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 UVAN with a BUY rating and a 2018E target price of Bt9.30 at 12.9xPE’1H19E, which is a -1 s.d. to its five-year trading average.
The story:
<ul>
<li>Production capacity increased 40% in 2017</li>
<li>Eased domestic supply to reinforce strong turnover</li>
<li>Resilient export outlook for both supply and demand</li>
<li>Expect a 9% CAGR for EPS in 2018-20E</li>
<li>Expanding alongside green energy demand growth</li>
</ul>
Risks:
<ul>
<li>Surge in the palm-fruit price</li>
<li>Currency fluctuations as large portion of business, exports, is conducted in US dollars</li>
</ul>

We initiate coverage on UVAN with a BUY rating and a 2018E target price of Bt9.30 at 12.9xPE’1H19E, which is a -1 s.d. to its five-year trading average.
The story:

Production capacity increased 40% in 2017
Eased domestic supply to reinforce strong turnover
Resilient export outlook for both supply and demand
Expect a 9% CAGR for EPS in 2018-20E
Expanding alongside green energy demand growth

Risks:

Surge in the palm-fruit price
Currency fluctuations as large portion of business, exports, is conducted in US dollars


UVAN: Green Energy Fuels up UVAN’s Growth Engine

Thailand

Univanich Palm Oil Public Company Limited produces and distributes crude palm oil to both domestic and oversea market.  The Company owns and operate oil palm plantations and palm oil factories which produce crude palm oil, crude palm kernel oil, palm kernel, palm kernel cake, palm seeds and seedlings.

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Univanich Palm Oil (UVAN TB)

UVAN: Green Energy Fuels up UVAN’s Growth Engine

We initiate coverage on UVAN with a BUY rating and a 2018E target price of Bt9.30 at 12.9xPE’1H19E, which is a -1 s.d. to its five-year trading...

Pi Securities PCL, Thailand

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