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

<ul>
<li>We initiate coverage of SIRI with a BUY rating and a target price of  Bt2.11, derived from 7.2xPE'23, or -0.5SD of its 5-year trading average,Our rating reflects its high potential </li>
<li>High potential growth in the low-rise segment SIRI has strong potential to expand its low-rise revenue in the long term, backed by (1)its popular luxury products, and (2) strong presales</li>
<li>Huge project launch to support long-term growth SIRI plans to launch a huge number of projects in 2022-24 with a total value of about Bt150bn,mainly in the high-end low-rise segment.</li>
</ul>


We initiate coverage of SIRI with a BUY rating and a target price of  Bt2.11, derived from 7.2xPE'23, or -0.5SD of its 5-year trading average,Our rating reflects its high potential 
High potential growth in the low-rise segment SIRI has strong potential to expand its low-rise revenue in the long term, backed by (1)its popular luxury products, and (2) strong presales
Huge project launch to support long-term growth SIRI plans to launch a huge number of projects in 2022-24 with a total value of about Bt150bn,mainly in the high-end low-rise segment.


Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>SIRI is a fully integrated property developer, offering a complete range of projects for sale and providing comprehensive services catering to the entire range of customer needs.</li><li>The firm focuses on investments that will be suited to people’s lifestyles in the future.</li><li>At present, SIRI is developing 71 low-rise projects, single- detached houses and townhomes and 36 condominium projects — including five joint-venture projects — under different brands and in various price ranges, with a total available-for-sales value of Bt53.9bn, of which 65% is from low-rise projects.</li></ul>

SIRI is a fully integrated property developer, offering a complete range of projects for sale and providing comprehensive services catering to the entire range of customer needs.The firm focuses on investments that will be suited to people’s lifestyles in the future.At present, SIRI is developing 71 low-rise projects, single- detached houses and townhomes and 36 condominium projects — including five joint-venture projects — under different brands and in various price ranges, with a total available-for-sales value of Bt53.9bn, of which 65% is from low-rise projects.

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> 1H22 DPU +0.8% YoY; Retail turning around led by Downtown malls, but rising energy cost a concern</li><li><a href="https://www.smartkarma.com/entities/keppel-pacific-oak-us-reit" target="_blank" data-smartkarma-citation="entities:25988" rel="noopener">Keppel Pacific Oak US REIT (KORE SP)</a> 2Q22 DPU -9.5% YoY; Declining reversions continue  </li><li><a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441" rel="noopener">Chip Eng Seng Corp (CHIP SP)</a> to acquire Park View Mansions development for S$260m</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) 1H22 DPU +0.8% YoY; Retail turning around led by Downtown malls, but rising energy cost a concernKeppel Pacific Oak US REIT (KORE SP) 2Q22 DPU -9.5% YoY; Declining reversions continue  Chip Eng Seng Corp (CHIP SP) to acquire Park View Mansions development for S$260m

ASEAN Builder's Scoop (28Jul22) - CICT Rising Energy Cost a Concern

<ul><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> 2H22 DPU -4.8% YoY; Robust rent reversions to end the fiscal year</li><li><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> 1Q22 DPU -9.6% YoY; Rising utilities costs despite steady underlying performance  </li><li><a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a> 1H22 DPU +2.3% YoY; Omicron wave tapering shopper traffic</li></ul>

AIMS APAC REIT (AAREIT SP) 2H22 DPU -4.8% YoY; Robust rent reversions to end the fiscal yearESR-REIT (EREIT SP) 1Q22 DPU -9.6% YoY; Rising utilities costs despite steady underlying performance  Frasers Centrepoint Trust (FCT SP) 1H22 DPU +2.3% YoY; Omicron wave tapering shopper traffic

ASEAN Builder's Scoop (27Apr22) - AAREIT Robust Rent Reversions

<ul><li><a href="https://www.smartkarma.com/entities/uol-group-ltd" target="_blank" data-smartkarma-citation="entities:142" rel="noopener">UOL Group (UOL SP)</a> 2H21 PATMI +126% YoY; Stronger contributions from property development and hotel properties</li><li><a href="https://www.smartkarma.com/entities/mapletree-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> acquires South Korean Logistic at 4.0% NPI yield; Expected to be DPU accretive</li><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> 2H21 net profit fell 13% YoY; Declared S$0.068/share divvy (~5.6% yield)</li></ul>

UOL Group (UOL SP) 2H21 PATMI +126% YoY; Stronger contributions from property development and hotel propertiesMapletree Logistics Trust (MLT SP) acquires South Korean Logistic at 4.0% NPI yield; Expected to be DPU accretiveYanlord Land (YLLG SP) 2H21 net profit fell 13% YoY; Declared S$0.068/share divvy (~5.6% yield)

ASEAN Builder's Scoop (1Mar22) - UOL Stronger Contributions from Prop Dev't and Hotels

Thailand

Sansiri Public Company Limited develops real estate projects for sales and rentals.  Its projects include resort condominiums, residential and office buildings.  The Company also provides property and project management services.

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Sansiri Public (SIRI TB)

SIRI : A Leader in Luxury Housing

We initiate coverage of SIRI with a BUY rating and a target price of Bt2.11, derived from 7.2xPE'23, or -0.5SD of its 5-year trading average, Our...

Pi Securities PCL, Thailand

Sansiri - Ascending to the Top

SIRI is a fully integrated property developer, offering a complete range of projects for sale and providing comprehensive services catering to the...

Krungthai XSpring

ASEAN Builder's Scoop (28Jul22) - CICT Rising Energy Cost a Concern

KORE declining reversions continue; Orchard Bel-Air en-bloc sale for S$587.5m; SIRI to launch 31 projects worth THB31.2bn; BLOOM tops off Solaire...

SCCM Asia Research

ASEAN Builder's Scoop (27Apr22) - AAREIT Robust Rent Reversions

EREIT rising utilities cost; FCT tapering shopper traffic; MINT boosted by acquisitions; SSREIT voted down Charlie Chan as Director

SCCM Asia Research

ASEAN Builder's Scoop (1Mar22) - UOL Stronger Contributions from Prop Dev't and Hotels

MLT buys South Korean logistics at 4% yield; DC rates rising except for hotel use; AREIT growing AUM boosted earnings; SIRI targets +26% YoY 2022...

SCCM Asia Research

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