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

Electricity Generating / Equity Bottom-Up

We initiate coverage of EGCO with a BUY rating, based on a 2020E target price of Bt321, derived from a discounted cash flow valuation (WACC of  8.1% and TG assumption of 1%). Our valuation implies 12.5x PE’20, or a 0.85x relative PE to the Thai Utilities Sector.
The story:.
<ul>
<li>Secured earnings from power generation business</li>
<li>Strategic growth through M&amp;As and JVs</li>
<li>Upside from gas transmission pipeline business</li>
<li>Right time to add this defensive stock</li>
</ul>
Risks: 
<ul>
<li>Foreign exchange rate fluctuation</li>
<li>Fuel storage</li>
</ul>

We initiate coverage of EGCO with a BUY rating, based on a 2020E target price of Bt321, derived from a discounted cash flow valuation (WACC of  8.1% and TG assumption of 1%). Our valuation implies 12.5x PE’20, or a 0.85x relative PE to the Thai Utilities Sector.
The story:.

Secured earnings from power generation business
Strategic growth through M&amp;As and JVs
Upside from gas transmission pipeline business
Right time to add this defensive stock

Risks: 

Foreign exchange rate fluctuation
Fuel storage


EGCO: Thai Utility Premier Defensive During COVID-19 Crisis

Thailand

Electricity Generating Public Company Limited (EGCO Group) is an independent power producer and energy-related business operator. It generates electricity from various fuel sources, including fossil fuels and renewable energy, and provides maintenance, engineering, and construction services for power plants and other industries. The company is headquartered in Bangkok, Thailand, and was founded on May 12, 1992.

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Electricity Generating (EGCO TB)

EGCO: Thai Utility Premier Defensive During COVID-19 Crisis

We initiate coverage of EGCO with a BUY rating, based on a 2020E target price of Bt321, derived from a discounted cash flow valuation (WACC of ...

Pi Securities PCL, Thailand

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