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New IPO: Key Drivers to SET Future Growth
Transcript of New IPO: Key Drivers to SET Future Growth
New IPO: Key Drivers to SET Future Growth The Stock Exchange of Thailand
March 2017
SET : In Brief
Source: SETSMART (Include Property Fund & IFF) âĒ As of Feb 28, 2017
mai Index 616
SET Index 1,560
SET: Fast Growing Capital Market
âĒ SET : Indices & market capitalization Mkt. Cap. = 15.7 āļĨāļēāļāļĨāļēāļāļāļēāļ
US$ 450 billion
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āļāļ
.2560
Ind
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Mkt
Cap
: Tri
llio
n B
aht
Market Capitalization
SET Index
mai index
Equity stock: 659 Others: 67
Source: SETSMART (Include Property Funds & IFF) * As of Feb 28, 2017
726
SET: New and Existing Listed Securities
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āļāļ
.2560
Tota
l sec
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ties
No
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new
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New Listing Total Listing
5 5
āļĄāļĨāļāļēāļŦāļĨāļāļāļĢāļāļĒāļāļēāļĄāļĢāļēāļāļēāļāļĨāļēāļ āļ IPO āļ āļēāļāļāļĢāļāļāđāļāļāļĢāļ°āđāļĒāļāļāļāļēāļāļāļĨāļēāļāļāļāđāļāļĄāļŠāļāļāļāļĄāļēāļ
* : āļāļāļĄāļĨāļāļāđāļāļ āļ āļ§āļāļ 30 āļ.āļ. 59
0
50,000
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300,000
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2549 2550 2551 2552 2553 2554 2555 2556 2557 2558 2559
IFF PFUND/REITs mai SET
119,845 110,782
79,164
35,683
58,332
40,212
101,008
346,506
304,797 289,322
157,766
280,000
2560
āļĨāļēāļāļāļēāļ
âĒ Capture domestic supply growth
âĒ Reach out for untapped market
âĒ Why SET?
SET : Infrastructure to Thai Economy
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Vision: âTo Make Capital Market Work for Everyoneâ
Capture Domestic Supply Growth
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âĒ Business growth âĒ New IPO: Growing company seeks funding âĒ Spin off:- Organic and inorganic expansion
âĒ Business structure transformation âĒ Family business âĒ Crafted out assets: Government project, private property
âĒ REIT ringfences sponsorâs risk while enhance fixed income yield âĒ Strong fundamental
âĒ Energy: fast developing with well structured PPA âĒ Tourism: Thailand as world famous destination âĒ Healthcare: Reputation on high standard and best service âĒ Food: home for high value added agricultural product
Domestic Supply Drivers
1. Next-gen automotive 2. Smart electronics 3. Affluent, medical and wellness tourism 4. Agriculture and biotechnology 5. Food for the future
1. Robotics 2. Aviation and logistics 3. Biofuel and biochemical 4. Digital industry 5. Medical hub
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Rising Utilization of Capital Market
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Trill
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GDP vs Market Capitalization
Mkt Cap GDP
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âĒ 18 May 2015:- PTT spinned off GPSC (Global Power Synergy PCL) which is responsible for the utilities and power business.
Spin-Off reflect actual valuation and risk profile
Q1/17Q4/16Q3/16Q2/16Q1/16Q4/15Q3/15Q2/15
P/E Comparison Petroleum vs Power
PTT
GPSC
Q4
/13
Q1
/14
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Q1
/15
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P/E Comparison Construction vs Energy
CKP
CK
âĒ 18 July 2013:- CK listed CKP (CK Power PCL), its holding company whose investment focuses on hydro power plant.
Provision loss on coal business
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âĒ During the last five years (2555-2559), SET has 175 new securities listed with over 540 billion Baht fund raising.
