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

<ul>
<li>We downgrade to HOLD from BUY, with a target price of Bt35.00. While, our neutral rating is merited on the limited upside, we still adore the stock</li>
<li>Positive tone from the analyst meeting Management guided for a positive performance outlook, with a sales growth target of 10% in 2023 (vs our 8% revenue growth). Meanwhile</li>
<li>TOA earmarked a CAPEX of Bt500m and Bt700m in 2022-23E, as part of the ramping-up capacity. </li>
</ul>


We downgrade to HOLD from BUY, with a target price of Bt35.00. While, our neutral rating is merited on the limited upside, we still adore the stock
Positive tone from the analyst meeting Management guided for a positive performance outlook, with a sales growth target of 10% in 2023 (vs our 8% revenue growth). Meanwhile
TOA earmarked a CAPEX of Bt500m and Bt700m in 2022-23E, as part of the ramping-up capacity. 


TOA : Promising 4Q22 Outlook but Limited Upside

TOA Paint (Thailand)

TOA : Promising 4Q22 Outlook but Limited Upside