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, an OEM in the wet pet food category, aims to raise around US$500m 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 past performance, undertaken a peer comparison and spoken about valuation. In this note, we will add in its recently listed local peer.</li>
</ul>


I-Tail, an OEM in the wet pet food category, aims to raise around US$500m 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 past performance, undertaken a peer comparison and spoken about valuation. In this note, we will add in its recently listed local peer.


I-Tail Corporation Pre-IPO - Peer Comparison Update - Adding in Its Only Local Peer

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around 54% of the deal.</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 deal dynamics and run the deal through our ECM framework.</li>
</ul>


Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around 54% of the deal.
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 deal dynamics and run the deal through our ECM framework.


Thai Life Insurance IPO - Can’t Pinpoint the Upside

<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

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

*KTB Better Results On Improving Credit Deltas: Krung Thai Bank (KTB.TB)[KTB] reported 4Q20 net profit of THB 3.5 bn, increasing THB 396 mn (13.0%) linked quarter. Despite the THB 3.2 bn (25.5%) linked quarter reduction in loss provisions, operating results actually exhibited a decline of THB 262 mn (9.0%); and*Credit Should Continue To Drive Performance: KTB’s hard work controlling credit risk is paying off, as net new NPLs increased just THB 707 mn for an annualized rate of growth of 2.6% - the lowest of the Thai banks under coverage. Provided there are no major “unknown unknowns” in the moratorium portfolio from here, we would envision KTB to at least cutting its loss provision in half from here.

*KTB Better Results On Improving Credit Deltas: Krung Thai Bank (KTB.TB)[KTB] reported 4Q20 net profit of THB 3.5 bn, increasing THB 396 mn (13.0%) linked quarter. Despite the THB 3.2 bn (25.5%) linked quarter reduction in loss provisions, operating results actually exhibited a decline of THB 262 mn (9.0%); and*Credit Should Continue To Drive Performance: KTB’s hard work controlling credit risk is paying off, as net new NPLs increased just THB 707 mn for an annualized rate of growth of 2.6% - the lowest of the Thai banks under coverage. Provided there are no major “unknown unknowns” in the moratorium portfolio from here, we would envision KTB to at least cutting its loss provision in half from here. 

Krung Thai Bank – Lower Credit Tail Risk

*Low Quality Beat: Siam Commercial Bank (SCB.TB) [SCB] reported an unimpressive 4Q20 result of THB 4.6 bn – up just THB 54 mn (1.2%) linked quarter. Were it not for strong linked quarter fee and commission growth of THB 2.8 bn (33.3%) which was primarily driven by the recognition of performance-linked compensation on bancassurance and wealth management bonus, 4Q20 results would have been an unmitigated disaster at SCB; and 
*Poor Credit and Consistently Higher Provisions To Persist: Credit trends at SCB are in complete contravention to Kasikornbank (KBANK.TB), as provisions actually increased THB 1.3 bn (9.9%) on weakened credit.SCB’s annualized net new NPLs during the period remained at an accelerated level of 63.2%. By our calculation, we find that SCB’s loss reserves are light in the neighborhood of THB 28 bn or 18 months of bottom-line results.

*Low Quality Beat: Siam Commercial Bank (SCB.TB) [SCB] reported an unimpressive 4Q20 result of THB 4.6 bn – up just THB 54 mn (1.2%) linked quarter. Were it not for strong linked quarter fee and commission growth of THB 2.8 bn (33.3%) which was primarily driven by the recognition of performance-linked compensation on bancassurance and wealth management bonus, 4Q20 results would have been an unmitigated disaster at SCB; and 
*Poor Credit and Consistently Higher Provisions To Persist: Credit trends at SCB are in complete contravention to Kasikornbank (KBANK.TB), as provisions actually increased THB 1.3 bn (9.9%) on weakened credit.SCB’s annualized net new NPLs during the period remained at an accelerated level of 63.2%. By our calculation, we find that SCB’s loss reserves are light in the neighborhood of THB 28 bn or 18 months of bottom-line results.

Siam Commercial Bank – B'assurance Masks Troubles

Thailand

SCB Life Assurance Pcl offers life insurance.  The Company offers both individual and group life insurance and markets it through agents, banks, and over the telephone.

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Scb Life Assurance (SCBLIF TB)

I-Tail Corporation Pre-IPO - Peer Comparison Update - Adding in Its Only Local Peer

I-Tail, an OEM in the wet pet food category, aims to raise around US$500m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB) .

Sumeet Singh

Thai Life Insurance IPO - Can’t Pinpoint the Upside

Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around...

Sumeet Singh

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

Krung Thai Bank – Lower Credit Tail Risk

KRUNG THAI BANK: KTB reported a 4Q20 net profit increase of 13.0% linked quarter. KTB’s hard work controlling credit risk is paying off, as net new...

Thomas J. Monaco

Siam Commercial Bank – B'assurance Masks Troubles

SIAM COMMERCIAL BANK: SCB reported an unimpressive 4Q20 result – up just 1.2% linked quarter. Were it not for strong bancassurance growth, 4Q20...

Thomas J. Monaco

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