Potential sectors continue as IPO focus
No. of
securities
Proportion of
capital raising
No. of
securities
Proportion of
capital raising
Health 5 1%
Food 9 6%
IFF 5 38% Energy (2 IFF) 11 12%
PF & REITS 32 28% Hotel PF&REITS 7 10%
mai 71 6%
TOTAL 175 100%
SET equity listing 67 28%
No. of
securities
Proportion of
capital raising
No. of
securities
Proportion of
capital raising
Health 5 1%
Food 9 6%
IFF 5 38% Energy (2 IFF) 11 12%
PF & REITS 32 28% Hotel PF&REITS 7 10%
mai 71 6%
TOTAL 175 100%
SET equity listing 67 28%
1. Next-gen automotive 2. Smart electronics 3. Affluent, medical and wellness tourism 4. Agriculture and biotechnology 5. Food for the future
1. Robotics 2. Aviation and logistics 3. Biofuel and biochemical 4. Digital industry 5. Medical hub
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Energy: Government promotes private producers with well structured PPA
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Installed Generating Capacity
EGAT IPP SPP Imported
68% 50% 39% 40%
36%
22%
38%
41% 30%
15% 13%
8%
âĒ Installed capacity of private producers increased from 30% in 2001 to 51% in 2016.
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Renewable Energy Growth Prospect Installed capacity to increase 4 times
āļāļĢāļ°āđāļ āļāđāļāļāđāļāļĨāļ āļŠāļāļēāļāļ āļēāļ āļŠāļāļ 2557*
(āđāļĄāļāļ°āļ§āļāļ)
% āđāļāļēāļŦāļĄāļēāļĒāļ 2579
(āđāļĄāļāļ°āļ§āļāļ)
%
1. āļāļĨāļāļāļēāļāđāļŠāļāļāļēāļāļāļĒ 1,298.51 29% 6,000.00 30%
2. āļāļ§āļĄāļ§āļĨ 2,451.82 55% 5,570.00 28%
3. āļāļĨāļāļāļēāļāļĨāļĄ 224.47 5% 3,002.00 15%
4. āļāļĨāļāļāļēāļāļāļē 142.01 3% 3,282.40 17%
5. āļāļēāļāļāļ§āļ āļēāļ (āļāļēāđāļŠāļĒ/āļāļāļāđāļŠāļĒ āļāļāļāļĨāļāļāļēāļ) 311.5 7% 1,280.00 7%
6. āļāļĒāļ° 65.72 1% 550.00 3%
āļĢāļ§āļĄāđāļĄāļāļ°āļ§āļāļāļāļāļāļ (āđāļĄāļāļ°āļ§āļāļ) 4,494.03 100% 19,684.40 100%
āļŠāļāļŠāļ§āļāļāļĨāļāđāļāļāļēāļāļēāļāļāļĨāļāļāļēāļāļāļāđāļāļ (%) 9.87 20.11
64.7 66.9 63.2 50.0
40.0
20.2 18.0 18.6
25.0
25.0
6.6 7.5 9.9 10.0
15.0
7.6 7.2 8.0 15.0 20.0
0%
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2557 2558 2559 2569 2579
Power Gerneration by Fuel Type
RenewableEnergy
Imported
Oil
Coal
Gas
7.64
Source: EPPO; PDP Plan 2015
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Tourism: Foreign tourist arrival doubled within 6 years
2541 2542 2543 2544 2545 2546 2547 2548 2549 2550 2551 2552 2553 2554 2555 2556 2557 2558 2559
