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

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note, we will talk about the industry dynamics and undertake a peer comparison versus its domestic peers.</li>
</ul>


Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note, we will talk about the industry dynamics and undertake a peer comparison versus its domestic peers.


Thai Life Insurance Pre-IPO - Industry Dynamics and Domestic Peer Comparison Aren't Very Encouraging

<ul>
<li>Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021.</li>
<li>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. </li>
<li>The lock-up on its two main shareholders will expire today.</li>
</ul>


Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021.
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. 
The lock-up on its two main shareholders will expire today.


Ngern Tid Lor IPO Lock-Up - A US$660m Overhang. Selldown Is a Question of When, Not If.

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Thematic (Sector/Industry)

<ul>
<li>BOT’s pledge to issue virtual banking guidelines in June this year leads us to believe Thailand is finally ready to join the virtual banking era.  https://www.bot.or.th/landscape/files/consultation-paper-en.pdf</li>
<li>E-Commerce payments, remittances, and digital lending; all of which will facilitate the growth of tokenization in Thailand.</li>
<li>In this report, we look into Thailand’s virtual banking landscape.</li>
</ul>


BOT’s pledge to issue virtual banking guidelines in June this year leads us to believe Thailand is finally ready to join the virtual banking era.  https://www.bot.or.th/landscape/files/consultation-paper-en.pdf
E-Commerce payments, remittances, and digital lending; all of which will facilitate the growth of tokenization in Thailand.
In this report, we look into Thailand’s virtual banking landscape.


Virtual Banking: Thailand Is Finally Ready

<div><p>Kakao Bank (KB), South Korea’s largest digital bank, raised up to US$2.2bn in its South Korean IPO. Kakao will hold a 27.26% stake post listing. The share will begin to trade on 6th Aug 2021.</p></div><div><p>Even though Kakao started operations only in July 2017, by 2020 it had already garnered more than 1% market share of overall loans and deposits in South Korea. KB’s loans have grown by 138% over 2018 to 1Q21 to reach KRW21.6tn, while its deposits have grown by 197% over the same period to reach KRW24.2tn. </p></div><div><p>Over 2018-20, its total income (Net interest income plus net fee income) grew by 216%, while it went from booking a loss in 2018 to reporting a 26% profit margin by 2020. KB’s total income was up another 60% YoY in 1Q21, while PAT was up 153% YoY.</p></div><div><p>We have covered various aspects of the deal in our previous notes, <a href="https://www.smartkarma.com/insights/kakao-bank-ipo-riding-on-parent-s-network-but-boundaries-with-kakao-pay-remain-unclear" target="_blank" rel="noopener">Kakao Bank IPO - Riding on parents network but boundaries with Kakao Pay remain unclear</a>, <a href="https://www.smartkarma.com/insights/kakao-bank-ipo-pricey-as-it-should-be" target="_blank" rel="noopener">Kakao Bank IPO - Pricey as It Should Be </a>and <a href="https://www.smartkarma.com/insights/kakao-bank-ipo-lack-of-lock-up-and-msci-ftse-index-implications" target="_blank" rel="noopener">Kakao Bank IPO - Lack of Lock-Up and MSCI, FTSE Index Implications</a>.</p></div><div><p>In this note, we will talk about the deal's trading dynamics.</p></div>

Kakao Bank (KB), South Korea’s largest digital bank, raised up to US$2.2bn in its South Korean IPO. Kakao will hold a 27.26% stake post listing. The share will begin to trade on 6th Aug 2021.Even though Kakao started operations only in July 2017, by 2020 it had already garnered more than 1% market share of overall loans and deposits in South Korea. KB’s loans have grown by 138% over 2018 to 1Q21 to reach KRW21.6tn, while its deposits have grown by 197% over the same period to reach KRW24.2tn. Over 2018-20, its total income (Net interest income plus net fee income) grew by 216%, while it went from booking a loss in 2018 to reporting a 26% profit margin by 2020. KB’s total income was up another 60% YoY in 1Q21, while PAT was up 153% YoY.We have covered various aspects of the deal in our previous notes, Kakao Bank IPO - Riding on parents network but boundaries with Kakao Pay remain unclear, Kakao Bank IPO - Pricey as It Should Be and Kakao Bank IPO - Lack of Lock-Up and MSCI, FTSE Index Implications.In this note, we will talk about the deal's trading dynamics.

Kakao Bank IPO Trading - One for Instis, Closer Look at FTSE and MSCI Inclusion. Remain Buyers

<p>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. </p><p>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>.</p><p>In this note, we will look at the deal dynamics and talk about valuations.</p>

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

Thailand

Krungthai Card Public Company Limited provides credit and debit card services, as well as other professional services.  The Company offers both VISA and MasterCard associated cards, and covers areas such as recurring payments in addition to traditional credit and debit card related services.

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Krungthai Card (KTC TB)

Thai Life Insurance Pre-IPO - Industry Dynamics and Domestic Peer Comparison Aren't Very Encouraging

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. In this note, we talk about the industry dynamics and undertake...

Sumeet Singh

Ngern Tid Lor IPO Lock-Up - A US$660m Overhang. Selldown Is a Question of When, Not If.

Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021. The lock-up on its two...

Sumeet Singh

Virtual Banking: Thailand Is Finally Ready

To get ready for Thailand's virtual banking license this year, we look into Thailand’s digital wallet landscape, microfinancing, and debt...

Bondcritic

Kakao Bank IPO Trading - One for Instis, Closer Look at FTSE and MSCI Inclusion. Remain Buyers

Kakao Bank, South Korea’s largest digital bank, raised up to US$2.2bn in its South Korean IPO. Kakao will hold a 27.26% stake post listing. The...

Sumeet Singh

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

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