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 initiate coverage of INTUCH with a BUY rating, based on our TP of Bt82 derived from 18.9% discount from SOTP valuation, implying 22.3xPE’22E.Despite ADVANC’s strong earnings growth in 2022-24</li>
<li>Benefit from ADVANC’s top-of-industry performance. ADVANC to gain from better 5G infrastructure and ARPU reversal.</li>
<li>ADVANC’s enterprise business will grow rapidly between 2022-24. THCOM has negligible impact on overall performance.</li>
</ul>


We initiate coverage of INTUCH with a BUY rating, based on our TP of Bt82 derived from 18.9% discount from SOTP valuation, implying 22.3xPE’22E.Despite ADVANC’s strong earnings growth in 2022-24
Benefit from ADVANC’s top-of-industry performance. ADVANC to gain from better 5G infrastructure and ARPU reversal.
ADVANC’s enterprise business will grow rapidly between 2022-24. THCOM has negligible impact on overall performance.


INTUCH: ADVANC’s Healthy Outlook Makes INTUCH Attractive

Intouch Holdings

INTUCH: ADVANC’s Healthy Outlook Makes INTUCH Attractive