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

Sahamitr Pressure Container / Equity Bottom-Up

SMPC had 4Q17 EPS of Bt0.32 (+47% YoY and +14% QoQ). The FY2017 EPS was Bt1.00 and 7% better than our forecast. <ul class="">
<li>SMPC reported flat earnings in 2017 at Bt532m.</li>
<li>2H17 gross margin recovered to normalized level.</li>
<li>Demand grew ahead in Asia-Pacific and Africa and spurred sales to grow 25%YoY.</li>
</ul>We rate SMPC as a BUY with 31% upside to our target price of Bt18*.<a href="https://www.smartkarma.com/insights/smpc-top-three-of-global-lpg-cylinder-manufacturers" target="_blank">SMPC: Top-Three of Global LPG Cylinder Manufacturers</a>*We make no changes to forecast, recommendation, and target price at the time of result…

SMPC had 4Q17 EPS of Bt0.32 (+47% YoY and +14% QoQ). The FY2017 EPS was Bt1.00 and 7% better than our forecast. 
SMPC reported flat earnings in 2017 at Bt532m.
2H17 gross margin recovered to normalized level.
Demand grew ahead in Asia-Pacific and Africa and spurred sales to grow 25%YoY.
We rate SMPC as a BUY with 31% upside to our target price of Bt18*.SMPC: Top-Three of Global LPG Cylinder Manufacturers*We make no changes to forecast, recommendation, and target price at the time of result…

SMPC:  25% Sales Growth Causes a Stable 2017 Net Profit

We initiate coverage on SMPC with a BUY rating based on a target price of Bt18.0 and derived from the PE ratio of the Asia ex-JP Materials sector, implying a 12.2x PE’18E.The story:<ul><li>Margin recovering to normalized level in 2H17</li><li>Plenty of growth ahead in Asia-Pacific and Africa</li><li>Strong track record of consistent production expansion</li><li>SMPC will gain from world class customers’ market expansion</li></ul>Risks:  (1) Raw-material procurement(2) Tariff barriers in emerging markets(3) Industry threat of backward integration(4) Currency risk

We initiate coverage on SMPC with a BUY rating based on a target price of Bt18.0 and derived from the PE ratio of the Asia ex-JP Materials sector, implying a 12.2x PE’18E.The story:Margin recovering to normalized level in 2H17Plenty of growth ahead in Asia-Pacific and AfricaStrong track record of consistent production expansionSMPC will gain from world class customers’ market expansionRisks:  (1) Raw-material procurement(2) Tariff barriers in emerging markets(3) Industry threat of backward integration(4) Currency risk

SMPC: Top-Three of Global LPG Cylinder Manufacturers

Turkey

Aygaz A.S. purchases from local refineries and distributes liquified propane gas.  The Company also markets plastifiers, alcohols, solvents, aromatic hydrocarbons and general purpose plastics.  Aygaz operates a fleet of ships and LPG filling plants.

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Aygaz AS (AYGAZ TI)

SMPC: 25% Sales Growth Causes a Stable 2017 Net Profit

SMPC had 4Q17 EPS of Bt0.32 (+47% YoY and +14% QoQ). The FY2017 EPS was Bt1.00 and 7% better than our forecast. SMPC reported flat earnings in...

Pi Securities PCL, Thailand

SMPC: Top-Three of Global LPG Cylinder Manufacturers

We initiate coverage on SMPC with a BUY rating based on a target price of Bt18.0 and derived from the PE ratio of the Asia ex-JP Materials sector,...

Pi Securities PCL, Thailand

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