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>We expect core earnings recovery in 2HFY23 (Oct’22-Mar’23) to come at slower pace than we previously expected given;1.)heavy marketing and set-up costs needed to be allocate for digital and financial </li>
<li>2QFY23 (July-Sept’22) core profit fell to four-quarter low The company reported 2QFY23 net profit at Bt474m. Excluding extra items, core earnings should be at Bt336m,(+6%YoY-45%QoQ),which is lower than market estimate.</li>
<li>QoQ contraction was due to equity income that turned to loss worth Bt116m compared with Bt213m shared-profit in in 1QFY23 mainly dragged down by disappointed performance from U-city (35% stake)</li>
</ul>


We expect core earnings recovery in 2HFY23 (Oct’22-Mar’23) to come at slower pace than we previously expected given;1.)heavy marketing and set-up costs needed to be allocate for digital and financial 
2QFY23 (July-Sept’22) core profit fell to four-quarter low The company reported 2QFY23 net profit at Bt474m. Excluding extra items, core earnings should be at Bt336m,(+6%YoY-45%QoQ),which is lower than market estimate.
QoQ contraction was due to equity income that turned to loss worth Bt116m compared with Bt213m shared-profit in in 1QFY23 mainly dragged down by disappointed performance from U-city (35% stake)


BTS : ’Core Earnings Should Recover Gradually in 2HFY23

BTS Group Holdings

BTS : ’Core Earnings Should Recover Gradually in 2HFY23