EPG: Low Cost of Materials Trend to Push Earnings up in FY2H20-21E

TKN: New Hope for China Market Penetration

TFG: Weak 2Q20E but Strong Outlook in Medium to Long Term

AUCT: Safe-Haven Stock in the Thai Market

WHA: Thailand’s No.1 Solution Provider in Industrial Facilities and Logistics

BCPG: Thai Green Energy Icon to Pursue Innovative Business Expansion

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

Thai Foods Group Public Company Limited / Equity Bottom-Up

Thai Foods Group Public Company Limited (TFG TB)

<p><strong>We initiate coverage of TFG with a BUY rating and a 2020E target price of Bt4.7, derived from 17.5xPE’20E, which implies a PEG ratio of 1.0x in 2020-21E and is equal to -1 SD of its 3-year trading average.</strong></p><p><strong>The story:</strong></p><div>•Gradual expansion in a high-margin business</div><div>•Beneficiary of African Swine Fever outbreak in the region</div><div>•Short-term spread contraction is about to pass</div><div>•Expected earnings growth at 17% CAGR in 2020-21E</div><p></p><p><strong>Risks:   </strong> </p><div>•Raw material cost fluctuation</div><div>•Exchange rate volatility</div>

We initiate coverage of TFG with a BUY rating and a 2020E target price of Bt4.7, derived from 17.5xPE’20E, which implies a PEG ratio of 1.0x in 2020-21E and is equal to -1 SD of its 3-year trading average.The story:•Gradual expansion in a high-margin business•Beneficiary of African Swine Fever outbreak in the region•Short-term spread contraction is about to pass•Expected earnings growth at 17% CAGR in 2020-21ERisks:    •Raw material cost fluctuation•Exchange rate volatility

TFG: Opportunity Arises from Regional Meat Supply Shortage