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

Bangkok Chain Hospital / Equity Bottom-Up

We initiate coverage on BCH with a BUY rating, based on a target price of Bt21, which is derived from a DCF methodology (WACC 6.8% and terminal growth 0%), implying 43.8xPE’19E, a a 19% premium to the Thai Health Care sector. The story:<ul>
<li>Hospital with the most number of Social Security registered against an ageing society theme.</li>
<li>Market overreacted to earnings disappointment in 4Q18.</li>
<li>New strategies attract foreign patients, boosting flagship hospital</li>
<li>IVF Lab to create new growth opportunities</li>
<li>Adding three hospitals in areas of large potential demand.</li>
</ul>Risks: Lack of medical personnel &amp; changes in social security policy

We initiate coverage on BCH with a BUY rating, based on a target price of Bt21, which is derived from a DCF methodology (WACC 6.8% and terminal growth 0%), implying 43.8xPE’19E, a a 19% premium to the Thai Health Care sector. The story:
Hospital with the most number of Social Security registered against an ageing society theme.
Market overreacted to earnings disappointment in 4Q18.
New strategies attract foreign patients, boosting flagship hospital
IVF Lab to create new growth opportunities
Adding three hospitals in areas of large potential demand.
Risks: Lack of medical personnel &amp; changes in social security policy

BCH: Private Chain Hospital with High Sustainable Growth

Thailand

Samitivej Public Company Limited owns and operates the Samitivej Hospitals.

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Samitivej Public (SVH TB)

BCH: Private Chain Hospital with High Sustainable Growth

We initiate coverage on BCH with a BUY rating, based on a target price of Bt21, which is derived from a DCF methodology (WACC 6.8% and terminal...

Pi Securities PCL, Thailand

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