Y-O-Y Growth 8% 11% 11% 6% 7% -7% 16% -1% 20% 5% 1% -3% 13% 21% 16% 19% -7% 20% 9%
7,221
15,936
32,588
0
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Foreign Tourist Arrival
15
Hotel developers prefer asset listing
āļāļāļĒāļ āļāļāđāļāļĄ PFUND/
REIT
āļāļĢāļāļ āđāļāļĢāļāļāļēāļĢ āļĢāļāđāļāļāļāļēāļĢ
āļĨāļāļāļ
2551 April QHOP āļāļāļāļāļāļĢāļ§āļĄāļŠāļāļāļāļēāļĢāđāļāļē
āļāļŠāļāļŦāļēāļĢāļĄāļāļĢāļāļĒāļāļ§āļāļĨāļ
āļŪāļāļŠāļāļāļāļĨāļĨāļ
PFUND Hotel and Resort āđāļĢāļāđāļĢāļĄāļāļĄāļēāļĢ āļāđāļĨāļāļ§āļēāļĢāļ Leasehold
June LUXF āļāļāļāļāļāļĢāļ§āļĄāļāļŠāļāļŦāļēāļĢāļĄāļāļĢāļāļĒāļĨāļāļ
āļāļ§āļĢ
PFUND Hotel and Resort āđāļĢāļāđāļĢāļĄ āļāļāļŠāđāļāļāļŠ āļĒāļēāļ§āļāļāļĒ āđāļāļēāļ°āļĒāļēāļ§āļāļāļĒ āļāļāļŦāļ§āļāļāļāļāļē Freehold
October CTARAF āļāļāļāļāļāļĢāļ§āļĄāļŠāļāļāļāļēāļĢāđāļāļē
āļāļŠāļāļŦāļēāļĢāļĄāļāļĢāļāļĒāđāļĢāļāđāļĢāļĄāđāļĨāļ°āļĢāļŠāļāļĢāļ
āđāļāđāļāļĢāļāļŊāđāļāļāļāļēāļĢāļē
PFUND Hotel and Resort āđāļĢāļāđāļĢāļĄāđāļāļāļāļēāļĢāļē āđāļāļĢāļāļ āļāļ āļĢāļŠāļāļĢāļ āļŠāļĄāļĒ Leasehold
2553 August SBPF āļāļāļāļāļāļĢāļ§āļĄāļāļŠāļāļŦāļēāļĢāļĄāļāļĢāļāļĒ āļŠāļĄāļĒāļāļĢ PFUND Hotel and Resort āđāļĢāļāđāļĢāļĄ āđāļĄāļāļĢāđāļāļĒāļ§ āļŠāļĄāļĒāļāļĢ āļĢāļŠāļāļĢāļ Freehold
2554 January DTCPF āļāļāļāļāļāļĢāļ§āļĄāļāļŠāļāļŦāļēāļĢāļĄāļāļĢāļāļĒāđāļĨāļ°
āļŠāļāļāļāļēāļĢāđāļāļēāļāļŠāļāļāļēāļ
PFUND Hotel and Resort āđāļĢāļāđāļĢāļĄāļāļŠāļāļāļēāļ āļĨāļēāļāļāļē āļ āđāļāļ
āđāļĢāļāđāļĢāļĄāļāļŠāļāļāļ āđāļāļĒāļāđāļŦāļĄ
āđāļĢāļāđāļĢāļĄāļāļŠāļāļāļēāļ āļŦāļ§āļŦāļ
Freehold &
leasehold
2555 July QHHR āļāļāļāļāļāļĢāļ§āļĄāļāļŠāļāļŦāļēāļĢāļĄāļāļĢāļāļĒāđāļĨāļ°
āļŠāļāļāļāļēāļĢāđāļāļē āļāļ§āļāļĨāļ āđāļŪāļēāļŠ āđāļŪāđāļāļĨ
āđāļāļāļ āđāļĢāļāđāļāļāļ
PFUND Hotel and Residential āđāļāļāđāļāļāļĢ āļāļāļĒāļ āđāļŪāđāļāļĨ āļāļĢāļ°āļāļāļē
āđāļāļāđāļāļāļĢ āļāļāļĒāļ āđāļŪāđāļāļĨ āđāļāļāļ āđāļĢāļāđāļāļāļ āļŠāļāļĄāļ§āļ10
āđāļāļāđāļāļāļĢ āļāļāļĒāļ āđāļŪāđāļāļĨ āđāļāļāļ āđāļĢāļāđāļāļāļ āļŦāļĨāļāļŠāļ§āļ
Freehold
2556 April ERWPF āļāļāļāļāļāļĢāļ§āļĄāļāļŠāļāļŦāļēāļĢāļĄāļāļĢāļāļĒ
āđāļāļĢāļēāļ§āļ āđāļŪāđāļāļĨ āđāļāļĢāļ
PFUND Hotel and Resort āđāļĢāļāđāļĢāļĄāđāļāļāļŠ āļāļēāļāļāļ
āđāļĢāļāđāļĢāļĄāđāļāļāļŠ āļāļāļĒāļē
Freehold
2557 June THIF āļāļāļāļāļāļĢāļ§āļĄāļāļŠāļāļŦāļēāļĢāļĄāļāļĢāļāļĒāđāļĨāļ°
āļŠāļāļāļāļēāļĢāđāļāļēāđāļāļĒāđāļŪāđāļāļĨāļāļāđāļ§āļŠāđāļĄāļāļ
PFUND Hotel and Resort āļĨāļāļāļ 12 āđāļĢāļāđāļĢāļĄāđāļāđāļāļĢāļ TCC Group
