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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

<ul>
<li>We believe PLANB’s acquisition of media business from AQUA PCL at total cost of Bt2.9bn will create value accretive for the company as it purchases at PE multiple of 16x-18x </li>
<li>2022 to be harvesting period after heavy CAPEX investment in the past two years ,which also included the largest deal on Aqua’s assets.</li>
<li>Media revenue is expected to grow 35%CAGR in 2022-23E, driven by revenue recognition of new media capacity in digital, static segments (mainly from Aqua), and, retail media in 7-eleven stores.</li>
</ul>


We believe PLANB’s acquisition of media business from AQUA PCL at total cost of Bt2.9bn will create value accretive for the company as it purchases at PE multiple of 16x-18x 
2022 to be harvesting period after heavy CAPEX investment in the past two years ,which also included the largest deal on Aqua’s assets.
Media revenue is expected to grow 35%CAGR in 2022-23E, driven by revenue recognition of new media capacity in digital, static segments (mainly from Aqua), and, retail media in 7-eleven stores.


PLANB: Acquisition of New OOH Media Capacity Seems Worthwhile

Plan B Media

PLANB: Acquisition of New OOH Media Capacity Seems Worthwhile