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JUBILE: Nation's Biggest Retailer of Diamond Jewelry

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

We initiate coverage on PK with a BUY rating and a 2018E target price of Bt7.2, derived from 13.1x PER, which is a -0.5 SD of its three-year trading average. The story:Riding food industry growthOverseas markets continue to offer decent prospectsBeneficiary from increase in robotics useExpertise passed to new subsidiariesExpected earnings growth of 14% CAGR in 2018-20ERisks: Forex fluctuationsOverseas investment uncertaintyFluctuations in raw-material prices

We initiate coverage on PK with a BUY rating and a 2018E target price of Bt7.2, derived from 13.1x PER, which is a -0.5 SD of its three-year trading average. The story:Riding food industry growthOverseas markets continue to offer decent prospectsBeneficiary from increase in robotics useExpertise passed to new subsidiariesExpected earnings growth of 14% CAGR in 2018-20ERisks: Forex fluctuationsOverseas investment uncertaintyFluctuations in raw-material prices

PK: Poised as Strong Player in Global Ice Machine Market

Patkol PCL

PK: Poised as Strong Player in Global Ice Machine Market