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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

We initiate coverage of PTTGC with a HOLD rating and a 2020E target price of Bt59.00, derived from 11.9xPE’20E, which is equal to the average of its Asia ex Japan peers.The story:<ul>
<li>Enhancing its competitiveness and reliability</li>
<li>Projects in the pipeline to back growth in 2020-21E.</li>
<li>Cyclical downswing in the industry is an opportunity to accumulate</li>
</ul>Risks:<ul>
<li>Raw material price fluctuation</li>
<li>Currency exchange rate fluctuation</li>
<li>Economic slowdown</li>
<li>Ban on single-use plastics</li>
</ul>

We initiate coverage of PTTGC with a HOLD rating and a 2020E target price of Bt59.00, derived from 11.9xPE’20E, which is equal to the average of its Asia ex Japan peers.The story:
Enhancing its competitiveness and reliability
Projects in the pipeline to back growth in 2020-21E.
Cyclical downswing in the industry is an opportunity to accumulate
Risks:
Raw material price fluctuation
Currency exchange rate fluctuation
Economic slowdown
Ban on single-use plastics


PTTGC: Most Competitive Petrochemical Player in Thailand