ARROW: Benefit from Project Kick-Off After Seeing Election Schedule

EPG: Global-Standard Polymer Converter Assured of Sustainable Growth

ATP30: New Customers Drove 3Q18 Earnings Growth

ARROW: 4Q17 Is the Lowest in Twelve Quarters and Ready to Turnaround

SMPC: Top-Three of Global LPG Cylinder Manufacturers

ARROW: Revenue to Flow Down the Pipe Amid Product Expansion

INOX: Rerating on Business Shift to Greater Stability

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

<p>ARROW reported 1Q18 net profit of Bt39m (-14%YoY, -13%QoQ) below our expectation. The 1Q18 result accounts for 16% of our full-year forecast.</p><ul>
<li> Accelerating raw material prices compared to product price adjustment lead 1Q18 gross margin to drop to 22.5%, the lowest in twelve quarters.</li>
<li>Sales was at Bt387m (+7.4%YoY, +7.4%QoQ), the recorded level. The government and private construction projects was increasing that were main drivers for sales growth.</li>
</ul><p>We believe 1Q18 is the weakest quarter and should…</p>

ARROW reported 1Q18 net profit of Bt39m (-14%YoY, -13%QoQ) below our expectation. The 1Q18 result accounts for 16% of our full-year forecast.
 Accelerating raw material prices compared to product price adjustment lead 1Q18 gross margin to drop to 22.5%, the lowest in twelve quarters.
Sales was at Bt387m (+7.4%YoY, +7.4%QoQ), the recorded level. The government and private construction projects was increasing that were main drivers for sales growth.
We believe 1Q18 is the weakest quarter and should…

ARROW: 1Q18 Is the Lowest in Twelve Quarters and Ready to Turnaround

Arrow Syndicate

ARROW: 1Q18 Is the Lowest in Twelve Quarters and Ready to Turnaround