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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

<p><strong>We maintain our earnings forecast and BUY rating with a target price of Bt25.6 based on 17.6xPE’20E which is its three-year trading average. Although, 1Q20 earnings still under pressure from excise tax, We have a positive outlook in 2020 from new products launching and expanding the export channels of the B’lue, Beautidrink and Preaw brands to CLMV.</strong></p><p> The story</p><div>• Product reformulation to lower excise tax burden from 2Q20</div><div>• Upside from Kiosk project under ‘All Coco in the box’ brand</div>

We maintain our earnings forecast and BUY rating with a target price of Bt25.6 based on 17.6xPE’20E which is its three-year trading average. Although, 1Q20 earnings still under pressure from excise tax, We have a positive outlook in 2020 from new products launching and expanding the export channels of the B’lue, Beautidrink and Preaw brands to CLMV. The story• Product reformulation to lower excise tax burden from 2Q20• Upside from Kiosk project under ‘All Coco in the box’ brand

SAPPE: Excise Taxes Continues to Burden 1Q20 Earnings

Sappe Pcl

SAPPE: Excise Taxes Continues to Burden 1Q20 Earnings