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 ARROW with a BUY rating, based on a target price of Bt17 derived from 17xPE’18E, which represents its three-year average trading range and World Capital Goods sector. Our target is also a 94% discount on the PE derived from the Thai Capital Goods sector.The story:<ul><li>Leads market with 60% share</li><li>Key heir to industrial and public sector growth surge</li><li>Factory to expand high-margin post-tension product lines</li><li>Fiberglass conduit line poses impressive growth potential</li></ul>Risks:  <ul><li>Raw-material procurement becoming pricier</li><li>Anti-dumping moves against steel from China</li></ul>

We initiate coverage on ARROW with a BUY rating, based on a target price of Bt17 derived from 17xPE’18E, which represents its three-year average trading range and World Capital Goods sector. Our target is also a 94% discount on the PE derived from the Thai Capital Goods sector.The story:Leads market with 60% shareKey heir to industrial and public sector growth surgeFactory to expand high-margin post-tension product linesFiberglass conduit line poses impressive growth potentialRisks:  Raw-material procurement becoming pricierAnti-dumping moves against steel from China

ARROW: Revenue to Flow Down the Pipe Amid Product Expansion

Thailand

Ziga Innovation Public Company Limited produces steel products. The Company offers structural steel, rolls and sheets, and flat pipe that covers a wide range of applications such as furniture, fences, trolleys, scaffolds, civil engineering, and construction works, as well as provides electrical conduit and in-building equipment. Ziga Innovation serves customers in Thailand.

Ziga Innovation (ZIGA TB)

ARROW: Revenue to Flow Down the Pipe Amid Product Expansion

We initiate coverage on ARROW with a BUY rating, based on a target price of Bt17 derived from 17xPE’18E, which represents its three-year average...

Pi Securities PCL, Thailand