Big Year for Thai IPOs in 2021 despite Covid-19 Crisis

38 Thai corporates have made their first step into the Thai stock market in 2021 with a total issued size of more than 88.6 billion baht amid the ongoing crisis of the coronavirus pandemic.

The number of newly listed companies in the Thai stock market in 2021 increased from 26 companies in 2020 to 38 in 2021, consisting of 20 companies in the Stock Exchange of Thailand (SET) Index and 18 in the Market of Alternative Investment (mai) Index. However, despite more listing, the issued size in 2021 fails to match 2020 due to the latter being dominant by big-cap stocks such as Central Retail Corporation Public Company Limited (SET: CRC), SCG Packaging Public Company Limited (SET: SCGP) and Sri Trang Gloves (Thailand) Public Company Limited (SET: STGT) while 2021 has only PTT Oil and Retail Business Public Company Limited (SET: OR) that is considered a big-cap stock.

IPO Performance in 2021
Securities	IPO					Performance YTD (as of Dec. 30)
	First Trading Day	Issued Size	IPO Price	First Day Close	Change	Close	Change
		(Million Baht)	(THB/Share)	(THB/Share)	(%)	(THB/Share)	(%)
Stock Exchange of Thailand (SET) Index
NV	24/12/2021	1,035.00	6.9	6	-13.04	7.05	2.17
WFX	23/12/2021	1,022.40	7.2	8.45	17.36	8	11.11
BRI	21/12/2021	2,652.82	10.5	12.4	18.1	11.9	13.33
PIN	9/11/2021	1,131.00	3.9	3.8	-2.56	4.02	3.08
ONEE	5/11/2021	4,048.12	8.5	9.2	8.24	10.8	27.06
TFM	29/10/2021	1,215.00	13.5	14.5	7.41	13.8	2.22
HENG	19/10/2021	1,561.63	1.95	2.86	46.67	4.76	144.10
SVT	5/10/2021	508.00	2.54	3.54	39.37	5.6	120.47
UBE	30/9/2021	2,818.29	2.4	2.06	-14.17	2.24	-6.67
CV	2/9/2021	1,248.00	3.9	3.92	0.51	3.08	-21.03
AMR	2/8/2021	1,035.00	6.9	6.95	0.72	6.25	-9.42
STECH	23/7/2021	565.73	2.78	3.28	17.99	2.56	-7.91
SNNP	20/7/2021	2,208.00	9.2	10.4	13.04	11.9	29.35
MENA	7/7/2021	220.8	1.2	2.48	106.67	1.88	56.67
NSL	19/5/2021	900.00	12	13.7	14.17	18.6	55.00
TIDLOR	10/5/2021	7,694.81	36.5	45.75	25.34	36.5	0.00
DMT	7/5/2021	2,240.00	16	15.9	-0.62	11.5	-28.13
ASW	28/4/2021	2,022.92	9.82	9.85	0.31	8.1	-17.52
KISS	19/2/2021	540.00	9	14	55.56	10.5	16.67
OR	11/2/2021	46,980.00	18	29.25	62.5	27	50.00

Total issued size THB 81,647 Million

 

Among all new SET Index listings in 2021, Heng Leasing and Capital Public Company Limited (SET: HENG) has the best performance, closing the year at Bt4.76 per share, representing a gain of 144.10% from its IPO price of Bt1.95 per share.

The management of HENG expected its loan portfolio in 2021 to grow 28-30% to 11,500 million baht, which will be higher than the estimated 9,000 million baht. Meanwhile, the portfolio in 2022 is expected to reach 14,800 million baht. The company planned to expand its branch consistently at the rate around 30-40 branches per annum, targeting 830 branches in total by the next two year along with its efficient cost management skills.

Sun Vending Technology Public Company Limited (SET: SVT) is the second-best performer, closing the year at Bt5.60 per share, representing a gain of 120.47% from its IPO price of Bt2.54 per share.

Mrs. Apassara Panupatthana, Managing Director of SVT, expected the revenue to grow 25% in 2022 from expanding its vending machine service area and new businesses such as franchises, renting system, and advertisement along with more vending machine sales to target customers.

As for big-cap stocks, OR finished the year at Bt27.00 or 50% higher than its IPO price of Bt18 per share. The share price once reached Bt36.50 in early trading days while having been trading at the range of Bt26-28 as of late. Based on the consensus of Refinitiv, six analysts recommend “Buy,” while three recommend “Hold” and five recommend “Sell”. The consensus indicated a target price for OR at Bt28.76 per share.

Meanwhile, Ngern Tid Lor Public Company Limited (SET: TIDLOR),a spinoff entity of Bank of Ayudhya Public Company Limited (SET: BAY), closed the year at the same level as its IPO price at Bt36.50 per share. Analysts expect the company to record better results in 4Q21 as loan business will keep growing, coupled with strong financial status and rating. The target price for TIDLOR is Bt46.88 per share with 10 Buy recommendations, two Holds and no Sell.

Market of Alternative Investment (mai) Index
Securities	IPO					Performance YTD (as of Dec. 30)
	First Trading Day	Issued Size	IPO Price	First Day Close	Change	Close	Change
		(Million Baht)	(THB/Share)	(THB/Share)	(%)	(THB/Share)	(%)
HL	3/12/2021	705.60	9.8	13	32.65	18.1	84.69
TRV	2/12/2021	125.5	2.3	4.2	82.61	3.98	73.04
BE8	8/11/2021	500.00	10	25.5	155	42.75	327.50
JP	2/11/2021	805.00	7	10.3	47.14	7.4	5.71
DPAINT	28/10/2021	399.38	7.5	12.9	72	8.95	19.33
GLORY	25/10/2021	196	2.8	7.6	171.43	4.08	45.71
CPANEL	30/9/2021	237	6	7.3	21.67	7.85	30.83
BBIK	16/9/2021	450.00	18	30	66.67	81.25	351.39
SECURE	1/7/2021	443.86	16	24.2	51.25	30.75	92.19
SMD	17/6/2021	388.80	7.2	9.2	27.78	14.2	97.22
ADD	20/5/2021	440.00	11	14.8	34.55	31.5	186.36
WINMED	11/5/2021	372.00	3.1	5.9	90.32	5.9	90.32
DITTO	6/5/2021	600.00	7.5	16	113.33	27.25	263.33
PROEN	29/4/2021	279.50	3.25	8.35	156.92	7.15	120.00
PROS	27/4/2021	280.00	2	3.36	68	3.02	51.00
PACO	22/3/2021	364.00	1.4	3.98	184.29	2.96	111.43
TQR	17/2/2021	306.00	5.1	15.3	200	14.3	180.39
JAK	18/1/2021	119.93	1.45	2.02	39.31	1.68	15.86

Total issued size THB 7,012 Million

 

In the meantime, all securities that were first listed in the secondary market this year are enjoying themselves as every single one of them closed the year above their IPO prices. Bluebik Group Public Company Limited (mai: BBIK), a strategic and digital technology consulting company, saw the highest surge in share price with 351.39% gain to close the year at Bt81.25 per share. Beryl 8 Plus Public Company Limited (mai: BE8) and Ditto (Thailand) Public Company Limited (mai: DITTO) take the second and third place with a gain of 327.50% and 263.33%, respectively.

 

This year could be considered one of the best years for IPOs as 32 securities out of 38 in the Thai stock market closed higher on their first trading day and  securities closed higher than their IPO prices. There are currently 14 securities expected to be listed in the SET Index next year and seven more on the secondary market. Let’s see if the market can keep this trend throughout next year.