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

Supalai Public Company / Equity Bottom-Up

<ul>
<li>We initiate coverage of SPALI with a BUY rating at a TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings </li>
<li>Expect strong earnings in the next three years SPALI should deliver sustained strong earnings of Bt7bn per year in the next three years (22-24E) backed by strong presales momentum, especially </li>
<li>Potential growth from provincial markets SPALI is one of the leading property developers to have established a brand in provincial markets, especially in the middle-income low-rise segment.</li>
</ul>


We initiate coverage of SPALI with a BUY rating at a TP of Bt24.0, based on 6.8xPE23, or its 5-year trading average.  Our rating reflects strong expected annual earnings 
Expect strong earnings in the next three years SPALI should deliver sustained strong earnings of Bt7bn per year in the next three years (22-24E) backed by strong presales momentum, especially 
Potential growth from provincial markets SPALI is one of the leading property developers to have established a brand in provincial markets, especially in the middle-income low-rise segment.


SPALI : Cheap Valuation with Attractive Yield