PTT Oil and Retail IPO - Thoughts on Valuation

PTT Oil and Retail IPO - Attractive Valuation with Favorable Deal Dynamics (Index Inclusion)

ECM Weekly (17 January 2021) - RLX Tech, Kuaishou, PTT Retail, MicroPort CardioFlow, New Horizon

IPO Radar: PTTOR (Part I), A Gas Station Operator Behind Amazon Coffee

IPO Radar: PTTOR (Part 2), Valuation and Risks

PTT Oil and Retail IPO - F&B Business Is the Profit Driver

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

PTT Oil & Retail Business  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/ptt-oil-and-retail" target="_blank" data-smartkarma-citation="entities:28939:1" rel="noopener">PTT Oil and Retail (PTTOR TB)</a> is looking to raise up to US$2bn in its IPO.As per the exchange announcement, PTTOR will offer up to 2.7bn primary shares in the IPO, of which 300m will be sold to existing shareholders of PTT. There will be a greenshoe option of 300m shares. PTT will retain 75% stake in PTTOR after the IPO.PTTOR is a market leader in the oil business as well as F&amp;B business. It has leveraged its service station network to build out its brand, Amazon Cafe, which has a strong presence even beyond service stations. In this note, we will take a closer look at PTTOR’s business segments and 9M20 performance and the competitive landscape of the industries it operates in.We have previously covered the IPO in:<ul><li>
<a href="https://www.smartkarma.com/insights/ptt-oil-and-retail-ipo-f-b-business-is-the-profit-driver" target="_blank" data-smartkarma-citation="insights:39105" rel="noopener">PTT Oil and Retail IPO - F&amp;B Business Is the Profit Driver</a> </li></ul>

PTT Oil and Retail (PTTOR TB) is looking to raise up to US$2bn in its IPO.As per the exchange announcement, PTTOR will offer up to 2.7bn primary shares in the IPO, of which 300m will be sold to existing shareholders of PTT. There will be a greenshoe option of 300m shares. PTT will retain 75% stake in PTTOR after the IPO.PTTOR is a market leader in the oil business as well as F&amp;B business. It has leveraged its service station network to build out its brand, Amazon Cafe, which has a strong presence even beyond service stations. In this note, we will take a closer look at PTTOR’s business segments and 9M20 performance and the competitive landscape of the industries it operates in.We have previously covered the IPO in:
PTT Oil and Retail IPO - F&amp;B Business Is the Profit Driver 

PTT Oil and Retail IPO - Updated Financials and Competitive Landscape