1) āļāļĄāļāđāļĢāļĒāļĨāļŠāļĄāļĒ āļāļ āļĢāļāļĢāļ 2) āļāļĄāļāđāļĢāļĒāļĨ āđāļāļ āđāļŪāļēāļŠ āļāļ āļĢāļŠāļāļĢāļ 3) āļāļĄāļāđāļĢāļĒāļĨ
āļāļ§āļāļŠāļāļēāļĢāļ 4)āđāļāļāļ°āđāļĄāđāļāļĢāđāļāļĨāļ āđāļāļ 5) āđāļĨāļ āđāļĄāļāļĢāđāļāļĒāļ āļāļĢāļāđāļāļ 6) āļāļāļĒāļāļāļĢāļŠ
āļĄāļĒ 7) āļ§āļāļēāđāļāļĨāļĨ āđāļ āļĨāļāļāļāļĢ āļāļāļĨāđāļĨāļāļāļ āđāļāļēāļ°āļŠāļĄāļĒ 8) āļŪāļĨāļāļ āļŠāļāļĄāļ§āļ 9)
āļāļāđāļāļĨāļāļĢ āļŪāļĨāļāļ āļŠāļāļĄāļ§āļ 10) āđāļĨāļāđāļĄāļāļĢ āđāļāļĒāļ āđāļāļĒāļāđāļŦāļĄ 11) āļ āđāļāļāļĢāļ° āđāļāļĢāļŠāļāļ
āļāļĢāļāđāļāļāļŊ āđāļĨāļ° 12) āļāļĨāļēāļāļē āđāļāļāļāļ āļāļĢāļāđāļāļ, āļāđāļĢāļĒāļĨ āđāļĄāļāļĢāđāļāļĒāļ
Freehold &
leasehold
June M-PAT āļāļāļāļāļāļĢāļ§āļĄāļāļŠāļāļŦāļēāļĢāļĄāļāļĢāļāļĒāđāļāļĄ
āđāļāļāļ āļāļēāļāļāļ āđāļŪāļāļĢāđāļāļ
PFUND Hotel āđāļĢāļāđāļĢāļĄāļāļēāļāļāļ āđāļŪāļāļĢāđāļāļ Freehold
October IMPACT REIT MICE āļāļēāļāļēāļĢāļĻāļāļĒāđāļŠāļāļāļŠāļāļāļēāđāļĨāļ°āļāļēāļĢāļāļĢāļ°āļāļĄāļāļāļāđāļāļĢāļāļāļēāļĢāļāļĄāđāļāļāđāļĄāļāļāļāļāļāļāļēāļ
(āļāļēāļāļ§āļ 4 āļāļēāļāļēāļĢ āļāļāļāļāļ 192 āđāļĢ 2 āļāļēāļ 88.6 āļāļĢ.āļ§.)
Freehold
2558 December LHHOTEL āļāļĢāļŠāļāđāļāļāļāļēāļĢāļĨāļāļāļāđāļāļŠāļāļāļāļēāļĢ
āđāļāļēāļāļŠāļāļŦāļēāļĢāļĄāļāļĢāļāļĒ āđāļāļĨ āđāļāļ āđāļŪ
āđāļāļĨ
REIT Hotel āđāļĢāļāđāļĢāļĄāđāļāļĢāļāļ āđāļāļāđāļāļāļĢ āļāļāļĒāļ āđāļāļāļĢāļĄāļāļāļĨ 21 Leasehold
2559 December SRIPANWA āļāļĢāļŠāļāđāļāļāļāļēāļĢāļĨāļāļāļāđāļ
āļāļŠāļāļŦāļēāļĢāļĄāļāļĢāļāļĒāđāļĢāļāđāļĢāļĄāļĻāļĢāļāļāļ§āļē
REIT Hotel āđāļĢāļāđāļĢāļĄāļĻāļĢāļāļāļ§āļē Freehold
16
Healthcare: One of the top sectors with high growth
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Mill
ion
Bah
t
MARKET CAPITALIZATON OF HEALTHCARE SECTOR
Source: SETSMART
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
āļĄ.āļ.-11 āļĄ.āļ.-12 āļĄ.āļ.-13 āļĄ.āļ.-14 āļĄ.āļ.-15 āļĄ.āļ.-16 āļĄ.āļ.-17
Ind
ex
Price Index
HELTH
SET
0
10
20
30
40
50
āļĄ.āļ.-11 āļĄ.āļ.-12 āļĄ.āļ.-13 āļĄ.āļ.-14 āļĄ.āļ.-15 āļĄ.āļ.-16 āļĄ.āļ.-17
Tim
es
P/E
HELTH
SET
17
Thai Healthcare is competitive on high quality and value for money
Food: āļāļĢāļāļāļāļēāļŦāļēāļĢāļāđāļāļēāļāļāļāļ°āđāļāļĒāļāđāļāļāļ§āļ 2556-2559
13 16 20
10
15
20 13
13
7
9
6
4
3 2
0
5
10
15
20
25
30
35
40
45
50
2556 2557 2558 2559
No
. of
Secu
riti
es
IFF
PFUND/REITs
mai
SET
38
45 41
27
âĒ Well-known brands utilize capital market to pursue the growth strategy. âĒ Chained restaurant gains popularity. âĒ More potential brands to come.
