BGC: Negative View for the Acquisition of the Three Companies

LH: Most Secure Property Developer in Thailand

LH: Expect 4Q20 Core Earnings to Be the Highest Level of 2020

ORI: Adding Source of Recurring Income from Hospitality Projects

ORI: Plan to Launch Budget Condominium in 2020

ORI: Laggard Play with a Strong Position in the EEC

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

We maintain BUY rating with a target price of Bt9.2 based on 7.5xPE’21E, the average of top 10 stocks in the Thai Real Estate sector.<ul>
<li>ORI has 3Q20 presales of Bt7.5bn (+14%QoQ), better than market expectation. We foresee presales momentum to speed up in 4Q20 through aggressive new projects launch in 4Q20.</li>
<li>We expect 3Q20 earnings to stay flat YoY as there is no transfer of high value projects. However, we expect earnings to grow strongly both YoY and QoQ in 4Q20 driven by (1) revenue recognition from secured backlog over Bt7bn and (2) aggressive launch of new four low-rise projects worth Bt4.9bn.</li>
</ul>We still like this stock on the backs of; (1) Secured backlog of Bt20bn to back 2021 earnings recovery; (2) Solid presales momentum; (3) Attractive dividend yield of 4%-6% in 2020E-21E.

We maintain BUY rating with a target price of Bt9.2 based on 7.5xPE’21E, the average of top 10 stocks in the Thai Real Estate sector.
ORI has 3Q20 presales of Bt7.5bn (+14%QoQ), better than market expectation. We foresee presales momentum to speed up in 4Q20 through aggressive new projects launch in 4Q20.
We expect 3Q20 earnings to stay flat YoY as there is no transfer of high value projects. However, we expect earnings to grow strongly both YoY and QoQ in 4Q20 driven by (1) revenue recognition from secured backlog over Bt7bn and (2) aggressive launch of new four low-rise projects worth Bt4.9bn.
We still like this stock on the backs of; (1) Secured backlog of Bt20bn to back 2021 earnings recovery; (2) Solid presales momentum; (3) Attractive dividend yield of 4%-6% in 2020E-21E.

ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20

Origin Property

ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20