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 of SCC with a BUY rating and a 2020E target price of Bt542.00, derived from 12.6x PE’20E, which is its 5-year trading average. We think SCC’s recent earnings did not reflect its real performance, due to a downswing in the chemical business. 
The story:
<ul>
<li>Thai conglomerate dominates regional market</li>
<li>Cash cow cement and packaging businesses</li>
<li>Downswing in chemical business provides entry point</li>
<li>Ongoing expansion to drive growth</li>
<li>Expect earnings to increase 9% CAGR in 2020-21E</li>
</ul>
Risks:  Foreign exchange rate fluctuation
             Raw material price fluctuation
             Decline in printing industry

We initiate coverage of SCC with a BUY rating and a 2020E target price of Bt542.00, derived from 12.6x PE’20E, which is its 5-year trading average. We think SCC’s recent earnings did not reflect its real performance, due to a downswing in the chemical business. 
The story:

Thai conglomerate dominates regional market
Cash cow cement and packaging businesses
Downswing in chemical business provides entry point
Ongoing expansion to drive growth
Expect earnings to increase 9% CAGR in 2020-21E

Risks:  Foreign exchange rate fluctuation
             Raw material price fluctuation
             Decline in printing industry

Thailand

The Siam Cement Public Company Limited is a diversified industrial company. The Company's operations include cement manufacturing, petrochemicals manufacturing, paper manufacturing, building product manufacturing, and distribution.

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Siam Cement / (SCC-R TB)

SCC: Blue Chip You Don’t Want to Miss

We initiate coverage of SCC with a BUY rating and a 2020E target price of Bt542.00, derived from 12.6x PE’20E, which is its 5-year trading average....

Pi Securities PCL, Thailand

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