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>Upgrade to BUY from HOLD rating with an unchanged TP of B21.00, based on 14.36xPE’22E which is close to -2SD of 3-years trailing average.</li>
<li>We see earnings trend to fall QoQ in 2Q22, as COVID-19 contribution fades in parallel with declining infection patients cases and dropped RT-PCR test for vaccinated tourists.</li>
<li>We view profit trend to drop HoH in 2H22, as COVID-revenue normalizes YoY off high base in 2H21 based on our expectation government declares COVID as endemic in July.</li>
</ul>


Upgrade to BUY from HOLD rating with an unchanged TP of B21.00, based on 14.36xPE’22E which is close to -2SD of 3-years trailing average.
We see earnings trend to fall QoQ in 2Q22, as COVID-19 contribution fades in parallel with declining infection patients cases and dropped RT-PCR test for vaccinated tourists.
We view profit trend to drop HoH in 2H22, as COVID-revenue normalizes YoY off high base in 2H21 based on our expectation government declares COVID as endemic in July.


BCH: Turning Back to Core Operation Post 1Q22 Peak