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 CBG with a target price of Bt125. CBG’s 2Q22 net profit was at Bt742m (-23%YoY,+13%QoQ),the highest level in the past four-quarters, in-line with BB consensus estimated </li>
<li>2Q22 earnings hit four-quarter high GPM narrowing YoY and high base of revenue from Myanmar (-22%YoY) dragged 2Q22 earnings. The 1H22 result accounted for 46% of our 2022E.</li>
<li>The 2Q22 revenue rose to all-time-high of Bt5.2bn (+5%YoY, +10%QoQ), thanks to 1) a recovery in Cambodia sales (+7%YoY),2) an increase in sales of Carabao Dang energy drinks in Thailand</li>
</ul>


Maintain BUY recommendation for CBG with a target price of Bt125. CBG’s 2Q22 net profit was at Bt742m (-23%YoY,+13%QoQ),the highest level in the past four-quarters, in-line with BB consensus estimated 
2Q22 earnings hit four-quarter high GPM narrowing YoY and high base of revenue from Myanmar (-22%YoY) dragged 2Q22 earnings. The 1H22 result accounted for 46% of our 2022E.
The 2Q22 revenue rose to all-time-high of Bt5.2bn (+5%YoY, +10%QoQ), thanks to 1) a recovery in Cambodia sales (+7%YoY),2) an increase in sales of Carabao Dang energy drinks in Thailand


CBG : 2Q22 Earnings Hit Four-Quarter High

Carabao Group

CBG : 2Q22 Earnings Hit Four-Quarter High