RATCH: Minor Dilution Impact from Capital Raising

RATCH: New Capacity Addition Would Offset EPS Dilution

RATCH : Robust Growth Outlook After Capital Increase

RATCH: Negative View on Capital Increase Plan

RATCH: Cheap Valuation and Attractive Dividend Yield

RATCH: Below 5% EPS Dilution After Paiton Inclusion

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

<ul>
<li>Analyst meeting came out in a positive tone, given the positive 2022 outlook backed by new project additions. We maintain our target price of Bt48.0,while upgrade the recommendation to BUY </li>
<li>We see the 3 deals in 2021 viz, 1) 45% stake in 2.0GW Paiton coal power plant Indonesia (931MWe) 2) Acquisition of Sahacogen (Chonburi) PCL, Thailand (SCG TB), </li>
<li>We estimate an upside of Bt9.0 to our TP from the 3  project additions, We will revise our earnings forecast and TP after the deals are closed.</li>
</ul>


Analyst meeting came out in a positive tone, given the positive 2022 outlook backed by new project additions. We maintain our target price of Bt48.0,while upgrade the recommendation to BUY 
We see the 3 deals in 2021 viz, 1) 45% stake in 2.0GW Paiton coal power plant Indonesia (931MWe) 2) Acquisition of Sahacogen (Chonburi) PCL, Thailand (SCG TB), 
We estimate an upside of Bt9.0 to our TP from the 3  project additions, We will revise our earnings forecast and TP after the deals are closed.


RATCH: Solid 2022 Outlook from New Project Additions

Ratch Group PCL

RATCH: Solid 2022 Outlook from New Project Additions