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Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Pi Securities PCL, Thailand

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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.

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Equity Bottom-Up

<ul>
<li>We reiterate our BUY rating for ICHI with a target price of Bt13.0 based on 25xPE’22E, the five-years average trading range and close to Thailand consumer staples.</li>
<li>We expect strong earnings momentum to continue to grow both YoY and QoQ in 1Q22 and continue in 2Q22 from high season quarter.Currently,ICHI trading at 20xPE’22E cheaper than its five-years</li>
<li>We expect earnings to grow at CAGR of11%in the next three year to reach Bt742m by 2024 supported by launching new products and new markets expansion,as well as margin expansion </li>
</ul>


We reiterate our BUY rating for ICHI with a target price of Bt13.0 based on 25xPE’22E, the five-years average trading range and close to Thailand consumer staples.
We expect strong earnings momentum to continue to grow both YoY and QoQ in 1Q22 and continue in 2Q22 from high season quarter.Currently,ICHI trading at 20xPE’22E cheaper than its five-years
We expect earnings to grow at CAGR of11%in the next three year to reach Bt742m by 2024 supported by launching new products and new markets expansion,as well as margin expansion 


ICHI: Strong Earnings Momentum with Attractive Dividend Yield

Ichitan Group

ICHI: Strong Earnings Momentum with Attractive Dividend Yield