Golden Agri: Pricing Up / Stock Down:  Trading Buy

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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

Global Green Chemicals / Equity Bottom-Up

<p><strong>Analyst meeting held last week came out with a positive tone for methyl ester business but negative for glycerine and fatty alcohols. We maintain our HOLD rating with a target price of Bt10.6, derived from 22xPE’20 which is its two-years average trading</strong></p>
<p>The story:</p>
<div>•Biodiesel B10 policy to stimulate ME sales growth</div>
<div>•Fatty alcohols are under pressured by continuing trade war</div>
<div></div>
<p>Risks:</p>
<div>•Raw material price fluctuation</div>
<div>•Currency exchange rate</div>
<div>•Inventory errors</div>

Analyst meeting held last week came out with a positive tone for methyl ester business but negative for glycerine and fatty alcohols. We maintain our HOLD rating with a target price of Bt10.6, derived from 22xPE’20 which is its two-years average trading
The story:
•Biodiesel B10 policy to stimulate ME sales growth
•Fatty alcohols are under pressured by continuing trade war

Risks:
•Raw material price fluctuation
•Currency exchange rate
•Inventory errors

GGC: Biodiesel B10 to Support Company’s Earning by 2020E