In today’s briefing:
- Thai Life Insurance Pre-IPO – Industry Dynamics and Domestic Peer Comparison Aren’t Very Encouraging
- DTAC/True Merger: Administrative Court Ruling a Positive
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.
- 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.
DTAC/True Merger: Administrative Court Ruling a Positive
- Press reports (here and here) suggest that Administrative Court has ruled out the request to suspend the DTAC/True merger and that the regulation which repeals NBTC’s veto rights is lawful.
- This development suggests that the NBTC will apply remedial conditions rather than block the merger. The timeline for the satisfaction of VTO conditions is from late June to early August.
- With the Court ruling increasing the probability of a successful merger, it is attractive to buy the current share price ratio of 9.698x vs the implied swap ratio of 10.221x.
Before it’s here, it’s on Smartkarma
