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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

<p><strong>We initiate coverage of PSL with a BUY rating, based on a target price of Bt7.10, which is derived from 1.0xPBV’21E, its 10-year average.</strong></p>
<p><strong>The Story:</strong></p>
<div>• Solid position in bloodied industry</div>
<div>• Expected TC rate recovery in 2021</div>
<div>• Effective cost management is its core competency</div>
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</div>
<p><strong>Risks:</strong></p>
<div>• Charter rate fluctuation</div>
<div>• Exchange rate fluctuation</div>
<div>• Outcome of arbitration with Chinese shipyard</div>

We initiate coverage of PSL with a BUY rating, based on a target price of Bt7.10, which is derived from 1.0xPBV’21E, its 10-year average.
The Story:
• Solid position in bloodied industry
• Expected TC rate recovery in 2021
• Effective cost management is its core competency

 

Risks:
• Charter rate fluctuation
• Exchange rate fluctuation
• Outcome of arbitration with Chinese shipyard

PSL: Another Opportunity at the Bottom of Dry Bulk Cycle

Precious Shipping

PSL: Another Opportunity at the Bottom of Dry Bulk Cycle