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

SiS Distribution (Thailand) PCL / Equity Bottom-Up

1Q18 EPS was Bt0.25 (+29%YoY, +4%QoQ), an all-time high level. The 1Q18 was in line with our forecast and accounts for 25% of our full-year forecast.<ul>
<li>1Q18 sales grew at 14% driven by growth in almost every SBUs except Enterprise segment.</li>
<li>1Q18 equity income grew 410% YoY driven by Wiko mobile (Thailand)’s performance to Bt 11m</li>
<li>1Q18 SG&amp;A to sales ratio rose dramatically to 4.3% on the back of additional employee benefit and marketing expenses for business expansion.</li>
</ul>We maintain a BUY rating for SIS…

1Q18 EPS was Bt0.25 (+29%YoY, +4%QoQ), an all-time high level. The 1Q18 was in line with our forecast and accounts for 25% of our full-year forecast.
1Q18 sales grew at 14% driven by growth in almost every SBUs except Enterprise segment.
1Q18 equity income grew 410% YoY driven by Wiko mobile (Thailand)’s performance to Bt 11m
1Q18 SG&amp;A to sales ratio rose dramatically to 4.3% on the back of additional employee benefit and marketing expenses for business expansion.
We maintain a BUY rating for SIS…

SIS: Solid Surge in Sales and Associate Income in 1Q18

4Q17 EPS was Bt0.24 (+40%YoY, +18%QoQ), which was the highest record level. The company produced a 2017 EPS of Bt0.85, which was up 31.0% YoY and was 2% over our full-year forecast<ul>
<li>4Q17 sales grew at 13% driven by growth in every SBUs</li>
<li>4Q17 equity income grew 6.4x from 9M17 driven by Wiko mobile (Thailand) to Bt34m</li>
<li>Announced full-year dividend payment of Bt0.45 per share. XD on 27 April</li>
</ul>We rank SIS as a BUY with 25% upside to our previous target price of Bt10.70* In addition, we are more optimistic…

4Q17 EPS was Bt0.24 (+40%YoY, +18%QoQ), which was the highest record level. The company produced a 2017 EPS of Bt0.85, which was up 31.0% YoY and was 2% over our full-year forecast
4Q17 sales grew at 13% driven by growth in every SBUs
4Q17 equity income grew 6.4x from 9M17 driven by Wiko mobile (Thailand) to Bt34m
Announced full-year dividend payment of Bt0.45 per share. XD on 27 April
We rank SIS as a BUY with 25% upside to our previous target price of Bt10.70* In addition, we are more optimistic…

SIS: Substantial Surge in Sales and Associate Income in 4Q17

We initiate coverage on SIS with a BUYrating, based on a target price of Bt10.70 and derived from 10.5xPE’18E, which is its average trading range in 2017, or a 31% discount on the Thai Info Tech sector.The story:<ul><li>Decent business fundamentals lead to long-term sustainability</li><li>Solid positive outlook for its Enterprise segment</li><li>Higher yields via data center services within easy reach</li><li>Attractive dividend yield and undervalued price</li></ul>Risks:  Higher provision for doubtful debt, more obsolete stocks than expected, and heavy reliance on human resources.

We initiate coverage on SIS with a BUYrating, based on a target price of Bt10.70 and derived from 10.5xPE’18E, which is its average trading range in 2017, or a 31% discount on the Thai Info Tech sector.The story:Decent business fundamentals lead to long-term sustainabilitySolid positive outlook for its Enterprise segmentHigher yields via data center services within easy reachAttractive dividend yield and undervalued priceRisks:  Higher provision for doubtful debt, more obsolete stocks than expected, and heavy reliance on human resources.

SIS: Total IT Provider with Feet on the Ground Eyes Profits in the Clouds

Thailand

SiS Distribution (Thailand) Public Company Ltd. distributes computers and peripherals.  The Company distributes the products to resellers, retailers, system integrators, software houses, value added resellers, and original equipment manufacturers.

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SiS Distribution (Thailand) PCL (SIS TB)

SIS: Solid Surge in Sales and Associate Income in 1Q18

1Q18 EPS was Bt0.25 (+29%YoY, +4%QoQ), an all-time high level. The 1Q18 was in line with our forecast and accounts for 25% of our full-year...

Pi Securities PCL, Thailand

SIS: Substantial Surge in Sales and Associate Income in 4Q17

4Q17 EPS was Bt0.24 (+40%YoY, +18%QoQ), which was the highest record level. The company produced a 2017 EPS of Bt0.85, which was up 31.0% YoY and...

Pi Securities PCL, Thailand

SIS: Total IT Provider with Feet on the Ground Eyes Profits in the Clouds

We initiate coverage on SIS with a BUYrating, based on a target price of Bt10.70 and derived from 10.5xPE’18E, which is its average trading range...

Pi Securities PCL, Thailand

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