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 of PRM with a BUY rating, based on a target price of Bt7.70, derived from a PEG ratio of 0.9x, which is the average for the Asia ex-japan transportation sector, implying 22.0x PE’19E.
The story:
<ul>
<li>Secured revenue from domestic trading business</li>
<li>IMO 2020 implementation to propel floating storage demand</li>
<li>Recovery in T/C rate should prompt international trading turnaround</li>
</ul>
Risks:  Lower-than-expected domestic oil consumption and trading activities in ASEAN, foreign currency and fuel cost fluctuations

We initiate coverage of PRM with a BUY rating, based on a target price of Bt7.70, derived from a PEG ratio of 0.9x, which is the average for the Asia ex-japan transportation sector, implying 22.0x PE’19E.
The story:

Secured revenue from domestic trading business
IMO 2020 implementation to propel floating storage demand
Recovery in T/C rate should prompt international trading turnaround

Risks:  Lower-than-expected domestic oil consumption and trading activities in ASEAN, foreign currency and fuel cost fluctuations

PRM: Thai Largest Tanker Fleets Assured of Consistent Growth

Thailand

Prima Marine Public Company Limited is a Thailand-based company that provides one-stop marine transportation and storage services for crude oil, refined petroleum products, and liquefied petrochemicals. The company operates through segments including Oil and Petrochemical Tanker Business, Floating Storage Unit Business, Offshore Support Vessel Business, and Ship Management Business. It is headquartered in Bangkok, Thailand, and was founded in 1987.

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Prima Marine (PRM TB)

PRM: Thai Largest Tanker Fleets Assured of Consistent Growth

We initiate coverage of PRM with a BUY rating, based on a target price of Bt7.70, derived from a PEG ratio of 0.9x, which is the average for the...

Pi Securities PCL, Thailand

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