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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

We maintain <a href="https://www.smartkarma.com/entities/24702" target="_blank" data-smartkarma-citation="entities:24702:1">Plan B Media (PLANB TB)</a> with a BUY rating, and the new target price of Bt8.30 derived from 1.5xPEG’2019E, which is the average of Thailand’s consumer discretionary sector or equivalent to 32xPE’19E
The story:
<ul>
<li>Revising up net profit in 2018-20E by 2-11% mainly from BNK office</li>
<li>Music and sports marketing drive earnings momentum north</li>
<li>Plenty of opportunities to monetize underutilized capacity </li>
</ul>
Risks: Obstacles for renewing concession contracts with state-owned enterprises along with falling consumer spending and a share-price dilution effect on the back of then generally mandated raise in capital.

We maintain Plan B Media (PLANB TB)  with a BUY rating, and the new target price of Bt8.30 derived from 1.5xPEG’2019E, which is the average of Thailand’s consumer discretionary sector or equivalent to 32xPE’19E
The story:

Revising up net profit in 2018-20E by 2-11% mainly from BNK office
Music and sports marketing drive earnings momentum north
Plenty of opportunities to monetize underutilized capacity 

Risks: Obstacles for renewing concession contracts with state-owned enterprises along with falling consumer spending and a share-price dilution effect on the back of then generally mandated raise in capital.

PLANB: Solid Outlook for Music Marketing Business Under BNK48 Office