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

NYT reported 4Q18 net profit of Bt90m (-11%YoY, -24%QoQ), the lowest level in the past eight quarters. The 2018 result was in-line with our forecast.
<ul>
<li>A drop in 4Q18 earnings was caused by one-time expense on property tax, which we expected at around Bt10-13m.</li>
<li>4Q18 revenue also remained flat at Bt368m (-1%YoY, +3.5%YoY) as number of vehicles that passed through the A5 terminal slightly dropped along the country’s car export unit to 281,853 units (-3%YoY, -5%QoQ).</li>
<li>The company announced Bt0.30 of annual dividend or equivalent to 5.7% (XD on 3th of May 2019)</li>
</ul>
We maintain our 2019-20E earnings forecast and still rank NYT as a BUY with a target price of *Bt7.60 based on DCF (8.8%WACC, 1%TG) which implies 20xPE’2019E
*We make no changes to forecast, recommendation, and target price at the time of result announcement.

NYT reported 4Q18 net profit of Bt90m (-11%YoY, -24%QoQ), the lowest level in the past eight quarters. The 2018 result was in-line with our forecast.

A drop in 4Q18 earnings was caused by one-time expense on property tax, which we expected at around Bt10-13m.
4Q18 revenue also remained flat at Bt368m (-1%YoY, +3.5%YoY) as number of vehicles that passed through the A5 terminal slightly dropped along the country’s car export unit to 281,853 units (-3%YoY, -5%QoQ).
The company announced Bt0.30 of annual dividend or equivalent to 5.7% (XD on 3th of May 2019)

We maintain our 2019-20E earnings forecast and still rank NYT as a BUY with a target price of *Bt7.60 based on DCF (8.8%WACC, 1%TG) which implies 20xPE’2019E
*We make no changes to forecast, recommendation, and target price at the time of result announcement.

NYT: Property Tax Expense Pressured 4Q18 Earnings to Its Trough in 2018

We initiate coverage on <a href="https://www.smartkarma.com/entities/4313" target="_blank" data-smartkarma-citation="entities:4313:1">Namyong Terminal Pcl (NYT TB)</a> with a BUY rating, based on a target price of Bt7.60 and derived from the DCF methodology (WACC 8.8% and terminal growth 1%), or equivalent to 22xPE’18E, which is a 40% discount from its domestic peers.The story:<ul><li>Runs single export gateway for vehicle makers in Thailand</li><li>Industry outlook shows prosperity in 2018 and beyond</li><li>Solid growth phase for warehousing service segment</li><li>Strong potential upside from utilizing Bt2bn cash in hand</li></ul>Risks: Excessive reliance on automotive exports; termination or non-renewal of agreements with Port Authority of Thailand (PAT); uncertainty of tariff structure written by PAT.

We initiate coverage on Namyong Terminal Pcl (NYT TB) with a BUY rating, based on a target price of Bt7.60 and derived from the DCF methodology (WACC 8.8% and terminal growth 1%), or equivalent to 22xPE’18E, which is a 40% discount from its domestic peers.The story:Runs single export gateway for vehicle makers in ThailandIndustry outlook shows prosperity in 2018 and beyondSolid growth phase for warehousing service segmentStrong potential upside from utilizing Bt2bn cash in handRisks: Excessive reliance on automotive exports; termination or non-renewal of agreements with Port Authority of Thailand (PAT); uncertainty of tariff structure written by PAT.

NYT: Port Terminal Operator a Model of Sustainability

Thailand

Namyong Terminal PCL is a roll on roll off terminal operator. The Company offers terminal services, car storage areas and warehousing services in Thailand.

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Namyong Terminal (NYT TB)

NYT: Property Tax Expense Pressured 4Q18 Earnings to Its Trough in 2018

NYT reported 4Q18 net profit of Bt90m (-11%YoY, -24%QoQ), the lowest level in the past eight quarters. The 2018 result was in-line with our...

Pi Securities PCL, Thailand

NYT: Port Terminal Operator a Model of Sustainability

We initiate coverage on Namyong Terminal Pcl (NYT TB) with a BUY rating, based on a target price of Bt7.60 and derived from the DCF methodology...

Pi Securities PCL, Thailand

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