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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

<p>We maintain our ‘BUY’ rating but cut our target price down by 23% to Bt21.0, based on 12.8xPE’20 which is equal to the Asia-ex Japan materials sector. We expect 2Q20E performance earning to recover, supported by accelerated sales volume and lower inventory loss.</p><p>Key takeaway:</p><div>• Trims earnings down by 23% to reflect sales volume and oil price drop in 2020</div><div>• Expect a recovery in 2Q20E from decreased infection in China and Malaysia</div><div>• Key catalyst to be followed are</div><div style="padding-left: 25px;">Lockdown termination in Malaysia</div><div style="padding-left: 25px;">Acceleration in budget disbursement for domestic project (2Q-3Q20)</div>

We maintain our ‘BUY’ rating but cut our target price down by 23% to Bt21.0, based on 12.8xPE’20 which is equal to the Asia-ex Japan materials sector. We expect 2Q20E performance earning to recover, supported by accelerated sales volume and lower inventory loss.Key takeaway:• Trims earnings down by 23% to reflect sales volume and oil price drop in 2020• Expect a recovery in 2Q20E from decreased infection in China and Malaysia• Key catalyst to be followed areLockdown termination in MalaysiaAcceleration in budget disbursement for domestic project (2Q-3Q20)

Tipco Asphalt

TASCO: Expects Sales Recovery in 2Q20E