Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

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Thai Equity - Bottom-up - Equities

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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

Golden Land Property Development / Equity Bottom-Up

GOLD reported FY2Q18 net profit of Bt465m (+53%YoY, -25%QoQ). The FY1H18 result was 51% of our full-year forecast and in line with our forecast.  <ul>
<li>FY2Q18 sales grew 39%YoY but dropped 15%QoQ due mainly to the success from new projects launched during 2017 to early 2018 together with on-going projects.</li>
<li>Gross profit margin was widen to 33.6% from 33% in FY2Q17 due to economies of scales and better secured land cost.</li>
<li>SG&amp;A to sales drop to 18% YoY in FY1H18 due to no impairment of assets and provision…</li>
</ul>

GOLD reported FY2Q18 net profit of Bt465m (+53%YoY, -25%QoQ). The FY1H18 result was 51% of our full-year forecast and in line with our forecast.  
FY2Q18 sales grew 39%YoY but dropped 15%QoQ due mainly to the success from new projects launched during 2017 to early 2018 together with on-going projects.
Gross profit margin was widen to 33.6% from 33% in FY2Q17 due to economies of scales and better secured land cost.
SG&amp;A to sales drop to 18% YoY in FY1H18 due to no impairment of assets and provision…


GOLD:  39% Sales Growth Along with Margin Expansion

We initiate coverage on GOLD with a BUY rating, based on a target price of Bt18 and derived from the 20xPE’18E of World Real Estate sector. The story:<ul><li>Major shareholders to further aid growth</li><li>Strategic plan to spur growth to 2020 and beyond</li><li>Projects launched to double in 2018 on previous year</li><li>Backlog of 41 projects to deliver more sales in year</li><li>Commercial projects offer balance from recurring income</li><li>Strong recurring growth from large mixed-use complex in CBD</li></ul>Risks:<ul><li>Threat to mortgage approvals</li><li>Laws relating to foreign workers lead to complications</li></ul>Background: Golden Land Property Development Public Company Limited was established in 1978 to operate the business of residential and commercial property development. Residential development, offered in all price ranges and various brands, comprises detached houses, semi-detached houses and town houses. Its commercial developments comprise serviced apartments, hotels, and office buildings. GOLD focuses on high-end projects employing luxurious designs and sold under the Venetian, Morocco and Asian Tropical brands.*Note: 17A is a nine month (Jan-Sep) period due to GOLD changing its accounting period from ending on December 31 to ending on September 30.

We initiate coverage on GOLD with a BUY rating, based on a target price of Bt18 and derived from the 20xPE’18E of World Real Estate sector. The story:Major shareholders to further aid growthStrategic plan to spur growth to 2020 and beyondProjects launched to double in 2018 on previous yearBacklog of 41 projects to deliver more sales in yearCommercial projects offer balance from recurring incomeStrong recurring growth from large mixed-use complex in CBDRisks:Threat to mortgage approvalsLaws relating to foreign workers lead to complicationsBackground: Golden Land Property Development Public Company Limited was established in 1978 to operate the business of residential and commercial property development. Residential development, offered in all price ranges and various brands, comprises detached houses, semi-detached houses and town houses. Its commercial developments comprise serviced apartments, hotels, and office buildings. GOLD focuses on high-end projects employing luxurious designs and sold under the Venetian, Morocco and Asian Tropical brands.*Note: 17A is a nine month (Jan-Sep) period due to GOLD changing its accounting period from ending on December 31 to ending on September 30.

GOLD: Determined Plan to Reach Top Five in Thai Property

Thailand

AP Thailand PCL is a property development company. The Company develops residential property projects in Bangkok areas as well as manufactures and distributes precast concrete products.

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AP Thailand PCL (AP TB)

GOLD: 39% Sales Growth Along with Margin Expansion

GOLD reported FY2Q18 net profit of Bt465m (+53%YoY, -25%QoQ). The FY1H18 result was 51% of our full-year forecast and in line with our forecast....

Pi Securities PCL, Thailand

GOLD: Determined Plan to Reach Top Five in Thai Property

We initiate coverage on GOLD with a BUY rating, based on a target price of Bt18 and derived from the 20xPE’18E of World Real Estate sector. The...

Pi Securities PCL, Thailand

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