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

<ul>
<li>We initiate coverage of APwith a BUY rating at a TP of Bt12.9,based on 7.0xPE23,or +0.5SD of its 5-year trading average.Our rating reflects high potential growth in the low-rise segment</li>
<li>High potential growth in long term AP has a high potential to expand its revenue in the long term,backed by(1)strong presales momentum,especially in the low-rise segment,where it is the leader</li>
<li>New high for project launches to support 22-24E earnings AP plans to launch 60 projects worth Bt75bn in 2022 (a new high), composed of 52 low-rise projects, 5 high-rise projects</li>
</ul>


We initiate coverage of APwith a BUY rating at a TP of Bt12.9,based on 7.0xPE23,or +0.5SD of its 5-year trading average.Our rating reflects high potential growth in the low-rise segment
High potential growth in long term AP has a high potential to expand its revenue in the long term,backed by(1)strong presales momentum,especially in the low-rise segment,where it is the leader
New high for project launches to support 22-24E earnings AP plans to launch 60 projects worth Bt75bn in 2022 (a new high), composed of 52 low-rise projects, 5 high-rise projects


AP Thailand PCL

AP : High Growth Potential in Low-Rises