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

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<li>Last week analyst meeting came out in a neutral tone.We maintain the HOLD rating due to demanding valuation.Our target price of Bt80.0, is derived using SOTP methodology, implying 43x PE’22E.</li>
<li>Expect the 2Q22 earnings to grow both YoY and QoQ, on the back of 1) higher EV sales 2) better solar power plant operation and 3) improving biodiesel sales.</li>
<li>The company has secured order for 87 E-buses to be delivered in 2Q22 to Lotte group.And further target a sales of 1,000 buses in 2H22, and 2,500 to 3,000 units</li>
</ul>


Last week analyst meeting came out in a neutral tone.We maintain the HOLD rating due to demanding valuation.Our target price of Bt80.0, is derived using SOTP methodology, implying 43x PE’22E.
Expect the 2Q22 earnings to grow both YoY and QoQ, on the back of 1) higher EV sales 2) better solar power plant operation and 3) improving biodiesel sales.
The company has secured order for 87 E-buses to be delivered in 2Q22 to Lotte group.And further target a sales of 1,000 buses in 2H22, and 2,500 to 3,000 units


Energy Absolute

EA: Awaiting EV & ESS Business Profit