WICE: 2021 Earnings Growth Remain Challenging

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Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<p><strong>We came out from PRM’s analyst meeting yesterday with neutral tone as the company’s new FSU procurement plan has not proceeded well as we expected. However, we maintain our earnings forecast 2021E to expand 19%YoY supported by revenue recognition from two additional FSU units that expected to on-hire in mid 1Q21 (8 units in operation in 4Q20) and recovery in domestic oil transportation volume after being hit by COVID-19 widespread.</strong></p><div>• Expect FSU performance to remain solid in 4Q20 onwards.</div><div></div><div>• Expect earnings in 4Q20 to continue to grow YoY backed by 1.) revenue recognition from FSU’s price adjustment and 2.) trading volume recovery for domestic tanker business (32% revenue contribution) after a period of sluggish oil consumption in Southern part of Thailand induced by the pandemic in 1H20.</div><div>
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</div><p><strong>We maintain our BUY rating with a target price of Bt11.30 derived from 0.8x relative PE to Asia ex-Japan transportation sector or equivalent to 15.3xPE’21E.</strong></p>

We came out from PRM’s analyst meeting yesterday with neutral tone as the company’s new FSU procurement plan has not proceeded well as we expected. However, we maintain our earnings forecast 2021E to expand 19%YoY supported by revenue recognition from two additional FSU units that expected to on-hire in mid 1Q21 (8 units in operation in 4Q20) and recovery in domestic oil transportation volume after being hit by COVID-19 widespread.• Expect FSU performance to remain solid in 4Q20 onwards.• Expect earnings in 4Q20 to continue to grow YoY backed by 1.) revenue recognition from FSU’s price adjustment and 2.) trading volume recovery for domestic tanker business (32% revenue contribution) after a period of sluggish oil consumption in Southern part of Thailand induced by the pandemic in 1H20.
 
We maintain our BUY rating with a target price of Bt11.30 derived from 0.8x relative PE to Asia ex-Japan transportation sector or equivalent to 15.3xPE’21E.

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

Prima Marine PCL

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