SABINA: Expect Solid Revenue Recover in 4Q21

SABINA: Staying Sexy in the Underwear Market

BJC: Solid Supply Chain in the Retail Business

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

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<p>Positive tone from investors’ meeting with its management yesterday. We maintain our BUY rating with a target price of Bt40 based on 27.5xPE’20E, which is derived from a 10% premium to the Thailand consumer discretionary sector.</p><p>Key takeaway:</p><ul>
<li>Vietnamese underwear wholesale market could be a key driver for 2020.</li>
<li>Expect better 4Q19 earnings backed by SSSG recovery.</li>
<li>Maintain positive view toward its 2019-21E outlook driven by growth opportunities from e-commerce, oversea market and new “product champions” such as Body Bra, Seamless Fit, Wireless Bra.</li>
</ul>

Positive tone from investors’ meeting with its management yesterday. We maintain our BUY rating with a target price of Bt40 based on 27.5xPE’20E, which is derived from a 10% premium to the Thailand consumer discretionary sector.Key takeaway:
Vietnamese underwear wholesale market could be a key driver for 2020.
Expect better 4Q19 earnings backed by SSSG recovery.
Maintain positive view toward its 2019-21E outlook driven by growth opportunities from e-commerce, oversea market and new “product champions” such as Body Bra, Seamless Fit, Wireless Bra.


SABINA: Aiming at Vietnam Market as a Key Driver

Sabina PCL

SABINA: Aiming at Vietnam Market as a Key Driver