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 of TPCH with a BUY rating and a 2019E target price of Bt13.0, pegged to  13.0xPE, which is the average valuation of its inexpensive listed peers. In comparison, TPCH is trading below 10x PER in 2019-20E. Given that the investment phase for its biomass power plants is almost over, we expect it to pay a nice dividend yield of 3.3% in 2019E and 6.6% in 2020E.
The story:
<ul>
<li>Decent growth in 2019-20E</li>
<li>Price contraction has opened an investment opportunity</li>
<li>Poised to be an early leader in the waste-to-energy business</li>
<li>Expect a 31% CAGR for earnings in 2019-20E</li>
</ul>
Risks:
<ul>
<li>Lack of raw materials</li>
<li>Raw material price fluctuation</li>
</ul>

We initiate coverage of TPCH with a BUY rating and a 2019E target price of Bt13.0, pegged to  13.0xPE, which is the average valuation of its inexpensive listed peers. In comparison, TPCH is trading below 10x PER in 2019-20E. Given that the investment phase for its biomass power plants is almost over, we expect it to pay a nice dividend yield of 3.3% in 2019E and 6.6% in 2020E.
The story:

Decent growth in 2019-20E
Price contraction has opened an investment opportunity
Poised to be an early leader in the waste-to-energy business
Expect a 31% CAGR for earnings in 2019-20E

Risks:

Lack of raw materials
Raw material price fluctuation


TPCH: Promising Growth at an Attractive Valuation

Thailand

TPC Power Holdings Co Ltd is a holding company. The Company invests in company's that are engaged in the manufacturing and sales of various types of energy.

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TPC Power Holdings (TPCH TB)

TPCH: Promising Growth at an Attractive Valuation

We initiate coverage of TPCH with a BUY rating and a 2019E target price of Bt13.0, pegged to 13.0xPE, which is the average valuation of its...

Pi Securities PCL, Thailand

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)