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>We maintain our target price of Bt40.0,while revise the recommendation to HOLD(from BUY)due to limited upside from current share price.BGRIM reported its highest ever quarterly loss of B529m in 3Q22</li>
<li>Weak earnings in 3Q22 Excluding extraordinary items, the recurring profit was at Bt25m (-96% YoY,-83% QoQ).The significant YoY and QoQ declines were pressured by a surge in the gas price</li>
<li>Gross margin for 3Q22 plunged to 7.9% from 11.5% in 2Q22,dragged by a 32%QoQ bump in the average SPP gas price to Bt558/MMBtu (108%YoY).Meanwhile, BGRIM’s 3Q22 revenue increased to Bt18bn </li>
</ul>


We maintain our target price of Bt40.0,while revise the recommendation to HOLD(from BUY)due to limited upside from current share price.BGRIM reported its highest ever quarterly loss of B529m in 3Q22
Weak earnings in 3Q22 Excluding extraordinary items, the recurring profit was at Bt25m (-96% YoY,-83% QoQ).The significant YoY and QoQ declines were pressured by a surge in the gas price
Gross margin for 3Q22 plunged to 7.9% from 11.5% in 2Q22,dragged by a 32%QoQ bump in the average SPP gas price to Bt558/MMBtu (108%YoY).Meanwhile, BGRIM’s 3Q22 revenue increased to Bt18bn 


BGRIM : Expect Earnings Rebound in 4Q22 as Gas Price Softens

B Grimm Power

BGRIM : Expect Earnings Rebound in 4Q22 as Gas Price Softens