ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20

BGC: Negative View for the Acquisition of the Three Companies

LH: Most Secure Property Developer in Thailand

ORI: Plan to Launch Budget Condominium in 2020

ORI: Laggard Play with a Strong Position in the EEC

S: Outshines Thai Property Peers on High Recurring Profit

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

Neutral tone on ORI after site visit at Staybridge Suites. We maintain our BUY rating with a target price of Bt10.2 based on 6.2xPE’20E, which represents a 25% discount to the average valuation of the top 10 stocks in the Thai Real Estate sector.Key takeaway:<ul>
<li>Potential IPO of One Origin by 2025</li>
<li>Upcoming stream of recurring income.</li>
</ul>Note: One origin is a subsidiary company of ORI

Neutral tone on ORI after site visit at Staybridge Suites. We maintain our BUY rating with a target price of Bt10.2 based on 6.2xPE’20E, which represents a 25% discount to the average valuation of the top 10 stocks in the Thai Real Estate sector.Key takeaway:
Potential IPO of One Origin by 2025
Upcoming stream of recurring income.
Note: One origin is a subsidiary company of ORI

ORI: Adding Source of Recurring Income from Hospitality Projects

Origin Property

ORI: Adding Source of Recurring Income from Hospitality Projects