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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     with revised target price of Bt13.40  (-19% from previous TP). BCPG’s 2Q22 core profit was         in-line at Bt549m (9% YoY, 6% QoQ), The YoY and QoQ</li>
<li>COD Japanese projects drove 2Q22 result The 2Q22 net profit fall to Bt330mn(-42% YoY, -76% QoQ),a 2-quarter low. The QoQ earnings drop was due to absence of one-time gain booked </li>
<li>Excluding the one-time items (asset disposal gain, impairment, and FX loss), the recurring profit stood at Bt549m (+9% YoY,+6% QoQ). The YoY and QoQ growth were attributed to revenue recognition </li>
</ul>


Maintain BUY rating     with revised target price of Bt13.40  (-19% from previous TP). BCPG’s 2Q22 core profit was         in-line at Bt549m (9% YoY, 6% QoQ), The YoY and QoQ
COD Japanese projects drove 2Q22 result The 2Q22 net profit fall to Bt330mn(-42% YoY, -76% QoQ),a 2-quarter low. The QoQ earnings drop was due to absence of one-time gain booked 
Excluding the one-time items (asset disposal gain, impairment, and FX loss), the recurring profit stood at Bt549m (+9% YoY,+6% QoQ). The YoY and QoQ growth were attributed to revenue recognition 


BCPG : New Project COD in Japan Drove 2Q22 Profit

BCPG PCL

BCPG : New Project COD in Japan Drove 2Q22 Profit