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>Last week’s analyst meeting came out with a positive tone. We expect 4Q21 earnings to pose a robust YoY, organically through cash patients, and SSO segment, since Covid patients </li>
<li>Estimate 4Q21 earnings at 1.5bn (+430YoY), the YoY surge is backed by healthy topline from organic earnings and alternative vaccines.</li>
<li>Despite a significant drop in COVID-related revenue, we expect 2022-23 earnings to be driven by general patients returning (28-24%YoY), larger SSO registered members (11% 3YCAGR), and vaccines services.</li>
</ul>


Last week’s analyst meeting came out with a positive tone. We expect 4Q21 earnings to pose a robust YoY, organically through cash patients, and SSO segment, since Covid patients 
Estimate 4Q21 earnings at 1.5bn (+430YoY), the YoY surge is backed by healthy topline from organic earnings and alternative vaccines.
Despite a significant drop in COVID-related revenue, we expect 2022-23 earnings to be driven by general patients returning (28-24%YoY), larger SSO registered members (11% 3YCAGR), and vaccines services.


BCH: Core Operation to Drive 2022-23 Earnings