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 recommendation for BJC with a target price of Bt40. BJC’s 3Q22 core profit came in at Bt890m (+196%YoY,-23%QoQ), lower than our expectation and 25% below BB consensus estimated </li>
<li>3Q22 earnings recover strongly YoY Its net profit came out at Bt932m (+154%YoY, -23%QoQ). The 9M22 result accounted for 73% of our 2022E.</li>
<li>The YoY recovery in earnings driven by an earnings recovery in modern retail business due to higher rental income as lower rent discount provide to tenants compared to last year.</li>
</ul>


Maintain BUY recommendation for BJC with a target price of Bt40. BJC’s 3Q22 core profit came in at Bt890m (+196%YoY,-23%QoQ), lower than our expectation and 25% below BB consensus estimated 
3Q22 earnings recover strongly YoY Its net profit came out at Bt932m (+154%YoY, -23%QoQ). The 9M22 result accounted for 73% of our 2022E.
The YoY recovery in earnings driven by an earnings recovery in modern retail business due to higher rental income as lower rent discount provide to tenants compared to last year.


BJC : A Recovery in BigC Performance Drove 3Q22 Earnings

Berli Jucker

BJC : A Recovery in BigC Performance Drove 3Q22 Earnings