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 PLAT with a BUY rating, based on a target price of Bt9.4 and derived from the DCF methodology (WACC 10.8% and terminal growth 1%), or equivalent to 26.7xPE’18E, which is a 10% discount from its domestic peers.The story:<ul><li>Solid recurring income from prominent-brand hotels and malls</li><li>Revenue expansion expected after less lucrative contracts expire</li><li>Rental area to triple within next five years</li><li>Massive hotel room additions to spur strong earnings growth</li></ul>Risks:<ul><li>Economic slowdown</li><li>Failure of investments and future projects</li></ul>Background: The Platinum Group Public Company Limited (PLAT) was established in 2002 to operate commercial real estate leasing. Its company first project was the Platinum Fashion Mall, which has been operating since 2005 as one of Thailand’s largest retail clothing centers and as a one-stop wholesale shopping destination. PLAT then opened the Novotel Bangkok Platinum next door to its Platinum Fashion Mall Phase Two building in 2011.

We initiate coverage on PLAT with a BUY rating, based on a target price of Bt9.4 and derived from the DCF methodology (WACC 10.8% and terminal growth 1%), or equivalent to 26.7xPE’18E, which is a 10% discount from its domestic peers.The story:Solid recurring income from prominent-brand hotels and mallsRevenue expansion expected after less lucrative contracts expireRental area to triple within next five yearsMassive hotel room additions to spur strong earnings growthRisks:Economic slowdownFailure of investments and future projectsBackground: The Platinum Group Public Company Limited (PLAT) was established in 2002 to operate commercial real estate leasing. Its company first project was the Platinum Fashion Mall, which has been operating since 2005 as one of Thailand’s largest retail clothing centers and as a one-stop wholesale shopping destination. PLAT then opened the Novotel Bangkok Platinum next door to its Platinum Fashion Mall Phase Two building in 2011.

PLAT: Mall Operator to Make Precious Metal from Sales and Rental Growth

Thailand

Pruksa Holding Public Company Limited operates as a holding company. The Company, through its subsidiaries, invests in property developing and recurring income businesses. Pruksa Holding serves customers in Thailand.

Quality Houses Public Company Limited is a property development company. The Company specializes in single-house, apartment, and condominium development projects.

Amata Corporation Public Company Limited develops industrial estates primarily served for manufacturing plants and factories. The Company acquires land and develops essential infrastructure and facilities ready for industrialized operations. Ameta also has overseas investments in Vietnam.

AP Thailand PCL is a property development company. The Company develops residential property projects in Bangkok areas as well as manufactures and distributes precast concrete products.

Sansiri Public Company Limited develops real estate projects for sales and rentals.  Its projects include resort condominiums, residential and office buildings.  The Company also provides property and project management services.

Rojana Industrial Park Public Company Limited is a property development company which concentrates in industrial estate development projects.  The Company develops land sites suitable for industrial use such as small factories, while providing infrastructure and facilities such as electricity, water, telephone lines, employee housing and restaurants.

Frasers Property (Thailand) Public Company Limited operates as a real estate developer. The Company acquires, develops, owns, and manages hotels, residential, and commercial properties. Frasers Property serves customers in Thailand.

Principal Capital PCL is a property development company. The Company's primary objective is to develop property projects with a focus on the Central Business District (CBD) and prime area.

SC Asset Corporation Public Company Limited develops real estate properties for sale and rental.  The Company owns and manages Shinawatra Tower III office building. Additionally, SC Asset and its subsidiaries own Shinawatra Tower I and Shinawatra Tower II office buildings, develop single house, condominium and office building projects, and provide management consultant services.

Supalai Public Company Limited is a property development company which has operations in Bangkok metropolis as well as other leading provincial markets. The Company develops all types of residential products, including detached houses, townhouses and condominiums.

PT MNC LAND Tbk engages in the development of integrated resorts, commercial properties, and property services. The Company owns and operates a full range of commercial properties in Jakarta, Surabaya and Bali. MNC LAND's integrated resorts include Lido Lake Resort in West Java, Bali Nirwana Resort in Bali, and Mandalika Eco-Tourism Resort in West Nusa Tenggara.

Keihanshin Building Co., Ltd. leases office buildings, computer and telecommunication equipped buildings, off-track-betting, and other commercial facilities.  The Company also provides building management services and undertakes construction works.

Suzhou New District Hi-Tech Industrial Co., Ltd. develops residential buildings and constructs utility, transportation, and communication facilities for Suzhou Hi-Tech Industrial Development Zone.  The Company also provides renovation and warehousing services and invests in other businesses.

Suzhou New District Hi Tech Ind Co. (600736 CH)

Beijing North Star Company Limited develops, leases, and invests in properties. The Company operates shopping centers, hotels, restaurants, and recreation businesses.  The Company also provides property management.

Shui On Land Limited engages principally in the development, sale, leasing, management and ownership of residential, office, retail, entertainment and cultural properties in the PRC.

Zhejiang Sunriver Culture Co.,Ltd. provides services on cultural consultation, animation design, film and television planning, financial information consultation (excluding securities and futures), sports information consultation, education information consultation, software development, investment management, corporate  investment, asset management, and enterprise management.

Zhejiang Sunriver Culture Co., Ltd. (600576 CH)

Suning Universal Co., Ltd engages in real estate development and invests in urban infrastructure, education and high-tech projects.  The company also involves in building material manufacturing, import & export trades, hotel operation and financial consulting.

Crowell Development Corp. develops, sells, and leases residential and commercial buildings which are constructed by independent construction companies.

PT Summarecon Agung Tbk and its subsidiaries develop and invest in real estate. The Company develops and operates residential houses, apartments, shopping centers, recreational centers and office buildings.

United Overseas Australia Limited is a real estate development and management company.  The Company has interest in developed properties, both commercial and residential, in Kuala Lumpur, Malaysia.  The Company also has investments in the form of rental properties.

MBK Public Company Limited operates property business.  The Company owns Mah Boon Krong Center building complex located in downtown Bangkok.  The complex consists of shopping malls, an office building and the Patumwan Princess Hotel. Through its subsidiaries, the Company mills and distributes rice, other grain products and operates power generation and distribution business.

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MBK PCL (MBK TB)

PLAT: Mall Operator to Make Precious Metal from Sales and Rental Growth

We initiate coverage on PLAT with a BUY rating, based on a target price of Bt9.4 and derived from the DCF methodology (WACC 10.8% and terminal...

Pi Securities PCL, Thailand

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