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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

<p><strong>We initiate coverage of BTS with a BUY rating, based on a SOTP-derived target price of Bt14.50, which is equivalent to 41xPE’FY20E</strong></p><p><strong>The story:</strong></p><div>• Riding the wave of mass transit line expansion</div><div>• Mass transit continues to provide its core value</div><div>• Media and logistics are the key growth drivers</div><div>• Upside from motorway and airport projects</div><div>• Number of property projects in the pipeline</div><p></p><p><strong>Risks:</strong> Obstacles for renewing concession contracts with state-owned entities along with falling consumer spending and share price dilution from warrant conversion (BTS-W5).</p>

We initiate coverage of BTS with a BUY rating, based on a SOTP-derived target price of Bt14.50, which is equivalent to 41xPE’FY20EThe story:• Riding the wave of mass transit line expansion• Mass transit continues to provide its core value• Media and logistics are the key growth drivers• Upside from motorway and airport projects• Number of property projects in the pipelineRisks: Obstacles for renewing concession contracts with state-owned entities along with falling consumer spending and share price dilution from warrant conversion (BTS-W5).

BTS: City Solutions Provider Set to Expand Business Frontier

BTS Group Holdings

BTS: City Solutions Provider Set to Expand Business Frontier