PRM: 2H19 Outlook Remain Solid but Mostly Priced In

BAFS: Thai Aviation Oil Fuel Operator Aims for Sustainable Growth Path

PLANB: Digital Media in 7-Eleven Stores Support Earnings Growth in 2020

ROBINS: Potential Solid 2Q19 Should Counter De-Rating Trend

BJC: Solid Supply Chain in the Retail Business

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 RS with a BUY rating and a 2020E target price of Bt19.00, derived from 30.0x PE’20E, which is +1 SD of its two-year forward PE trading average. 
The story:
<ul>
<li>Marketing tools ready to support further penetration of commerce sector</li>
<li>Slowdown in TV business should ease</li>
<li>Solid financial performance</li>
<li>Expect earnings to increase at 16% CAGR in 2019-21E</li>
</ul>

Risks:   Reliance on product manufacturers
              Highly competitive industry
              Economic slowdown

We initiate coverage of RS with a BUY rating and a 2020E target price of Bt19.00, derived from 30.0x PE’20E, which is +1 SD of its two-year forward PE trading average. 
The story:

Marketing tools ready to support further penetration of commerce sector
Slowdown in TV business should ease
Solid financial performance
Expect earnings to increase at 16% CAGR in 2019-21E


Risks:   Reliance on product manufacturers
              Highly competitive industry
              Economic slowdown

RS: Multi-Platform Commerce at Its Finest

RS PCL

RS: Multi-Platform Commerce at Its Finest