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

Asset World Corporation / Equity Bottom-Up

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<li>Expect the company’s core operation to turn profit in4Q22,supported by solid recovery in hotels’ RevPar and lower rent discount given to tenants of retail space. Surging demand from business travelling </li>
<li>Solid improvement in 3Q22 profit backed by Bangkok-MICE hotels We expectAWC to post 3Q22 net loss from core operation at Bt44m supported by hotel business,which should post revenue at Bt1.7bn</li>
<li>Retail and Commercial businesses are still on its gradual recovery pace given a lower rent discount subsided to renters to around 10% from 2019 level(15% in2Q22). Revenue should recover 15%YoY</li>
</ul>


Expect the company’s core operation to turn profit in4Q22,supported by solid recovery in hotels’ RevPar and lower rent discount given to tenants of retail space. Surging demand from business travelling 
Solid improvement in 3Q22 profit backed by Bangkok-MICE hotels We expectAWC to post 3Q22 net loss from core operation at Bt44m supported by hotel business,which should post revenue at Bt1.7bn
Retail and Commercial businesses are still on its gradual recovery pace given a lower rent discount subsided to renters to around 10% from 2019 level(15% in2Q22). Revenue should recover 15%YoY


AWC : Solid Long-Term Earnings Growth, but on Demanding Valuation