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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

WHA Utilities And Power / Equity Bottom-Up

We initiate coverage of WHAUP with a BUY rating and a 2020E target price of Bt8.20, derived from a discounted cash flow valuation (WACC of 6.7% and terminal growth of 1.0%) and implying 13.5x PE’20E. 
The story:
<ul>
<li>Secured revenue stream from power business</li>
<li>Continuing growth alongside IE expansion</li>
<li>Expect 0.8-1 Bt/share upside from Duong River Surface Water Plant</li>
<li>Wide open opportunity in Vietnam utility sector</li>
</ul>
Risks: 
<ul>
<li>Raw material shortages</li>
<li>Exchange rate fluctuation</li>
<li>Reliance on WHA ID</li>
</ul>

We initiate coverage of WHAUP with a BUY rating and a 2020E target price of Bt8.20, derived from a discounted cash flow valuation (WACC of 6.7% and terminal growth of 1.0%) and implying 13.5x PE’20E. 
The story:

Secured revenue stream from power business
Continuing growth alongside IE expansion
Expect 0.8-1 Bt/share upside from Duong River Surface Water Plant
Wide open opportunity in Vietnam utility sector

Risks: 

Raw material shortages
Exchange rate fluctuation
Reliance on WHA ID


WHAUP: Stepping Forward to Be a Regional Utility Player