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 keep our BUY rating with a TP of Bt21.4, derived from 14xPE’23E. We recommend increasing position in ASIAN on expected brighter 2H22 outlook and onwards, supported by capacity expansion</li>
<li>Margin resilience was key to decent 2Q22 results ASIAN’s 2Q22 earnings posted at Bt264m, dropped 10%YoY but rose 7%QoQ, which was in-line with our forecast. Behind the QoQ growth </li>
<li>Brighter prospects in 2H22 Looking ahead,we see 2H22 earnings momentum on highway to growth,backed by capacity expansion in the pet food unit,which increased to 42,000t/pa (+17%QoQ) in the late 1H22</li>
</ul>


We keep our BUY rating with a TP of Bt21.4, derived from 14xPE’23E. We recommend increasing position in ASIAN on expected brighter 2H22 outlook and onwards, supported by capacity expansion
Margin resilience was key to decent 2Q22 results ASIAN’s 2Q22 earnings posted at Bt264m, dropped 10%YoY but rose 7%QoQ, which was in-line with our forecast. Behind the QoQ growth 
Brighter prospects in 2H22 Looking ahead,we see 2H22 earnings momentum on highway to growth,backed by capacity expansion in the pet food unit,which increased to 42,000t/pa (+17%QoQ) in the late 1H22


Asian Sea

ASIAN : In-Line 2Q22 Result