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

<p><strong>We came out from BTS’s analyst meeting on 19th FEB with positive tone given solid core earnings growth momentum in the next two quarters and recent update for concrete details of several mega-projects that the company takes part.</strong></p><p><strong>Key takeaway:</strong></p><div>•  Decent growth in ridership for core network driven by commencement of Green line extension zone 2.</div><div>•  Delayed construction for Pink Yellow lines may create cost overrun but will be offset by cost saving program and revenue from early bird operation.</div><div>•  Expect core earnings in FY4Q20E to reach all-time high level again following; 1.) increasing revenue contribution from high margin businesses such as O&amp;M services and media, and, 2.) recovery for construction revenue from Pink &amp; Yellow lines.</div><p></p><p><strong>We maintain BUY rating with a target price of Bt14.50, which is equivalent to 41xPE’FY20E, 5% premium to Thai transportation sector.</strong></p>

We came out from BTS’s analyst meeting on 19th FEB with positive tone given solid core earnings growth momentum in the next two quarters and recent update for concrete details of several mega-projects that the company takes part.Key takeaway:•  Decent growth in ridership for core network driven by commencement of Green line extension zone 2.•  Delayed construction for Pink Yellow lines may create cost overrun but will be offset by cost saving program and revenue from early bird operation.•  Expect core earnings in FY4Q20E to reach all-time high level again following; 1.) increasing revenue contribution from high margin businesses such as O&amp;M services and media, and, 2.) recovery for construction revenue from Pink &amp; Yellow lines.We maintain BUY rating with a target price of Bt14.50, which is equivalent to 41xPE’FY20E, 5% premium to Thai transportation sector.

BTS: Solid Earnings Growth Momentum Remain

<p><strong>We initiate coverage of BTS with a BUY rating, based on a SOTP-derived target price of Bt14.50, which is equivalent to 41xPE’FY20E</strong></p><p><strong>The story:</strong></p><div>• Riding the wave of mass transit line expansion</div><div>• Mass transit continues to provide its core value</div><div>• Media and logistics are the key growth drivers</div><div>• Upside from motorway and airport projects</div><div>• Number of property projects in the pipeline</div><p></p><p><strong>Risks:</strong> Obstacles for renewing concession contracts with state-owned entities along with falling consumer spending and share price dilution from warrant conversion (BTS-W5).</p>

We initiate coverage of BTS with a BUY rating, based on a SOTP-derived target price of Bt14.50, which is equivalent to 41xPE’FY20EThe story:• Riding the wave of mass transit line expansion• Mass transit continues to provide its core value• Media and logistics are the key growth drivers• Upside from motorway and airport projects• Number of property projects in the pipelineRisks: Obstacles for renewing concession contracts with state-owned entities along with falling consumer spending and share price dilution from warrant conversion (BTS-W5).

BTS: City Solutions Provider Set to Expand Business Frontier

Thailand

BTS Group Holdings PCL is primarily in the business of Mass Transit.  The Company operates Bangkok's BTS SkyTrain system and the Bus Rapid Transit (BRT) System. BTS Group Holdings PCL is also involved in Media & Advertising, Property Development, and Services business.

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BTS Group Holdings (BTS TB)

BTS: Solid Earnings Growth Momentum Remain

We came out from BTS’s analyst meeting on 19th FEB with positive tone given solid core earnings growth momentum in the next two quarters and recent...

Pi Securities PCL, Thailand

BTS: City Solutions Provider Set to Expand Business Frontier

We initiate coverage of BTS with a BUY rating, based on a SOTP-derived target price of Bt14.50, which is equivalent to 41xPE’FY20EThe story:•...

Pi Securities PCL, Thailand

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