EPG: Automotive Parts Support Earnings Recovery in FY2H21

EPG: Three Engines Are Back on Growth Track

EPG: One of the Most Solid Polymer Convertor in the Downstream Sector

EPG: FY2Q21 Earnings Climbed to the Highest Level in Four Quarters

EPG: Low Cost of Materials Trend to Push Earnings up in FY2H20-21E

TOA: Painting Growth in a New Colorful Market

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

<p><strong>We came out from EPG’s analyst meeting yesterday with positive given a faster-than-expected recovery of revenue in auto parts and packaging segments. Meanwhile, gross margin of thermal insulator business remain solid even demand in all the regions fall following the impact from the pandemic.</strong></p><div>• Expect FY3Q21 profit to expand YoY backed by increasing demand for packaging (27% of revenue in 1HFY21), auto part segment (43%), and improving associate companies performance following global economic recovery.</div><div></div><div>• QoQ will be softened down as there will be no one-time income from the Australian government remedy payment to support corporates that being hit by COVID-19.</div><div></div><div>• Revise earnings up by 17% in FY2021E to factor higher-than-expected margin.</div><p></p><p><strong>We upgrade EPG to BUY after revised up earnings by 17% in FY2021E. Our new target price of Bt6.70 (previous TP5.40) derived from 1.5x relative PE to materials sector or equivalent to 25.8xPE’FY2021E.</strong></p>

We came out from EPG’s analyst meeting yesterday with positive given a faster-than-expected recovery of revenue in auto parts and packaging segments. Meanwhile, gross margin of thermal insulator business remain solid even demand in all the regions fall following the impact from the pandemic.• Expect FY3Q21 profit to expand YoY backed by increasing demand for packaging (27% of revenue in 1HFY21), auto part segment (43%), and improving associate companies performance following global economic recovery.• QoQ will be softened down as there will be no one-time income from the Australian government remedy payment to support corporates that being hit by COVID-19.• Revise earnings up by 17% in FY2021E to factor higher-than-expected margin.We upgrade EPG to BUY after revised up earnings by 17% in FY2021E. Our new target price of Bt6.70 (previous TP5.40) derived from 1.5x relative PE to materials sector or equivalent to 25.8xPE’FY2021E.

EPG: Quick Recovery in Revenue for Auto Part and Packaging Segments

Eastern Polymer Group

EPG: Quick Recovery in Revenue for Auto Part and Packaging Segments