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>We maintain the HOLD rating with a TP of Bt4.45. The GUNKUL-GULF JV, and reduction of GUNKUL’s stake in 3 wind farm projects to 50% (from previous 100%)</li>
<li>Event:GUNKUL-GULF form JV to expend RE portfolio The company informs the SET about selling 50% share of Gulf Gunkul Corporation, the joint venture company between Gunkul and with Gulf Renewable</li>
<li>Meanwhile,GUNKUL contributes the 3 wind energy power projects with installed capacity of 170MW(Wind energy group)into the JV with total asset side of Bt13.4bn and net profit of Bt229m as of1Q22.</li>
</ul>


We maintain the HOLD rating with a TP of Bt4.45. The GUNKUL-GULF JV, and reduction of GUNKUL’s stake in 3 wind farm projects to 50% (from previous 100%)
Event:GUNKUL-GULF form JV to expend RE portfolio The company informs the SET about selling 50% share of Gulf Gunkul Corporation, the joint venture company between Gunkul and with Gulf Renewable
Meanwhile,GUNKUL contributes the 3 wind energy power projects with installed capacity of 170MW(Wind energy group)into the JV with total asset side of Bt13.4bn and net profit of Bt229m as of1Q22.


GUNKUL : JV with GULF to Capture Synergy Benefits

Gunkul Engineering

GUNKUL : JV with GULF to Capture Synergy Benefits