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>Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 12.5xPE’23E, its five years trading average. Our rating reflects strong recovery in 2022-23</li>
<li>3Q22 earning grew YoY and QoQ LH reported 3Q22’s net profit of Bt2.25bn (+72%YoY, +5%QoQ),better than our forecast and market expectation.</li>
<li>The YoY enhancing of net profit supported by;(1) Revenue growth to Bt8.8bn(+28%YoY)from increasing real estate transfer to Bt7.5bn(+15%YoY)mainly from higher condominium transfer and higher income from hotel business to Bt937m(+458%YoY) </li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 12.5xPE’23E, its five years trading average. Our rating reflects strong recovery in 2022-23
3Q22 earning grew YoY and QoQ LH reported 3Q22’s net profit of Bt2.25bn (+72%YoY, +5%QoQ),better than our forecast and market expectation.
The YoY enhancing of net profit supported by;(1) Revenue growth to Bt8.8bn(+28%YoY)from increasing real estate transfer to Bt7.5bn(+15%YoY)mainly from higher condominium transfer and higher income from hotel business to Bt937m(+458%YoY) 


LH : 3Q22 Results Better than Our Forecast from Forex Gain

<ul>
<li>Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 15.2xPE’23E which is +1.5SD from its five years trading average. Our rating reflects strong recovery </li>
<li>Expect 3Q22 presales to grow YoY and QoQ We expect 3Q22 presales at Bt9.16 bn (+36% YoY, +24% QoQ), representing Bt8.5bn (+34%YoY,+27%QoQ) in low-rise and Bt675m (+147%YoY,-10%QoQ)</li>
<li>Moreover, we expect presales should remain strong in 2022 and inline with management guidance at Bt31bn (+8%YoY), drivened by 4 new projects launch in 4Q22E worth Bt4.4bn</li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method, implying 15.2xPE’23E which is +1.5SD from its five years trading average. Our rating reflects strong recovery 
Expect 3Q22 presales to grow YoY and QoQ We expect 3Q22 presales at Bt9.16 bn (+36% YoY, +24% QoQ), representing Bt8.5bn (+34%YoY,+27%QoQ) in low-rise and Bt675m (+147%YoY,-10%QoQ)
Moreover, we expect presales should remain strong in 2022 and inline with management guidance at Bt31bn (+8%YoY), drivened by 4 new projects launch in 4Q22E worth Bt4.4bn


<ul>
<li>Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method,implying 16xPE’22E which is +1.5SD from its five years trading average.Our rating reflects strong recovery in 2022-23 performance</li>
<li>2Q22 earning grew YoY and QoQ LH reported 2Q22’s net profit of Bt2.1bn (+14%YoY, +11% QoQ),better than our expectation at 7%. The YoY enhancing of net profit supported</li>
<li>Expect 3Q22 results to grow YoY and QoQ We expect 3Q22 earnings of LH to grow YoY and QoQ, supported by (1) 8 new project launch in 3Q22 worth Bt11.2bn.</li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP method,implying 16xPE’22E which is +1.5SD from its five years trading average.Our rating reflects strong recovery in 2022-23 performance
2Q22 earning grew YoY and QoQ LH reported 2Q22’s net profit of Bt2.1bn (+14%YoY, +11% QoQ),better than our expectation at 7%. The YoY enhancing of net profit supported
Expect 3Q22 results to grow YoY and QoQ We expect 3Q22 earnings of LH to grow YoY and QoQ, supported by (1) 8 new project launch in 3Q22 worth Bt11.2bn.


<ul>
<li>Maintain our BUY rating with  a  TP of Bt11.20,derived from SOTP method, implying 16xPE’22E which is +1.5SD from its five years trading average. Our rating reflects strong recovery in 2022-23 </li>
<li>We Expect slightly drop in  2Q22 presales We expect 2Q22 presales at Bt7.48 bn(-4% YoY, -7% QoQ),including Bt6.75bn(-3%YoY)for low-rise and Bt723m (+54%YoY)for condomenium segment.Meanwhile, 1H22 presales should reachBt14.7bn or 50%</li>
<li>However, we expect presales should remain strong in 2022 and inline with management guidance at Bt31bn(+8%YoY),driving by10new projects launch in 2H22E worth Bt18.73bn and strong demand in mid-to-high low-rise projects.</li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20,derived from SOTP method, implying 16xPE’22E which is +1.5SD from its five years trading average. Our rating reflects strong recovery in 2022-23 
We Expect slightly drop in  2Q22 presales We expect 2Q22 presales at Bt7.48 bn(-4% YoY, -7% QoQ),including Bt6.75bn(-3%YoY)for low-rise and Bt723m (+54%YoY)for condomenium segment.Meanwhile, 1H22 presales should reachBt14.7bn or 50%
However, we expect presales should remain strong in 2022 and inline with management guidance at Bt31bn(+8%YoY),driving by10new projects launch in 2H22E worth Bt18.73bn and strong demand in mid-to-high low-rise projects.


<ul>
<li>Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP and implies 13.4xPE’22E, +0.5SD from its five years trading average. Our rating reflects strong recovery in 2022 performance </li>
<li>We expect  1Q22 net profit to grow YoY at Bt1.94 bn(+11%YoY, -3.6%QoQ), driven by higher revenue recognition from real estate business at Bt 7.7 bn (+8.1%YoY) and higher equity income</li>
<li>New projects Launch to support  1Q22. Earnings momentum will continue in remaining quarters.</li>
</ul>


Maintain our BUY rating with  a  TP of Bt11.20, derived from SOTP and implies 13.4xPE’22E, +0.5SD from its five years trading average. Our rating reflects strong recovery in 2022 performance 
We expect  1Q22 net profit to grow YoY at Bt1.94 bn(+11%YoY, -3.6%QoQ), driven by higher revenue recognition from real estate business at Bt 7.7 bn (+8.1%YoY) and higher equity income
New projects Launch to support  1Q22. Earnings momentum will continue in remaining quarters.


Thailand

Land and Houses Public Company Limited develops real estate projects including single-detached homes, townhouses, and condominiums. The Company builds single and attached homes, primarily on land that it develops and improves. Land and Houses also operates its own architectural, engineering, design and construction teams for customer's specific designs and orders.

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Land & Houses PCL (LH TB)

LH : 3Q22 Results Better than Our Forecast from Forex Gain

Maintain our BUY rating with a TP of Bt11.20, derived from SOTP method, implying 12.5xPE’23E, its five years trading average. Our rating reflects...

Pi Securities PCL, Thailand

LH : 3Q22 Result Will Expand YoY

Maintain our BUY rating with a TP of Bt11.20, derived from SOTP method, implying 15.2xPE’23E which is +1.5SD from its five years trading average....

Pi Securities PCL, Thailand

LH : 2Q22 Results Expanded YoY and QoQ

Maintain our BUY rating with a TP of Bt11.20, derived from SOTP method, implying 16xPE’22E which is +1.5SD from its five years trading average....

Pi Securities PCL, Thailand

LH : 2Q22 Result Will Expand YoY and QoQ

Maintain our BUY rating with a TP of Bt11.20, derived from SOTP method, implying 16xPE’22E which is +1.5SD from its five years trading average....

Pi Securities PCL, Thailand

LH: 1Q22 Earnings Will Grow YoY

Maintain our BUY rating with a TP of Bt11.20, derived from SOTP and implies 13.4xPE’22E, +0.5SD from its five years trading average. Our rating...

Pi Securities PCL, Thailand

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