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 JUBILE with a BUY rating, based on a target price of Bt32 derived from 23.6xPE’18E, which is the five-year average trading range. Our target is also 20% discount from PE derived from the Thai Consumer Discretionary Sector.The story:<ul><li>Dominates fragmented market via its 120-outlet network</li><li>Customer-focused tech, high-ticket and branded collections to boost sales</li><li>DeBeers’ Forevermark brand leveraged to tap huge influx of Chinese visitors</li></ul>Risks: <ul><li> Raw material procurement </li><li> Currency risk</li></ul>Background:Jubilee Enterprise Public Company Limited was established in 1929, and its core business is to produce and sell diamond jewelry and carat diamonds, with self-procurement of the best raw materials imported from Belgium. It outsources production to skilled craftsman in Thailand and distributes to its channels nationwide, namely in central and suburban Bangkok, and in the Central, Northern, North-eastern, Eastern and Southern regions. Currently, JUBILE is Thailand’s leading retailer of diamond jewelry, with roughly 120 company-operated stores nationwide and a 130,000-strong customer base.

We initiate coverage on JUBILE with a BUY rating, based on a target price of Bt32 derived from 23.6xPE’18E, which is the five-year average trading range. Our target is also 20% discount from PE derived from the Thai Consumer Discretionary Sector.The story:Dominates fragmented market via its 120-outlet networkCustomer-focused tech, high-ticket and branded collections to boost salesDeBeers’ Forevermark brand leveraged to tap huge influx of Chinese visitorsRisks:  Raw material procurement  Currency riskBackground:Jubilee Enterprise Public Company Limited was established in 1929, and its core business is to produce and sell diamond jewelry and carat diamonds, with self-procurement of the best raw materials imported from Belgium. It outsources production to skilled craftsman in Thailand and distributes to its channels nationwide, namely in central and suburban Bangkok, and in the Central, Northern, North-eastern, Eastern and Southern regions. Currently, JUBILE is Thailand’s leading retailer of diamond jewelry, with roughly 120 company-operated stores nationwide and a 130,000-strong customer base.

JUBILE: Nation's Biggest Retailer of Diamond Jewelry

Thailand

Jubilee Enterprise PCL operates as a diamond jewelry retailer. The Company's products consist of rings, necklaces, bracelets, etc.

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Jubilee Enterprise (JUBILE TB)

JUBILE: Nation's Biggest Retailer of Diamond Jewelry

We initiate coverage on JUBILE with a BUY rating, based on a target price of Bt32 derived from 23.6xPE’18E, which is the five-year average trading...

Pi Securities PCL, Thailand

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