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 came out from analyst meeting on 17th November with positive tone toward 4Q19 earnings that we expect to be the highest quarter of the year, driven by 1.) asset monetarization to WHART worth of Bt4.8bn (64% through JVs), and, 2.) high season for land transfer. (We expect at around 300 rai (+30%QoQ +48%YoY)</strong></p><p><strong>The story:</strong></p><div>•The first E-commerce park in Thailand</div><div>•Land sales momentum still on a ride</div><div>•Maintain earnings growth at 11% CAGR in 2019-21E</div><p></p><p><strong>We maintain our BUY rating and our target price at Bt5.45 derived from 1.1x relative PE to the World real estate sector, or equivalent to 21.7xPE’20E</strong></p>

We came out from analyst meeting on 17th November with positive tone toward 4Q19 earnings that we expect to be the highest quarter of the year, driven by 1.) asset monetarization to WHART worth of Bt4.8bn (64% through JVs), and, 2.) high season for land transfer. (We expect at around 300 rai (+30%QoQ +48%YoY)The story:•The first E-commerce park in Thailand•Land sales momentum still on a ride•Maintain earnings growth at 11% CAGR in 2019-21EWe maintain our BUY rating and our target price at Bt5.45 derived from 1.1x relative PE to the World real estate sector, or equivalent to 21.7xPE’20E

WHA Corp Pcl

Land Sales Momentum Still on a Ride