Snippets #44: More Turbulence at THAI, Four New Airports!

The Week that Was in ASEAN@Smartkarma - Unicorns & Super Apps, SCG Packaging, and Thai Banks

APAC IPOs & Placements

Zhen Zhou, Toh

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

Bangkok Commercial Asset Manag / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/bangkok-commercial-asset-management-public-company-limited" target="_blank" data-smartkarma-citation="entities:28442:1" rel="noopener">Bangkok Commercial Asset Management (BAM TB)</a> is selling a mix of primary and secondary shares to raise up to US$889m in its IPO. BAM is the largest distressed asset management company in Thailand based on the total asset size. It has a dominant market share of 47% as of December 2018.However, its market share has been eroding in the last three years due to increase in competition. Furthermore, NPLs have been rising since 2015 signalling a weaker Thailand economy. Even if BAM can acquire NPLs and NPAs at a favorable price, it will still take a while to flow through as earnings.

Bangkok Commercial Asset Management (BAM TB) is selling a mix of primary and secondary shares to raise up to US$889m in its IPO. BAM is the largest distressed asset management company in Thailand based on the total asset size. It has a dominant market share of 47% as of December 2018.However, its market share has been eroding in the last three years due to increase in competition. Furthermore, NPLs have been rising since 2015 signalling a weaker Thailand economy. Even if BAM can acquire NPLs and NPAs at a favorable price, it will still take a while to flow through as earnings.

Bangkok Commercial Asset Management IPO - Dominant but Eroding Market Share