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

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<li>We reiterate our BUY rating with a target price of Bt14.5, derived from 25xPE’22E, which is its five-years average trading range, implying a 25%premium to the world consumer discretionary sector.</li>
<li>We expect AUCT to report 4Q21 net profit of Bt70m (+7%YoY,+16%QoQ) supported by seasonal factor and a rise in NPLs as a consequence of the impact from COVID-19. In 3Q21</li>
<li>Statistically, number of auctioned vehicles have a strong correlation with NPL ratio for auto loans. Bank of Thailand (BOT) reported number of NPL ratio for auto loans increased to 1.72% </li>
</ul>


We reiterate our BUY rating with a target price of Bt14.5, derived from 25xPE’22E, which is its five-years average trading range, implying a 25%premium to the world consumer discretionary sector.
We expect AUCT to report 4Q21 net profit of Bt70m (+7%YoY,+16%QoQ) supported by seasonal factor and a rise in NPLs as a consequence of the impact from COVID-19. In 3Q21
Statistically, number of auctioned vehicles have a strong correlation with NPL ratio for auto loans. Bank of Thailand (BOT) reported number of NPL ratio for auto loans increased to 1.72% 


AUCT: Expect Auction Volume Hit the Record High in 4Q21

Union Auction

AUCT: Expect Auction Volume Hit the Record High in 4Q21