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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

We maintain our earnings forecast and BUY rating with a target price of Bt24.7 based on 18.8xPE’19E which is world consumer staples sector. We have positive outlook in 2H19 from new products launching and continuing expansion in new distribution channel.The story<ul>
<li>New products launch will boost 2H19 sales</li>
<li>No significant impact this year from LOTTE’s agreement</li>
</ul>

We maintain our earnings forecast and BUY rating with a target price of Bt24.7 based on 18.8xPE’19E which is world consumer staples sector. We have positive outlook in 2H19 from new products launching and continuing expansion in new distribution channel.The story
New products launch will boost 2H19 sales
No significant impact this year from LOTTE’s agreement


SAPPE: Growth Drivers Coming from New Products in 2H19

Sappe Pcl

SAPPE: Growth Drivers Coming from New Products in 2H19