Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

We initiate coverage of ASIAN with a BUY rating, based on a target price of Bt9.70, derived from 12xPER’19E, which is its three-year trading average.
The story:
<ul>
<li>Value-added products to support earnings stability and margin improvement</li>
<li>Pet food business is a new key driver</li>
<li>Strong upside from new pet food brand ‘Monchou’</li>
<li>Earnings expected to grow at 16.2% CAGR in 2019-21E</li>
</ul>
Risks:
<ul>
<li>Exchange rate fluctuations</li>
<li>Raw material price fluctuations</li>
</ul>

We initiate coverage of ASIAN with a BUY rating, based on a target price of Bt9.70, derived from 12xPER’19E, which is its three-year trading average.
The story:

Value-added products to support earnings stability and margin improvement
Pet food business is a new key driver
Strong upside from new pet food brand ‘Monchou’
Earnings expected to grow at 16.2% CAGR in 2019-21E

Risks:

Exchange rate fluctuations
Raw material price fluctuations


ASIAN: Strong Growth at an Appetizing Price

Thailand

Asian Sea Corporation Public Company Limited manufactures, distributes, and exports processed frozen seafood and pet food, serving customers globally. The company offers a range of products including frozen shrimp, fish, and various wet and dry pet food products. It also provides cold storage services. Headquartered in Samut Sakhon, Thailand, the company was founded in 1964.

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Asian Sea (ASIAN TB)

ASIAN: Strong Growth at an Appetizing Price

We initiate coverage of ASIAN with a BUY rating, based on a target price of Bt9.70, derived from 12xPER’19E, which is its three-year trading...

Pi Securities PCL, Thailand

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52-week Range

Market Cap (USDm)

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