GUNKUL : JV with GULF to Capture Synergy Benefits

GUNKUL: Hemp Business to Commence by 4Q21

GUNKUL: Hemp Farm Project to Kick Start in 4Q21

GUNKUL: Targets 80% Power Business Expansion by 2023

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

<ul>
<li>Opportunity day meeting came out in a positive tone. We maintain the HOLD recommendation based on a target price of Bt4.45, because of demanding valuation as the current share price</li>
<li>Expect the 4Q21 recurring profit to improve YoY from growing contribution of 130MW solar power plants added in Dec 2020, and higher revenue recognition from EPC&amp; equipment sales segment after </li>
<li>Positive 2022 outlook, as the company target to achieve a 20% YoY revenue growth in 2022, foreseeing 1) recognition of up to 30% from Bt12.0bn EPC backlog,2)solid power business performance</li>
</ul>


Opportunity day meeting came out in a positive tone. We maintain the HOLD recommendation based on a target price of Bt4.45, because of demanding valuation as the current share price
Expect the 4Q21 recurring profit to improve YoY from growing contribution of 130MW solar power plants added in Dec 2020, and higher revenue recognition from EPC&amp; equipment sales segment after 
Positive 2022 outlook, as the company target to achieve a 20% YoY revenue growth in 2022, foreseeing 1) recognition of up to 30% from Bt12.0bn EPC backlog,2)solid power business performance


GUNKUL: Growth Intact from Power & Hemp Business Expansion

Gunkul Engineering

GUNKUL: Growth Intact from Power & Hemp Business Expansion