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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>Analyst meeting held yesterday came out with a positive tone for the remaining quarters. From 2Q20 onwards, we expect marketing margin to improve while sales volume is also expected to come back to normal.</strong></p><p>Key takeaway:</p><div>• Expects a recovery in 2Q20, led by an improved in marketing margin</div><div>• Sales volume to continue growing in 2H20, after lockdown easing</div><div></div><p><strong>We maintain a BUY rating with a target price of Bt16.0, derived from 17.5xPE’20E, which equal to the World Consumer Discretionary sector.</strong></p>

Analyst meeting held yesterday came out with a positive tone for the remaining quarters. From 2Q20 onwards, we expect marketing margin to improve while sales volume is also expected to come back to normal.Key takeaway:• Expects a recovery in 2Q20, led by an improved in marketing margin• Sales volume to continue growing in 2H20, after lockdown easingWe maintain a BUY rating with a target price of Bt16.0, derived from 17.5xPE’20E, which equal to the World Consumer Discretionary sector.

PTG Energy PCL

PTG: Marketing Margin to Improve in 2Q20