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

<ul>
<li>We reiterate BUY rating for EPG but trim down target price to Bt12.60, (Previous TP:14.30) derived from 21xPE’FY23E,  (5-year average) or 90% premium to materials sector. We reduce PE multiple </li>
<li>Expect the company to post 4QFY22 (Jan-Mar) core profit at Bt398m (+7%YoY -2%QoQ)</li>
<li>Solid demand for automotive-parts in Thailand and Australian. Concern over rising raw material remain under control at least in the next two quarter</li>
</ul>


We reiterate BUY rating for EPG but trim down target price to Bt12.60, (Previous TP:14.30) derived from 21xPE’FY23E,  (5-year average) or 90% premium to materials sector. We reduce PE multiple 
Expect the company to post 4QFY22 (Jan-Mar) core profit at Bt398m (+7%YoY -2%QoQ)
Solid demand for automotive-parts in Thailand and Australian. Concern over rising raw material remain under control at least in the next two quarter


EPG: Expect Earnings to Remain at High Base, but Growth Is Limited

Eastern Polymer Group

EPG: Expect Earnings to Remain at High Base, but Growth Is Limited