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

<p><strong>We change our target price to Bt10.4 from existing target price of Bt2.6 to factor in change in par value from Bt0.25 to Bt1.0, effective on 11 Oct 21.</strong></p><div>• After change in par value, the number of ordinary shares will decrease by 75% from the total of 2.8 billion shares at par value of Bt0.25 per share to be 700 million shares at par value of Bt1.00 per share.</div><div></div><div>• We expect AI to report a 3Q21 net profit of Bt84m (-50%YoY, +45%QoQ) driven by the gradual easing of lockdown.</div><div></div><div>• Earnings momentum to gradually recover in 4Q21 onward with strong recover strongly in 2022 following lockdown easing.</div><div>
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</div><p><strong>We maintain our BUY rating with a new target price of Bt10.4, after change in par value implying 10.2xPE’22E, which is equal to its three-year trading average.</strong></p>

We change our target price to Bt10.4 from existing target price of Bt2.6 to factor in change in par value from Bt0.25 to Bt1.0, effective on 11 Oct 21.• After change in par value, the number of ordinary shares will decrease by 75% from the total of 2.8 billion shares at par value of Bt0.25 per share to be 700 million shares at par value of Bt1.00 per share.• We expect AI to report a 3Q21 net profit of Bt84m (-50%YoY, +45%QoQ) driven by the gradual easing of lockdown.• Earnings momentum to gradually recover in 4Q21 onward with strong recover strongly in 2022 following lockdown easing.
 
We maintain our BUY rating with a new target price of Bt10.4, after change in par value implying 10.2xPE’22E, which is equal to its three-year trading average.

AI: Expect Gradual Recovery in 3Q21 Earnings

Asian Insulators

AI: Expect Gradual Recovery in 3Q21 Earnings