PTG: Healthy Outlook to Continue in 3Q20E

GGC: Biodiesel B10 to Support Company’s Earning by 2020E

IPO Radar: PTTOR (Part I), A Gas Station Operator Behind Amazon Coffee

GGC: Moving Forward with Green Growth Projects

Snippets #31: PTTOR Intro, LTF Replacement

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 PTG with a BUY rating and a 2020E target price of Bt16.0, derived from 17.5xPE’20E, which the mean of the World Consumer Discretionary sector.</strong></p><p>The story:</p><div>• Strong and growing position in oil retail business</div><div>• LPG business to be new growth driver</div><div>• Palm complex to add roughly 8% to profit in 2020E</div><div>• EPS growth at 16% CAGR during 2020-22E</div><div>
<br>
</div><p>Risks:</p><div>• Oil price fluctuation</div><div>• Highly competitive market</div>

We initiate coverage of PTG with a BUY rating and a 2020E target price of Bt16.0, derived from 17.5xPE’20E, which the mean of the World Consumer Discretionary sector.The story:• Strong and growing position in oil retail business• LPG business to be new growth driver• Palm complex to add roughly 8% to profit in 2020E• EPS growth at 16% CAGR during 2020-22E
 
Risks:• Oil price fluctuation• Highly competitive market

PTG: The No. 3 Player with a Growing Market Share

PTG Energy PCL

PTG: The No. 3 Player with a Growing Market Share