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

Bangkok Expressway and Metro / Equity Bottom-Up

<p><strong>We estimate 51% negative impact to 2020E earnings for BEM in worst case if they have to halt their mass transit and tollway operations for 75 days. With limited testing and full quarantine programs have not yet declared, it is still uncertain whether the officials will implement stricter measures in an upcoming weeks.</strong></p>
<p><strong>The Story:</strong></p>
<div>•Possible city shutdown could hit earnings substantially</div>
<div>•Expect ridership to recover quickly after the pandemic crisis</div>
<div>•Revise earnings down by 6-29% in 2020-22E</div>
<div></div>
<p><strong>We maintain BEM with a BUY rating but revise target price down after earnings cut to Bt10.80 (Previous TP at Bt11.70) derived from DCF methodology.</strong></p>

We estimate 51% negative impact to 2020E earnings for BEM in worst case if they have to halt their mass transit and tollway operations for 75 days. With limited testing and full quarantine programs have not yet declared, it is still uncertain whether the officials will implement stricter measures in an upcoming weeks.
The Story:
•Possible city shutdown could hit earnings substantially
•Expect ridership to recover quickly after the pandemic crisis
•Revise earnings down by 6-29% in 2020-22E

We maintain BEM with a BUY rating but revise target price down after earnings cut to Bt10.80 (Previous TP at Bt11.70) derived from DCF methodology.

BEM: Possible Bangkok Curfew Could Hurt 2020E Profit Severely

<p><strong>We initiate coverage of BEM with a HOLD rating, based on a target price of Bt11.70 derived from a sum-of-the-parts methodology, which implies 45xPE’20E, or a 10% premium to the Thailand transportation sector</strong></p>
<p><strong>The story:</strong></p>
<div>• Extensive transportation network in metropolitan areas</div>
<div>• Growth phase for MRT is just around the corner</div>
<div>• Upside from Orange and South Purple MRT lines</div>
<div>• Steady cash flow from toll businesses</div>
<div>• Plenty of opportunities for commercial development business</div>
<div>• Potential upside from airport-linked fast track </div>
<p></p>
<p><strong>Risks: </strong> Concession termination, interest rate fluctuation and legal disputes</p>

We initiate coverage of BEM with a HOLD rating, based on a target price of Bt11.70 derived from a sum-of-the-parts methodology, which implies 45xPE’20E, or a 10% premium to the Thailand transportation sector
The story:
• Extensive transportation network in metropolitan areas
• Growth phase for MRT is just around the corner
• Upside from Orange and South Purple MRT lines
• Steady cash flow from toll businesses
• Plenty of opportunities for commercial development business
• Potential upside from airport-linked fast track 

Risks:  Concession termination, interest rate fluctuation and legal disputes

BEM: Leading Mass Transit Operator Is About to Get Huge

Thailand

Bangkok Expressway and Metro PCL is a transportation company. The Company combines toll and metro line networks. Bangkok Expressway and Metro is based in Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bangkok Expressway and Metro (BEM TB)

BEM: Possible Bangkok Curfew Could Hurt 2020E Profit Severely

We estimate 51% negative impact to 2020E earnings for BEM in worst case if they have to halt their mass transit and tollway operations for 75 days....

Pi Securities PCL, Thailand

BEM: Leading Mass Transit Operator Is About to Get Huge

We initiate coverage of BEM with a HOLD rating, based on a target price of Bt11.70 derived from a sum-of-the-parts methodology, which implies...

Pi Securities PCL, Thailand

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)