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 initiate coverage of TRUE with a BUY rating at a target price of Bt5.09, based on the tender offer price under the DTAC merger. Without this tender offer</li>
<li>Merger highly likely to occur, Merger with DTAC unlikely to lead to attractive prospects until 2024</li>
<li>Accelerating use of 5G will lift ARPU back into uptrend, Improving competitive position on cost of profitability</li>
</ul>


We initiate coverage of TRUE with a BUY rating at a target price of Bt5.09, based on the tender offer price under the DTAC merger. Without this tender offer
Merger highly likely to occur, Merger with DTAC unlikely to lead to attractive prospects until 2024
Accelerating use of 5G will lift ARPU back into uptrend, Improving competitive position on cost of profitability


TRUE: Unlikely to Produce Profits Until 2024 Despite Strong Operations

True Corp Pcl

TRUE: Unlikely to Produce Profits Until 2024 Despite Strong Operations