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>Maintain HOLD rating given limited upside from current market price, with a TP of Bt14.20 based on 1.4xPBV’22E, which is ASIA ex-Japan Material sector. Our rating reflects better biodiesel </li>
<li>Its 4Q21 core profit was at Bt347m (-39%YoY,+42%QoQ), supported by strong revenue growth and wider margin.</li>
<li>In our view, 22-23E core profit will grow at 2%/5% due to anticipation of prices decline, to offset by stable ME and FA demand.</li>
</ul>


Maintain HOLD rating given limited upside from current market price, with a TP of Bt14.20 based on 1.4xPBV’22E, which is ASIA ex-Japan Material sector. Our rating reflects better biodiesel 
Its 4Q21 core profit was at Bt347m (-39%YoY,+42%QoQ), supported by strong revenue growth and wider margin.
In our view, 22-23E core profit will grow at 2%/5% due to anticipation of prices decline, to offset by stable ME and FA demand.


GGC: Upside Potential Is Limited in the Medium Term