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 initiate coverage of TOA with a HOLD rating, based on a target price of Bt33 derived from a DCF methodology (WACC 7.5% and terminal growth of 3%). Our target is pegged to 35xPE’20E, which is equal to TOA’s peer average but represents a 55% premium to the Thai Consumer Staples sector.</strong></p><p>The story:</p><ul>
<li>Strong domestic footprint with potential to expand</li>
<li>New growth driver from AEC, fast-growing markets</li>
<li>Healthy margin during an oil price downtrend</li>
</ul><div>
<br>
</div><p>Risks:</p><ul><li>Raw material price fluctuation</li></ul>

We initiate coverage of TOA with a HOLD rating, based on a target price of Bt33 derived from a DCF methodology (WACC 7.5% and terminal growth of 3%). Our target is pegged to 35xPE’20E, which is equal to TOA’s peer average but represents a 55% premium to the Thai Consumer Staples sector.The story:
Strong domestic footprint with potential to expand
New growth driver from AEC, fast-growing markets
Healthy margin during an oil price downtrend

 
Risks:Raw material price fluctuation

TOA: Painting Growth in a New Colorful Market

TOA Paint (Thailand)

TOA: Painting Growth in a New Colorful Market