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

<p>Positive tone from investors’ meeting with its management yesterday. We maintain our BUY rating with a target price of Bt40 based on 27.5xPE’20E, which is derived from a 10% premium to the Thailand consumer discretionary sector.</p><p>Key takeaway:</p><ul>
<li>Vietnamese underwear wholesale market could be a key driver for 2020.</li>
<li>Expect better 4Q19 earnings backed by SSSG recovery.</li>
<li>Maintain positive view toward its 2019-21E outlook driven by growth opportunities from e-commerce, oversea market and new “product champions” such as Body Bra, Seamless Fit, Wireless Bra.</li>
</ul>

Positive tone from investors’ meeting with its management yesterday. We maintain our BUY rating with a target price of Bt40 based on 27.5xPE’20E, which is derived from a 10% premium to the Thailand consumer discretionary sector.Key takeaway:
Vietnamese underwear wholesale market could be a key driver for 2020.
Expect better 4Q19 earnings backed by SSSG recovery.
Maintain positive view toward its 2019-21E outlook driven by growth opportunities from e-commerce, oversea market and new “product champions” such as Body Bra, Seamless Fit, Wireless Bra.


SABINA: Aiming at Vietnam Market as a Key Driver

Thailand

I.C.C. International Public Company Limited imports and distributes a variety of products including cosmetics, clothing for men, women and children, sporting goods, footwear, food, beverages, as well as sewing machines, computers, fax machines, electric appliances, and medical equipment.

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I.C.C. International (ICC TB)

SABINA: Aiming at Vietnam Market as a Key Driver

Positive tone from investors’ meeting with its management yesterday. We maintain our BUY rating with a target price of Bt40 based on 27.5xPE’20E,...

Pi Securities PCL, Thailand

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