Thai-Coons Ep.5: Great Gatsby Bangkok-Style

ORI: Laggard Play with a Strong Position in the EEC

S: Outshines Thai Property Peers on High Recurring Profit

QH: Dividend Play Outshines Thai Property Peers

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

Site visit at The ESSE at Singha Complex and The ESSE Sukhumvit 36 came out with a positive tone. We maintain BUY rating on S with a 2019 target price of Bt4.2 derived from a sum-of-the-parts (SOTP) methodology and implying 17.5xPE’19EKey takeaway:<ul>
<li>2H19 performance of residential business (70% of total sales) will be much better than 1H19. 70% of The ESSE ‘s total units with Bt3.5bn potential sales will be recognized by this year.</li>
<li>Hospitality business (30% of total sales) is under pressure by the close of Maya Bay in Phi Phi for the next five years. However, we do not include this project in our valuation.</li>
</ul>

Site visit at The ESSE at Singha Complex and The ESSE Sukhumvit 36 came out with a positive tone. We maintain BUY rating on S with a 2019 target price of Bt4.2 derived from a sum-of-the-parts (SOTP) methodology and implying 17.5xPE’19EKey takeaway:
2H19 performance of residential business (70% of total sales) will be much better than 1H19. 70% of The ESSE ‘s total units with Bt3.5bn potential sales will be recognized by this year.
Hospitality business (30% of total sales) is under pressure by the close of Maya Bay in Phi Phi for the next five years. However, we do not include this project in our valuation.


S: Better Outlook on Its 2H19 Performance

Singha Estate

S: Better Outlook on Its 2H19 Performance