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>We initiate coverage of TASCO with a BUY rating and a 2020E target price of Bt27, derived from 12.8xPE’20E, which is in line with valuations of the Asia-ex Japan materials sector.</strong></p><p>The story:</p><ul>
<li>Return to normal operations after a fire incident in 3Q18</li>
<li>Healthy domestic demand from accelerated budget disbursement</li>
<li>Increasing asphalt margin thanks to new IMO regulation</li>
</ul><div>
<br>
</div><p>Risks:</p><ul>
<li>Oil price fluctuation</li>
<li>Foreign exchange rate fluctuation</li>
</ul>

We initiate coverage of TASCO with a BUY rating and a 2020E target price of Bt27, derived from 12.8xPE’20E, which is in line with valuations of the Asia-ex Japan materials sector.The story:
Return to normal operations after a fire incident in 3Q18
Healthy domestic demand from accelerated budget disbursement
Increasing asphalt margin thanks to new IMO regulation

 
Risks:
Oil price fluctuation
Foreign exchange rate fluctuation


TASCO: Surfing the Spread Uptrend in 2020

Thailand

Tipco Asphalt Public Company Limited manufactures and distributes asphalt and petroleum products for road construction, maintenance, and paving industries. The company offers a wide range of asphalt products including asphalt cement, emulsion, cutback asphalt, and polymer modified asphalt. Tipco Asphalt also engages in marine logistics and construction services. It was founded in 1979 and is headquartered in Bangkok, Thailand.

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Tipco Asphalt (TASCO TB)

TASCO: Surfing the Spread Uptrend in 2020

We initiate coverage of TASCO with a BUY rating and a 2020E target price of Bt27, derived from 12.8xPE’20E, which is in line with valuations of the...

Pi Securities PCL, Thailand

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)