BGRIM: Rising Gas Cost to Drag SPP Margins in 1H22

BGRIM : 2Q22 Will See a Recovery in Core Earnings

BGRIM: Expecting New Project Announcements in 2H21

BGRIM: Expect LNG Import to Commence by 2H21

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>Last week analyst meeting came out in a neutral tone. We maintain the BUY recommendation based on the target price of Bt55.0 derived using DCF methodology(5.9% WACC and 1.0% TG)</li>
<li>Expect 4Q21 earnings to drop QoQ dragged by seasonal low electricity sales, declining SPP margin from rising gas cost and higher SG&amp;A expenses.</li>
<li>Positive 2022-23 outlook on the back of an expected 20% CAGR EPS growth for the period driven by 1) new capacity additions and 2) recovering SPP margin after adjustment</li>
</ul>


Last week analyst meeting came out in a neutral tone. We maintain the BUY recommendation based on the target price of Bt55.0 derived using DCF methodology(5.9% WACC and 1.0% TG)
Expect 4Q21 earnings to drop QoQ dragged by seasonal low electricity sales, declining SPP margin from rising gas cost and higher SG&amp;A expenses.
Positive 2022-23 outlook on the back of an expected 20% CAGR EPS growth for the period driven by 1) new capacity additions and 2) recovering SPP margin after adjustment


BGRIM: Growth Intact from 30% Capacity Expansion in 2022-23

B Grimm Power

BGRIM: Growth Intact from 30% Capacity Expansion in 2022-23