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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

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

We initiate coverage of GLOBAL with a HOLD rating, based on a target price of Bt20.5, which is derived from 33xPE’21E, close to the average of the Thailand home-improvement subsector.
The story:
<ul>
<li>Capture potential growth of the ASEAN market.</li>
<li>Renovation of stores suggests positive SSSG outlook.</li>
<li>Store expansion will continue to drive long-term growth.</li>
</ul>
Risks:
<ul>
<li>Economic slowdown</li>
<li>Exchange-rate fluctuation</li>
<li>Highly competitive industry</li>
</ul>

We initiate coverage of GLOBAL with a HOLD rating, based on a target price of Bt20.5, which is derived from 33xPE’21E, close to the average of the Thailand home-improvement subsector.
The story:

Capture potential growth of the ASEAN market.
Renovation of stores suggests positive SSSG outlook.
Store expansion will continue to drive long-term growth.

Risks:

Economic slowdown
Exchange-rate fluctuation
Highly competitive industry


GLOBAL: Home-Improvement Player Eyes Opportunities in ASEAN

Siam Global House

GLOBAL: Home-Improvement Player Eyes Opportunities in ASEAN