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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 initiate coverage of TOP with a BUY rating, based on a 2021E target price of Bt65.0, pegged to 1.1xPBV,21E, which is in line with its world peers and a 10% discount to its Thailand peers.</p><p>The story:</p><div>• Earnings upcycle in 2021E after turnaround from COVID-19 impact</div><div>• Refinery segment recovery on track</div><div>• Operational excellence from CFP upgradation</div><div>• Slightly positive view on petrochemicals, neutral on power business</div><p></p><p>Risks:</p><div>• Raw material price fluctuation</div><div>• Foreign currency exchange rate fluctuation</div>

We initiate coverage of TOP with a BUY rating, based on a 2021E target price of Bt65.0, pegged to 1.1xPBV,21E, which is in line with its world peers and a 10% discount to its Thailand peers.The story:• Earnings upcycle in 2021E after turnaround from COVID-19 impact• Refinery segment recovery on track• Operational excellence from CFP upgradation• Slightly positive view on petrochemicals, neutral on power businessRisks:• Raw material price fluctuation• Foreign currency exchange rate fluctuation

TOP: Premier Thai Refinery to Post Huge Earnings Turnaround in 2021E

Thai Oil Pcl

TOP: Premier Thai Refinery to Post Huge Earnings Turnaround in 2021E