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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

Global Power Synergy Company Ltd / Equity Bottom-Up

Global Power Synergy Company Ltd (GPSC TB)

<p><strong>We initiate coverage of GPSC with a BUY rating, based on a 2020E target price of Bt98, derived from a discounted cash flow valuation (WACC 4.5% and TG 1.0%). Our valuation implies 37xPE’20, which is equivalent to 0.9x PEG for 2020-21E, lower than its peers’ 2.0x PEG.</strong></p><p><strong>The story:</strong></p><p>•Expect 22% EPS CAGR during 2020-22E.</p><div>•Leadership position in the Thai SPP sector and secured earnings following the acquisition of GLOW.</div><div></div><div>•Promising domestic growth outlook supported by its close links to the PTT group as well as GLOW synergy benefits.</div><div></div><p><strong>Risks:</strong></p><div>•Delays in new projects</div><div>•Fuel price fluctuation</div><div>•Exchange rate fluctuation</div>

We initiate coverage of GPSC with a BUY rating, based on a 2020E target price of Bt98, derived from a discounted cash flow valuation (WACC 4.5% and TG 1.0%). Our valuation implies 37xPE’20, which is equivalent to 0.9x PEG for 2020-21E, lower than its peers’ 2.0x PEG.The story:•Expect 22% EPS CAGR during 2020-22E.•Leadership position in the Thai SPP sector and secured earnings following the acquisition of GLOW.•Promising domestic growth outlook supported by its close links to the PTT group as well as GLOW synergy benefits.Risks:•Delays in new projects•Fuel price fluctuation•Exchange rate fluctuation

GPSC: PTT 그룹의 빛나는 파워 플래그십