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 BUY rating but cutting our target price down by 23% to Bt14.6 based on 34xPE’1H21E, which is equal to its three-year trading average.</strong></p>
<div>• Cut 2020E earnings forecast by 50% to factor in temporary closure of all branches during mid-March to April and significant drop of visitors.</div>
<div>• 54% drop in share price since the beginning of the COVID-19 outbreak in Jan 2020 implies that concern on this issue already priced in.</div>
<div>• Expect sharp recovery on 2021E performance on the backs of tourism recovery and branch expansion.</div>

We maintain BUY rating but cutting our target price down by 23% to Bt14.6 based on 34xPE’1H21E, which is equal to its three-year trading average.
• Cut 2020E earnings forecast by 50% to factor in temporary closure of all branches during mid-March to April and significant drop of visitors.
• 54% drop in share price since the beginning of the COVID-19 outbreak in Jan 2020 implies that concern on this issue already priced in.
• Expect sharp recovery on 2021E performance on the backs of tourism recovery and branch expansion.

SPA: Impact of COVID-19 Already Priced In

Siam Wellness Group

SPA: Impact of COVID-19 Already Priced In