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 on PM with a BUY rating, based on a target price of Bt19.20 and derived from its 22.2xPE’18E of Asia ex-Japan Consumer Staples sector.The story:<ul class=""><li>Big move towards world’s largest snack market</li><li>Strong market position in marketing and distribution businesses</li><li>Fresh leaders eye fertile opportunities offshore</li><li>Divestment in PE improves company’s bottom line</li><li>New product foray into organic coffee to offer upside for future growth</li></ul>Risks:<ul><li>Risks from trading partners on contract renewals</li><li>Reliance on sales of its main product</li><li>Excessive dependence on major local buyers and Asian market</li><li>Weaker than expected domestic consumption </li></ul>Background:Established in 1977, Premier Marketing Public Company Limited distributes consumer products, including snacks, food and beverages, confectionery, nutritional food and pastilles, and personal care and household products. It distributes the products through channels that include modern and traditional trade and cover a network of more than 200,000 stores nationwide. Its wholly owned subsidiary, Premier Canning Industry, is an OEM manufacturer and processer of canned tuna and sauce products, mostly for sale abroad.

We initiate coverage on PM with a BUY rating, based on a target price   of Bt19.20 and derived from its 22.2xPE’18E of Asia ex-Japan Consumer Staples sector.The story:Big move towards world’s largest snack marketStrong market position in marketing and distribution businessesFresh leaders eye fertile opportunities offshoreDivestment in PE improves company’s bottom lineNew product foray into organic coffee to offer upside for future growthRisks:Risks from trading partners on contract renewalsReliance on sales of its main productExcessive dependence on major local buyers and Asian marketWeaker than expected domestic consumption Background:Established in 1977, Premier Marketing Public Company Limited distributes consumer products, including snacks, food and beverages, confectionery, nutritional food and pastilles, and personal care and household products. It distributes the products through channels that include modern and traditional trade and cover a network of more than 200,000 stores nationwide. Its wholly owned subsidiary, Premier Canning Industry, is an OEM manufacturer and processer of canned tuna and sauce products, mostly for sale abroad.

PM: New Directions to Lift Versatile Consumer Product Trader

Thailand

Premier Enterprise Public Company Limited markets and distributes durable products including automobiles, electrical appliances, spare parts, and construction materials. The Company also provides  hire purchase and office building rental services, and invests in diversified businesses including food, finance and securities, and petroleum industries.

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Premier Enterprise Pub Co (PE TB)

PM: New Directions to Lift Versatile Consumer Product Trader

We initiate coverage on PM with a BUY rating, based on a target price of Bt19.20 and derived from its 22.2xPE’18E of Asia ex-Japan Consumer...

Pi Securities PCL, Thailand

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