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

Electricity Generating / Equity Bottom-Up

<ul>
<li>Yesterday analyst meeting came out in a positive tone.We maintain the BUY call based on a target price of Bt220.0 derived using DCF methodology (WACC 9.8%, TG 1%), implying 11.0xPE’22E.</li>
<li>Expect the 1Q22 recurring profit to improve YoY and QoQ on the back of profit recognition from investments in Linden, APEX (USA, 2Q-4Q21). Moreover, seasonal better electricity sales should offset</li>
<li>The company maintains the CAPEX plan of Bt30bn for 2022, targeting new renewable energy project additions. We expect EGCO to add around 1,000MW to portfolio in 2022 </li>
</ul>


Yesterday analyst meeting came out in a positive tone.We maintain the BUY call based on a target price of Bt220.0 derived using DCF methodology (WACC 9.8%, TG 1%), implying 11.0xPE’22E.
Expect the 1Q22 recurring profit to improve YoY and QoQ on the back of profit recognition from investments in Linden, APEX (USA, 2Q-4Q21). Moreover, seasonal better electricity sales should offset
The company maintains the CAPEX plan of Bt30bn for 2022, targeting new renewable energy project additions. We expect EGCO to add around 1,000MW to portfolio in 2022 


EGCO: Undemanding Valuation and Bright 2022 Outlook