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

Bangkok Chain Hospital / Equity Bottom-Up

<ul>
<li>We retain our HOLD rating with a new target price of Bt20.00,derived from 25xPE’22E, its bottom level before the pandemic lockdown. Despite,the fading COVID contribution to pressure margins going forward</li>
<li>Unsold Moderna vaccines swung 3Q22to a net loss BCH posted a 3Q22 net loss of Bt403m,compared with a profit of Bt1.1bn in 2Q22 and Bt2.9bn in 3Q21.The result was in-line</li>
<li>Excluding the provision loss from devalued inventories and advance payment related to Moderna vaccines, BCH’s core profit would be Bt499m (-83%YoY, -56%QoQ).</li>
</ul>


We retain our HOLD rating with a new target price of Bt20.00,derived from 25xPE’22E, its bottom level before the pandemic lockdown. Despite,the fading COVID contribution to pressure margins going forward
Unsold Moderna vaccines swung 3Q22to a net loss BCH posted a 3Q22 net loss of Bt403m,compared with a profit of Bt1.1bn in 2Q22 and Bt2.9bn in 3Q21.The result was in-line
Excluding the provision loss from devalued inventories and advance payment related to Moderna vaccines, BCH’s core profit would be Bt499m (-83%YoY, -56%QoQ).


Bangkok Chain Hospital

BCH : A Quarter to Forget