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 SAPPE with a BUY rating, based on a target price of Bt32.4 and derived from a 18.1xPE’1H19, which is equivalent to the World’s consumer staples sector
The story:
<ul>
<li>Solid business position to drive growth</li>
<li>New products to offer upside for future development</li>
<li>Prospect of expansion in overseas market</li>
<li>Increased capacity to support sales</li>
<li>All Coco holding presents big upside prospects</li>
</ul>
Risks: 
<ul>
<li>Fluctuations in raw material prices</li>
<li>Exchange rate fluctuations</li>
<li>Highly competitive industry</li>
<li>Company lacks its own land for factories and some office space</li>
</ul>

We initiate coverage on SAPPE with a BUY rating, based on a target price of Bt32.4 and derived from a 18.1xPE’1H19, which is equivalent to the World’s consumer staples sector
The story:

Solid business position to drive growth
New products to offer upside for future development
Prospect of expansion in overseas market
Increased capacity to support sales
All Coco holding presents big upside prospects

Risks: 

Fluctuations in raw material prices
Exchange rate fluctuations
Highly competitive industry
Company lacks its own land for factories and some office space


Thailand

Sappe Public Company Limited manufactures and distributes health drinks. The Company manufactures dietary and fruit juice drinks. Sappe distributes their products internationally.

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Sappe Pcl (SAPPE TB)

SAPPE: Innovative Beverage Products

We initiate coverage on SAPPE with a BUY rating, based on a target price of Bt32.4 and derived from a 18.1xPE’1H19, which is equivalent to the...

Pi Securities PCL, Thailand

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