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

<ul>
<li>We have a slight positive view on the company’s new investment in Thanulux PCL (TNL)as it expected to expand loan portfolio and strengthening synergy among business entities under financial service</li>
<li>Bonding with leading consumer products conglomerate ‘SPI’ The company announced to acquire newly issued ordinary shares under private placement of TNL,the ready-made clothes and leather ware manufacturers and the subsidiary</li>
<li>After the transaction complete by end of 2022, TNL will invest in the secured lending business (land as a collateral) called ‘Oxygen’ worth around Bt4.3bn (90% stake). Currently</li>
</ul>


We have a slight positive view on the company’s new investment in Thanulux PCL (TNL)as it expected to expand loan portfolio and strengthening synergy among business entities under financial service
Bonding with leading consumer products conglomerate ‘SPI’ The company announced to acquire newly issued ordinary shares under private placement of TNL,the ready-made clothes and leather ware manufacturers and the subsidiary
After the transaction complete by end of 2022, TNL will invest in the secured lending business (land as a collateral) called ‘Oxygen’ worth around Bt4.3bn (90% stake). Currently


BTS : Expect Long-Term Synergy with SPI PCL

<ul>
<li>We cut BTS target price to Bt10.20 (Previous TP:Bt11.0)after we trim target price of VGI (52% stake) to Bt4.60 as we factor in weaker-than-expected recovery in ad revenue and damage </li>
<li>1QFY23 (April-June’22) fell to three-quarter low The company reported 1QFY23 net profit at Bt536m. Excluding extra items, core earnings would be at Bt610m, (-49%YoY -28%QoQ).</li>
<li>A QoQ and YoY contraction pressured by revenue that drop to 16-quarter low at Bt4.0bn dragged down by construction revenue to Bt1.1bn (-80%YoY -30%QoQ) amid nearly completion of MRT pink </li>
</ul>


We cut BTS target price to Bt10.20 (Previous TP:Bt11.0)after we trim target price of VGI (52% stake) to Bt4.60 as we factor in weaker-than-expected recovery in ad revenue and damage 
1QFY23 (April-June’22) fell to three-quarter low The company reported 1QFY23 net profit at Bt536m. Excluding extra items, core earnings would be at Bt610m, (-49%YoY -28%QoQ).
A QoQ and YoY contraction pressured by revenue that drop to 16-quarter low at Bt4.0bn dragged down by construction revenue to Bt1.1bn (-80%YoY -30%QoQ) amid nearly completion of MRT pink 


BTS : Concern over Concession Extension Remain an Overhang on Stock

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Bangkok Expressway and Metro / Equity Bottom-Up

<ul>
<li>Q2 22 result was healthy derived from both increase in ridership as well as ASP in both expressway and rail. </li>
<li>Cost increase but not as high as revenue increase therefore margin expanded while net profit went up 3x YoY. 2H 2022 will be even better. </li>
<li>Compared to AOT, BEM's PBR is 63% cheaper while its share price still underperformed AOT this year by 11%. </li>
</ul>


Q2 22 result was healthy derived from both increase in ridership as well as ASP in both expressway and rail. 
Cost increase but not as high as revenue increase therefore margin expanded while net profit went up 3x YoY. 2H 2022 will be even better. 
Compared to AOT, BEM's PBR is 63% cheaper while its share price still underperformed AOT this year by 11%. 


Bangkok Express and Metro (BEM): Marching On

<ul>
<li>We reiterate a BUY rating for BTS while roll over target price to Bt11.0 (Previous TP: Bt10.20), derived from SOTP.</li>
<li>BTS report 2QFY22 (July’21-Sep’21) net profit at Bt576m (-24%YoY -58%QoQ), the lowest level in the past five quarter. The result came out slightly below our expectation while 9M21 result accounts </li>
<li>Disappointed earnings reported in 2QFY22 was pressured by 13-quarter low of revenue and increasing share of loss from weak U-city and KEX performance.</li>
</ul>


We reiterate a BUY rating for BTS while roll over target price to Bt11.0 (Previous TP: Bt10.20), derived from SOTP.
BTS report 2QFY22 (July’21-Sep’21) net profit at Bt576m (-24%YoY -58%QoQ), the lowest level in the past five quarter. The result came out slightly below our expectation while 9M21 result accounts 
Disappointed earnings reported in 2QFY22 was pressured by 13-quarter low of revenue and increasing share of loss from weak U-city and KEX performance.


BTS: Short & Long Terms Outlook Remain Positive

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

<ul><li>We uncover a stake in post-merger Tokopedia-GoJek held by the Japanese e-commerce company Beenos (3328 JP) that, at the slated US$40bn IPO valuation for the Southeast Asian unicorn, would account for more than 80% of the US$270m enterprise value.</li><li>MM2 Asia (MM2 SP) has signed an SPA to dispose of their cinema business as part of an ongoing restructuring of the media and entertainment group</li><li>Metro Pacific (MPI PM) accelerated repurchases of a further 224.8m shares during the past week taking the 30-day tally to 1.71% shares out.</li></ul>

We uncover a stake in post-merger Tokopedia-GoJek held by the Japanese e-commerce company Beenos (3328 JP) that, at the slated US$40bn IPO valuation for the Southeast Asian unicorn, would account for more than 80% of the US$270m enterprise value.MM2 Asia (MM2 SP) has signed an SPA to dispose of their cinema business as part of an ongoing restructuring of the media and entertainment groupMetro Pacific (MPI PM) accelerated repurchases of a further 224.8m shares during the past week taking the 30-day tally to 1.71% shares out.

Wickhams Hill Research | Under-The-Radar Issue 6

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 : Expect Long-Term Synergy with SPI PCL

We have a slight positive view on the company’s new investment in Thanulux PCL (TNL) as it expected to expand loan portfolio and strengthening...

Pi Securities PCL, Thailand

BTS : Concern over Concession Extension Remain an Overhang on Stock

We cut BTS target price to Bt10.20 (Previous TP: Bt11.0) after we trim target price of VGI (52% stake) to Bt4.60 as we factor in weaker-than...

Pi Securities PCL, Thailand

Bangkok Express and Metro (BEM): Marching On

The early sign of recovery is there and BEM has proven that it participates and does not lag behind the improvement in the ridership recovery as...

Henry Soediarko

BTS: Short & Long Terms Outlook Remain Positive

We reiterate a BUY rating for BTS while roll over target price to Bt11.0 (Previous TP: Bt10.20), derived from SOTP. Our target price upgrade was...

Pi Securities PCL, Thailand

Wickhams Hill Research | Under-The-Radar Issue 6

We uncover a stake in post-merger Tokopedia-GoJek held by the Japanese e-commerce company Beenos (3328 JP) that at the slated...

Lloyd Moffatt

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