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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

APURE reported 4Q17 recurring EPS of Bt0.01, which was (-81.5% YoY,    -74.2% QoQ). The company produced a 2017 recurring EPS of Bt0.15, which was (-31.9% YoY) and 12.6% under our estimate <ul>
<li>APURE reported 4Q17 net profit of Bt9m (-73% YoY, -74% QoQ), mainly from gross profit margin shortfall (-11.7 ppts YoY, -5.4 ppts QoQ)</li>
<li>APURE FY2017 net profit was Bt142m (-26% YoY) the tightened in the gross margin due to price competition and increase in raw marital cost.</li>
<li>APURE announced a capital increase by…</li>
</ul>

APURE reported 4Q17 recurring EPS of Bt0.01, which was (-81.5% YoY,    -74.2% QoQ). The company produced a 2017 recurring EPS of Bt0.15, which was (-31.9% YoY) and 12.6% under our estimate 
APURE reported 4Q17 net profit of Bt9m (-73% YoY, -74% QoQ), mainly from gross profit margin shortfall (-11.7 ppts YoY, -5.4 ppts QoQ)
APURE FY2017 net profit was Bt142m (-26% YoY) the tightened in the gross margin due to price competition and increase in raw marital cost.
APURE announced a capital increase by…


APURE: Dropped Performance in 4Q17 Due to a Fall in Margin

Agripure Holding

APURE: Dropped Performance in 4Q17 Due to a Fall in Margin