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 new TP of Bt13.90, implying 7.4xPE’23E , +1SD from its five years trading average, to reflect higher project launches value in 2023.</li>
<li>3Q22 earnings  expand YoY AP reported 3Q22’s net profit of Bt1.4bn (+37.6%YoY, -9%QoQ), in line with our forecast and market expectation</li>
<li>The YoY growth of net profit supported by (1) Higher revenue recognition of real estate sales to Bt8.7bn(+25.6%YoY)  mainly from transfers of existing and new launches</li>
</ul>


Maintain our BUY rating with a new TP of Bt13.90, implying 7.4xPE’23E , +1SD from its five years trading average, to reflect higher project launches value in 2023.
3Q22 earnings  expand YoY AP reported 3Q22’s net profit of Bt1.4bn (+37.6%YoY, -9%QoQ), in line with our forecast and market expectation
The YoY growth of net profit supported by (1) Higher revenue recognition of real estate sales to Bt8.7bn(+25.6%YoY)  mainly from transfers of existing and new launches


AP Thailand PCL

AP : Earnings Remain Strong in 3Q22