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 Expressway and Metro / Equity Bottom-Up

<ul>
<li>BEM report 3Q22 net profit at Bt863m,the highest level in the past 12 quarter. The result came out above our and market estimates by 18% and 9% respectively. Impressive earnings</li>
<li>3Q22 earnings beat market and our estimates BEM’ revenue in 3Q22 touched ten-quarter high Bt3.7bn (+74%YoY +15%QoQ) supported by strong rebound in daily average MRT ridership to 313k trips(+292%YoY +36%QoQ)</li>
<li>Gross profit margin expanded to the highest level since 3Q16 to 44.0% thanks to benefit from high operating leverage for both rail and toll services,which help covering up the impact</li>
</ul>


BEM report 3Q22 net profit at Bt863m,the highest level in the past 12 quarter. The result came out above our and market estimates by 18% and 9% respectively. Impressive earnings
3Q22 earnings beat market and our estimates BEM’ revenue in 3Q22 touched ten-quarter high Bt3.7bn (+74%YoY +15%QoQ) supported by strong rebound in daily average MRT ridership to 313k trips(+292%YoY +36%QoQ)
Gross profit margin expanded to the highest level since 3Q16 to 44.0% thanks to benefit from high operating leverage for both rail and toll services,which help covering up the impact


BEM : 3Q22 Earnings Hit 12-Quarter High and Beat Estimates