Reach Out For Untapped Market
20
âĒ Core connectivity for CLMV âĒ Flow of resource and capital to grow the region
âĒ Newly established Exchange âĒ Lack of liquidity
âĒ Platform for SME and Startup
Untapped Market Opportunity
Thailand: Wheel for Infrastructure in GMS Region
21
Connecting The Dot
Thailand as the GMSâs economic connector
22
East West Economic Corridor (EWEC) Aims to promote collaboration within the Agriculture, Industrial, and Tourism sectors
Southern Economic Corridor (SEC) Aims to promote trading and investment activities and tourism as well as provide access to the, now developing, Dawei Deep Sea Port
GMS Economic
Corridors Connecting Countries Total Length
(km)
East-West Corridor Myanmar-Thailand-Laos-Vietnam 1,320
North-South Corridor Thailand-Laos-China (Kunming) 2,000
Southern Corridor Thailand-Cambodia-Vietnam 1,030
North South Economic Corridor (NSEC) Aims to promote transportation of goods and services and tourism
23
Source: IMF
CLMVT: Center for Economic Development in ASEAN
Nominal GDP (current prices)
Unit: billion US$
World Advanced economies
CLMVT Emerging and
Developing Asia Emerging and
Developing Europe
4% 2% 9% 14% 4%
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
800.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
CAGR 9%
CLMVT
Thailand
Vietnam
Myanmar
Cambodia Lao PDR
Avg compound annual growth of economic value (2005-2015)
Overview of CLMVT Exchanges Most Exchanges are newly established.
T
Lao Securities Exchange est: 2010 listed co: 5 market cap: US$ 1,405 m.
Hochiminh Stock Exchange est: 2000 listed co: 306 market cap: US$ 55,605 m.
Hanoi Stock Exchange est: 2005 listed co: 378 market cap: US$ 6,547 m.
Cambodia Securities Exchange est: 2010 no. of listed co: 4 market cap: US$ 210 m.
The Stock Exchange of Thailand est. 1975 listed co: 643 market cap: US$ 376 b.
Yangon Stock Exchange est: 2015 listed co: 2 market cap: US$ 796 m.
Remarks: data as of June 13, 2016 except Vietnam which use data as of May 21, 2016
24
āļŠāļĢāļēāļ Startup ecosystem āđāļāļāļĢāļēāļāļāļēāļāđāļĻāļĢāļĐāļāļāļāđāļāļĒ
Growing Supply
Strengthening Demand
Startup training/advisory
āļāļāļāļēāļāļ§āļēāļĄāļĢāđāļĨāļ°āļŦāļĨāļāļŠāļāļĢāļāļēāļ Startup fundamental āđāļĨāļ° fund raising āļŠ āļēāļŦāļĢāļ Startup (āļāļāļĄ. āđāļĨāļ° āļāļāļ§.)
āļĢāļ§āļĄāļāļāļĄāļŦāļēāļ§āļāļĒāļēāļĨāļĒāđāļāļĢāļāļāļēāļĒāđāļĨāļ°āļāļāļāļāļĢāļāļāļāļĄāļāļĢ āļāļāļāļēāļāļēāļāļēāļĢāļĒāđāļāļāļāļĢāļ°āļāļēāļĒāļāļ§āļēāļĄāļĢāļāļēāļ Startup business āđāļŦāđāļāļāļāļĻāļāļĐāļēāđāļĨāļ°āļāļāļŠāļāđāļ
Funding/seed money
âĒ āļĢāļ§āļĄāļĨāļāļāļāļāļ VC/PE āđāļ Startup/SME āļāļĄāļĻāļāļĒāļ āļēāļ (āļāļāļĄāļŠāļ āļ§āļāđāļāļ 100 āļĨāļ (+100 + 200). āđāļĨāļ°āļāļĢāļāđāļāļĒ + āļŠāļ§āļāļ. āļ§āļāđāļāļ 200 āļĨāļ.)
