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

We initiate coverage on ATP30 with a BUYrating, based on a target price of Bt2.48 and derived from a 36.4xPE’18E, which is equivalent to Thailand’s transportation sectorThe story:<ul><li>High-class services with low funding cost is key strength</li><li>Major operator set for high growth via fleet expansion</li><li>Upside from new shuttle service for Chinese tourists</li><li>Industry’s persistent growth phase to support coming demand</li><li>Expected earnings gains of 39% CAGR in 2018-19E</li></ul>Risks: Higher than expected in volatility in fuel price and probability that clients will terminate service contracts

We initiate coverage on ATP30 with a BUYrating, based on a target price of Bt2.48 and derived from a 36.4xPE’18E, which is equivalent to Thailand’s transportation sectorThe story:High-class services with low funding cost is key strengthMajor operator set for high growth via fleet expansionUpside from new shuttle service for Chinese touristsIndustry’s persistent growth phase to support coming demandExpected earnings gains of 39% CAGR in 2018-19ERisks: Higher than expected in volatility in fuel price and probability that clients will terminate service contracts

ATP30: Standout Worker Transport Provider Eyes Tourist Yuan

Thailand

ATP30 Public Company Limited, is a transportation company located in Thailand.

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ATP30 PCL (ATP30 TB)

ATP30: Standout Worker Transport Provider Eyes Tourist Yuan

We initiate coverage on ATP30 with a BUYrating, based on a target price of Bt2.48 and derived from a 36.4xPE’18E, which is equivalent to Thailand’s...

Pi Securities PCL, Thailand

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