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

Global Green Chemicals / Equity Bottom-Up

We initiate coverage of GGC with a BUY rating and a 2019E target price of Bt14.2, derived from 2x the relative PE of the Materials sector, which is also the stock’s two-year trading average and implies 22xPE’19E.The story:<ul>
<li>New methyl ester plant to drive growth beyond 2019</li>
<li>Growing demand for biodiesel to support industry expansion</li>
<li>Supply shortage of fatty alcohols has widened spreads</li>
<li>Upside from biocomplex project</li>
</ul>

We initiate coverage of GGC with a BUY rating and a 2019E target price of Bt14.2, derived from 2x the relative PE of the Materials sector, which is also the stock’s two-year trading average and implies 22xPE’19E.The story:
New methyl ester plant to drive growth beyond 2019
Growing demand for biodiesel to support industry expansion
Supply shortage of fatty alcohols has widened spreads
Upside from biocomplex project


GGC: Moving Forward with Green Growth Projects

Thailand

Global Green Chemicals Public Company Limited is a pioneer oleochemicals producer in Thailand, engaged in the production, distribution, and transportation of green chemical products. Its product portfolio includes methyl ester, fatty alcohols, refined glycerine, ethanol, and food and pharmaceutical ingredients. The company was established on July 28, 2005, and is headquartered in Bangkok, Thailand.

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Global Green Chemicals (GGC TB)

GGC: Moving Forward with Green Growth Projects

We initiate coverage of GGC with a BUY rating and a 2019E target price of Bt14.2, derived from 2x the relative PE of the Materials sector, which is...

Pi Securities PCL, Thailand

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