JUBILE: Expected 1Q20 Earnings to Be the Five-Quarter Low

AUCT: Raising Commission Fee Will Boost 2H20 Performance

BGC: Re-Opening the Cities Will Drive 2H20 Performance

QH: Dividend Play Outshines Thai Property Peers

AUCT: Safe-Haven Stock in the Thai Market

BJC: More Positive on Modern Retail Business

Berli Jucker (BJC TB) - Well-Rounded Consumer Leader

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

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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

<p>We maintain our BUY rating with a new target price of Bt9.6 based on 20xPE’20E which is Thai consumer discretionary sector.</p><p>Update:</p><ul>
<li>Expect AUCT to post 1Q20 earnings of Bt69m (+16%YoY, -7%QoQ), driven by rising NPL and seasonal factor.</li>
<li>2Q20 performance will be the bottom of the year and it should be an opportunity to accumulate for 7% dividend yield.</li>
<li>We are still positive to its  2020-21 earnings outlook on the backs of industrial growth, the company’s growing use of mobile application to support auction activities and potential growth from new customer segment.</li>
</ul>

We maintain our BUY rating with a new target price of Bt9.6 based on 20xPE’20E which is Thai consumer discretionary sector.Update:
Expect AUCT to post 1Q20 earnings of Bt69m (+16%YoY, -7%QoQ), driven by rising NPL and seasonal factor.
2Q20 performance will be the bottom of the year and it should be an opportunity to accumulate for 7% dividend yield.
We are still positive to its  2020-21 earnings outlook on the backs of industrial growth, the company’s growing use of mobile application to support auction activities and potential growth from new customer segment.


Union Auction

AUCT: Expected 1Q20 Earnings to Grow YoY