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

Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO. Prior to listing,  it was jointly owned by Bank of Ayudhya and CVC Capital Partners. We have covered various aspects of the deal in our earlier note, <a href="https://www.smartkarma.com/insights/ngern-tid-lor-pre-ipo-pre-covid-growth-track-record-has-been-very-strong" target="_blank" rel="noopener">Ngern Tid Lor Pre-IPO - Pre-COVID growth track record has been very strong</a>,  <a href="https://www.smartkarma.com/insights/ngern-tid-lor-pre-ipo-peer-comparison-playing-catch-up-after-being-left-behind" target="_blank" rel="noopener">Ngern Tid Lor Pre-IPO - Peer Comparison - Playing Catch up After Being Left Behind </a>and <a href="https://www.smartkarma.com/insights/ngern-tid-lor-ipo-not-really-at-a-large-discount-but-the-overall-sector-has-been-doing-very-well" target="_blank" rel="noopener">Ngern Tid Lor IPO - Not Really at a Large Discount but the Overall Sector Has Been Doing Very Well</a>.In this note, we will look at the deal dynamics and talk about valuations.

Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO. Prior to listing,  it was jointly owned by Bank of Ayudhya and CVC Capital Partners. We have covered various aspects of the deal in our earlier note, Ngern Tid Lor Pre-IPO - Pre-COVID growth track record has been very strong,  Ngern Tid Lor Pre-IPO - Peer Comparison - Playing Catch up After Being Left Behind and Ngern Tid Lor IPO - Not Really at a Large Discount but the Overall Sector Has Been Doing Very Well.In this note, we will look at the deal dynamics and talk about valuations.

Ngern Tid Lor IPO Trading - Should Be a Steady Listing

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE:  Swire, Hitachi Metal, Jardine, Softbank, Bingo, Japan Asia, Mainstream

Travis Lundy

The approval from the Mongolian Central Bank conveyed via Khan Bank to <a href="https://www.smartkarma.com/entities/sawada-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7311:1" rel="noopener">Sawada Holdings (8699 JP)</a> on the 19th of April and <a href="http://www.sawada-holdings.co.jp/wp/wp-content/uploads/2021/04/shdpress20210420-2.pdf" target="_blank" rel="noopener">announced</a> on 20 April allowed for one or more Qualifying Shareholder(s) to sell via market routes, and gave permission to that/those one or more Qualifying Shareholder(s) to sell. This was discussed in <a href="https://www.smartkarma.com/insights/sawada-gets-some-good-news-expect-a-selldown" target="_blank" data-smartkarma-citation="insights:50551" rel="noopener">Sawada Gets Some Good News - Expect a Selldown</a>.The shares had closed at a one-month high on the 20th, traded slightly down in low volume on the 21st, then on the 22nd, traded down quite hard in high volume. It is possible this was because of people who had submitted shares for the Tender Offer closing on the 21st prior to the Tender Offer being extended. After the close on the 22nd, the company <a href="http://www.sawada-holdings.co.jp/wp/wp-content/uploads/2021/04/shdpress20210422.pdf" target="_blank" rel="noopener">announced</a> a treatment of deferred tax liability due to the potential de-consolidation of Khan Bank which indicated a fall in book value to come, and the shares traded lower on the 23rd.The shares traded up sharply today on no news, but after t <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/202/689/original/Screenshot+2021-04-26+at+3.17.11+PM.png?1619421454" class="editor-image img-responsive" data-smartkarma-image-id="202689"></figure></section>The shares traded up sharply today on no news, but after the close, there was data which indicated the Selldown may be over.

The approval from the Mongolian Central Bank conveyed via Khan Bank to Sawada Holdings (8699 JP) on the 19th of April and announced on 20 April allowed for one or more Qualifying Shareholder(s) to sell via market routes, and gave permission to that/those one or more Qualifying Shareholder(s) to sell. This was discussed in Sawada Gets Some Good News - Expect a Selldown.The shares had closed at a one-month high on the 20th, traded slightly down in low volume on the 21st, then on the 22nd, traded down quite hard in high volume. It is possible this was because of people who had submitted shares for the Tender Offer closing on the 21st prior to the Tender Offer being extended. After the close on the 22nd, the company announced a treatment of deferred tax liability due to the potential de-consolidation of Khan Bank which indicated a fall in book value to come, and the shares traded lower on the 23rd.The shares traded up sharply today on no news, but after t The shares traded up sharply today on no news, but after the close, there was data which indicated the Selldown may be over. 

Sawada Selldown May Be Done - Now On To Earnings

Today during the day, <a href="https://www.smartkarma.com/entities/sawada-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7311:1" rel="noopener">Sawada Holdings (8699 JP)</a> released some good news in a <a href="http://www.sawada-holdings.co.jp/wp/wp-content/uploads/2021/04/shdpress20210420-2.pdf" target="_blank" rel="noopener">statement</a> released to the Exchange part way through the day. It was about time. The shares spiked 5.5% in the last hour of trading.In what is the fourth update by the company regarding the back and forth between the company and the Mongolian Central Bank since my last insight <a href="https://www.smartkarma.com/insights/sawada-8699-jp-stuck-between-mongolian-central-bank-idealism-and-reality" target="_blank" data-smartkarma-citation="insights:48921" rel="noopener">Sawada (8699 JP) Stuck Between Mongolian Central Bank Idealism and Reality</a>, the company confirmed that the Mongolian Central Bank had approved<ol style="list-style-type: lower-alpha;">
<li>the idea that "Qualifying Shareholders" could sell the required number of shares of Sawada Holdings (in order to lose the designation of Qualifying Shareholder) to be sold down to meet the CB's requirements by doing so in the market, and...</li>
<li>the selldown by the Qualifying Shareholder in question. </li>
</ol>This result suggests a number of things are possible. But the rules also suggest limits to what is possible. More discussion below.

