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

<p><strong>BR posted net profit in 1Q18 of Bt86m, (-8%YoY, -49%QoQ). 1Q18 earnings accounted for 15% of our 2018E full-year forecast. We maintain a BUY-rating with a target price of Bt8.90.</strong></p><ul class="">
<li>Its 1Q18 revenue was Bt2.2bn, +4%YoY mainly from the Netherlands business, but -11% QoQ on seasonal effect.</li>
<li>Gross profit margin was 17.2%, higher than 16.9% in 1Q17 but lower than 18.3% in 4Q17, on the swing in revenue mix from the Netherlands business, which has high margin.</li>
<li>The main pressure, SG&amp;A expenses to sales…</li>
</ul>

BR posted net profit in 1Q18 of Bt86m, (-8%YoY, -49%QoQ). 1Q18 earnings accounted for 15% of our 2018E full-year forecast. We maintain a BUY-rating with a target price of Bt8.90.
Its 1Q18 revenue was Bt2.2bn, +4%YoY mainly from the Netherlands business, but -11% QoQ on seasonal effect.
Gross profit margin was 17.2%, higher than 16.9% in 1Q17 but lower than 18.3% in 4Q17, on the swing in revenue mix from the Netherlands business, which has high margin.
The main pressure, SG&amp;A expenses to sales…


BR: Disappointing 1Q18 but Long Term View Still Intact

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BR: Disappointing 1Q18 but Long Term View Still Intact