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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

On the back of 42% earnings recovery in 2021, we maintain our BUY rating and roll over target price to Bt55 (up from previous TP of Bt43) based on 30xPE’21E, the Thai Commerce group.<ul>
<li>Benefit from government stimulus measures.</li>
<li>Expansion phase for Mini BigC still go on.</li>
</ul>We still like this stock for 12-months holding given (1) its strong integrated solid supply chain which allow the company to benefit from industry growth and recovery; (2) growth potential from small stores expansion by double digit growth in the next two years (ie., Mini BigC and BigC Market which currently contribute 15% of total sales).

On the back of 42% earnings recovery in 2021, we maintain our BUY rating and roll over target price to Bt55 (up from previous TP of Bt43) based on 30xPE’21E, the Thai Commerce group.
Benefit from government stimulus measures.
Expansion phase for Mini BigC still go on.
We still like this stock for 12-months holding given (1) its strong integrated solid supply chain which allow the company to benefit from industry growth and recovery; (2) growth potential from small stores expansion by double digit growth in the next two years (ie., Mini BigC and BigC Market which currently contribute 15% of total sales).

Berli Jucker

BJC: Expected Strong Recovery in 2021