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 VGI with a BUY rating, based on a target price of Bt10.80 derived from a sum-of-the-parts methodology and implying a 2.1x relative PE to the Thai communication services sector, or 60xPE’FY20E.
The story:
<ul>
<li>Solid business portfolio supports long-term sustainability</li>
<li>Five-year expansion plan for transit media capacity has been secured</li>
<li>Broadest out-of-home media network in Thailand</li>
<li>Riding e-commerce wave via 23% stake in Kerry Express</li>
<li>Leveraging behavioral data from millions of Rabbit subscribers</li>
</ul>
Risks: Obstacles to renewing concession contracts with state-owned enterprises, falling consumer spending, which has resulted in lower-than-expected marketing and advertising spending, and dilution effect from exercise of VGI W2.

We initiate coverage of VGI with a BUY rating, based on a target price of Bt10.80 derived from a sum-of-the-parts methodology and implying a 2.1x relative PE to the Thai communication services sector, or 60xPE’FY20E.
The story:

Solid business portfolio supports long-term sustainability
Five-year expansion plan for transit media capacity has been secured
Broadest out-of-home media network in Thailand
Riding e-commerce wave via 23% stake in Kerry Express
Leveraging behavioral data from millions of Rabbit subscribers

Risks: Obstacles to renewing concession contracts with state-owned enterprises, falling consumer spending, which has resulted in lower-than-expected marketing and advertising spending, and dilution effect from exercise of VGI W2.

VGI: OOH Media, Digital Payments and E-Commerce in One Basket

Thailand

VGI Public Company Limited operates as an advertising media company. The Company offers out of home advertising, campaign measurement, target advertising campaign, and offline-to-online solutions. VGI serves customers globally.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

VGI PCL (VGI TB)

VGI: OOH Media, Digital Payments and E-Commerce in One Basket

We initiate coverage of VGI with a BUY rating, based on a target price of Bt10.80 derived from a sum-of-the-parts methodology and implying a 2.1x...

Pi Securities PCL, Thailand

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)