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 maintain our BUY call and raise TP by 15% to Bt55 (DCF, implying 11xPE’23E) due to our DCF upward revision to factor in the new 1.5GW capacity expansion </li>
<li>Positive 3Q22Outlook We expect RATCH’s earnings to be the peak quarter of the year in 3Q22 supported by full quarter contribution from 45MWe NER Power Plant in Rayong and COD </li>
<li>The earnings should decline QoQ in 4Q22 due to seasonal weak domestic demand and higher SG&amp;A expenses. While, YoY earnings growth will be supported 190MWe capacity added during 4Q21to3Q22 period.</li>
</ul>


We maintain our BUY call and raise TP by 15% to Bt55 (DCF, implying 11xPE’23E) due to our DCF upward revision to factor in the new 1.5GW capacity expansion 
Positive 3Q22Outlook We expect RATCH’s earnings to be the peak quarter of the year in 3Q22 supported by full quarter contribution from 45MWe NER Power Plant in Rayong and COD 
The earnings should decline QoQ in 4Q22 due to seasonal weak domestic demand and higher SG&amp;A expenses. While, YoY earnings growth will be supported 190MWe capacity added during 4Q21to3Q22 period.


RATCH : Robust Growth Outlook After Capital Increase

Ratch Group PCL

RATCH : Robust Growth Outlook After Capital Increase