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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

SiS Distribution (Thailand) PCL / Equity Bottom-Up

We initiate coverage on SIS with a BUYrating, based on a target price of Bt10.70 and derived from 10.5xPE’18E, which is its average trading range in 2017, or a 31% discount on the Thai Info Tech sector.The story:<ul><li>Decent business fundamentals lead to long-term sustainability</li><li>Solid positive outlook for its Enterprise segment</li><li>Higher yields via data center services within easy reach</li><li>Attractive dividend yield and undervalued price</li></ul>Risks:  Higher provision for doubtful debt, more obsolete stocks than expected, and heavy reliance on human resources.

We initiate coverage on SIS with a BUYrating, based on a target price of Bt10.70 and derived from 10.5xPE’18E, which is its average trading range in 2017, or a 31% discount on the Thai Info Tech sector.The story:Decent business fundamentals lead to long-term sustainabilitySolid positive outlook for its Enterprise segmentHigher yields via data center services within easy reachAttractive dividend yield and undervalued priceRisks:  Higher provision for doubtful debt, more obsolete stocks than expected, and heavy reliance on human resources.

SIS: Total IT Provider with Feet on the Ground Eyes Profits in the Clouds