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 TOG with a BUY rating based on a target price of Bt9.80 derived from 17.3xPE’18E of the World Health Care sector.The story:<ul><li>Top OEM lens manufacturer in Thailand.</li><li>New automation supports sizeable margin expansion.</li><li>Major boost in sales to come from new US market hub.</li></ul>Risks:<ul><li>Any increase in the price of raw materials, especially in monomer.</li><li>Stronger Baht vs major foreign currencies such US dollar and Euro causes lower income in Baht terms as the main reporting currency is Baht.</li></ul>

We initiate coverage on TOG with a BUY rating based on a target price of Bt9.80 derived from 17.3xPE’18E of the World Health Care sector.The story:Top OEM lens manufacturer in Thailand.New automation supports sizeable margin expansion.Major boost in sales to come from new US market hub.Risks:Any increase in the price of raw materials, especially in monomer.Stronger Baht vs major foreign currencies such US dollar and Euro causes lower income in Baht terms as the main reporting currency is Baht.

TOG: Thai Optical Lens Producer Eyes Niche Domination

Thailand

Thai Optical Group PCL produces and distributes mineral optical lenses, plastic lenses, and glass molds.

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Thai Optical Group (TOG TB)

TOG: Thai Optical Lens Producer Eyes Niche Domination

We initiate coverage on TOG with a BUY rating based on a target price of Bt9.80 derived from 17.3xPE’18E of the World Health Care sector.The...

Pi Securities PCL, Thailand

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