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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>We upgrade our recommendation to ‘BUY’ (from HOLD) but cut our target price by 30% to Bt35 (from Bt50), derived from 11.9xPE’20E which is equal to the average of its Asia ex Japan peers. We believe current valuation is quite cheap while we foresee a sign of recovery in China manufacturing.</p><p>The story:</p><div>• Revise earnings down by 40% as petrochemical prices collapse</div><div>• Expect a recovery from China manufacturing</div><div>
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</div><p>Risks:</p><div>• Oil and petrochemical prices fluctuation</div><div>• Currency exchange rate fluctuation</div><div>• Acceleration in COVID-19 outbreak in domestic market</div>

We upgrade our recommendation to ‘BUY’ (from HOLD) but cut our target price by 30% to Bt35 (from Bt50), derived from 11.9xPE’20E which is equal to the average of its Asia ex Japan peers. We believe current valuation is quite cheap while we foresee a sign of recovery in China manufacturing.The story:• Revise earnings down by 40% as petrochemical prices collapse• Expect a recovery from China manufacturing
 
Risks:• Oil and petrochemical prices fluctuation• Currency exchange rate fluctuation• Acceleration in COVID-19 outbreak in domestic market

PTTGC: Opportunity to ‘BUY’ on the Recovery Theme

PTT Global Chemical

PTTGC: Opportunity to ‘BUY’ on the Recovery Theme