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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

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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

We expect the delay of EA’s 1GWh ESS plant COD and EV-Car sales from 4Q20 to 1Q20 could induce a negative sentiments and pressure the stock performance in short-term. Thus, we recommend to trade and gradually accumulate the stock by 1Q21.<ul>
<li>The ESS plant COD and the EV-Car delivery to Suvarnabhumi pattana taxi union is postponed to 1Q20. We expect a 80% drop in number of cars sales from earlier guidance of 5,000 units for 2021.</li>
<li>Expect 3Q20 earnings to slightly improve both YoY and QoQ. The lower availability of solar power plants is expected to be compensated by better seasonal wind power plant operation..</li>
<li>Potential upside from EV-bus sales. EA plan to commence sales of EV buses by 2H21 and target 200-unit sales in 2021.</li>
</ul>We maintain our buy recommendation while revise down the target price to Bt49 (from previous Bt51) to factor in the 5 to 8% earnings revision for 2021-22E due to delay in EV-car sales. Our valuation is derived using SOTP method, implying 26x PE’21.

We expect the delay of EA’s 1GWh ESS plant COD and EV-Car sales from 4Q20 to 1Q20 could induce a negative sentiments and pressure the stock performance in short-term. Thus, we recommend to trade and gradually accumulate the stock by 1Q21.
The ESS plant COD and the EV-Car delivery to Suvarnabhumi pattana taxi union is postponed to 1Q20. We expect a 80% drop in number of cars sales from earlier guidance of 5,000 units for 2021.
Expect 3Q20 earnings to slightly improve both YoY and QoQ. The lower availability of solar power plants is expected to be compensated by better seasonal wind power plant operation..
Potential upside from EV-bus sales. EA plan to commence sales of EV buses by 2H21 and target 200-unit sales in 2021.
We maintain our buy recommendation while revise down the target price to Bt49 (from previous Bt51) to factor in the 5 to 8% earnings revision for 2021-22E due to delay in EV-car sales. Our valuation is derived using SOTP method, implying 26x PE’21.

EA: ESS Plant COD and EV Car Sales Delayed to 2021

Energy Absolute

EA: ESS Plant COD and EV Car Sales Delayed to 2021