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

<p><strong>Yesterday analyst meeting came out with positive tone. We maintain the BUY recommendation based on the target price of Bt55.0 derived from DCF methodology (5.9% WACC and 1.0% TG), implying 48.0x PE’21.</strong></p><div>• Expect 1Q21 earnings to improve both YoY and QoQ, on the back of earnings recognition from 119MWe added in 2020, and improving GPM.</div><div></div><div>• LNG import for use in existing SPP power plants, is expected to commence by 2H21.</div><div></div><div>• Upside from new projects totaling 270MW to be finalized within 2021.</div>

Yesterday analyst meeting came out with positive tone. We maintain the BUY recommendation based on the target price of Bt55.0 derived from DCF methodology (5.9% WACC and 1.0% TG), implying 48.0x PE’21.• Expect 1Q21 earnings to improve both YoY and QoQ, on the back of earnings recognition from 119MWe added in 2020, and improving GPM.• LNG import for use in existing SPP power plants, is expected to commence by 2H21.• Upside from new projects totaling 270MW to be finalized within 2021.

BGRIM: Expect LNG Import to Commence by 2H21

B Grimm Power

BGRIM: Expect LNG Import to Commence by 2H21