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

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In our previous notes, we have looked at the company’s past performance. In this note, we undertake a peer comparison.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In our previous notes, we have looked at the company’s past performance. In this note, we undertake a peer comparison.


I-Tail Corporation Pre-IPO - Peer Comparison

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> provided a welcome respite with a positive listing, while South Korean IPOs continued to struggle.</li>
<li>There was only one large placement this week, with <a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP)</a> deciding to brave the markets.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Socionext (6526 JP) provided a welcome respite with a positive listing, while South Korean IPOs continued to struggle.
There was only one large placement this week, with GLP J-REIT (3281 JP) deciding to brave the markets.


ECM Weekly (16th Oct 2022) - Socionext, Betagro, Lionheart, Five-Star, Giant Biogene, GLP J-REIT

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Positives - For the Pampered Pets

Thailand

Thai Union Group Public Company Limited produces and exports frozen and canned seafood products including frozen tuna loin, shrimp and cephalopod. The Company also produces canned pet foods from by products of its seafood process.  Additionally, the Company produces fish snack and canned tuna which are marketed locally.

Sappe Public Company Limited manufactures and distributes health drinks. The Company manufactures dietary and fruit juice drinks. Sappe distributes their products internationally.

President Bakery PCL produces and distributes a wide variety of baked goods to fast food restaurants and convenient stores.  The company also sells its product through its own retail stores under Farmhouse shop and Deliya by Farmhouse.

Ichitan Group PCL operates in the beverage industry. The Company, through its subsidiaries, produces and distributes a variety of tea beverages.

Thaitheparos PCL manufactures food seasoning products including flavor sauce, vinegar, chili sauce, tomato sauce, oyster sauce, chili and tomato sauce, soy sauce, and powdered sauce, under branded names.  The Company also produces canned fruits.

Thai Vegetable Oil Public Company Limited produces and markets soybean cooking oil under its A-ngoon brand name.  Additionally, the Company produced other soybean products including soymeal, full-fat soy, cooked and un-extracted soybeanseed, and lecithin.  Its products are also used in industrial applications such as the production of paint or canned food.

GFPT Public Company Limited produces frozen chicken parts and distributes its products under GFPT, Common Food, and Nichirei Core.  The Company sells its products to domestic and export markets.

Kaset Thai International Sugar Corp PCL produces and distributes sugar to domestic and international clients.  The Company also produces bio products, which are used by-products from sugar production as raw materials, such as paper pulp from bagasse, and, ethanol from molasses and electrical energy from biomass.

Kaset Thai International Sugar Corp (KTIS TB)

Exotic Food Public Company Limited manufactures Thai food products that are sold in independent food stores globally.

Khon Kaen Sugar Industry PCL produces sugar, energy and agricultural products. The Company produces sugar and molasses, fertilizers, ethanol, and electricity.

FUJI OIL HOLDINGS INC. produces palm oil and coconut oil.  The Company also produces a variety of oil-related products, such as cooking oil, oil and fat products, and soybean protein products.

Zydus Wellness Ltd. processes dairy products.  The Company produces margarine, butter, and cheese.

TreeHouse Foods, Inc. is a food manufacturer servicing primarily the retail grocery and foodservice distribution channels. The Company's products include non-dairy powdered coffee creamer; canned soups, salad dressings and sauces; salsa and Mexican sauces; jams and pie fillings, pickles, and related products.

Shenzhen Shenxin Taifeng Group Co., Ltd. develops, manufactures, and sells communication products, as well as produces feedstuffs and breeds poultry.  The Company's products include feedstuffs, communication products and agricultural products as well as is involved in property development and management.

Shenzhen Shenxin Taifeng Group Co,Ltd. (000034 CH)

Established in 1992 and listed on the Singapore Exchange since 2007, First Resources is one of the leading palm oil producers in the region, managing over 200,000 hectares of oil palm plantations across the Riau, East Kalimantan and West Kalimantan provinces of Indonesia.

Our core business activities include cultivating oil palms, harvesting the fresh fruit bunches (FFB) and milling them into crude palm oil (CPO) and palm kernel (PK). In addition to plantations and palm oil mills, the Group through its refinery, fractionation, biodiesel and kernel crushing plants, processes its CPO and PK production into higher value palm-based products such as biodiesel, refined, bleached and deodorised (RBD) olein and RBD stearin, palm kernel oil and palm kernel expeller. This enables the Group to extract maximum value out of our upstream plantation assets. Our products are sold to both local and international markets.

First Resources is committed to the production of sustainable palm oil. Our sustainability strategy is centred upon maximising output while minimising the adverse environmental and social impact from our operations. We will constantly strengthen our sustainability framework through regular benchmarking against industry standards and best practices.

NIPPON SUISAN KAISHA, Ltd. fishes and purchases seafood, and produces seafood products including fresh, frozen, and canned fish.  The Company also produces fish oil and fish meal, and operates cold storage business.

House Foods Group Inc manufactures and sells spices and flavorings. The Company also produces snacks, instant noodles, and ingredients for cooking. House Foods Group serves both household and commercial buyers.

Beijing Shunxin Agriculture Co., Ltd operates in farming, winery, and food businesses.  The Company manufactures meat products and white spirits, raises pigs, produces seeds, manufactures pharmaceuticals, as well as grows and processes vegetables and fruits.

Beijing Shunxin Agriculture A (000860 CH)

EZAKI GLICO CO., LTD. produces and sells confections including chocolate snacks, candy bars, cookies, and chilled desserts.  The Company also produces prepared foods such as retort pouches and curry powders.

United Plantations Berhad (U.P.) cultivates and processes oil palm and coconut. Through its subsidiaries, the Company manufactures edible oils, fats, soap products and cocoa butter. United Plantations also transports and stores vegetable oil and molasses, and has operation in engineering consultancy services.

i-Tail Corporation Public Company Limited manufactures and exports pet food products. The Company offers sea food, meat chunks, and loaf products for pets. i-Tail serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

I-TAIL (ITC TB)

I-Tail Corporation Pre-IPO - Peer Comparison

I-Tail Corporation, an OEM in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group. In this note,...

Sumeet Singh

ECM Weekly (16th Oct 2022) - Socionext, Betagro, Lionheart, Five-Star, Giant Biogene, GLP J-REIT

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

I-Tail Corporation Pre-IPO - The Positives - For the Pampered Pets

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)