RATCH: Growth Intact from Steady Capacity Expansion

RATCH: Steady Growth Outlook with Decent Dividend Yield

RATCH: Cheap Valuation and Attractive Dividend Yield

RATCH: 2Q20 Earnings to Grow from IPP Seasonality

RATCH: Stern and Steady Player in Thai Utility Sector

RATCH: 3Q20 Earnings to Improve from Overseas Performance

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 Capital Markets

<p><strong>RATCH reported 3Q20 net profit of Bt1.72bn (+26.2% YoY, +60.3% QoQ), the highest since past 5 quarters.</strong></p><div>• Excluding FX and extraordinary items the core profit was Bt1.58bn (+3.7% YoY, +197% QoQ),</div><div></div><div>• The strong QoQ earnings growth was due to increase in power generation and sales from RG and HPC power plants, which had maintenance shutdown in 2Q20</div><div></div><div>• Expect 4Q20 earnings to soften QoQ because of lower seasonal contribution from IPP power plants and higher SG&amp;A expenses.</div><div></div><div>• We maintain our positive view towards the 2021-22E earnings backed by full year earnings recognition from 797MWe projects commencing operation in 2020-21 period.</div><div></div><div>• We believe the stock weakness in 4Q20 will be an opportunity to accumulate</div><p></p><p><strong>We maintain the BUY recommendation, while revise down the target price to Bt70.5 (from previous Bt74.5) on the back of 12 to 19% cut in 2020-22 earnings forecast. Our valuation is based on SOTP methodology, implying 18xPE’21E.</strong></p>

RATCH reported 3Q20 net profit of Bt1.72bn (+26.2% YoY, +60.3% QoQ), the highest since past 5 quarters.• Excluding FX and extraordinary items the core profit was Bt1.58bn (+3.7% YoY, +197% QoQ),• The strong QoQ earnings growth was due to increase in power generation and sales from RG and HPC power plants, which had maintenance shutdown in 2Q20• Expect 4Q20 earnings to soften QoQ because of lower seasonal contribution from IPP power plants and higher SG&amp;A expenses.• We maintain our positive view towards the 2021-22E earnings backed by full year earnings recognition from 797MWe projects commencing operation in 2020-21 period.• We believe the stock weakness in 4Q20 will be an opportunity to accumulateWe maintain the BUY recommendation, while revise down the target price to Bt70.5 (from previous Bt74.5) on the back of 12 to 19% cut in 2020-22 earnings forecast. Our valuation is based on SOTP methodology, implying 18xPE’21E.

RATCH: 3Q20 Earnings Grew from Better Overseas Performance

Ratch Group PCL

RATCH: 3Q20 Earnings Grew from Better Overseas Performance