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

Supalai Public Company / Equity Bottom-Up

<ul>
<li>Maintain our BUY rating with  a  TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings in 22E-24E of around Bt7bn</li>
<li>Positive view from analyst meetingReal estate sales grewYoYin both low-rise and high rise segment and management expect real estate transfers value will be the new high level in this year</li>
<li>SPALI plan to launch new projects in 4Q22 worth Bt10.7bn,including 10 low-rise projects and 1 condominium project. Low-rise presales growth in Bangkok should  increase in 4Q22  from high projects launch.</li>
</ul>


Maintain our BUY rating with  a  TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings in 22E-24E of around Bt7bn
Positive view from analyst meetingReal estate sales grewYoYin both low-rise and high rise segment and management expect real estate transfers value will be the new high level in this year
SPALI plan to launch new projects in 4Q22 worth Bt10.7bn,including 10 low-rise projects and 1 condominium project. Low-rise presales growth in Bangkok should  increase in 4Q22  from high projects launch.


SPALI : 3Q22 Result Will Expand YoY and QoQ

<ul>
<li>We initiate coverage of SPALI with a BUY rating at a TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings </li>
<li>Expect strong earnings in the next three years SPALI should deliver sustained strong earnings of Bt7bn per year in the next three years (22-24E) backed by strong presales momentum, especially </li>
<li>Potential growth from provincial markets SPALI is one of the leading property developers to have established a brand in provincial markets, especially in the middle-income low-rise segment.</li>
</ul>


We initiate coverage of SPALI with a BUY rating at a TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings 
Expect strong earnings in the next three years SPALI should deliver sustained strong earnings of Bt7bn per year in the next three years (22-24E) backed by strong presales momentum, especially 
Potential growth from provincial markets SPALI is one of the leading property developers to have established a brand in provincial markets, especially in the middle-income low-rise segment.


SPALI : Cheap Valuation with Attractive Yield

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/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> 1H22 DPU +1.3% YoY; Healthy reversions with ample debt headroom for next inorganic moves </li><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> is in exclusive due diligence with Avaya House in AUS, but no binding agreement yet</li><li>Sino-Ocean has exercised options to purchase Dasin Retail Trust (DASIN SP)</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 1H22 DPU +1.3% YoY; Healthy reversions with ample debt headroom for next inorganic moves AIMS APAC REIT (AAREIT SP) is in exclusive due diligence with Avaya House in AUS, but no binding agreement yetSino-Ocean has exercised options to purchase Dasin Retail Trust (DASIN SP)

ASEAN Builder's Scoop (6May22) - FLT Ample Debt Headroom for Inorganic Moves

<ul><li><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APAC</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable results</li><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> CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  </li></ul>

Keppel DC REIT (KDCREIT SP) 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APACParkway Life REIT (PREIT SP) Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable resultsCapitaland Integrated Commercial Trust (CICT SP) CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

<ul>
<li>ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential value to be unlocked by the transaction</li>
<li>Dayamitra Telekomunikasi (Mitratel) is being spun out of Telkomsel (TLKM IJ) and targeting to raise US$ 1.76bn, with an implied market cap at listing of around US$5.2bn</li>
<li>Coincidentally, RHB has published an excellent report on Bali Towerindo (BALI IJ) which we think is the best positioned independent operator in the space due to their unique monetisation strategy and asset footprint.</li>
</ul>


ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential value to be unlocked by the transaction
Dayamitra Telekomunikasi (Mitratel) is being spun out of Telkomsel (TLKM IJ) and targeting to raise US$ 1.76bn, with an implied market cap at listing of around US$5.2bn
Coincidentally, RHB has published an excellent report on Bali Towerindo (BALI IJ) which we think is the best positioned independent operator in the space due to their unique monetisation strategy and asset footprint.


Wickhams Hill Research | Under-The-Radar Issue 11

Thailand

Supalai Public Company Limited is a property development company which has operations in Bangkok metropolis as well as other leading provincial markets. The Company develops all types of residential products, including detached houses, townhouses and condominiums.

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Supalai Public Company (SPALI TB)

SPALI : 3Q22 Result Will Expand YoY and QoQ

Maintain our BUY rating with a TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average. Our rating reflects strong expected annual...

Pi Securities PCL, Thailand

SPALI : Cheap Valuation with Attractive Yield

We initiate coverage of SPALI with a BUY rating at a TP of Bt24.0,based on 6.8xPE23,or its 5-year trading average. Our rating reflects strong...

Pi Securities PCL, Thailand

ASEAN Builder's Scoop (6May22) - FLT Ample Debt Headroom for Inorganic Moves

AAREIT in talks with Avaya House; Sino-Ocean exercised options to buy DASIN; SEC greenlights VREIT IPO; BKK office oversupply

SCCM Asia Research

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

PREIT consistently pricey as results stable; CICT sells JCube at <4% yield; FLT divests CSE at ~2.5% yield; YLLG sells out Shanghai project; SPALI...

SCCM Asia Research

Wickhams Hill Research | Under-The-Radar Issue 11

ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential...

Lloyd Moffatt

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