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 initiate coverage on INOX with a BUY rating and a 2018E target price ofBt1.90, based on a PBV’18E of 1.6x, which is the average of the Thai Materials sector.The story:<ul><li>Multiple benefits as subsidiary of global steel producer</li><li>On track to be steel player with least volatile margin</li><li>Competitive advantage to drive volume growth</li><li>First in line for 15% CAGR for EPS in 2018-19E</li></ul>Risks: <ul><li>Risk of fluctuation in exchange rates</li><li>Raw-material price risk</li></ul>

We initiate coverage on INOX with a BUY rating and a 2018E target price ofBt1.90, based on a PBV’18E of 1.6x, which is the average of the Thai Materials sector.The story:Multiple benefits as subsidiary of global steel producerOn track to be steel player with least volatile marginCompetitive advantage to drive volume growthFirst in line for 15% CAGR for EPS in 2018-19ERisks: Risk of fluctuation in exchange ratesRaw-material price risk

INOX: Rerating on Business Shift to Greater Stability

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thoresen Thai Agencies / Equity Bottom-Up

The Mahagitsiri family are barely billionaires, but their business interests span the region and several sectors (shipping, coffee, donuts, drinks). Surprisingly well-connected, patriarch Prayudh has dabbled in high-level politics as former Secretary-General of the Democrats, while his children run different parts of the empire autonomously. In our new three-part series, we profile three tycoon families, who despite being less prominent and smaller, are still very influential and have diverse investments in many ways.

The Mahagitsiri family are barely billionaires, but their business interests span the region and several sectors (shipping, coffee, donuts, drinks). Surprisingly well-connected, patriarch Prayudh has dabbled in high-level politics as former Secretary-General of the Democrats, while his children run different parts of the empire autonomously. In our new three-part series, we profile three tycoon families, who despite being less prominent and smaller, are still very influential and have diverse investments in many ways.

Hidden Tigers (Season Premiere): Chocolate Ship Donuts

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul>
<li>SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.</li>
<li>
Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…</li>
</ul>


SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.

Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…


Average 19% YTD Gain in Key Mining Stocks

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

Thailand Mourns Fallen King, Healing Will Take Some Time

Thailand

POSCO-Thainox PCL manufactures and distributes cold rolled stainless steel products in Thailand and ASEAN.  The Company produces and sells a range of cold-rolled stainless steel coils, strips, and sheets.

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Posco Thainox (INOX TB)

INOX: Rerating on Business Shift to Greater Stability

We initiate coverage on INOX with a BUY rating and a 2018E target price ofBt1.90, based on a PBV’18E of 1.6x, which is the average of the Thai...

Pi Securities PCL, Thailand

Hidden Tigers (Season Premiere): Chocolate Ship Donuts

The Mahagitsiri family are barely billionaires, but their business interests span the region and several sectors (shipping, coffee, donuts,...

Athaporn Arayasantiparb, CFA

Average 19% YTD Gain in Key Mining Stocks

SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold...

Singapore Exchange Ltd (SGX)

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research

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