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

Golden Land Property Development / Equity Bottom-Up

We initiate coverage on GOLD with a BUY rating, based on a target price of Bt18 and derived from the 20xPE’18E of World Real Estate sector. The story:<ul><li>Major shareholders to further aid growth</li><li>Strategic plan to spur growth to 2020 and beyond</li><li>Projects launched to double in 2018 on previous year</li><li>Backlog of 41 projects to deliver more sales in year</li><li>Commercial projects offer balance from recurring income</li><li>Strong recurring growth from large mixed-use complex in CBD</li></ul>Risks:<ul><li>Threat to mortgage approvals</li><li>Laws relating to foreign workers lead to complications</li></ul>Background: Golden Land Property Development Public Company Limited was established in 1978 to operate the business of residential and commercial property development. Residential development, offered in all price ranges and various brands, comprises detached houses, semi-detached houses and town houses. Its commercial developments comprise serviced apartments, hotels, and office buildings. GOLD focuses on high-end projects employing luxurious designs and sold under the Venetian, Morocco and Asian Tropical brands.*Note: 17A is a nine month (Jan-Sep) period due to GOLD changing its accounting period from ending on December 31 to ending on September 30.

We initiate coverage on GOLD with a BUY rating, based on a target price of Bt18 and derived from the 20xPE’18E of World Real Estate sector. The story:Major shareholders to further aid growthStrategic plan to spur growth to 2020 and beyondProjects launched to double in 2018 on previous yearBacklog of 41 projects to deliver more sales in yearCommercial projects offer balance from recurring incomeStrong recurring growth from large mixed-use complex in CBDRisks:Threat to mortgage approvalsLaws relating to foreign workers lead to complicationsBackground: Golden Land Property Development Public Company Limited was established in 1978 to operate the business of residential and commercial property development. Residential development, offered in all price ranges and various brands, comprises detached houses, semi-detached houses and town houses. Its commercial developments comprise serviced apartments, hotels, and office buildings. GOLD focuses on high-end projects employing luxurious designs and sold under the Venetian, Morocco and Asian Tropical brands.*Note: 17A is a nine month (Jan-Sep) period due to GOLD changing its accounting period from ending on December 31 to ending on September 30.

GOLD: Determined Plan to Reach Top Five in Thai Property

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

It turns out quite a few Thai developers are growing really fast, but we might not have really seen them in the past. A few of the past winners include Origin and LALIN ( <a href="https://www.smartkarma.com/insights/two-outstanding-property-companies-ananda-lalin" target="_blank" data-smartkarma-citation="insights:13535">Two Outstanding Property Companies: ANANDA &amp; LALIN</a>) and to a lesser extent Chewathai ( <a href="https://www.smartkarma.com/insights/small-cap-diary-little-chewathai-s-big-ambitions" target="_blank" data-smartkarma-citation="insights:17976">Small Cap Diary: Little ChewaThai's Big Ambitions</a>). In recent weeks, we caught up with the original winner (Origin from <a href="https://www.smartkarma.com/insights/champions-of-2017-stocks-with-eye-popping-returns" target="_blank" data-smartkarma-citation="insights:16572">Champions of 2017: Stocks With Eye-Popping Returns!</a>) but also met NVD (Nirvana Daii), now a subsidiary of Singha Estate…

It turns out quite a few Thai developers are growing really fast, but we might not have really seen them in the past. A few of the past winners include Origin and LALIN ( Two Outstanding Property Companies: ANANDA &amp; LALIN) and to a lesser extent Chewathai ( Small Cap Diary: Little ChewaThai's Big Ambitions). In recent weeks, we caught up with the original winner (Origin from Champions of 2017: Stocks With Eye-Popping Returns!) but also met NVD (Nirvana Daii), now a subsidiary of Singha Estate…

Thailand

Origin Property Public Company Limited is a real estate company. The Company provides condominium real estate development.

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Origin Property (ORI TB)

GOLD: Determined Plan to Reach Top Five in Thai Property

We initiate coverage on GOLD with a BUY rating, based on a target price of Bt18 and derived from the 20xPE’18E of World Real Estate sector. The...

Pi Securities PCL, Thailand

Small Developers on Growth Spurt

It turns out quite a few Thai developers are growing really fast, but we might not have really seen them in the past. A few of the past winners...

Athaporn Arayasantiparb, CFA

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