Report
EUR 88.49
For Business Accounts Only
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&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.
Despite the impact of COVID-19, we expect strong recovery in FY2021 as PTTOR will likely resume expansion of its F&B brands while the service stations act as a bedrock of stability for the company, maintaining its market leadership.
In this note, we will take a closer look at PTTOR’s business segments and 9M20 performance, where the company stands in the industry, and share our thoughts on forecast and assumptions followed with valuation.
We have previously covered the IPO in:
PTT Oil and Retail IPO - F&B business is the driver of profits
PTT Oil and Retail IPO - Updated financials, competitive landscape, thoughts on valuation
PTT Oil and Retail (PTTOR TH) 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&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.
Despite the impact of COVID-19, we expect strong recovery in FY2021 as PTTOR will likely resume expansion of its F&B brands while the service stations act as a bedrock of stability for the company, maintaining its market leadership.
In this note, we will take a closer look at PTTOR’s business segments and 9M20 performance, where the company stands in the industry, and share our thoughts on forecast and assumptions followed with valuation.
We have previously covered the IPO in:
PTT Oil and Retail IPO - F&B business is the driver of profits
Underlying
PTT Oil and Retail
Provider
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.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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