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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>The stock price fell by 16% in the past three months due to political issue, delay in orange line bidding (Upside Bt2.10) and sluggish recovery in media segment at VGI PCL (BUY TP8.30). However, we foresee potential positive catalysts to drive stock price in an upcoming months including; 1.) possibility that the cabinet could approve core network concession extension (Bt0.70 already included in target price), and, 2.) commencement of the last section in Green Ext. zone 2 in Dec20 (recognize revenue under O&amp;M contract).</strong></p>
<div>•Update on core network concession extension</div>
<div>•Mixed-use project create upside for the company in long-term</div>
<p></p>
<p><strong>We maintain BUY rating with a target price of Bt12.0 (previous TP12.80), which is equivalent to 60xPE’FY21E, 50% discount to Thai transportation sector. A reduction in target price factors in Bt50bn handover of debt from BMA to BTS in order to get core network concession extension in return.</strong></p>

The stock price fell by 16% in the past three months due to political issue, delay in orange line bidding (Upside Bt2.10) and sluggish recovery in media segment at VGI PCL (BUY TP8.30). However, we foresee potential positive catalysts to drive stock price in an upcoming months including; 1.) possibility that the cabinet could approve core network concession extension (Bt0.70 already included in target price), and, 2.) commencement of the last section in Green Ext. zone 2 in Dec20 (recognize revenue under O&amp;M contract).
•Update on core network concession extension
•Mixed-use project create upside for the company in long-term

We maintain BUY rating with a target price of Bt12.0 (previous TP12.80), which is equivalent to 60xPE’FY21E, 50% discount to Thai transportation sector. A reduction in target price factors in Bt50bn handover of debt from BMA to BTS in order to get core network concession extension in return.

BTS Group Holdings

BTS: Potential Positive Catalysts Ahead