Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The recent share price pullback sees <strong><a href="https://www.smartkarma.com/entities/ptt-pcl" target="_blank" data-smartkarma-citation="entities:197:1" rel="noopener">PTT PCL (PTT TB)</a> </strong>trading below its long-term averages, and with respect to peers. </li>
<li>Preceding my comments on PTT are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


The recent share price pullback sees PTT PCL (PTT TB) trading below its long-term averages, and with respect to peers. 
Preceding my comments on PTT are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


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>
<a href="https://www.smartkarma.com/entities/scg-chemicals-pcl" target="_blank" data-smartkarma-citation="entities:39791:1" rel="noopener">SCG Chemicals (SCGC TB)</a> (SCGC) is looking to raise around US$1bn in its upcoming Thailand IPO.</li>
<li>SCG Chemicals, a part of the SCC group, is an integrated chemicals player in ASEAN, involved primarily in manufacturing, marketing and selling a diversified range of petrochemical products.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



SCG Chemicals (SCGC TB) (SCGC) is looking to raise around US$1bn in its upcoming Thailand IPO.
SCG Chemicals, a part of the SCC group, is an integrated chemicals player in ASEAN, involved primarily in manufacturing, marketing and selling a diversified range of petrochemical products.
In this note, we talk about the positive aspects of the deal.


SCG Chemicals Pre-IPO -The Positives - A Strong Regional Player

<ul>
<li>I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It 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, undertaken a peer comparison and spoken about valuation. In this note, we will talk about the trading dynamics</li>
</ul>


I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It 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, undertaken a peer comparison and spoken about valuation. In this note, we will talk about the trading dynamics


I-Tail Corporation IPO Trading - Should Be Able to Provide Some Holiday Cheer

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Retain the HOLD rating with a target price of Bt43.0. The analyst meeting came out in a neutral tone. The macro challenges of an economic recession, prolonged Chinese lockdown</li>
<li>Neutral tone from analyst meeting Management guided that the sluggish petrochemical segment outlook was likely to persist into 2023. The cost concerns from the dynamic crude oil price situation</li>
<li>However, the polyolefins spread,viz.,HDPE and PP, which fell to a low base of US$390/ton and US$374/ton in 3Q22,are likely to pick up in 1H23 as demand recovers after China reopens.</li>
</ul>


Retain the HOLD rating with a target price of Bt43.0. The analyst meeting came out in a neutral tone. The macro challenges of an economic recession, prolonged Chinese lockdown
Neutral tone from analyst meeting Management guided that the sluggish petrochemical segment outlook was likely to persist into 2023. The cost concerns from the dynamic crude oil price situation
However, the polyolefins spread,viz.,HDPE and PP, which fell to a low base of US$390/ton and US$374/ton in 3Q22,are likely to pick up in 1H23 as demand recovers after China reopens.


PTTGC : Weak Petrochemical Spread to Persist till 2024

<ul>
<li>Retain the HOLD rating with a target price of Bt43.0. Given the macro challenges ahead viz, economic recession, prolonged China lockdown, and new olefins capacity addition in Asia</li>
<li>Disappointing 3Q22 results PTTGC reported a net loss of Bt13.4bn in 3Q22(compared to a profit of Bt7.0bn in 3Q21 and Bt1.4bn in 2Q22).The result came out lower than our expectation.</li>
<li>Stripping off the extra items (stock loss of Bt8.1bn, hedging Bt2.1bn etc.) the operating profit also dropped to Bt813m (-90%YoY, -94%QoQ) mainly dragged by frail refinery and petrochemical segment contribution.</li>
</ul>


Retain the HOLD rating with a target price of Bt43.0. Given the macro challenges ahead viz, economic recession, prolonged China lockdown, and new olefins capacity addition in Asia
Disappointing 3Q22 results PTTGC reported a net loss of Bt13.4bn in 3Q22(compared to a profit of Bt7.0bn in 3Q21 and Bt1.4bn in 2Q22).The result came out lower than our expectation.
Stripping off the extra items (stock loss of Bt8.1bn, hedging Bt2.1bn etc.) the operating profit also dropped to Bt813m (-90%YoY, -94%QoQ) mainly dragged by frail refinery and petrochemical segment contribution.


PTTGC : Margin Pressure and Huge Stock Loss in 3Q22

Thailand

PTT Global Chemical PCL is a fully integrated petrochemical and chemical company. The Company's products are derived from its main product, Olefins, namely ethylene and propylene.

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PTT Global Chemical (PTTGC TB)

StubWorld: PTT Public Is Trading Cheap

I'd look to buy PTT outright; or hedge 40% with PTTEP (worth 36% of NAV); 15% of PTT Oil (worth 14% of NAV), together with O&G names to short.

David Blennerhassett

SCG Chemicals Pre-IPO -The Positives - A Strong Regional Player

SCG Chemicals (SCGC) is looking to raise around US$1bn in its upcoming Thailand IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

I-Tail Corporation IPO Trading - Should Be Able to Provide Some Holiday Cheer

I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB).

Sumeet Singh

PTTGC : Weak Petrochemical Spread to Persist till 2024

Retain the HOLD rating with a target price of Bt43.0. The analyst meeting came out in a neutral tone. The macro challenges of an economic...

Pi Securities PCL, Thailand

PTTGC : Margin Pressure and Huge Stock Loss in 3Q22

Retain the HOLD rating with a target price of Bt43.0. Given the macro challenges ahead viz, economic recession, prolonged China lockdown, and new...

Pi Securities PCL, Thailand

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