Waraporn Wiboonkanarak

Krungthai XSpring

Equity Bottom-Up

<p>Company Update</p>
<h2>Thai Solar Energy Plc. (TSE)</h2>
<p>Energy &amp; Utilities</p>
<div>
<h3>Additional value from future projects</h3>
<div>
<div class="content-highlight">
<p>We maintain a Buy call for TSE, with the 2021E SOTP-based target price of Bt3.60/share. The current share price has yet to reflect other projects under development with the capacity of 147 MW in Japan, and it also implies some upside from the future investment in power plant projects. The firm offers an average dividend yield of 4% during 2021- 22E.</p>
</div>
<div>
<div>
<div>
<div>
<div>
<p><strong>2020 NP down by 45% YoY on higher</strong>…</p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>

<div>
<div>
<div>
<div>
<p>Initial Coverage</p>
<h2>Thai Solar Energy Plc. (TSE)</h2>
<p>Energy &amp; Utilities</p>
<div>
<div>
<div>
<h3>New project under development not yet priced in</h3>
<div class="content-highlight">
<p>We initiate our coverage on TSE with a Buy call and the SOTP-based target price of Bt3.60/share. In our view, the current share price has yet to price in the 147MW project under development in Japan, which makes up 47% of total capacity. Scheduled to commence commercial operations in late 2022, this project should more than double the firm’s earnings in 2023E.</p>
</div>
<div>
<div>
<div>
<p><strong>Stable</strong>…</p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>

Thailand

Thai Solar Energy PCL is a power company that provides renewable energy solutions through the use of solar power.