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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<ul>
<li>Yesterday analyst meeting came out in a neutral tone. We maintain our BUY recommendation based on a target price of Bt6.40, derived using DCF methodology (7.6% WACC and 1% TG)</li>
<li>Expect 4Q21 earnings to drop QoQ due to lower electricity sales from hydro projects in Lao PDR (NN2, XPCL), from seasonally weak water inflow. While improve YoY as the company </li>
<li>The company has 2.1GW power plant installed capacity in portfolio (1.0GWe), and target to expand it by 2x to 5.GW by 2025. we expect CKP will capture near term growth </li>
</ul>


Yesterday analyst meeting came out in a neutral tone. We maintain our BUY recommendation based on a target price of Bt6.40, derived using DCF methodology (7.6% WACC and 1% TG)
Expect 4Q21 earnings to drop QoQ due to lower electricity sales from hydro projects in Lao PDR (NN2, XPCL), from seasonally weak water inflow. While improve YoY as the company 
The company has 2.1GW power plant installed capacity in portfolio (1.0GWe), and target to expand it by 2x to 5.GW by 2025. we expect CKP will capture near term growth 


CKP: Cheap Valuation but Lacks near Term Growth Catalyst

CK Power PCL

CKP: Cheap Valuation but Lacks near Term Growth Catalyst