CHG: Short-Term Cost Pressures Create an Opportunity to Invest

BCH: Private Chain Hospital with High Sustainable Growth

ROBINS: Potential Solid 2Q19 Should Counter De-Rating Trend

EPG: Global-Standard Polymer Converter Assured of Sustainable Growth

EASTW: Water Monopoly to Ride Wave of Growth Along Eastern Seaboard

NYT: Port Terminal Operator a Model of Sustainability

ARROW: Benefit from Project Kick-Off After Seeing Election Schedule

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

ATP30 reported 3Q18 net profit of Bt11m (+28%YoY, 15%QoQ). The 9M18 result was in line with our forecast and accounts for 77% of our full-year forecast.
<ul>
<li>A YoY earnings growth in 3Q18 was backed by both sales growth from new customer accounts and margin expansion from effective cost management.</li>
<li>We maintain a positive outlook toward its 2018-19 earnings driven by 1) continuing fleet expansion to serve new and existing customers; and 2) plenty of business opportunity in Eastern Economic Corridor areas.</li>
</ul>
We maintain a BUY rating for ATP30 with 47% upside to our previous target price of Bt2.48

ATP30 reported 3Q18 net profit of Bt11m (+28%YoY, 15%QoQ). The 9M18 result was in line with our forecast and accounts for 77% of our full-year forecast.

A YoY earnings growth in 3Q18 was backed by both sales growth from new customer accounts and margin expansion from effective cost management.
We maintain a positive outlook toward its 2018-19 earnings driven by 1) continuing fleet expansion to serve new and existing customers; and 2) plenty of business opportunity in Eastern Economic Corridor areas.

We maintain a BUY rating for ATP30 with 47% upside to our previous target price of Bt2.48

ATP30: New Customers Drove 3Q18 Earnings Growth

ATP30 PCL

ATP30: New Customers Drove 3Q18 Earnings Growth