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

JUBILE reported 1Q18 net profit of Bt47m (+41%YoY, -26%QoQ). The 1Q18 result was 20% of our full-year forecast and in line with our forecast.  <ul class="">
<li>Sales grew 9%YoY but dropped 8%QoQ due mainly to branch expansion.</li>
<li>Gross profit margin was widen to 48% from 44% in 1Q17 due to better product mixes.</li>
<li>Announced an interim dividend payment of Bt0.37 (XD on 9 May), which is equivalent to 1.5% upcoming dividend yield.</li>
</ul>We rate JUBILE as a BUY with 31% upside to our target price of Bt32.0*<a href="https://www.smartkarma.com/insights/jubile-nation-s-biggest-retailer-of-diamond-jewelry" target="_blank">JUBILE: Nation’s Biggest</a>…

JUBILE reported 1Q18 net profit of Bt47m (+41%YoY, -26%QoQ). The 1Q18 result was 20% of our full-year forecast and in line with our forecast.  
Sales grew 9%YoY but dropped 8%QoQ due mainly to branch expansion.
Gross profit margin was widen to 48% from 44% in 1Q17 due to better product mixes.
Announced an interim dividend payment of Bt0.37 (XD on 9 May), which is equivalent to 1.5% upcoming dividend yield.
We rate JUBILE as a BUY with 31% upside to our target price of Bt32.0*JUBILE: Nation’s Biggest…

JUBILE: Gross Profit Growth Causes Increase Bottom Line Growth

JUBILE had 4Q17 recurring EPS of Bt0.36 (+29%YoY, +41%QoQ). The FY2017 recurring EPS was Bt1.06 (+17%YoY) and was 12% better than our forecast. <ul>
<li>4Q17 net profit was the record quarter driven by 16%YoY sales growth.</li>
<li>CRM implementation in selling and marketing plan as well as new product development is a main driver for sales growth (+12%YoY).</li>
<li>Announced an interim dividend payment of Bt0.37 (XD on 9 May), which is equivalent to 1.5% upcoming dividend yield.</li>
</ul>We rate JUBILE as a BUY with 38% upside to…

JUBILE had 4Q17 recurring EPS of Bt0.36 (+29%YoY, +41%QoQ). The FY2017 recurring EPS was Bt1.06 (+17%YoY) and was 12% better than our forecast. 
4Q17 net profit was the record quarter driven by 16%YoY sales growth.
CRM implementation in selling and marketing plan as well as new product development is a main driver for sales growth (+12%YoY).
Announced an interim dividend payment of Bt0.37 (XD on 9 May), which is equivalent to 1.5% upcoming dividend yield.
We rate JUBILE as a BUY with 38% upside to…

JUBILE: 12% Sales Growth Causes Increase Bottom Line Growth

Thailand

Sawang Export Public Company Limited manufactures and exports precious stones and finished gold jewelry. Its customers include large gemstone traders from Japan, Hong Kong, USA, Canada, England, France, and Switzerland.

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Sawang Export Public (SAWANG TB)

JUBILE: Gross Profit Growth Causes Increase Bottom Line Growth

JUBILE reported 1Q18 net profit of Bt47m (+41%YoY, -26%QoQ). The 1Q18 result was 20% of our full-year forecast and in line with our forecast....

Pi Securities PCL, Thailand

JUBILE: 12% Sales Growth Causes Increase Bottom Line Growth

JUBILE had 4Q17 recurring EPS of Bt0.36 (+29%YoY, +41%QoQ). The FY2017 recurring EPS was Bt1.06 (+17%YoY) and was 12% better than our...

Pi Securities PCL, Thailand

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