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 roll over TP to 14xPE’23E(+0.5SD of its 5-yrs trading mean)at Bt21.4 or -7% from previous TP.We recommend to accumulate ASIAN on expected positive 2Q22 </li>
<li>Expect 2Q22 result to recover QoQ We expect 2Q22 core profit at Bt259m (-12%YoY, +5%QoQ). Despite expected 3%QoQ sales growth to Bt2.9bn,the QoQ growth in 2Q22 earnings will be driven </li>
<li>Profit momentum poised to further climb in 2H22 We expect 2H22 core profit to stride a firmer upward path on the back of capacity expansion effect.The pet food segment’s production </li>
</ul>


We maintain our BUY rating but roll over TP to 14xPE’23E(+0.5SD of its 5-yrs trading mean)at Bt21.4 or -7% from previous TP.We recommend to accumulate ASIAN on expected positive 2Q22 
Expect 2Q22 result to recover QoQ We expect 2Q22 core profit at Bt259m (-12%YoY, +5%QoQ). Despite expected 3%QoQ sales growth to Bt2.9bn,the QoQ growth in 2Q22 earnings will be driven 
Profit momentum poised to further climb in 2H22 We expect 2H22 core profit to stride a firmer upward path on the back of capacity expansion effect.The pet food segment’s production 


Asian Sea

ASIAN : Picking up Steam in 2Q22