BTS : Expect Long-Term Synergy with SPI PCL

BTS : ’Core Earnings Should Recover Gradually in 2HFY23

BTS: Business Outlook Rely Chiefly on Progress of Vaccination

BTS: Earnings Performance Rely Chiefly on Progress of Vaccination

BTS: Short & Long Terms Outlook Remain Positive

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 cut BTS target price to Bt10.20 (Previous TP:Bt11.0)after we trim target price of VGI (52% stake) to Bt4.60 as we factor in weaker-than-expected recovery in ad revenue and damage </li>
<li>1QFY23 (April-June’22) fell to three-quarter low The company reported 1QFY23 net profit at Bt536m. Excluding extra items, core earnings would be at Bt610m, (-49%YoY -28%QoQ).</li>
<li>A QoQ and YoY contraction pressured by revenue that drop to 16-quarter low at Bt4.0bn dragged down by construction revenue to Bt1.1bn (-80%YoY -30%QoQ) amid nearly completion of MRT pink </li>
</ul>


We cut BTS target price to Bt10.20 (Previous TP:Bt11.0)after we trim target price of VGI (52% stake) to Bt4.60 as we factor in weaker-than-expected recovery in ad revenue and damage 
1QFY23 (April-June’22) fell to three-quarter low The company reported 1QFY23 net profit at Bt536m. Excluding extra items, core earnings would be at Bt610m, (-49%YoY -28%QoQ).
A QoQ and YoY contraction pressured by revenue that drop to 16-quarter low at Bt4.0bn dragged down by construction revenue to Bt1.1bn (-80%YoY -30%QoQ) amid nearly completion of MRT pink 


BTS : Concern over Concession Extension Remain an Overhang on Stock

BTS Group Holdings

BTS : Concern over Concession Extension Remain an Overhang on Stock