PSL : Demand Should Recover Firmly in 4Q22

PSL : Demand for Dry Bulk Trading Should Remain Supportive

PSL: Expect Core Earnings to Hit Another Decade High in 2Q21

PSL: Expect Core Earnings to Hit Another Decade High in 3Q21

PSL: Healthy Freight Rate Is Expected to Be Remained in 2022 and 2023

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 downgrade PSL to HOLD rating while trim target price to Bt16.0 (Previous TP:Bt21.20) derived from 1.5xPBV’22E, Asia-ex-Japan transportation sector. We believe peak point of the market upcycle</li>
<li>We anticipate a slowdown in demand for dry bulk commodities trading to continue at least until 1H22, which was mainly pressured by tension between Russia-Ukraine and China city lockdown.</li>
<li>Supply side in short-term will still benefit from trend of containerized cargoes and issue over port congestion, but these factors are likely to fade in 2H22</li>
</ul>


We downgrade PSL to HOLD rating while trim target price to Bt16.0 (Previous TP:Bt21.20) derived from 1.5xPBV’22E, Asia-ex-Japan transportation sector. We believe peak point of the market upcycle
We anticipate a slowdown in demand for dry bulk commodities trading to continue at least until 1H22, which was mainly pressured by tension between Russia-Ukraine and China city lockdown.
Supply side in short-term will still benefit from trend of containerized cargoes and issue over port congestion, but these factors are likely to fade in 2H22


PSL: Short-Term Outlook Is Lack of Interest, but Positive for Long-Term

Precious Shipping

PSL: Short-Term Outlook Is Lack of Interest, but Positive for Long-Term