PRM : Earnings Growth Momentum in 1H23 Seems to Price In

PRM: Maintain Solid Earnings Growth Momentum in 2021E

PRM: Maintain Positive View Toward Earnings Growth Momentum in 2021E

PRM: Earnings Growth Profile in 2022-23E Remain Dull

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>Maintain HOLD recommendation for PRM with a target price at Bt6.30.We foresee limited room for the company’s earnings growth in the next 2-3years as a result from lack of concrete </li>
<li>2H22 expansion plan remains intact:TM’s second VLCC will go on-hire on 6th June 22 with a size of 280,000 DWT under 10 years,T/C contract with Thai Oil Group (BUY: Bt71.0)  </li>
<li>Overall revenue from three VLCCS and 13 unit of crew boats won’t be sufficient to offset the impact from rising global crude oil price, which trimmed down FSU demand </li>
</ul>


Maintain HOLD recommendation for PRM with a target price at Bt6.30.We foresee limited room for the company’s earnings growth in the next 2-3years as a result from lack of concrete 
2H22 expansion plan remains intact:TM’s second VLCC will go on-hire on 6th June 22 with a size of 280,000 DWT under 10 years,T/C contract with Thai Oil Group (BUY: Bt71.0)  
Overall revenue from three VLCCS and 13 unit of crew boats won’t be sufficient to offset the impact from rising global crude oil price, which trimmed down FSU demand 


Prima Marine PCL

PRM : Earnings Growth Remain Dull