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

Total Access Communication / Equity Bottom-Up

<ul>
<li>We maintain our HOLD rating and TP of Bt47.76,based on DTAC’s tender offer price. The NBTC voted 3:2 in favor of allowing the merger to take place under certain conditions</li>
<li>The NBTC approved the TRUE-DTAC merger According to the Bangkok Post (dated 22 Oct), measures on the merger include 1) separation of brand and services for the first 3 years </li>
<li>Once TRUE and DTAC receive the official letter stating the conditions,they will enter the VTO phase.Assuming everything goes according to plan,the remaining processes will take roughly 3 months to complete.</li>
</ul>


We maintain our HOLD rating and TP of Bt47.76,based on DTAC’s tender offer price. The NBTC voted 3:2 in favor of allowing the merger to take place under certain conditions
The NBTC approved the TRUE-DTAC merger According to the Bangkok Post (dated 22 Oct), measures on the merger include 1) separation of brand and services for the first 3 years 
Once TRUE and DTAC receive the official letter stating the conditions,they will enter the VTO phase.Assuming everything goes according to plan,the remaining processes will take roughly 3 months to complete.


Total Access Communication

DTAC : 3Q22 Results Lower than Expected