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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

<p><strong>We initiate coverage of JWD with a BUY rating and a 2020E target price of Bt10.0, derived from 28xPE’20E, which implies a 30% discount to the Thai transportation sector and is equal to the stock’s 1-year trading average.</strong></p>
<p>The story:</p>
<ul>
<li>Continuing growth of current warehouse businesses</li>
<li>Overseas expansion to be a new key growth driver</li>
<li>Potential projects to be realized in 1Q20E</li>
<li>EPS growth at 8% CAGR during 2019-21E</li>
</ul>
<div></div>
<p>Risks:</p>
<ul>
<li>Highly competitive industry</li>
<li>Fluctuations in fuel prices</li>
<li>Land lease agreement termination</li>
</ul>

We initiate coverage of JWD with a BUY rating and a 2020E target price of Bt10.0, derived from 28xPE’20E, which implies a 30% discount to the Thai transportation sector and is equal to the stock’s 1-year trading average.
The story:

Continuing growth of current warehouse businesses
Overseas expansion to be a new key growth driver
Potential projects to be realized in 1Q20E
EPS growth at 8% CAGR during 2019-21E


Risks:

Highly competitive industry
Fluctuations in fuel prices
Land lease agreement termination


JWD: Integrating Value Chain to Be a Regional Logistics Provider

JWD Infologistics

JWD: Integrating Value Chain to Be a Regional Logistics Provider