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

<p><strong>Analyst meeting held yesterday came out with a positive tone for the remaining quarters. From 2Q20 onwards, we expect marketing margin to improve while sales volume is also expected to come back to normal.</strong></p><p>Key takeaway:</p><div>• Expects a recovery in 2Q20, led by an improved in marketing margin</div><div>• Sales volume to continue growing in 2H20, after lockdown easing</div><div></div><p><strong>We maintain a BUY rating with a target price of Bt16.0, derived from 17.5xPE’20E, which equal to the World Consumer Discretionary sector.</strong></p>

Analyst meeting held yesterday came out with a positive tone for the remaining quarters. From 2Q20 onwards, we expect marketing margin to improve while sales volume is also expected to come back to normal.Key takeaway:• Expects a recovery in 2Q20, led by an improved in marketing margin• Sales volume to continue growing in 2H20, after lockdown easingWe maintain a BUY rating with a target price of Bt16.0, derived from 17.5xPE’20E, which equal to the World Consumer Discretionary sector.

<p><strong>We initiate coverage of PTG with a BUY rating and a 2020E target price of Bt16.0, derived from 17.5xPE’20E, which the mean of the World Consumer Discretionary sector.</strong></p><p>The story:</p><div>• Strong and growing position in oil retail business</div><div>• LPG business to be new growth driver</div><div>• Palm complex to add roughly 8% to profit in 2020E</div><div>• EPS growth at 16% CAGR during 2020-22E</div><div>
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</div><p>Risks:</p><div>• Oil price fluctuation</div><div>• Highly competitive market</div>

We initiate coverage of PTG with a BUY rating and a 2020E target price of Bt16.0, derived from 17.5xPE’20E, which the mean of the World Consumer Discretionary sector.The story:• Strong and growing position in oil retail business• LPG business to be new growth driver• Palm complex to add roughly 8% to profit in 2020E• EPS growth at 16% CAGR during 2020-22E
 
Risks:• Oil price fluctuation• Highly competitive market

PTG: The No. 3 Player with a Growing Market Share

Thailand

PTG Energy Public Company Limited is a leading integrated energy and lifestyle platform company in Thailand, primarily engaged in the distribution of petroleum and LPG products through a nationwide network of PT service stations. The company also operates non-oil businesses including convenience stores (Max Mart), coffee shops (Punthai Coffee), auto care centers, and provides services such as e-Money and logistics. PTG Energy was founded in 1988 and is headquartered in Bangkok, Thailand.

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PTG Energy (PTG TB)

PTG: Marketing Margin to Improve in 2Q20

Analyst meeting held yesterday came out with a positive tone for the remaining quarters. From 2Q20 onwards, we expect marketing margin to improve...

Pi Securities PCL, Thailand

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PTG: Marketing Margin to Improve in 2Q20

Analyst meeting held yesterday came out with a positive tone for the remaining quarters. From 2Q20 onwards, we expect marketing margin to improve...

Pi Securities PCL, Thailand

PTG: The No. 3 Player with a Growing Market Share

We initiate coverage of PTG with a BUY rating and a 2020E target price of Bt16.0, derived from 17.5xPE’20E, which the mean of the World Consumer...

Pi Securities PCL, Thailand