Report
Aequitas Research
Sumeet Singh
EUR 91.34 For Business Accounts Only

Kerry Express Thailand IPO

Kerry Express Thailand aims to raise around up to US$277m in its Thailand IPO. The company is a subsidiary of Hong Kong listed Kerry Logistics and also counts VGI as a major shareholder.

Kerry Express Thailand is Thailand's largest private express delivery company. As of FY19, it had over 16,000 service locations in all provinces in Thailand, with its next-day delivery service covering 99.9% of Thai population. It also offers same-day delivery service within the Bangkok Metropolitan, Greater Bangkok areas and certain upcountry areas. It delivers more than 1.1m parcels everyday.

Revenue tripled over FY17-19, while gross profit was up 2.22x, EBITDA was up 2.36x, and PATMI was up 10.2x. Although, 9M20 operations weren’t anything to write home about with revenue merely being flat YoY.

Apart from being a well known brand in Thailand, it presents one of the only ways to get exposure to the e-commerce market. If that wasn’t enough, its cornerstone book is one of the best that I’ve seen, of late.
08/12/2020 1 EN
Underlyings
Kerry Group Plc Class A
Kerry Group Plc Class A

Kerry Group is an international food corporation. Co. is engaged in ingredients and flavor technologies serving the food, beverage and pharmaceutical industries and is also a consumer foods processor and supplier in selected European Union (EU) markets. Co. has two operating segments: Ingredients & Flavors, and Consumer Foods. The Ingredients & Flavors operating segment is engaged in manufactures and distributes application specific ingredients and flavors spanning a number of technology platforms; and Consumer Foods segment is engaged in manufactures and supplies added value brands and customer branded foods primarily to the Irish and U.K. markets.

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IE0004906560 Irish Stock Exchange Ireland
VGI Partners
VGI Partners

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AU0000046831 Australian Securities Exchange Australia
Provider
Aequitas Research
Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m. 

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
 
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
 
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts
Sumeet Singh

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