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 FTE with a BUY rating and a 2018E target price of Bt4.0, derived from a PER of 17.5x, which is the global industrial peers’ trading average.The story:<ul><li>Poised to climb Thailand’s investment upsurge</li><li>Substation projects to support engineering business</li><li>Secured engineering backlog as of 3Q17 at Bt239m</li><li>IPO money should enhance business potential</li></ul>Risks:  (1)  Fluctuation of foreign exchange (forex) rates             (2) Unstable revenue from engineering business             (3) Potential distribution-contract termination             (4) Long inventory period

We initiate coverage on FTE with a BUY rating and a 2018E target price of Bt4.0, derived from a PER of 17.5x, which is the global industrial peers’ trading average.The story:Poised to climb Thailand’s investment upsurgeSubstation projects to support engineering businessSecured engineering backlog as of 3Q17 at Bt239mIPO money should enhance business potentialRisks:  (1)  Fluctuation of foreign exchange (forex) rates             (2) Unstable revenue from engineering business             (3) Potential distribution-contract termination             (4) Long inventory period

FTE: Largest Thai Firefighting Equipment Trader Has Burning Potential

Thailand

Firetrade Engineering Public Company Limited designs and sells fire protection equipment. The Company offers fire extinguishers and alarm, sprinkler and nozzle, fire pump system, and monitors. Firetrade Engineering serves customers in Thailand.

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Firetrade Engineering (FTE TB)

FTE: Largest Thai Firefighting Equipment Trader Has Burning Potential

We initiate coverage on FTE with a BUY rating and a 2018E target price of Bt4.0, derived from a PER of 17.5x, which is the global industrial peers’...

Pi Securities PCL, Thailand

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