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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

Robinson Public Company / Equity Bottom-Up

We initiate coverage on ROBINS with a BUY rating and a 1H19E target price of Bt78.0, derived from a PER of 26.7x, which is its 5-year trading average.
The story:
<ul>
<li>Store expansion promises impressive growth</li>
<li>Private label brands to deliver a bigger cut of the profit pie</li>
<li>SSSG poised to recover</li>
<li>Expected 12.5% EPS growth in 2019-20E</li>
</ul>
Risks:
<ul>
<li>Economic slowdown</li>
<li>Fast-changing fashions lead to obsolete stock</li>
<li>Investment and future project development failures</li>
</ul>

We initiate coverage on ROBINS with a BUY rating and a 1H19E target price of Bt78.0, derived from a PER of 26.7x, which is its 5-year trading average.
The story:

Store expansion promises impressive growth
Private label brands to deliver a bigger cut of the profit pie
SSSG poised to recover
Expected 12.5% EPS growth in 2019-20E

Risks:

Economic slowdown
Fast-changing fashions lead to obsolete stock
Investment and future project development failures


ROBINS: Cashing in on Lifestyle and Online Strategies