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 maintain HOLD rating and TP of Bt5.09 based on TRUE’s voluntary tender offer price. The company incurred its largest ever quarterly loss of Bt2.8bn as mobile ARPU continued </li>
<li>Analyst meeting details TRUE and DTAC are currently assessing the impact of the imposed conditions on the synergistic value of the MergeCo and its impact on Thai consumers.According to management</li>
<li>The merger will likely be completed by 1H23. TRUE and DTAC will have 90 days from October 20,2022 to ask for further clarifications from the NBTC. After receiving full clarification</li>
</ul>


We maintain HOLD rating and TP of Bt5.09 based on TRUE’s voluntary tender offer price. The company incurred its largest ever quarterly loss of Bt2.8bn as mobile ARPU continued 
Analyst meeting details TRUE and DTAC are currently assessing the impact of the imposed conditions on the synergistic value of the MergeCo and its impact on Thai consumers.According to management
The merger will likely be completed by 1H23. TRUE and DTAC will have 90 days from October 20,2022 to ask for further clarifications from the NBTC. After receiving full clarification


TRUE : Hold Out Until Voluntary Tender Offer Phase

True Corp Pcl

TRUE : Hold Out Until Voluntary Tender Offer Phase