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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 initiate coverage of SPCG with a BUY rating and a 2019E target price of Bt22.80, derived from a discounted cash flow valuation (WACC 7.0% and terminal growth of 1.0%). This is equivalent to 8.4x PE’19E. 
The story:
<ul>
<li>Promising industry outlook</li>
<li>Striding toward overseas opportunities</li>
<li>Expiring adder should have been priced in already</li>
<li>Expected stable earnings in 2019-21E</li>
</ul>
Risks:   Single source supplier
                Forex fluctuation
                Uncertainty about sunlight

We initiate coverage of SPCG with a BUY rating and a 2019E target price of Bt22.80, derived from a discounted cash flow valuation (WACC 7.0% and terminal growth of 1.0%). This is equivalent to 8.4x PE’19E. 
The story:

Promising industry outlook
Striding toward overseas opportunities
Expiring adder should have been priced in already
Expected stable earnings in 2019-21E

Risks:   Single source supplier
                Forex fluctuation
                Uncertainty about sunlight

SPCG: Laying Foundations for Next Stage of Growth

SPCG PCL

SPCG: Laying Foundations for Next Stage of Growth