TWPC: Another Weak Quarter but It Should Turnaround Soon

TWPC: Weak 3Q18 from Short-Term Circumstance

TWPC: It Is when to Buy Commodity-Related Stock

TWPC : Dropped Performance in 4Q17 Due to Swell SG&A

TWPC: Value Starch Maker Shows Decent Growth Potential

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

We maintain our BUY rating on TWPC with a 1H19E target price of Bt10.8, based on 15.0xPE’1H19E, which is its 3-year trading average.The story:Trimmed 2018-20F earnings forecast by 5-20%It is accumulating opportunityExpected bottom in 1H18Expected 14% CAGR earnings growth in 2018-20ERisks:  (1) Fluctuations in raw-material prices              (2) Appreciation of the baht

We maintain our BUY rating on TWPC with a 1H19E target price of Bt10.8, based on 15.0xPE’1H19E, which is its 3-year trading average.The story:Trimmed 2018-20F earnings forecast by 5-20%It is accumulating opportunityExpected bottom in 1H18Expected 14% CAGR earnings growth in 2018-20ERisks:  (1) Fluctuations in raw-material prices              (2) Appreciation of the baht

Thai Wah PCL

TWPC: Expected Up-Cycle in 2H18