Today during the day, Sawada Holdings (8699 JP) released some good news in a statement released to the Exchange part way through the day. It was about time. The shares spiked 5.5% in the last hour of trading.In what is the fourth update by the company regarding the back and forth between the company and the Mongolian Central Bank since my last insight Sawada (8699 JP) Stuck Between Mongolian Central Bank Idealism and Reality, the company confirmed that the Mongolian Central Bank had approved
the idea that "Qualifying Shareholders" could sell the required number of shares of Sawada Holdings (in order to lose the designation of Qualifying Shareholder) to be sold down to meet the CB's requirements by doing so in the market, and...
the selldown by the Qualifying Shareholder in question. 
This result suggests a number of things are possible. But the rules also suggest limits to what is possible. More discussion below.

Sawada Gets Some Good News - Expect a Selldown

Ngern Tid Lor (NTL), a financial service provider based in Thailand, aims to raise around US$1bn via selling a mix of primary and secondary shares in its Thailand IPO. Prior to listing, it was jointly owned by Bank of Ayudhya and CVC Capital Partners. As per Oliver Wyman’s estimates, NTL had a 16% market share in the vehicle lending market in Thailand, as of 2019. NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance. It offers motor insurance, compulsory motor insurance, personal accident insurance, cancer insurance, and loan insurance. As of Dec 2020, it had over 730,000 accounts with total outstanding loans of THB51.3bn. In 2020, it generated non-life insurance premium sales of THB4bn. Over 2016-20, NTL’s gross loans grew at 25.1% CAGR, averaging 25%+ per annum over 2017-19 before slowing down to 7% YoY growth in 2020. Its total income has grown at 22.5% CAGR, while PAT did better with a CAGR of 29.1% over 2016-20. Although, asset quality has taken a hit owing to COVID-19 and Bank of Thailand's induced moratorium. We have covered various aspects of the deal in our earlier note, <a href="https://www.smartkarma.com/insights/ngern-tid-lor-pre-ipo-pre-covid-growth-track-record-has-been-very-strong" target="_blank" rel="noopener">Ngern Tid Lor Pre-IPO - Pre-COVID growth track record has been very strong</a>. In this note we’ll undertake a peer comparison.

Ngern Tid Lor (NTL), a financial service provider based in Thailand, aims to raise around US$1bn via selling a mix of primary and secondary shares in its Thailand IPO. Prior to listing, it was jointly owned by Bank of Ayudhya and CVC Capital Partners. As per Oliver Wyman’s estimates, NTL had a 16% market share in the vehicle lending market in Thailand, as of 2019. NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance. It offers motor insurance, compulsory motor insurance, personal accident insurance, cancer insurance, and loan insurance. As of Dec 2020, it had over 730,000 accounts with total outstanding loans of THB51.3bn. In 2020, it generated non-life insurance premium sales of THB4bn. Over 2016-20, NTL’s gross loans grew at 25.1% CAGR, averaging 25%+ per annum over 2017-19 before slowing down to 7% YoY growth in 2020. Its total income has grown at 22.5% CAGR, while PAT did better with a CAGR of 29.1% over 2016-20. Although, asset quality has taken a hit owing to COVID-19 and Bank of Thailand's induced moratorium. We have covered various aspects of the deal in our earlier note, Ngern Tid Lor Pre-IPO - Pre-COVID growth track record has been very strong. In this note we’ll undertake a peer comparison.

Ngern Tid Lor Pre-IPO - Peer Comparison - Playing Catch up After Being Left Behind

Japan

HS Holdings Co., Ltd. offers banking services. The Company provides deposits, loans, domestic settlement, fund management, and other services. HS Holdings also offers securities dealing, securities brokerage, securities underwriting, and other services.

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HS Holdings (8699 JP)

Ngern Tid Lor IPO Trading - Should Be a Steady Listing

Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO. Prior to listing, it was jointly...

Sumeet Singh

Last Week in Event SPACE: Swire, Hitachi Metal, Jardine, Softbank, Bingo, Japan Asia, Mainstream

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Sawada Selldown May Be Done - Now On To Earnings

Two large blocks on Sawada totalling 1.9mm shs trade 3 days after selldown permission was received. Shares traded since announcement total 3.7mm+ -...

Travis Lundy

Sawada Gets Some Good News - Expect a Selldown

Sawada Holdings finally got some clarity from the Mongolian Central Bank. The fact that it got clarity has to be considered as a positive. It...

Travis Lundy

Ngern Tid Lor Pre-IPO - Peer Comparison - Playing Catch up After Being Left Behind

Ngern Tid Lor aims to raise around US$1bn via selling a mix of primary and secondary shares in its Thailand IPO. Prior to listing, it was jointly...

Sumeet Singh

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