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 of BWG with a BUY rating and a 2019E target price of Bt1.66, derived from a PER of 16.9x, which implies 1.0x PEG based on an EPS CAGR of 16.9% in 2019-20E.
The story:
<ul>
<li>Prime beneficiary of growing waste volumes</li>
<li>Pioneer in Thailand’s waste power plant sector</li>
<li>Earnings have bottomed out with promising growth ahead</li>
<li>Expected 17% EPS growth in 2019-20E</li>
</ul>
Risks: Newcomers could leapfrog into the market
            Regulatory changes
            Limited number of landfills

We initiate coverage of BWG with a BUY rating and a 2019E target price of Bt1.66, derived from a PER of 16.9x, which implies 1.0x PEG based on an EPS CAGR of 16.9% in 2019-20E.
The story:

Prime beneficiary of growing waste volumes
Pioneer in Thailand’s waste power plant sector
Earnings have bottomed out with promising growth ahead
Expected 17% EPS growth in 2019-20E

Risks: Newcomers could leapfrog into the market
            Regulatory changes
            Limited number of landfills

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Five Biggest Lessons from Thai Financial Crisis

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

Thailand Mourns Fallen King, Healing Will Take Some Time

Thailand

Better World Green PCL provides non-hazardous and hazardous industrial waste management services.

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Better World Green (BWG TB)

BWG: From Waste to Worthy

We initiate coverage of BWG with a BUY rating and a 2019E target price of Bt1.66, derived from a PER of 16.9x, which implies 1.0x PEG based on an...

Pi Securities PCL, Thailand

Five Biggest Lessons from Thai Financial Crisis

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense...

Athaporn Arayasantiparb, CFA

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research

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