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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 MC with a BUY rating and a target price of Bt12.0, derived from 18.5xPE’21E, which is +1SD above its 5-year trading average but slightly lower than its global apparel peers.</strong></p><p>The story:</p><ul>
<li>New potential S-curve from customer-based expansion</li>
<li>Ongoing growth via online channels</li>
<li>Strong financial position to support M&amp;A opportunities</li>
<li>Attractive dividend yield of 6% in 2021-23E</li>
</ul><div>
<br>
</div><p>Risks:</p><ul>
<li>Intense competition</li>
<li>Reliance on some major customers</li>
</ul>

We initiate coverage of MC with a BUY rating and a target price of Bt12.0, derived from 18.5xPE’21E, which is +1SD above its 5-year trading average but slightly lower than its global apparel peers.The story:
New potential S-curve from customer-based expansion
Ongoing growth via online channels
Strong financial position to support M&amp;A opportunities
Attractive dividend yield of 6% in 2021-23E

 
Risks:
Intense competition
Reliance on some major customers


MC: Prominent Denim Brand with New Growth Momentum

MC Group Pcl

MC: Prominent Denim Brand with New Growth Momentum