TPCH: Struggle from New Power Plants Start-Up

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>Upgrade to BUY from HOLD with a new target price of Bt13.10 (+26% from previous TP), derived from 16.7xPE’22E, -1 SD of its 3-year trading average. Our rating reflects </li>
<li>Its 3Q21 net profit reached the 4-quarter high at Bt52m (-15% YoY, +7% QoQ), with YoY drop caused by rising administrative expenses (+34%YoY) and finance cost (+48%YoY).</li>
<li>We expect continuing growth in 4Q21 earnings onwards backed by improving capacity factor of the power plants, COD during 4Q20 and 1Q21. •The COD of new power plants in 4Q21 </li>
</ul>


Upgrade to BUY from HOLD with a new target price of Bt13.10 (+26% from previous TP), derived from 16.7xPE’22E, -1 SD of its 3-year trading average. Our rating reflects 
Its 3Q21 net profit reached the 4-quarter high at Bt52m (-15% YoY, +7% QoQ), with YoY drop caused by rising administrative expenses (+34%YoY) and finance cost (+48%YoY).
We expect continuing growth in 4Q21 earnings onwards backed by improving capacity factor of the power plants, COD during 4Q20 and 1Q21. •The COD of new power plants in 4Q21 


TPCH: Capacity Expansion Will Accelerate 2022 Earnings

TPC Power Holdings

TPCH: Capacity Expansion Will Accelerate 2022 Earnings