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 expect PTTEP to post 1Q22 net profit of Bt9.4bn (-18% YoY, -11% QoQ). Despite significant growth in sales volume and product selling price</li>
<li>Excluding the one-time items, the recurring profit is expected to be Bt16.6bn (+228% YoY,-3% QoQ). YoY surge will be underpinned  by a 11% growth in sales volume and a 25% </li>
<li>Bright 2022 outlook from crude oil &amp; gas price surge. We see the volatility to continue considering continued Russia-Ukraine war tensions, Reserve oil release by IEA members and COVID-19 </li>
</ul>


We expect PTTEP to post 1Q22 net profit of Bt9.4bn (-18% YoY, -11% QoQ). Despite significant growth in sales volume and product selling price
Excluding the one-time items, the recurring profit is expected to be Bt16.6bn (+228% YoY,-3% QoQ). YoY surge will be underpinned  by a 11% growth in sales volume and a 25% 
Bright 2022 outlook from crude oil &amp; gas price surge. We see the volatility to continue considering continued Russia-Ukraine war tensions, Reserve oil release by IEA members and COVID-19 


PTTEP: Hedging Loss to Drag 1Q22 Net Profit

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, the portfolio has gained 195% versus MSCI ASEAN’s 27%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, the portfolio has gained 195% versus MSCI ASEAN’s 27%


<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 95% versus the SET 100 Index’s return of 36%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 95% versus the SET 100 Index’s return of 36%


The Stocks to Own in Thailand – Vol. 36

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The long-term decline in Thailand allocations among Asia Ex-Japan funds appears to be stabilising.</li>
<li>Over the past 6-months, Thailand weights have increased by 0.29%, with 6.5% of the funds in our analysis adding exposure, though managers remain underweight and underinvested.</li>
<li>CP ALL PCL is the most widely held stock, but recent fund activity has favoured Central Pattana Pub, Bangkok Dusit Medical Services and Asian Sea.</li>
</ul>


The long-term decline in Thailand allocations among Asia Ex-Japan funds appears to be stabilising.
Over the past 6-months, Thailand weights have increased by 0.29%, with 6.5% of the funds in our analysis adding exposure, though managers remain underweight and underinvested.
CP ALL PCL is the most widely held stock, but recent fund activity has favoured Central Pattana Pub, Bangkok Dusit Medical Services and Asian Sea.


<ul>
<li>Last week analyst meeting came out in a positive tone. The improving sales volume and rising oil price should aid the earnings momentum in 1Q22 and ahead.We maintain the BUY</li>
<li>Expect 1Q22 earnings to improve both YoY and QoQ on the back of 1) 4% and 2% QoQ growth in sales volume and ASP, respectively. And 2) No significant impairment</li>
<li>Positive 2022 earnings outlook as the sales volume is expected to increase by +12% YoY to 467kBOED, and ASP by 5% to US$46/BOE.</li>
</ul>


Last week analyst meeting came out in a positive tone. The improving sales volume and rising oil price should aid the earnings momentum in 1Q22 and ahead.We maintain the BUY
Expect 1Q22 earnings to improve both YoY and QoQ on the back of 1) 4% and 2% QoQ growth in sales volume and ASP, respectively. And 2) No significant impairment
Positive 2022 earnings outlook as the sales volume is expected to increase by +12% YoY to 467kBOED, and ASP by 5% to US$46/BOE.


PTTEP: Bright 2022 Outlook from Sales Growth & Rising Oil Price

Thailand

PTT Exploration and Production Public Company Limited explores for crude oil and natural gas, develops fields for production, and produces oil and natural gas. The Company is a subsidiary of the Petroleum Authority of Thailand.

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PTT E&P (PTTEP TB)

PTTEP: Hedging Loss to Drag 1Q22 Net Profit

We expect PTTEP to post 1Q22 net profit of Bt9.4bn (-18% YoY, -11% QoQ). Despite significant growth in sales volume and product selling price, the...

Pi Securities PCL, Thailand

The Stocks to Own in ASEAN – Vol. 38

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, and 11 new join...

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 36

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

The Thailand Turnaround

The long-term decline in Thailand allocations among Asia Ex-Japan funds appears to be stabilising. We analyse the shift in sentiment among investors.

Steven Holden

PTTEP: Bright 2022 Outlook from Sales Growth & Rising Oil Price

Last week analyst meeting came out in a positive tone. The improving sales volume and rising oil price should aid the earnings momentum in 1Q22 and...

Pi Securities PCL, Thailand

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