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 BWG with a BUY rating and a 2019E target price of Bt1.66, derived from a PER of 16.9x, which implies 1.0x PEG based on an EPS CAGR of 16.9% in 2019-20E.
The story:
<ul>
<li>Prime beneficiary of growing waste volumes</li>
<li>Pioneer in Thailand’s waste power plant sector</li>
<li>Earnings have bottomed out with promising growth ahead</li>
<li>Expected 17% EPS growth in 2019-20E</li>
</ul>
Risks: Newcomers could leapfrog into the market
            Regulatory changes
            Limited number of landfills

We initiate coverage of BWG with a BUY rating and a 2019E target price of Bt1.66, derived from a PER of 16.9x, which implies 1.0x PEG based on an EPS CAGR of 16.9% in 2019-20E.
The story:

Prime beneficiary of growing waste volumes
Pioneer in Thailand’s waste power plant sector
Earnings have bottomed out with promising growth ahead
Expected 17% EPS growth in 2019-20E

Risks: Newcomers could leapfrog into the market
            Regulatory changes
            Limited number of landfills

Thailand

Better World Green PCL provides non-hazardous and hazardous industrial waste management services.

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Better World Green (BWG TB)

BWG: From Waste to Worthy

We initiate coverage of BWG with a BUY rating and a 2019E target price of Bt1.66, derived from a PER of 16.9x, which implies 1.0x PEG based on an...

Pi Securities PCL, Thailand

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