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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 maintain our BUY rating on ARROW with the target price of Bt10 derived from 15.1xPE’1H19E, which represents its five-year average trading range and World Capital Goods sector. Current share price already factored in 2Q18 disappointed performance and offer cheap valuation. We expect brighter outlook in 2H18 and beyond.
The story:
<ul>
<li>Margin improvement in 2H18</li>
<li>RTRC to drive growth in 2019</li>
<li>2019 election to be a catalyst for industrial recovery and infrastructure project kick-off</li>
</ul>
Risks:  (1) Raw-material procurement becoming pricier
            (2) Anti-dumping moves against steel from China

We maintain our BUY rating on ARROW with the target price of Bt10 derived from 15.1xPE’1H19E, which represents its five-year average trading range and World Capital Goods sector. Current share price already factored in 2Q18 disappointed performance and offer cheap valuation. We expect brighter outlook in 2H18 and beyond.
The story:

Margin improvement in 2H18
RTRC to drive growth in 2019
2019 election to be a catalyst for industrial recovery and infrastructure project kick-off

Risks:  (1) Raw-material procurement becoming pricier
            (2) Anti-dumping moves against steel from China

ARROW: Benefit from Project Kick-Off After Seeing Election Schedule

Arrow Syndicate

ARROW: Benefit from Project Kick-Off After Seeing Election Schedule