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 upgrade from HOLD to BUY rating with a new target price of Bt110 based on 33xPE’20E (Previous TP is Bt89), close to the average of the Thailand Beverage group. Our rating reflect its 2020-21E growth outlook driven by expanding customer base through new energy drink product, potential growth from overseas markets and the ample room to expand its gross profit margin.
The story: <a href="https://www.smartkarma.com/entities/carabao-group-pcl" target="_blank" data-smartkarma-citation="entities:12027:1" rel="noopener">Carabao Group (CBG TB)</a> 
<ul>
<li>Sales growth amid COVID-19 outbreak.</li>
<li>CBG aluminum can factory run full capacity among pandemic crisis.</li>
<li>Revised up 2020-21E earnings forecast by 24% and 26%, respectively.</li>
</ul>

We upgrade from HOLD to BUY rating with a new target price of Bt110 based on 33xPE’20E (Previous TP is Bt89), close to the average of the Thailand Beverage group. Our rating reflect its 2020-21E growth outlook driven by expanding customer base through new energy drink product, potential growth from overseas markets and the ample room to expand its gross profit margin.
The story: Carabao Group (CBG TB) 

Sales growth amid COVID-19 outbreak.
CBG aluminum can factory run full capacity among pandemic crisis.
Revised up 2020-21E earnings forecast by 24% and 26%, respectively.


CBG: The Best Pick Amid COVID-19 Outbreak

United States

Monster Beverage Corporation is a holding company based in Corona, California. The Company, through its consolidated subsidiaries, markets and distributes energy drinks worldwide.

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Monster Beverage (MNST US)

CBG: The Best Pick Amid COVID-19 Outbreak

We upgrade from HOLD to BUY rating with a new target price of Bt110 based on 33xPE’20E (Previous TP is Bt89), close to the average of the Thailand...

Pi Securities PCL, Thailand

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