Thailand's best securities house 2020
Most of Thailand’s top securities houses are backed by a large bank. Phatra Securities is entirely independent, but it still manages to stand tall among the competition.
Thailand has seen limited deals in the capital markets recently, but what it lacks in number it makes up for in size. The Stock Exchange of Thailand hosted two of the country’s largest-ever IPOs in the past year, and Phatra featured prominently on both.
Property developer and investor Asset World Corp listed in early October 2019 for Bt48 billion ($1.5 billion) in what was then the largest listing from the private sector. Phatra was the sole financial adviser to the company. It was also one of four local firms coordinating the domestic roadshow and underwriting the deal.
In February, Central Retail Corp set a new record for a private sector IPO, floating for Bt71 billion. Phatra was also one of three domestic coordinators and showed it can work closely with its competitors, holding a joint financial adviser role on the deal alongside rival Bualuang Securities, the investment banking arm of Bangkok Bank.
Both Asset World and Central Retail’s IPOs showed the increasing depth of Thailand’s equity capital market, with the floats split approximately 50-50 between international and domestic investors.
In the secondary market this year, Phatra continued to strengthen its leading position under chief executive Aphinant Klewpatinond. The firm had already stepped up its share of the secondary market last year, moving to a leading spot from a low top-10 position in 2018.
Phatra cemented its top position through the awards period, handling 9% to 11% of all trades each month from January through June this year, with a 10.4% overall market share for the first half, and a total of Bt2.15 trillion in trading value, according to SET’s broker league table data.
Phatra has shown for two years running that it can bring large companies to the primary market, navigating the global volatility caused by the US-China trade war and Covid-19 pandemic, and using its expertise and local investor networks to help raise billions of dollars. All the while it not only retained its top spot in secondary trading, but extended its share of the market as its rivals slipped down the league table, losing to international outfits. For its strength and improvement in the primary and secondary markets it is deserving of Asiamoney’s best securities house award.