ptt

It was in the news yesterday that PTT will most likely list their Retail arm, so here are the facts:

  • As of 2013 they operated 1,382 stations
  • They are looking to raise upwards of USD 2 bn
  • The size of the IPO could beat BTS’s infrastructure fund, BTSGIF which was as USD 2.1 bn – hence the largest in Thailand’s history.

“There’s a recognition among oil companies that they may not be the best owners of their retail and marketing assets as these are not their core competency,” said Neil Beveridge, a Hong Kong-based analyst at Sanford C. Bernstein & Co. “We saw that with Sinopec, and it follows very much in line with what Western oil companies have also done.”

Source: Bloomberg

This does lead me to the question that if PTT’s retail arm is worth this  much then what could the same be said for SUSCO and PTG on a relative valuation basis (mkt cap/# of stations)?

    • Hi,

      1. No idea on the pricing for the PTT retail IPO, once I know more i’ll post it up

      2. Positive (as already since in the price movement of PTT) – any time a, lets say HoldCo, lists its sub the HoldCo generally performs well price wise. Now in this instance PTT is already worth some THB 1 trillion in market cap, I’m doubt a THB 66 bn IPO would impact it “that” much.

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