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

PCS Machine Group Holding PCL / Equity Bottom-Up

We initiate coverage on PCSGH with a BUY rating and a 2018E target price of Bt9.70 at 19.0xPE’18E, which is its five-year trading average.The story:<ul><li>First SET auto-sector firm to make foray into EV parts</li><li>Strong cash flow and clean balance sheet</li><li>Scaling up operations via overseas acquisition</li><li>One-ton pickup industry rides recovery track</li><li>Expect a 13% CAGR for EPS in 2018-20E</li></ul>Risks: <ul><li>Surge in steel and aluminum prices</li><li>Currency fluctuations</li><li>Slow-growth industry</li></ul>

We initiate coverage on PCSGH with a BUY rating and a 2018E target price of Bt9.70 at 19.0xPE’18E, which is its five-year trading average.The story:First SET auto-sector firm to make foray into EV partsStrong cash flow and clean balance sheetScaling up operations via overseas acquisitionOne-ton pickup industry rides recovery trackExpect a 13% CAGR for EPS in 2018-20ERisks: Surge in steel and aluminum pricesCurrency fluctuationsSlow-growth industry

PCSGH: Auto-Parts Maker in Sweet Spot to Exploit Electric-Vehicle Trend

Thailand

P.C.S. Machine Group Holding PCL is a holding company. The Company, through its subsidiaries, manufactures and sells automotive parts.

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PCS Machine Group Holding PCL (PCSGH TB)

PCSGH: Auto-Parts Maker in Sweet Spot to Exploit Electric-Vehicle Trend

We initiate coverage on PCSGH with a BUY rating and a 2018E target price of Bt9.70 at 19.0xPE’18E, which is its five-year trading average.The...

Pi Securities PCL, Thailand

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