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 BUY call with a lower DCF-based target price of Bt40.0 (from 42.0). We expect BRGIM’s 3Q22 recurring profit to fall 75% QoQ to Bt74.0</li>
<li>Weak earnings in 3Q22 We expect BGRIM to post a loss of Bt936.0m in 3Q22 due to its unrealized FX loss of around Bt1.0bn.</li>
<li>The recurring profit is expected to decline by 75%QoQ to Bt74m in 3Q22(-90%YoY), pressured by an increase in gas cost which rose to a record high of Bt550/MMBtu (+100%YoY, +22%QoQ)</li>
</ul>


We maintain our BUY call with a lower DCF-based target price of Bt40.0 (from 42.0). We expect BRGIM’s 3Q22 recurring profit to fall 75% QoQ to Bt74.0
Weak earnings in 3Q22 We expect BGRIM to post a loss of Bt936.0m in 3Q22 due to its unrealized FX loss of around Bt1.0bn.
The recurring profit is expected to decline by 75%QoQ to Bt74m in 3Q22(-90%YoY), pressured by an increase in gas cost which rose to a record high of Bt550/MMBtu (+100%YoY, +22%QoQ)


BGRIM : Rising Gas Cost to Drag 3Q22 Earnings

B Grimm Power

BGRIM : Rising Gas Cost to Drag 3Q22 Earnings