PTT Oil and Retail IPO - F&B Business Is the Profit Driver
PTT PCL (PTT TB) is planning to list its subsidiary, PTT Oil and Retail (PTTOR TB) in 2020. PTTOR filed its draft prospectus with the Stock...
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The Week That Was in ASEAN@Smartkarma- Indonesian Healthcare, Singapore REITs, and Regional Cement
This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...
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IPO Radar: PTTOR (Part 2), Valuation and Risks
We value PTTOR at Bt15.5/sh using sum-of-parts method. Note that the lion's share (63%) of its EV is attributed to the low-margin gas station...
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IPO Radar: PTTOR (Part I), A Gas Station Operator Behind Amazon Coffee
Despite the choppy markets, PTTOR has announced what is likely the second largest IPO in 2020 after Central Retail (Date still unconfirmed). In the...
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