ASIAN: Expect 1Q22 Earnings to Modestly Drop QoQ

ASIAN: Pet Food Unit Continue to Be Key Growth Driver

ASIAN: Strong Profit in 2Q21 Will Continue in 3Q21

ASIAN: Bright Outlook in 2Q21 in All Businesses

ASIAN: Solid Outlook in 2021 as Pet Food Continuously Grows

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 BUY rating and roll forward valuations to FY22E, with a new target price of Bt23 (up 5% from previous TP),based on 10.3xPE’22, which is close to its 10-years historical</li>
<li>Our ratings reflect positive view on pet food, frozen VAP, and aqua feed demand recovery post lockdown, and solid margin from baht weakening.</li>
<li>The spin-off of AAI via IPO issuance will unlock its value and growth potential and we leave it as an upside to our TP.</li>
</ul>


Maintain BUY rating and roll forward valuations to FY22E, with a new target price of Bt23 (up 5% from previous TP),based on 10.3xPE’22, which is close to its 10-years historical
Our ratings reflect positive view on pet food, frozen VAP, and aqua feed demand recovery post lockdown, and solid margin from baht weakening.
The spin-off of AAI via IPO issuance will unlock its value and growth potential and we leave it as an upside to our TP.


ASIAN: Unlock Value and Potential Growth of AAI Via IPO

Asian Sea

ASIAN: Unlock Value and Potential Growth of AAI Via IPO