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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

<ul>
<li>We maintain our BUY rating but cut TP by 5% to Bt246,based on DCF,implying 21.8xPE’22E to factor in earnings cut.  Its 2Q22 core earnings was in-line at Bt6.6bn (-8%YoY, +5QoQ)</li>
<li>2Q22 core earnings was in-line with our forecast 2Q22 core earnings stood at Bt6.6bn (-8% YoY, +5% QoQ),declining YoY from higher SG&amp;A costs while increasing QoQ from higher gross margin.</li>
<li>2Q22 revenue was at Bt45bn (+6%YoY,flat QoQ).YoY increase was due to continued growth in broadband and enterprise&amp;digital business. QoQ was flat due to lack of growth in mobile service revenue.</li>
</ul>


We maintain our BUY rating but cut TP by 5% to Bt246,based on DCF,implying 21.8xPE’22E to factor in earnings cut.  Its 2Q22 core earnings was in-line at Bt6.6bn (-8%YoY, +5QoQ)
2Q22 core earnings was in-line with our forecast 2Q22 core earnings stood at Bt6.6bn (-8% YoY, +5% QoQ),declining YoY from higher SG&amp;A costs while increasing QoQ from higher gross margin.
2Q22 revenue was at Bt45bn (+6%YoY,flat QoQ).YoY increase was due to continued growth in broadband and enterprise&amp;digital business. QoQ was flat due to lack of growth in mobile service revenue.


ADVANC : In-Line 2Q22 Result Despite Price War

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ADVANC : In-Line 2Q22 Result Despite Price War