āļŠāļāđāļŠāļĢāļĄāļāļēāļĢāļāļāļāļāļāļāļāļāļ Corporate Venture/ VC/ PE āļāļāļ āļāļ. āđāļĨāļ°āļāļĢāļāļāļāļāļēāļāđāļŦāļ (Setup Fund)
âĒ āļŠāļāļāļŠāļāļāļāļāļāļĢāļĢāļĄāļāļāļāļŠāļĄāļēāļāļĄ Thai Venture Capital Association (TVCA) āđāļāļāļāļēāļĢāļāļāļāļēāļāļāļŠāļēāļŦāļāļĢāļĢāļĄāđāļāļāļĢāļ§āļĄāļĨāļāļāļ
āļŠāļāđāļŠāļĢāļĄāļāļēāļĢāđāļāļēāļāļāđāļŦāļĨāļāđāļāļāļāļ Corporate Venture/ VC/ PE āđāļŦāļāļ SME āđāļĨāļ° Startup (Matching Fund)
Matching Platform
âĒ āļŠāļĢāļēāļ platform āđāļŦāļĄ (āļĒāļāļāļĒāļĢāļ°āļŦāļ§āļēāļāļāļāļāļ āđāļāļ LEAP âĶ āđāļāļāđāļāļ facilitator āļāļāđāļāļāļĨāļēāļāđāļĢāļāđāļĨāļ°āļāļĨāļēāļāļĢāļāļ) āļāļĒāļēāļāđāļĢāļāļ āđāļāļāļāļāļēāļ startup āđāļāļ asset class āļāļĄāļāļ§āļēāļĄāđāļŠāļĒāļāļĄāļēāļ āļāļāđāļāļāļŠ āļēāļŦāļĢāļ professional participants āđāļāļēāļāļ
Exit/investment Platform
1 2
3
4
25
Why SET?
27
âĒ SET is the most vibrant Exchange in ASEAN âĒ Largest IPO for 4 years consecutively
âĒ Competitive P/E
âĒ Highest liquidity
âĒ Offering various listing products to meet the business requirement
âĒ Strong investor base: local and foreign
âĒ Continual effort to strengthen the quality of listed companies: âĒ Surveillance procedure to ensure the fair treatment for all stakeholder
âĒ Promoting ESG framework to pursue the âSustainabilityâ growth
âĒ Ongoing activities to enhance the networking and the competitiveness of the listed company
Why SET?
SET: Largest Fund Raising in the ASEAN Region
28
6,447
5,196
2,835
1,369 1,669
3,447
2,550
1,251
316 768
4,241
319 1,312
116 878
1,504 1,659
299
1,017 1,043
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Thailand Singapore Malaysia Philipphines Indonesia
2013 2014 2015 2016
Source: Bloomberg
IPO Capital Raised by Stock Exchanges US$ million
Source: Bloomberg update as of Feb 6,2017
SET P/E for YTD outperformed in Health care, Industrial, Oil & Gas and Telecommunications industries comparing to other regional exchanges
Sectors by ICB Sector SGX IDX BM SET
Basic Materials ( 57.46) ( 15.70) 32.87 19.43
Consumer Goods 27.17 28.71 24.84 21.40
Consumer Services 28.74 29.68 18.05 27.87
Financials 12.99 15.10 12.37 13.44
Health Care 28.17 34.84 33.14 39.66
Industrials ( 64.90) 22.48 24.41 25.34
Oil & Gas ( 11.69) ( 4.03) ( 42.28) 15.44
Technology 24.51 30.94 19.56 8.50 Telecommunications 15.68 28.91 24.63 25.77
Utilities 32.29 15.06 12.98 16.84
SET: Competitive PE
29
30
SET: The Most Liquid Capital Market in ASEAN since 2012
Source : World Federation of Exchanges (WFE), The Stock Exchange of Thailand (As of Jan, 2017) *Average daily turnover is calculated by value of share trading EOB / trading days in the year 2016
Average daily turnover (2008 â 2017)
Unit: Million USD
0
500
1,000
1,500
2,000
2,500
2008
2009
2010
2011
Jan
-12
Fe
b-1
2
