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

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<li>Upgrade our recommendation for BJC form HOLD to BUY with a target price of Bt40. BJC’s 2Q22 net profit came in at Bt1.2bn(+46%YoY,-4%QoQ),higher than our expectation and 7% above BB </li>
<li>BigC earnings still on recovery phase BJC reported a net profit of Bt1.2bn in 2Q22 (+46%YoY, -4%QoQ). Excluding extraordinary items, core profit was at Bt1.16bn (+45%YoY).1H22 result accounted for 46% </li>
<li>The YoY recovery in earnings driven by solid earnings recovery in modern retail segment (+81%YoY), which benefit from school reopening (SSSG of +5.2%).</li>
</ul>


Upgrade our recommendation for BJC form HOLD to BUY with a target price of Bt40. BJC’s 2Q22 net profit came in at Bt1.2bn(+46%YoY,-4%QoQ),higher than our expectation and 7% above BB 
BigC earnings still on recovery phase BJC reported a net profit of Bt1.2bn in 2Q22 (+46%YoY, -4%QoQ). Excluding extraordinary items, core profit was at Bt1.16bn (+45%YoY).1H22 result accounted for 46% 
The YoY recovery in earnings driven by solid earnings recovery in modern retail segment (+81%YoY), which benefit from school reopening (SSSG of +5.2%).


BJC : School Reopening Drove 2Q22 Earnings

Berli Jucker

BJC : School Reopening Drove 2Q22 Earnings