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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 initiate coverage of SCCC with a BUY rating and a 2020E target price of Bt229.0, derived from 17.7x PE’20E, which is its 3-year trading average for forward PE.</p>
<p>The story:</p>
<div>•Accelerating infrastructure project investment in Thailand</div>
<div>•Diversified into countries with high economic potential</div>
<div>•Favourable external factors</div>
<div>•Abundant cash flow to provide dividend yield of 4%</div>
<div>•Earnings expected to increase at 11% CAGR in 2020-21E</div>
<p></p>
<p>Risks: </p>
<ul>
<li>Foreign exchange rate fluctuation</li>
<li>Fuel price fluctuation</li>
</ul>

We initiate coverage of SCCC with a BUY rating and a 2020E target price of Bt229.0, derived from 17.7x PE’20E, which is its 3-year trading average for forward PE.
The story:
•Accelerating infrastructure project investment in Thailand
•Diversified into countries with high economic potential
•Favourable external factors
•Abundant cash flow to provide dividend yield of 4%
•Earnings expected to increase at 11% CAGR in 2020-21E

Risks: 

Foreign exchange rate fluctuation
Fuel price fluctuation


Siam City Cement

SCCC: Dividend Play