BGC: Aim to Be “Total Packaging Solution’’

BGC: Negative View for the Acquisition of the Three Companies

BGC: Re-Opening the Cities Will Drive 2H20 Performance

ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20

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

BG Container Glass PCL / Equity Bottom-Up

<p>Yesterday analyst meeting came out with a neutral tone.</p><div>• We expect investment costs of Bt4bn for three acquiring companies with a need for capital raising of Bt2.5bn. If this M&amp;A deal is successful, BGC will incur loss of Bt60m to Bt100m a year in the next two years after consolidating new companies. We expect 37% dilution to EPS'21 at Bt0.59 and our target price will drop by 29% to Bt8.2.</div><div></div><div>• We expect 4Q20 earnings to grow QoQ but flat YoY driven by revenue from packaging business continues improve QoQ after lockdown easing. </div><div>•Announced a quarterly dividend payment of Bt0.13 (XD on 25 Nov), which is equivalent to 1% dividend yield.</div><div> • We maintain HOLD rating with a target price of Bt11.5 based on 12.3xPE’21E, close to the average for the Asia ex-Japan Materials Sector. Our EPS in 2021E assumed that this deal will not be succeeded.</div><div></div><div></div><div>
<section class="figure"></section><section class="figure"><div class="content-caption"></div></section><p></p>
</div>

Yesterday analyst meeting came out with a neutral tone.• We expect investment costs of Bt4bn for three acquiring companies with a need for capital raising of Bt2.5bn. If this M&amp;A deal is successful, BGC will incur loss of Bt60m to Bt100m a year in the next two years after consolidating new companies. We expect 37% dilution to EPS'21 at Bt0.59 and our target price will drop by 29% to Bt8.2.• We expect 4Q20 earnings to grow QoQ but flat YoY driven by revenue from packaging business continues improve QoQ after lockdown easing. •Announced a quarterly dividend payment of Bt0.13 (XD on 25 Nov), which is equivalent to 1% dividend yield. • We maintain HOLD rating with a target price of Bt11.5 based on 12.3xPE’21E, close to the average for the Asia ex-Japan Materials Sector. Our EPS in 2021E assumed that this deal will not be succeeded.



BGC: Uncertainty over M&A Deal Remain Overhang Until AGM in April