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Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

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Equity Bottom-Up

<ul>
<li>Yesterday analyst meeting came out in a positive tone. BCPG announced plan to develop solar farms in Taiwan. The initially outlined capacity is 170MW and target to expand1-to-2GW in future</li>
<li>Positive view on the Taiwan project, as it will help BCPG in securing long term growth. Moreover, the project delivers a decent IRR of 10%. We estimate this to bring </li>
<li>EBITDA gap from expiry of adder for 118MW solar projects in Thailand during 2022-25 to be fully offset by new project additions.</li>
</ul>


Yesterday analyst meeting came out in a positive tone. BCPG announced plan to develop solar farms in Taiwan. The initially outlined capacity is 170MW and target to expand1-to-2GW in future
Positive view on the Taiwan project, as it will help BCPG in securing long term growth. Moreover, the project delivers a decent IRR of 10%. We estimate this to bring 
EBITDA gap from expiry of adder for 118MW solar projects in Thailand during 2022-25 to be fully offset by new project additions.


BCPG: 21% Capacity Expansion from New Taiwan Project

BCPG PCL

BCPG: 21% Capacity Expansion from New Taiwan Project