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><strong>We initiate coverage of AUCT with a BUY rating, based on a target price of Bt11.5, which is derived from 24xPE’20E, in line with the valuation of Thailand’s consumer discretionary sector.</strong></p>
<p><strong>The story:</strong></p>
<div>•Simple business model with high margins</div>
<div>•Rising NPL rate to boost vehicle volume</div>
<div>•Auto sector still looks supportive</div>
<div>•New S curve for AUCT</div>
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<p><strong>Risks: </strong>Reliance on a few suppliers</p>
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<strong>Background:</strong> AUCT Public Company Limited (AUCT) provides services as an intermediary that conducts auctions for all types of property, as well as other auction-related services such as transportation of auctioned properties and finding bidders by coordinating with financial firms. Currently, the company has 27 storage units for auctioned property located in 26 provinces across Thailand. Moreover, it has 14 venues that can support every type of auction event.</div>

We initiate coverage of AUCT with a BUY rating, based on a target price of Bt11.5, which is derived from 24xPE’20E, in line with the valuation of Thailand’s consumer discretionary sector.
The story:
•Simple business model with high margins
•Rising NPL rate to boost vehicle volume
•Auto sector still looks supportive
•New S curve for AUCT

 

Risks: Reliance on a few suppliers

Background: AUCT Public Company Limited (AUCT) provides services as an intermediary that conducts auctions for all types of property, as well as other auction-related services such as transportation of auctioned properties and finding bidders by coordinating with financial firms. Currently, the company has 27 storage units for auctioned property located in 26 provinces across Thailand. Moreover, it has 14 venues that can support every type of auction event.

AUCT: Safe-Haven Stock in the Thai Market

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>While the MSCI EM index remains in a well-defined downtrend, and we continue to recommend selectivity, we highlight several investable themes and actionable individual stock recommendations, including opportunities in Brazil, Russia, Norway, Thailand and India.</p>

While the MSCI EM index remains in a well-defined downtrend, and we continue to recommend selectivity, we highlight several investable themes and actionable individual stock recommendations, including opportunities in Brazil, Russia, Norway, Thailand and India.

EM Strategy: Brazil Breaking Out, EM Energy Remains Attractive

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

<p>Every now and then, there are a couple of new tycoons we missed out on the Forbes list, which gets updated around mid-year. In this two-part series, we highlight a couple of them from the 2017 list yo. Of course, they are lesser-known newer ones, and the origin stories won’t merit a new article on its own, but here goes.</p><p><strong>Rise of the lessors. </strong>Two leasing tycoons showed up on this list in 2017. The mightier of the two is MTLS. This is the country’s biggest auto leasing company, and we actually…</p>

Every now and then, there are a couple of new tycoons we missed out on the Forbes list, which gets updated around mid-year. In this two-part series, we highlight a couple of them from the 2017 list yo. Of course, they are lesser-known newer ones, and the origin stories won’t merit a new article on its own, but here goes.Rise of the lessors. Two leasing tycoons showed up on this list in 2017. The mightier of the two is MTLS. This is the country’s biggest auto leasing company, and we actually…

The New Thai-Coons (Part I): Class of 2017

Synergetic Auto Performance Public Company Limited / Equity Bottom-Up

Synergetic Auto Performance Public Company Limited

<p>We visited two companies today who literally make a living on the road, so here goes, man. One of these, JWD, was first profiled in <a href="https://www.smartkarma.com/insights/rebooting-asiasoft" target="_blank" data-smartkarma-citation="insights:9169">Rebooting Asiasoft</a>, so that's really more of an update. Personally, we found the other small-cap ASAP today, and honestly, I found them more interesting. I mean these guys trade at a lower PE than market leader <a href="https://www.smartkarma.com/entities/6011" target="_blank" data-smartkarma-citation="entities:6011:1">Muangthai Leasing Pcl (MTLS TB)</a>, and they kinda seem more modern too yo. Granted, no leasing company is gonna be cheap around here, but indulge me. After…</p>

We visited two companies today who literally make a living on the road, so here goes, man. One of these, JWD, was first profiled in Rebooting Asiasoft, so that's really more of an update. Personally, we found the other small-cap ASAP today, and honestly, I found them more interesting. I mean these guys trade at a lower PE than market leader Muangthai Leasing Pcl (MTLS TB), and they kinda seem more modern too yo. Granted, no leasing company is gonna be cheap around here, but indulge me. After…

Thematic (Sector/Industry)

<p>Recently, <em>MCorp Review</em> listened to a talk by E8 Consulting on <strong>open source</strong> and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…</p>

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Thailand

Muangthai Capital Public Company Limited operates as a commercial lending company. The Company provides car title, personal, agricultural vehicle, land title, and other loan products. Muangthai Capital serves customers in Thailand.

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Muangthai Capital (MTC TB)

AUCT: Safe-Haven Stock in the Thai Market

We initiate coverage of AUCT with a BUY rating, based on a target price of Bt11.5, which is derived from 24xPE’20E, in line with the valuation of...

Pi Securities PCL, Thailand

EM Strategy: Brazil Breaking Out, EM Energy Remains Attractive

While the MSCI EM index remains in a well-defined downtrend, and we continue to recommend selectivity, we highlight several investable themes and...

Vermilion Research

The New Thai-Coons (Part I): Class of 2017

Every now and then, there are a couple of new tycoons we missed out on the Forbes list, which gets updated around mid-year. In this two-part...

Athaporn Arayasantiparb, CFA

Wheels For Hire

We visited two companies today who literally make a living on the road, so here goes, man. One of these, JWD, was first profiled in Rebooting...

Athaporn Arayasantiparb, CFA

EB on Open Source & Investing

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing...

Athaporn Arayasantiparb, CFA

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