The Stock Exchange of Thailand (SET) will list Siamese Asset Pcl, a leading integrated property developer, on December 25, under the ticker symbol “SA”. The company has a market capitalization at its initial public offering (IPO) of THB 6.11 billion (approx. USD 203 million).
SET Senior Executive Vice President Manpong Senanarong said that SA would list and start trading on SET in the Property & Construction industry group, Property Development sector.
SA operates an integrated property development business. Its portfolio of low-rise and high-rise projects consists of condominium, housing estate, townhome and home office. The unique differentiation and assets value-added have been built on the choice of strategic locations for property development projects while applying “Branded Residence” strategy to enhance after-sales service via the management of leading global hotel brands to ensure prime quality and standard. Currently, SA’s seven completed projects worth THB 17 billion are available for sales while the other two projects worth THB 12 billion are under construction. In addition, SA has two more projects in the pipeline to be realized around THB 9 billion of revenue over the next 3-4 years.
SA has a registered paid-up capital of THB 1.112 billion, consisting of 961.55 million existing common shares and 150 million newly issued shares, with a par value of THB 1.00 each. It offered the entire newly issued shares to the public at THB 5.50 each, for a total of THB 6.114 billion. Asia Plus Advisory Co., Ltd. is its financial advisor, while Krungthai Zmico Securities Co., Ltd. and Asia Plus Securities Co., Ltd. are the lead underwriters.
SA Chief Executive Officer Kajonsit Singsansern said that listing on SET will strengthen the company’s position, while the fundraising will be used to develop three condominium projects namely Blossom Condo@Fashion 3; ABOVE 39; and Blossom Condo@Thung Song Hong Station, and the remaining fund will be used as working capital as well as for loan repayment to financial institutions. This move is expected to help lower financial costs and enhance the company’s performance.
SA’s three major shareholders after the IPO are Kajonsit Singsansern (35.80 percent), Uthorn Phusitkanchana (15.50 percent), and Tanya Wongpornpenpap (11.20 percent). The IPO price was set by a book building process, equivalent to price-to-earnings (P/E) ratio of 17.2 times, calculated by using the company’s net operating profit in the past 12 months (Q4 of 2019 to Q3 of 2020) of THB 352.3 million, divided by fully diluted shares, representing earnings per share of THB 0.32. The company’s dividend policy is to pay no less than 40 percent of net profit after corporate income tax and legal reserves from the company’s separate financial statement.
For more information on SA, please see the company’s prospectus at the Securities and Exchange Commission’s website at www.sec.or.th; and for general information, please visit www.siameseasset.co.th as well as www.set.or.th