, also operates lignite thermal power plant in Rajasthan and has a capacity to produce 3,140 megawatts of electricity. JSW is also present in the power trading and transmission businesses.

NRG Energy, Inc. owns and operates a diverse portfolio of power-generating facilities, primarily in the United States.  The Company's operations include energy production and cogeneration facilities, thermal energy production, and energy resource recovery facilities.

GD Power Development Co., Ltd. generates and distributes electric power and heat throughout China.  The Company also invests in new energy development and environmental protection projects.

Zhejiang Zheneng Electric Power Co., Ltd. supplies electric power through operating thermal power generation.  The Company also involves in the research and development of electric power, power and energy-saving technology development, technical consulting, sales of energy-saving products, electrical engineering and asset management.

Zhejiang Zheneng Electric Power A (600023 CH)

EDP Renovaveis SA designs, develops, manages and operates power plants. The Company generates electricity using renewable energy sources mostly wind energy.

Huaneng Power International, Inc. develops, constructs, owns and operates coal-fired power plants throughout China. It also builds gas-fired, hydroelectric and wind power generation in China and owns Tuas Power which controls power generation facilities in Singapore.

Meridian Energy Ltd. operates as a state-owned electricity generator. The Company produces hydro-electric power and supplies electricity to residential, business, and rural customers. Meridian Energy provides services throughout New Zealand.

Gulf Energy Development Public Company Limited produces and sells electricity and steam. The Company manages a portfolio of gas-fired and renewable power projects, as well as supplies steam and chilled water. Gulf Energy Development serves customers in Thailand.

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Gulf Energy Development (GULF TB)

StubWorld: Intouch Not As Attractive As At First Glance

Unless Gulf were to reload another Offer - it cannot be ruled out - the NAV discount should continue to widen. I would not set up the stub trade here.

David Blennerhassett

Pertamina Geothermal Energy IPO Trading - Should Be a Steady Listing

Pertamina Geothermal Energy (PGE) raised around US$600m in its Indonesia IPO. In this note we talk about the trading dynamics.

Sumeet Singh

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

Esso Thailand: Bangchak Corp's Takeunder

Without a high degree of clarity on Esso's net debt and working capital adjustments, this is an avoid for arb investors. From an equity valuation...

David Blennerhassett

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