RATCH: New Capacity Addition Would Offset EPS Dilution

RATCH : Robust Growth Outlook After Capital Increase

RATCH: Negative View on Capital Increase Plan

RATCH: Solid 2022 Outlook from New Project Additions

RATCH: Below 5% EPS Dilution After Paiton Inclusion

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>Last week analyst meeting came out in a positive tone. We maintain the BUY call based on target price of Bt48.0 derived using SOTP methodology, implying 9.0xPE’22E.</li>
<li>The 1Q22 earnings is expected to soften QoQ due to seasonal weak contribution from Hydro projects, RAC (Australia), and weak domestic SPP margins. The earnings should pick up 2Q22 onwards</li>
<li>The 2022 net profit growth will be supported by 1)full year profit recognition of 377MWe projects added in 2021 (Yandin&amp;collector wind farm) and 2) 150MWe new project COD in 2022.</li>
</ul>


Last week analyst meeting came out in a positive tone. We maintain the BUY call based on target price of Bt48.0 derived using SOTP methodology, implying 9.0xPE’22E.
The 1Q22 earnings is expected to soften QoQ due to seasonal weak contribution from Hydro projects, RAC (Australia), and weak domestic SPP margins. The earnings should pick up 2Q22 onwards
The 2022 net profit growth will be supported by 1)full year profit recognition of 377MWe projects added in 2021 (Yandin&amp;collector wind farm) and 2) 150MWe new project COD in 2022.


RATCH: Minor Dilution Impact from Capital Raising

Ratch Group PCL

RATCH: Minor Dilution Impact from Capital Raising