Ma
r-12
Ap
r-12
Ma
y-1
2
Ju
n-1
2
Ju
l-12
Au
g-1
2
Se
p-1
2
Oct-
12
No
v-1
2
Dec-1
2
Jan
-13
Fe
b-1
3
Ma
r-13
Ap
r-13
Ma
y-1
3
Ju
n-1
3
Ju
l-13
Au
g-1
3
Se
p-1
3
Oct-
13
No
v-1
3
Dec-1
3
Jan
-14
Fe
b-1
4
Ma
r-14
Ap
r-14
Ma
y-1
4
Ju
n-1
4
Ju
l-14
Au
g-1
4
Se
p-1
4
Oct-
14
No
v-1
4
Dec-1
4
Jan
-15
Fe
b-1
5
Ma
r-15
Ap
r-15
Ma
y-1
5
Ju
n-1
5
Ju
l-15
Au
g-1
5
Se
p-1
5
Oct-
15
No
v-1
5
Dec-1
5
Jan
-16
Fe
b-1
6
Ma
r-16
Ap
r-16
Ma
y-1
6
Ju
n-1
6
Ju
l-16
Au
g-1
6
Se
p-1
6
Oct-
16
No
v-1
6
Dec-1
6
Jan
-17
Singapore Thailand Indonesia Malaysia Philippines
740
1,040
1,638
1,025
1,130
1,303
829
1,254 1,530
384
SET
SGX
Bursa
IDX
PSE
31
āļāļāļāļāļāļĢāļ§āļĄāļāļŠāļāļŦāļēāļĢāļĄāļāļĢāļāļĒ (PF) āđāļĄāļŠāļēāļĄāļēāļĢāļāļĒāļāļ āļēāļāļāļāļāļāļāļŦāļĢāļāđāļāļĄāļāļāđāļāļāļāļāļēāļ 31 āļ.āļ. 2556
āļāļĨāļēāļāļŦāļĨāļāļāļĢāļāļĒāđāļāļĒāļĄāļāļĨāļāļ āļāļāļāļĢāļēāļŠāļēāļĢāļāļāļāļŦāļĨāļēāļāļŦāļĨāļēāļĒ
āļāļĨāļēāļāļŦāļĨāļāļāļĢāļāļĒāđāļŦāļāļāļĢāļ°āđāļāļĻāđāļāļĒ āļāļĨāļēāļāļŦāļĨāļāļāļĢāļāļĒ āđāļāļĄ āđāļ
āđāļ
āļāļĢāļĐāļāđāļāļĒ āļāļĢāļĐāļāļāļēāļāļāļĢāļ°āđāļāļĻ āļāļĢāļĐāļāđāļāļĒ
Equity
âĒ Operating Company âĒ Holding Company âĒ Infrastructure Business
âĒ Operating Company âĒ Holding Company âĒ Infrastructure Business
Infrastructure Fund
Infrastructure Trust
Real Estate Investment Trust
âĒ Operating Company âĒ Holding Company
SET: Active Retail Investorsâ Participation
Unit: Percentage
Local retail investors have played a key role in providing liquidity to SET and stabilizing SET index amid volatile international capital flows.
61%
53% 47%
60% 66%
62%
77% 72%
76% 71%
62%
55% 53% 54% 61% 62%
55% 55% 57% 61%
57% 54% 52%
26% 35%
43%
35% 29%
32%
19%
22% 18%
21%
28%
33% 32% 29%
20% 18%
23% 24% 22% 21%
22% 25%
26%
9% 7% 6%
4% 4% 4% 3%
4% 4% 6% 7% 7%
7% 7%
7% 8% 9% 8% 8%
9% 11% 10% 12%
5% 6% 4% 1% 1% 2% 1% 2% 2% 2% 3% 5% 8% 10%
13% 12% 13% 13% 13% 9% 10% 11% 10%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Local Investors
Foreign Investors
Local Institutes
ProprietaryTrading
Source: SETSMART * As of Feb 7, 2017
32
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Disclaimer This document was prepared by The Stock Exchange of Thailand in good faith upon sources believed to
be reliable but no representation or warranty expressed or implied is made to their accuracy or correctness. The Stock Exchange of Thailand accepts no liability for any direct or consequential loss or damage arising from any use of this document or its contents. All information and opinion expressed here is subject to change without notice. The copyright belongs to The Stock Exchange of Thailand. No part of this document may be published or copied in any form or by any means without the written permission of The Stock Exchange of Thailand.
34