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

Global Green Chemicals / Equity Bottom-Up

<ul>
<li>We reiterate our SELL rating with a TP of Bt12.8 derived from 1.2BV’23E.Given cloudy 2H22 and 2023E earnings trend from weaker CPO and CPKO prices off seasonal effects and oversupply</li>
<li>Neutral tone from the analyst meeting.We foresee a challenging tide in 2H22 growth momentum due to seasonal rout in 3Q22 amid the Thai government to keep the B5 blending ratio</li>
<li>Nakhonsawan Bio-complex on plan Nakhonsawan Bio-complex phase I is expected to COD in 1Q23, so we do see potential upside in the long term. Note that the Nakonsawan Bio-complex </li>
</ul>


We reiterate our SELL rating with a TP of Bt12.8 derived from 1.2BV’23E.Given cloudy 2H22 and 2023E earnings trend from weaker CPO and CPKO prices off seasonal effects and oversupply
Neutral tone from the analyst meeting.We foresee a challenging tide in 2H22 growth momentum due to seasonal rout in 3Q22 amid the Thai government to keep the B5 blending ratio
Nakhonsawan Bio-complex on plan Nakhonsawan Bio-complex phase I is expected to COD in 1Q23, so we do see potential upside in the long term. Note that the Nakonsawan Bio-complex 


Global Green Chemicals

GGC : Challenging Outlook in 2H22